Filter by
4203 results found
-
Fed’s $1.2 Trillion in Financial Sector Loans “A Classic Case of Moral Hazard”
Huffington Post, August 22, 2011. Copyright © 2011 TheHuffingtonPost.com, Inc. | “The Huffington Post” is a registered trademark of TheHuffingtonPost.com, Inc. All rights reserved. During the 2008 financial crisis, when the nation’s banking system seemed on the verge of collapse, President George W. Bush authorized a $700 billion bailout of the financial industry. The U.S. […] -
BlogA new “voodoo”?
The early phases of the 2012 presidential election season have already brought us a great deal of debate on fundamental economic policy issues. Greg Ip, in the Washington Post‘s PostOpinions, writes about the views of a number of Republican candidates (pointer via Economist’s View). Are they believers in the “voodoo economics” that many recall from [...] -
Blog
Is There Bias at the Fed?
Rick Perry’s recent reflections/threats regarding quantitative easing have occasioned some speculation about whether his raising the political profile of the issue might actually affect Fed behavior; making the Fed less willing to engage in a third round of easing. The question of political bias at the Fed has been raised before, here in this Levy [...] -
Blog
Should we debase the currency?
You might wonder if this question is a misguided satire of Keynesian proposals like the ones in this Institute one-pager for boosting employment in a time of weak economic growth. The question is not meant as a satire, though. In a time of increasing recession fears, policies specifically aimed at reducing the value of the [...] -
Working Paper No. 682Infinite-variance, Alpha-stable Shocks in Monetary SVAR
This paper adumbrates a theory of what might be going wrong in the monetary SVAR literature and provides supporting empirical evidence. The theory is that macroeconomists may be attempting to identify structural forms that do not exist, given the true distribution of the innovations in the reduced-form VAR. The paper shows that this problem occurs […] -
Blog
Yes, Casey, there is an aggregate demand problem
mul·li·gan noun /ˈməligən/ mulligans, plural A stew made from odds and ends of food (in informal golf) An extra stroke allowed after a poor shot, not counted on the scorecard Casey Mulligan responds to a Paul Krugman post deliciously entitled “The General Theory of Anti-Mulliganism.” Never mind for the moment that Mulligan’s claim that Krugman admits [...] -
Blog
The Shrinking Frontiers of the Possible
Joe Nocera’s musings about Kurzarbeit aside, it is not the case that what we need right now are more and newer ideas for increasing growth and jobs. We do not have a scarcity of such policy ideas. What we are lacking are the political institutions that would allow us to carry any of them out. [...] -
Blog
Tcherneva on Stupidity and Self-Inflicted Pain
Research Associate Pavlina Tcherneva was interviewed by Ian Masters for his “Background Briefing” about S&P’s downgrade, the distressing new State of America’s Children report, and our misguided focus on debt rather than growth and jobs. “If you take care of the economy, the debt and the deficits take care of themselves.” -
Press ReleaseLevy Economics Institute Senior Scholar Jan Kregel Elected to Prestigious Italian Science Academy
-
Blog
Wray Responds to Krugman
L. Randall Wray has responded in the Huffington Post to Paul Krugman’s latest criticism of Modern Money Theory. In addition to taking issue with the usefulness of Krugman’s historical example (France after WWI), Wray discusses the evolution of MMT and the manner in which it has benefited from the rise of social media. Update: Krugman’s [...] -
L. Randall Wray Interviewed by Ian Masters on KPFK FM 90.7 – Los Angeles
New Economic Perspectives, August 13, 2011. Copyright © 2010 KPFK. All Rights Reserved. Senior Scholar Wray joins Masters for a macroeconomic analysis of adverse economic trends at home and abroad amid dire predictions of a double-dip recession in the United States and defaults in Europe, connecting the dots to see if we are indeed at […] -
Blog
Galbraith Prods the Long-Term Deficit Narrative
Senior Scholar James Galbraith’s recent article in The New Republic (“Stop Panicking About Our Long-Term Deficit Problem. We Don’t Have One”) has sparked some reactions from Paul Krugman and Arnold Kling (JG responds briefly to the latter in comments). Galbraith, jumping off from his Levy Institute policy note, argues that there is a certain marked [...]