Search

4195 results found

• 

  Working Paper No. 583

  The Euro and Its Guardian of Stability

  This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only contributed handsomely to the buildup of global imbalances since […]
• 

  Working Paper No. 582

  Minsky Moments, Russell Chickens, and Gray Swans

  The recent revival of Hyman P. Minsky’s ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a reappraisal of the meaning and scope of the “financial instability hypothesis” (FIH). We argue that we need a broader approach than that conventionally pursued, in […]
• 

  Public Policy Brief No. 105

  It Isn’t Working: Time for More Radical Policies

  The Obama administration has implemented several policies to “jump-start” the American economy—efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy brief believe that maintaining the status quo is not the solution, since it overlooks the debt problems of households and nonfinancial businesses—and re-creating the financial […]
• 

  Policy Notes No. 10

  Fiscal Stimulus, Job Creation, and the Economy

  As the nation watches the impact of the recent stimulus bill on job creation and economic growth, a group of academics continues to dispute the notion that the fiscal and job creation programs of the New Deal helped end the Depression. The work of these revisionist scholars has led to a public discourse that has […]
• 

  Working Paper No. 581

  Lessons from the New Deal

  Since the current recession began in December 2007, New Deal legislation and its effectiveness have been at the center of a lively debate in Washington. This paper emphasizes some key facts about two kinds of policy that were important during the Great Depression and have since become the focus of criticism by new New Deal […]
• 

  Working Paper No. 580

  An Alternative View of Finance, Saving, Deficits, and Liquidity

  This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have “soaked up” global savings. Worse, this policy was ultimately unsustainable because it was inevitable […]
• 

  Working Paper No. 579

  A Perspective on Minsky Moments

  This paper aims to help bridge the gap between theory and fact regarding the so-called “Minsky moments” by revisiting the “financial instability hypothesis” (FIH). We limit the analysis to the core of FIH—that is, to its strictly financial part. Our contribution builds on a reexamination of Minsky’s contributions in light of the subprime financial crisis. […]
• 

  Report No. 4

  Report October 2009

  The Obama administration estimates that the 2009 American Recovery and Reinvestment Act (ARRA) will create or save approximately three and a half million jobs by the end of 2010. A Special Report featured in this issue points toward the necessity for a comprehensive employment strategy that goes well beyond ARRA–and concludes that the government could […]
• 

  Policy Notes No. 9

  Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps

  Oblivious to any lessons that might have been learned from the global financial mess it has created, Wall Street is looking for the next asset bubble. Perhaps in the market for death it has found a replacement for the collapsed markets in subprime mortgage–backed securities and credit default swaps (CDSs). Instead of making bets on […]
• 

  Public Policy Brief Highlight No. 105

  It Isn’t Working: Time for More Radical Policies

  <p>The Obama administration has implemented several policies to &ldquo;jump-start&rdquo; the American economy&mdash;efforts that have largely focused on preserving the financial interests of major banks. The authors of this new policy brief believe that maintaining the status quo is not the solution, since it overlooks the debt problems of households and nonfinancial businesses&mdash;and re-creating the financial […]
• 

  Working Paper No. 578

  Money Manager Capitalism and the Global Financial Crisis

  This paper applies Hyman Minsky’s approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to the fragile one that existed at the beginning […]
• 

  Press Release

  Debate Over Economic Impact of New Deal Labor Laws Offers Important Lessons for Current Policy Debate, Levy Study Says