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BlogIMF Provides Cover for Europe’s Dysfunctional Currency Union
September 20, 2017 The Council on Foreign Relations’ Brad W. Setser has produced a couple of interesting blogposts on Germany’s fiscal policies of late. The first one, titled “Germany Cannot Quit Fiscal Consolidation,” was published at the end of August. On September 18th, the second one appeared, titled “The Global Cost of the Eurozone’s 2012 Fiscal Coordination Failure.” The [...] Blog -
Working Paper No. 897Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework
September 20, 2017 Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and...more Publication -
Blog
Event: Strategizing a New New Deal
September 08, 2017 If you’re in the vicinity of New York City at the end of October, Levy scholars Randall Wray and Stephanie Kelton are taking part in a public meeting organized by the National Jobs for All Coalition. The meeting is part of a series of public events focused on the legacy of New Deal. Wray and [...] Blog -
Public Policy Brief No. 144A Two-Tier Eurozone or a Euro of Regions?
September 08, 2017 In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar...more Publication -
Working Paper No. 896
Minsky’s Financial Fragility
September 04, 2017 The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it...more Publication -
Working Paper No. 895
Unemployment: The Silent Epidemic
August 23, 2017 This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment...more Publication -
Working Paper No. 894
An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
August 04, 2017 This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within...more Publication -
Working Paper No. 893
The Neoclassicals’ Conundrum
July 26, 2017 Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam...more Publication -
Policy Note No. 3Why the Compulsive Shift to Single Payer?
July 21, 2017 The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare)....more Publication -
Blog
The “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?
July 19, 2017 It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up [...] Blog -
Policy Note No. 2
The Concert of Interests in the Age of Trump
July 07, 2017 If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of...more Publication -
Working Paper No. 892
Understanding Financialization
June 21, 2017 Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and...more Publication -
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Blog
Why Macron Should Not (and Cannot) Follow the German Model
June 02, 2017 The Economist‘s analysis of Germany’s job market miracle of the past ten years offered in “What the German economic model can teach Emmanuel Macron” is more balanced than the usual accounts one hears in Germany itself. Germans are in love with the idea that structural reform of their labor market and persistent budgetary austerity were [...] Blog -
Working Paper No. 891
Stock-flow Consistent Macroeconomic Models
May 24, 2017 The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in...more Publication -
Working Paper No. 890
On the Centrality of Redemption
May 15, 2017 The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that “money is...more Publication -
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EBRD Sees “Enormous Opportunities” in Greece
May 11, 2017 DimitrI B. Papadimitrio comments on the economic outlook for Greece; estimates 2% growth in 2017. News -
Working Paper No. 889
The Dynamics of Government Bond Yields in the Eurozone
May 08, 2017 This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets...more Publication -
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Blog
On the Concert of Interests and Unlearning the Lessons of the 1930s
April 20, 2017 Jan Kregel opened this year’s Minsky Conference (which just wrapped up yesterday) with a reminder that the broader public challenges we face today are still in many ways an echo of those that faced the nation in 1930s. What follows is an abridged version of those remarks: This year’s conference takes place in an increasingly charged and divisive [...] Blog