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Time for a US Job Guarantee?
RT America TV, August 9, 2016. All Rights Reserved. Research Associate Pavlina R. Tcherneva appears on "Boom Bust" to discuss sluggish growth, labor markets, and her proposal for a job guarantee. Watch here: https://www.youtube.com/watch?v=GvFliCk1osE#t=13m15s -
BlogBrexit Dilemma: Why Did the UK Reduce Interest Rates to Only 0.25 Percent Today?
by Abhishek Anand and Lekha Chakraborty [1] The global market was eagerly waiting for the July Monetary Policy Statement of the Bank of England (BoE). Speculation was rife that, post Brexit, the BoE would become the latest entrant into the set of central banks experimenting with negative interest rate policy (NIRP) in a desperate bid to reinvigorate [...] -
Policy Notes No. 3The Impact of Immigration on the Native-born Unemployed
In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor market behavior of native-born unemployed workers. Their chances of transitioning from unemployment to employment are not affected by the share of immigrants in their job […] -
Working Paper No. 870Unemployed, Now What?
Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed population. Little is known of the effects of immigration on labor market transitions out of unemployment. Using the basic monthly Current Population Survey from 2001–13 […] -
Minsky’s Moment
The Economist, July 28, 2016. All Rights Reserved. From the start of his academic career in the 1950s until 1996, when he died, Hyman Minsky laboured in relative obscurity. His research about financial crises and their causes attracted a few devoted admirers but little mainstream attention: this newspaper cited him only once while he was […] -
Blog
New Book: Rethinking Capitalism
A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow: The TOC is below: You can download the introductory chapter here (pdf). -
Connecting the Dots: Debt, Savings and the Need for a Fiscal Growth Policy
Public Debt Project, July 14, 2016. All Rights Reserved. Twice in the second half of the twentieth century, in the midst of a robust economy, economists optimistically talked about the taming and even “the death of the business cycle” based on the belief that advances in macroeconomics had reached a point of perfection. Yet, both […] -
Blog
Wray on Revenue, Redemption, and When Austerity Is Justified
L. Randall Wray has an essay in the recent issue of the World Economic Review. Wray’s target is the belief that “government needs tax revenue to pay for most (or even all) of its spending.” According to Wray, a version of this belief distorts our understanding of what are the limits of, say, the US federal government’s [...] -
Keep Unemployment From Mushrooming With Preventative Policies
The New York Times, July 11, 2016. All Rights Reserved. Though job growth surged in June, by and large, this recovery has been the slowest in postwar history and 7.8 million people continue to look, unsuccessfully, for work. There is nothing inevitable or natural about jobless recoveries…. Read more: http://www.nytimes.com/roomfordebate/2016/07/11/are-we-ready-for-the-next-recession/keep-unemployment-from-mushrooming-with-preventative-policies -
MME, July 3, 2016
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Η Βρετανία σήμερα, αύριο η Γερμανία;
Kathimerini, 3 Ιούλιος 2016. Με επιφύλαξη παντός δικαιώματος. Οπως και με τον γάμο, η συμμετοχή στην Ευρωπαϊκή Ενωση και στην Ευρωζώνη υποτίθεται ότι είναι μακροχρόνια δέσμευση, σε εύκολους και σε δύσκολους καιρούς. Παρ’ όλα αυτά, προκύπτουν διαζύγια—ακόμη και όταν κάποιος έχει παντρευτεί με τις καλύτερες των προθέσεων, συμβαίνουν διαζύγια. Η αναταραχή ξέσπασε πρώτα στα κράτη-μέλη […] -
Working Paper No. 869
Have We Been Here Before?
This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to 1933 (early financialization); the second, from 1933 to 1940 (transitory phase); the third, between 1945 and 1973 (definancialization); and the fourth period begins in the […]