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BlogListen in on the Minsky Conference
April 11, 2016 Audio from the 25th Annual Minsky Conference will be broadcast live. Listen here beginning tomorrow at 9am. Tuesday, April 12 9:00−9:15 a.m. Welcome and Introduction Dimitri B. Papadimitriou, President, Levy Institute 9:15−10:30 a.m. Session 1. GLOBAL FRAGILITY AND EMERGING MARKETS OUTLOOK MODERATOR: Theo Francis, Special Writer, The Wall Street Journal SPEAKER: Jan Kregel, Director of Research, Levy [...] Blog -
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Is There a Solution to Brazil’s Crises?
April 05, 2016 This is the first of a series of blog posts on the Brazilian crisis by Felipe Rezende. There are two major crises Brazil’s President Dilma Rousseff is facing: one is a political crisis and the other is Brazil’s sharpest recession in 25 years. Brazil’s Political Crisis The political crisis has two main pillars: a) [...] Blog -
Policy Note No. 2The Narrow Path for Brazil
April 04, 2016 Brazil is mired in a joint economic and political crisis, and the way out is unclear. In 2015 the country experienced a steep contraction of output alongside elevated inflation, all...more Publication -
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Tcherneva on the “Growth Lobby” and the Sanders Plan
April 04, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/0kzdGdMFYo8?;start=519″ frameborder=”0″ allowfullscreen></iframe] Blog -
Working Paper No. 863The Empirics of Long-Term US Interest Rates
March 31, 2016 US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates...more Publication -
Public Policy Brief No. 141What We Could Have Learned from the New Deal in Confronting the Recent Global Recession
March 25, 2016 To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones....more Publication -
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Preliminary Program for the 25th Minsky Conference
March 24, 2016 The preliminary program has been posted for the 25th Annual Hyman Minsky Conference, being held April 12-13 here at Blithewood on the Bard College campus. The deadline for registration is April 1st. Tuesday, April 12 8:30−9:00 a.m. Registration 9:00−9:15 a.m. Welcome and Introduction Dimitri B. Papadimitriou, President, Levy Institute 9:15−10:30 a.m. Session 1. GLOBAL FRAGILITY AND EMERGING MARKETS [...] Blog -
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Tcherneva: The Biggest Existential Threat to the Eurozone Is Its Design
March 18, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/EOFjduXU9N8?;start=1289″ frameborder=”0″ allowfullscreen></iframe] Related: “Euroland’s Original Sin” (pdf) Blog -
Working Paper No. 862
Japan’s Liquidity Trap
March 17, 2016 Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and...more Publication -
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Bloomberg: Modern Money Theory Gaining Converts
March 14, 2016 Bloomberg just published an article focused on the rise of Modern Money Theory (MMT), featuring comments by Senior Scholar Randall Wray: The 20-something-year-old doctrine, on the fringes of economic thought, is getting a hearing with an unconventional take on government spending in nations with their own currency. Such countries, the MMTers argue, face no risk of fiscal crisis. [...] Blog -
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As the Euro Time Bomb Ticks Away the ECB Turns Desperate
March 09, 2016 These are not happy times for Europe. Ukraine, Russia, and rising anti-democratic influences in Hungary and Poland represent latent threats at the European Union’s eastern front. The prospect of Brexit is a more acute one at its western front. After letting loose manifold conflicting forces that continue shaping internal politics in many EU countries and [...] Blog -
Strategic AnalysisDestabilizing an Unstable Economy
March 07, 2016 Our latest strategic analysis reveals that the US economy remains fragile because of three persistent structural issues: weak demand for US exports, fiscal conservatism, and a four-decade trend in rising...more Publication -
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Tcherneva on the Jobs Numbers
March 07, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/zNM-C6F8B_A?;start=795″ frameborder=”0″ allowfullscreen></iframe] Blog -
Working Paper No. 861
Money, Power, and Monetary Regimes
March 01, 2016 Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A...more Publication -
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Working Paper No. 860
Looking Into the Abyss?
February 22, 2016 The Brazilian economy in 2015 was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of...more Publication -
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On the Intellectual Origins of Modern Money Theory
February 19, 2016 [iframe width=”444″ height=”250″ src=”https://www.youtube.com/embed/-KRi9nF8BiA?;start=81″ frameborder=”0″ allowfullscreen></iframe] Blog -
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The Next Step: Boosting Public Investments
February 19, 2016 The eurozone has been in crisis since 2008. By the end of 2015 domestic demand was still 3 percent below its pre-crisis peak. Throughout, the European Central Bank (ECB) has acted as the eurozone’s prime crisis manager. As capital flows reversed and inter-bank lending seized up, the ECB provided emergency liquidity to keep banking systems [...] Blog -
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Auerback on European Growth, Brexit, and Negative Rates
February 19, 2016 [iframe width=”416″ height=”234″ src=”https://www.youtube.com/embed/FNYcCjfJCxk?;start=283″ frameborder=”0″ allowfullscreen></iframe] Blog -
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How to Make a Mess of a Monetary Union, and of Analyzing It Too
February 12, 2016 Servaas Storm means well. He is alarmed that the eurozone’s official strategy of “internal devaluation” might do more harm than good by unnecessarily forcing countries that have lost their competitiveness into deflation (see here, here, and here). This is a very real concern indeed and Storm should be applauded for raging against the colossal folly [...] Blog -
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Minsky Summer Seminar: Apply Before March 1st
February 09, 2016 The deadline to apply for this year’s Hyman P. Minsky Summer Seminar is approaching: Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation Levy Institute Blithewood Annandale-on-Hudson, New York June 10–18, 2016 The seventh Minsky Summer Seminar will be held at the Levy Economics Institute in June 2016. The [...] Blog -
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Folbre on Gender and Economics
February 08, 2016 Senior Scholar Nancy Folbre was interviewed by Woman’s Work on the wage gap and women’s underrepresentation in economics: Folbre: [M]arket logic doesn’t apply to care of dependents, a more traditionally feminine obligation. Children, the sick, and the frail elderly don’t fit the preconditions for consumer sovereignty in market exchange. Most care of dependents takes place outside the [...] Blog -
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Auerback on Debt and the US Economy
February 08, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/j5X73–Txe4?;start=796″ frameborder=”0″ allowfullscreen></iframe] Blog -
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How Long Until Greece Recovers?
February 05, 2016 The Levy Institute has completed its most recent medium-term projections for the Greek economy. The outlook, unsurprisingly, isn’t reassuring. The baseline simulation, which assumes the continuation of current policy, shows the GDP growth rate turning positive in 2017 and reaching 2 percent in 2018. Yet, in a reflection of how much damage has been done by the crisis, even if Greece managed [...] Blog