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Working Paper No. 860Looking 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 -
BlogOn 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 -
Working Paper No. 859
The 2030 Sustainable Development Goals and Measuring Gender Inequality
February 01, 2016 Against the backdrop of the 2030 UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme (UNDP) and suggests...more Publication -
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Stormy Fantasies about Labor Cost Competitiveness
January 27, 2016 Lamenting that intellectual inertia is responsible for slow progress in economics, Servaas Storm sets out to teach a lesson to everyone who may still be foolish enough to believe that relative labor costs matter for international competitiveness and that diverging unit labor cost trends – specifically persistent wage moderation in Europe’s largest economy, Germany – [...] Blog -
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Why Minsky Matters, Reviewed in Times Higher Education
January 13, 2016 L. Randall Wray’s recently published book on the work of Hyman Minsky (Why Minsky Matters: An Introduction to the Work of a Maverick Economist) was reviewed by Victoria Bateman for Times Higher Education. Here’s a taste: Having experienced the pain of a new Great Depression, the very least we should expect is that economists try to learn from it. [...] Blog -
Working Paper No. 858
Gender Dimensions of Inequality in the Countries of Central Asia, South Caucasus, and Western CIS
January 12, 2016 The collapse of the Soviet Union initiated an unprecedented social and economic transformation of the successor countries and altered the gender balance in a region that counted gender equality as...more Publication -
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The Only Graph Needed to Explain the New Year’s Dive of 2016: Larry Summers Sort-Of Gets It, the Fed Doesn’t Seem to Get It, and the Media Seems Hardly Aware of It
January 11, 2016 by Daniel Alpert A practically unnoticed phenomenon underpins the negative U.S. economic data trends we saw in Q4 2015 and the enormous increase in market volatility in the first week of 2016: the United States’ global competitors are—once again—using vast pools of low-wage, underutilized labor, a huge excess of domestic production capacity, and/or the ever-stronger [...] Blog -
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Registration Now Open for 25th Annual Hyman P. Minsky Conference
December 17, 2015 The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth [...] Blog -
Policy Note No. 8The US Census Asks About Race and Ethnicity: 1980–2020
December 17, 2015 This policy note examines the formulation and reformulation of questions deployed by the US Census Bureau to gather information on racial and ethnic origin in recent decades. The likely outcome...more Publication -
Working Paper No. 857
Ethno-Racial Origin in US Federal Statistics: 1980–2020
December 17, 2015 This paper describes the transformations in federal classification of ethno-racial information since the civil rights era of the 1960s. These changes were introduced in the censuses of 1980 and 2000,...more Publication -
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Applying the Brakes: Four Long and Winding Roads to “Normalcy” for the Fed
December 15, 2015 by Daniel Alpert It is highly likely that this week will see the Federal Reserve’s Open Market Committee elect to increase the Fed Funds policy rate of interest for the first time since June of 2006, and after slashing the rate to the lowest level in history—approaching the so-called zero lower bound. But the return [...] Blog -
One-Pager No. 51Completing the Single Financial Market and New Fiscal Rules for the Euro Area
December 11, 2015 Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,...more Publication -
Working Paper No. 856
Redistribution in the Age of Austerity
December 10, 2015 We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13)....more Publication -
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Want More – and Better – Jobs? Put Women in Charge
December 10, 2015 I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in the labour markets of these countries, I searched for evidence on how the challenge of job creation can be overcome without perpetuating gender [...] Blog -
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That Puzzling “Revelation” Politely Called “German Wage Moderation”
December 06, 2015 A few days ago Peter Bofinger, one of Germany’s “wise men,” published an astonishing post titled “German wage moderation and the Eurozone crisis” that appeared on VoxEU.org (see here) and Social Europe (see here). The post was astonishing in more than one way. First of all, it seems astonishing that, in late 2015, and not [...] Blog -
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Review: Minsky Matters and the Next Minsky Moment
December 02, 2015 From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters: Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: [...] Blog -
Working Paper No. 855
The Two Approaches to Money
November 30, 2015 The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept...more Publication