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Glut: Storing Oil at a Loss, Greece in Need of Money
Boom Bust (RT), May 25, 2016. All Rights Reserved. Anti-austerity protests take hold in Belgium as tens of thousands take to the streets in opposition. And the Eurogroup meets to discuss the Greek bailout as tension builds between creditors. Ameera David reports…. After the break, Ameera is joined by Levy Economics Institute research associate Marshall Auerback […]
Press Release
Bold Restructuring of Greek Public Debt Is Needed, New Levy Economics Institute Study Says
Blog
Bibow on Helicopter Money in the FT
In the Financial Times, Jörg Bibow writes in reaction to an article by Stephanie Flanders on “helicopter money” — the idea of having the central bank directly credit citizens’ bank accounts (or, in the thought experiment, to print bank notes and drop them from helicopters) with the aim of generating increases in consumer spending. Bibow observes that helicopter money is really [...]
Working Paper No. 867
The Greek Public Debt Problem
This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the role of public debt in the recent crisis. We show that the austerity imposed since 2010 has been unsuccessful in stabilizing the debt while at […]
Blog
Gexit: The Case for Germany Leaving the Euro
The case for or against a British exit from the EU – #Brexit – is headline news. For the moment the earlier quarrel about a possible Greek exit from the Eurozone – #Grexit – seems to have taken the back seat – with one or two exceptions such as Christian Lindner, leader of Germany’s liberal [...]
Blog
Donald Trump’s Printing Press Sends the Media to the Fainting Couch
Donald Trump generated some breathless commentary last week (perhaps, for once, unjustified) for suggesting, in response in part to those who have pointed out that some of the policies he has pseudo-proposed would enlarge the deficit, that the US government can always pay its bills: “This is the United States government. First of all, you never have to [...]
Working Paper No. 866
Going Forward from B to A?
After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like Greece, that have so far adopted austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show […]
Can the US “Print Money” to Pay Down the National Debt?
Bloomberg, May 12, 2015. All Rights Reserved. Senior Scholar L. Randall Wray discusses the US national debt and inflation with Bloomberg’s Joe Weisenthal on “What’d You Miss?” Full video of the interview is available here.
Blog
A Global Marshall Plan for Joblessness?
The corrosive social and economic effects of what have now become ‘normal’ unemployment levels require new solutions, and trade without full employment exacerbates the problem. Global unemployment is expected to surpass 200 million people for the first time on record by the end of 2017, according a recent ILO study, and limitations of official statistics [...]
Trump Is Now Running to the Left of Sanders on Federal Debt
Bloomberg, May 11, 2016. All Rights Reserved. Donald Trump’s about-face on the relevance of a ballooning U.S. debt continues his campaign’s hallmark of zigging and zagging on policy issues, landing him now on economic proposals favored by economists to the left of Bernie Sanders. The billionaire businessman has advocated for the federal government to take advantage […]
Working Paper No. 865
Measuring Poverty in the Case of Buenos Aires
We describe the production of estimates of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Buenos Aires, Argentina, and use it to analyze the incidence of time and income poverty. We find high numbers of hidden poor—those who are not poor according to the official measure but are found to be poor […]
Book Review: Why Minsky Matters
Seeking Alpha, May 5, 2016. All Rights Reserved. A few decades ago, Paul Samuelson wrote a letter to Robert Shiller and John Campbell, in which he discussed the notion that while the stock market was “micro efficient,” it was also “macro inefficient,” by which he meant that although profitable security choices were swiftly arbitraged away, […]