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Richard Berner of the Treasury Department speaking at the Minsky Conference in April
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BlogPaul McCulley Has Had It with Orthodox Macroeconomists
Writing in The Hill, Paul McCulley argues that his profession’s fussy obsession with the Fed’s zero-point-whatever monetary policy is leading us into a dead end: “after a financial crisis, itself spawned by bursting of a bubble in private-sector debt creation, the power of monetary policy to generate robust aggregate spending growth is severely truncated.” The policy problem we need desperately to [...] -
Blog
Basic Income and the Job Guarantee
Pavlina Tcherneva was interviewed by Joe Weisenthal yesterday to present the case against a universal basic income policy (a proposed version of which was just voted down in Switzerland). Watch: Tcherneva has written about the UBI versus Job Guarantee debate, including this contribution (pdf) to a special issue of the journal Basic Income Studies (paywall). She also spoke about this last [...] -
The Argument Against Basic Income
Bloomberg, June 7, 2016. All Rights Reserved. Research Associate Pavlina R. Tcherneva argues against a universal basic income policy and in favor of a job guarantee in this interview with Bloomberg’s Joe Weisenthal. Click here for the video. -
Working Paper No. 868From Antigrowth Bias to Quantitative Easing
This paper investigates the European Central Bank’s (ECB) monetary policies. It identifies an antigrowth bias in the bank’s monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro’s failure, the bank has generally done “too little, too late” with regard […] -
Financial consultant Henry Kaufman speaking at the 25th Annual Minsky Conference
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Blog
Of Voices in the Air and Never-Ending Dreams of Helicopter Drops
Confusions about so-called helicopter money (HM) continue unabated. My recent letter to the editor of The Financial Times, titled “’Helicopter money’ is a muddled fiscal policy by another name,” has not met with universal approval. In fact, it seems to have ruffled some feathers and caused some annoyance. Simon Wren-Lewis is a case in point. In a [...] -
MME, May 29, 2016
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Η εφαρμογή της λιτότητας και η ανάπτυξη
Kathimerini, 29 Πολιτικη 2016. Με επιφύλαξη παντός δικαιώματος. Σε πρόσφατη έρευνα, που δημοσιεύτηκε από το Levy Economics Institute, αναλύεται η επίπτωση που είχαν στην αναδιανομή εισοδήματος και στην ανισότητα οι αλλαγές στη δημοσιονομική στάση των κρατών-μελών της Ευρωπαϊκής Ενωσης μεταξύ 2006 και 2013. Μελετήθηκαν οι επιπτώσεις τόσο για το φτωχότερο κομμάτι του πληθυσμού όσο και […] -
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 ReleaseBold Restructuring of Greek Public Debt Is Needed, New Levy Economics Institute Study Says
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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 [...]