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BlogTime to End Europe’s Disgrace of Holding Greek People Hostage
June 12, 2015 It was never going to be easy. That much was known from the outset. Greece’s newly elected government and the country’s creditors started from too far apart to quickly settle on anything that would be easily sellable to their respective constituencies. Greece’s radical left-wing Syriza party came to power on a mandate to end austerity. [...] Blog -
Blog
Call for Papers: Gender and Macroeconomics Conference
June 11, 2015 Gender and Macroeconomics: Current State of Research and Future Directions A conference organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation BGIA, New York City 108 W. 39 St., Suite 1000A March 9–11, 2016 Call for Papers The goal of this conference is to advance [...] Blog -
Blog
Fed Fiscal Policy, Treasury Monetary Policy
June 04, 2015 Don’t miss this post by Scott Fullwiler at New Economic Perspectives. Fullwiler is reacting to Clive Crook’s Bloomberg column advocating “helicopter drops” (having the Fed simply send checks to households). Helicopter drops or “helicopter money” proposals are widely cast as monetary policy operations (Crook describes helicopter money as a monetary-fiscal “hybrid”) and defended as either preferable to fiscal [...] Blog -
Blog
A Cycle of Financial Fragility?
June 03, 2015 (click image above to enlarge) Can a bull market founded largely on credit survive? A forthcoming Levy Institute working paper I wrote with Tai Young-Taft of Bard College at Simon’s Rock (link for those interested) represents an attempt to deal with the role of financial instability—along with other sources of economic fluctuations—in the dynamics of [...] Blog -
Working Paper No. 839Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model
June 01, 2015 We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may...more Publication -
Working Paper No. 838
Οικονομία και μη αμειβόμενη εργασία
May 28, 2015 Η μη αμειβόμενη εργασία, η οποία εμπίπτει εντός των γενικών ορίων παραγωγής, αλλά εκτός των λογαριασμών εθνικού εισοδήματος, θεωρείται από τους εμπειρογνώμονες είτε ως «φροντίδα» είτε ως «εργασία». Η μη...more Publication -
Working Paper No. 838
Unpaid Work and the Economy
May 28, 2015 Unpaid work, which falls outside of the national income accounts but within the general production boundary, is viewed as either “care” or as “work” by experts. This work is almost...more Publication -
Blog
Austerity and Growth: Missing the Point
May 22, 2015 The pseudo-debate about whether Keynesians and other fellow travellers ought to be embarrassed when governments that engage in fiscal austerity nevertheless experience positive economic growth rates has become a distraction. For countries like the US and the UK, it is possible under current circumstances for governments to implement budget cuts and still see their economies grow. But the truth of that statement is not fatal to [...] Blog -
Blog
Working Paper Roundup 5/15/2015
May 15, 2015 Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis Mariana Mazzucato and L. Randall Wray “Over [the postwar] period, the financial system grew rapidly relative to the nonfinancial sector … To a large degree, this was because finance, instead of financing the capital development of the economy, was financing itself. At the same time, the capital [...] Blog -
Strategic AnalysisΗ δημοσιονομική λιτότητα, η ανατίμηση του δολαρίου και τα προβλήματα κατανομής θα οδηγήσουν στον εκτροχιασμό της οικονομίας των ΗΠΑ
May 14, 2015 Στην τελευταία στρατηγική ανάλυση, η ομάδα του μακροοικονομετρικού υποδείγματος του Ινστιτούτου εξετάζει την πρόσφατη, αναιμική ανάκαμψη της αμερικανικής οικονομίας. Οι συγγραφείς εντοπίζουν τρία διαρθρωτικά εμπόδια—την αδύναμη απόδοση των καθαρών εξαγωγών,...more Publication -
Strategic Analysis
Fiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy
May 14, 2015 In this latest Strategic Analysis, the Institute’s Macro Modeling Team examines the current, anemic recovery of the US economy. The authors identify three structural obstacles—the weak performance of net exports,...more Publication -
Working Paper No. 837
Χρηματοδότηση της κεφαλαιακής ανάπτυξης της οικονομίας
May 06, 2015 Η παρούσα εργασία εξετάζει το ρόλο που διαδραματίζει η χρηματοδότηση στην προώθηση της κεφαλαιακής ανάπτυξης της οικονομίας, με ιδιαίτερη έμφαση στην τρέχουσα κατάσταση στις Ηνωμένες Πολιτείες και το Ηνωμένο Βασίλειο....more Publication -
Working Paper No. 837
Financing the Capital Development of the Economy
May 06, 2015 This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United...more Publication -
One-Pager No. 49Lending Blind
May 01, 2015 The 2008 Federal Open Market Committee (FOMC) transcripts provide a rare portrait of how policymakers responded to the unfolding of the world’s largest financial crisis since the Great Depression. The...more Publication -
One-Pager No. 49
Δανείζοντας στα τυφλά
May 01, 2015 Τα πρακτικά του 2008 της Ομοσπονδιακής Επιτροπής Ανοικτής Αγοράς παρέχουν ένα σπάνιο πορτραίτο του τρόπου με τον οποίον οι χαράκτες πολιτικής ανταποκρίθηκαν στην εξέλιξη της μεγαλύτερης χρηματοπιστωτικής κρίσης στον κόσμο...more Publication -
Blog
Elizabeth Warren on Structural vs Technocratic Financial Reform
April 16, 2015 From yesterday’s session of the 24th Annual Minsky Conference in Washington, D.C.: [iframe width=”427″ height=”255″ src=”https://www.youtube.com/embed/HSpfGodTrtk?list=PLGGYihhM4K23u5h-2wBFx5bd3hX_8NjlX;start=41″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
Not All Macro Models Failed to Predict the Crisis
April 16, 2015 Noah Smith has a post on the failure of macro theory to predict the crisis. He concedes that DSGE models did very badly on this score, but, he continues, “There are no other models out there that did forecast the crisis” and there is no better alternative. The word “better” is important here because some [...] Blog -
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Working Paper No. 836
Direct Estimates of Food and Eating Production Function Parameters for 2004–12 Using an ATUS/CE Synthetic Dataset
April 13, 2015 This paper evaluates the presence of heterogeneity, by household type, in the elasticity of substitution between food expenditures and time and in the goods intensity parameter in the household food...more Publication -
Blog
How Greece Has Been “Helped”
April 10, 2015 How has the Greek government used international loans? Using the data available from the flow of funds published by the Bank of Greece and the sectoral accounts published by the Hellenic Statistical Institute (ElStat), we have the following: Table 1. Greece. Use of international loans (billion euro) 2010 2011 2012 2013 2014* Sum Sources of [...] Blog -
Blog
How Do We End the Inequality Feedback Loop?
April 07, 2015 “As Hyman Minsky argued, there are many varieties of capitalism, some more stable than others—and, we can add, some more equitable than others.” — Pavlina Tcherneva Pavlina Tcherneva has revisited her (in)famous inequality chart, which showed an ever-rising majority of the income growth during post-1970s economic expansions being captured by the wealthy (specifically the top 10 percent of income [...] Blog -
Research Project ReportReforming the Fed’s Policy Response in the Era of Shadow Banking
April 06, 2015 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
Policy Note No. 4Όταν αυτό που είναι καλό για έναν δεν είναι καλό για όλους μας
March 30, 2015 Στη μεταπολεμική περίοδο, κάθε μεταγενέστερη οικονομική επέκταση συνοδεύθηκε από το φαινόμενο ενός όλο και μικρότερου ποσοστού της αύξησης του εισοδήματος να καταλήγει στο 90% των χαμηλότερων εισοδηματικών στρωμάτων.Ακόμη χειρότερα, κατά...more Publication -
Policy Note No. 4
When a Rising Tide Sinks Most Boats
March 30, 2015 In the postwar period, with every subsequent expansion, a smaller and smaller share of the gains in income growth have gone to the bottom 90 percent of families. Worse, in...more Publication