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BlogWray: What’s Wrong with the Euro Setup?
March 10, 2015 In this March 7th presentation, L. Randall Wray argues that the central problem in the EMU is not profligate peripheral nations, trade imbalances, or insufficient “structural reform.” The fundamental issue, which can best be framed through an understanding of money, is a flawed setup — the EMU is designed to fail. La Asociación de Economía [...] Blog -
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Spain’s Proposal for a Job Guarantee
March 05, 2015 Yesterday I participated in a press conference and gave the first of a series of lectures in Madrid on MMT and the Job Guarantee. At the press conference, Alberto Garzón announced his party’s plan to create a million jobs in a targeted JG: “IU plantea un plan de 9.600 millones para crear un millón de [...] Blog -
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The 24th Annual Minsky Conference
March 05, 2015 Is Financial Reregulation Holding Back Finance for the Global Recovery? Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation The National Press Club Washington, D.C. April 15–16, 2015 The 2015 Minsky Conference will address, among other issues, the design, flaws, and current status of the Dodd-Frank Wall Street Reform [...] Blog -
Policy Note No. 3A Decade of Declining Wages
March 04, 2015 In a recent policy note (A Decade of Flat Wages?) we examined wage trends since 1994, and found that while wages grew between 1994 and 2002, average real wages stagnated...more Publication -
Policy Note No. 3
Μια δεκαετία πτωτικής τάσης των μισθών
March 04, 2015 Σε ένα πρόσφατο κείμενο πολιτικής («A Decade of Flat Wages?») εξετάσαμε την εξέλιξη των μισθών από το 1994 και βρήκαμε ότι ενώ οι μισθοί αυξήθηκαν μεταξύ 1994 και 2002, ο...more Publication -
Working Paper No. 834Does Keynesian Theory Explain Indian Government Bond Yields?
March 03, 2015 John Maynard Keynes held that the central bank’s actions determine long-term interest rates through short-term interest rates and various monetary policy measures. His conjectures about the determinants of long-term interest...more Publication -
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Bitcoin and the Rules of Finance
March 03, 2015 Levy Research Associate Éric Tymoigne contributed to a debate in the Wall Street Journal over the viability of bitcoin and other cryptocurrencies. Here’s Éric: Bitcoins are an odd sort of commodity. They are not financial instruments. The value fluctuates widely, in line with changing views regarding the overall usefulness of the bitcoin payment system and [...] Blog -
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MMT in Madrid: An Update
March 02, 2015 Another event has been added. Hope to meet Spanish followers of MMT in Madrid this week. Here are some details: [iframe src=”//www.slideshare.net/slideshow/embed_code/45294829″ width=”425″ height=”355″ frameborder=”0″ marginwidth=”0″ marginheight=”0″ scrolling=”no” style=”border:1px solid #CCC; border-width:1px; margin-bottom:5px; max-width: 100%;” allowfullscreen> </iframe> <div style=”margin-bottom:5px”> <strong> <a href=”//www.slideshare.net/UmkcEconomists/actos-de-presentacion-del-libro-de-randall-wray-2″ title=”Actos de presentación del libro de randall wray (2)” target=”_blank”>Actos de presentación del [...] Blog -
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Galbraith and Krugman on the Greek Deal
February 28, 2015 If you haven’t read it already, Senior Scholar James Galbraith shared his take on the four-month Greek deal in Social Europe: there was never any chance for a loan agreement that would have wholly freed Greece’s hands. Loan agreements come with conditions. The only choices were an agreement with conditions, or no agreement and no conditions. [...] Blog -
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The Greek Debt Problem and Selective Historical Memory
February 27, 2015 Michalis Nikiforos, Dimitri Papadimitriou, and Gennaro Zezza, who put together the Levy Institute’s stock-flow consistent macroeconomic model and simulations for Greece, have just released a new policy note, the upshot of which is that restructuring Greece’s unsustainable public debt is a necessary but not sufficient condition for a sustained economic recovery in that country. They [...] Blog -
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Papadimitriou on Greece’s Four-Month Extension
February 25, 2015 Levy Institute President Dimitri Papadimitriou discusses the four-month extension of Greece’s bailout agreement with its eurozone partners and the mood in Athens in this interview with Kathleen Hays and Vonnie Quinn. Blog -
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The Spanish Launch of Modern Money Theory
February 25, 2015 Update 2/28: more details here. Sorry, I’ve been very busy in recent weeks, finishing up a book on Minsky and revising my Modern Money Primer for a second edition (more on both of those projects later). Meanwhile, Lola Books is gearing up to release the Primer in Spanish next week. I’ll be in Madrid for [...] Blog -
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What’s Wrong with David Leonhardt’s NYT Piece on Inequality?
February 20, 2015 The New York Times made waves this week with another piece on inequality, saying that it has not risen since 2007. The article was based on this paper by GWU’s Stephen Rose. The article also suggests that expansions are not a good way of looking at trends in inequality (as I have done in the [...] Blog -
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Video: James Galbraith on the Latest Eurogroup Meeting
February 19, 2015 In the interview below, James Galbraith provides a behind-the-scenes account of the latest rebuff of Greece’s offer by German Finance Minister Wolfgang Schäuble and talks about what lies ahead (in English and Greek): [iframe width=”448″ height=”252″ src=”https://www.youtube.com/embed/_dI75VJUpZY?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] Blog -
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Greece Wants to Save Europe, but Can It Persuade Europeans?
February 18, 2015 Most analysis of the Greek debt crisis ignores an important reality: While Greece may be the villain du jour, every eurozone nation is profoundly short of cash. That’s because of a well-acknowledged, but not fully appreciated, flaw at the heart of eurozone financial architecture that converted a historically unprecedented number of nations from issuers of [...] Blog -
Policy Note No. 1
Europe at the Crossroads
February 12, 2015 Given the continuing divergence between progress in the monetary field and political integration in the euro area, the German interest in imposing austerity may be seen as representing an attempt...more Publication -
Policy Note No. 1
Η Ευρώπη στο σταυροδρόμι
February 12, 2015 Με δεδομένη τη συνεχιζόμενη απόκλιση ανάμεσα στην πρόοδο στον τομέα της νομισματικής και της πολιτικής ολοκλήρωσης στη ζώνη του ευρώ, το ενδιαφέρον της Γερμανίας σχετικά με την επιβολή της λιτότητας...more Publication -
One-Pager No. 48Can Reform of the International Financial Architecture Support Emerging Markets?
February 11, 2015 The developed world’s policy response to the recent financial crisis has produced complaints from Brazil of “currency wars” and calls from India for increased policy coordination and cooperation. Chinese officials have echoed the...more Publication -
One-Pager No. 48
Μπορεί η μεταρρύθμιση του διεθνούς χρηματοπιστωτικού συστήματος να στηρίξει τις αναδυόμενες οικονομίες;
February 11, 2015 Η πολιτική απάντηση του αναπτυγμένου κόσμου στην πρόσφατη χρηματοπιστωτική κρίση προκάλεσε την αντίδραση της κυβέρνησης της Βραζιλίας, η οποία έκανε λόγο για κίνδυνο νομισματικών πολέμων, και έφερε την Ινδία στο...more Publication -
Public Policy Brief No. 139Emerging Market Economies and the Reform of the International Financial Architecture
February 11, 2015 Emerging market economies are taking an ill-targeted and far too limited approach to addressing their ongoing problems with the international financial system, according to Senior Scholar Jan Kregel. In this...more Publication -
Working Paper No. 833
Emerging Markets and the International Financial Architecture
February 11, 2015 If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the...more Publication -
Working Paper No. 832
Η άνοδος του χρήματος και της ταξικής κοινωνίας
February 11, 2015 Η παρούσα εργασία διερευνά την άνοδο του χρήματος και της ταξικής κοινωνίας στην αρχαία Ελλάδα, αντλώντας ιστορικούς και θεωρητικούς παραλληλισμούς από την περίπτωση της αρχαίας Αιγύπτου. Με τον τρόπο αυτό,...more Publication -
Working Paper No. 832
The Rise of Money and Class Society
February 11, 2015 This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines...more Publication -
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Countering Austerity Economics
February 11, 2015 As deflation sets in in the economies of Europe and Japan, Robert Kuttner’s words in Debtor’s Prison: The Politics of Austerity versus Possibility—an interesting, readable new volume—complement those of many of the Levy Institute’s scholars. The book argues that during the financial crisis and its aftermath, policymakers continually relied on excessively optimistic projections of economic [...] Blog