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BlogAuf Wiedersehen to Austerity?
January 11, 2015 With the January 25th elections in Greece approaching, Dimitri Papadimitriou writes about the future of Greek policy and the discussions that took place at a recent Levy Institute conference in Athens: At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with disagreements on the very best route to growth. [...] Blog -
Working Paper No. 827Η προσέγγιση του Minsky για το τραπεζικό σύστημα
January 09, 2015 Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής...more Publication -
Working Paper No. 827
Minsky on Banking
January 09, 2015 In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In...more Publication -
Working Paper No. 826
Tale of Two Ginis in the United States, 1921–2012
January 06, 2015 Following a methodology proposed by Jantzen and Volpert (2012), we use IRS Adjusted Gross Income (AGI) data for the United States (1921–2012) to estimate two Gini-like indices representing inequality at...more Publication -
Working Paper No. 825
Why Does Brazil’s Banking Sector Need Public Banks?
January 02, 2015 The 2007–8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil’s financial system has received...more Publication -
Working Paper No. 824
Η οικοδόμηση του επιχειρηματικού κράτους
January 02, 2015 Σήμερα, οι χώρες σε όλο τον κόσμο αναζητούν «έξυπνη» ανάπτυξη, καθοδηγούμενη από την καινοτομία, και ευελπιστούν ότι αυτή η ανάπτυξη θα είναι επίσης πιο «περιεκτική» και «βιώσιμη» από ό, τι...more Publication -
Working Paper No. 824
Building the Entrepreneurial State
January 02, 2015 Today, countries around the world are seeking “smart” innovation-led growth, and hoping that this growth is also more “inclusive” and “sustainable” than in the past. This paper argues that such...more Publication -
Blog
Deflation in the Air
December 22, 2014 A New York Times article over the weekend delves into the history and rationale of the 2 percent inflation target, beloved of central bankers everywhere and a fairly recent innovation. Of course, the US Federal Reserve has a dual mandate, which includes both inflation and employment goals. The Fed said last week that it was [...] Blog -
Blog
Boom Bust Boom: Minsky at the Movies
December 22, 2014 I highly recommend a movie to be released next year (that is, the year that begins next week). Terry Jones, of Monty Python fame, is one of the key developers of the film. It is on the Global Financial Crisis, but also provides a quick history of bubbles and crashes. It is highly entertaining and [...] Blog -
Working Paper No. 823
The State and National Systems of Innovation
December 19, 2014 This paper starts with a review of the literature about National Systems of Innovation (NSI), by linking the origin of the concept to the evolutionary theory of the firm and...more Publication -
Blog
Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan Kregel
December 18, 2014 “This collection brings together distinguished scholars who have been influenced by Jan Kregel‘s prodigious contributions to the fields of economic theory and policy. The chapters cover and extend many topics analyzed in Kregel’s published work, including monetary economic theory and policy; aspects of the Cambridge (UK and US) controversies; Sraffa’s critique on neoclassical value and [...] Blog -
Working Paper No. 822
Η κοινωνικοποίηση της επένδυσης από τον Keynes στον Minsky και ακόμα πιο πέρα
December 16, 2014 Ένας συνδυασμός των ιδεών του Καρλ Μαρξ για την εργασία και του Hyman Minsky για το χρηματοοικονομικό σύστημα είναι απαραίτητη προϋπόθεση για την κατανόηση της σημερινής καπιταλιστικής πραγματικότητας και για...more Publication -
Working Paper No. 822
The Socialization of Investment, from Keynes to Minsky and Beyond
December 16, 2014 An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky...more Publication -
Blog
Working Paper Roundup 12/15/2014
December 15, 2014 Outside Money: The Advantages of Owning the Magic Porridge Pot L. Randall Wray “Money is always introduced into economic models through very simple ways—whether by ‘helicopter drops,’ ‘inheritance from the past,’ or ‘deposit multipliers.’ Once introduced, money is largely irrelevant—neutral in the long run and non-neutral in the short run only because of ad hoc [...] Blog -
Working Paper No. 821
Outside Money
December 12, 2014 Over the past two decades there has been a revival of Georg Friedrich Knapp’s “state money” approach, also known as chartalism. The modern version has come to be called Modern...more Publication -
Blog
“Interesting Times” Ahead for Euroland
December 08, 2014 The Levy Economics Institute of Bard College co-organized an international conference on November 21-22 in Athens, Greece, on the continuing crisis in the eurozone. Among the speakers were: • Elga Bartsch, Morgan Stanley’s chief European economist; • Peter Bofinger, a German academic economist and a member of the German Chancellor’s Council of Economic Advisers; • [...] Blog -
Policy Note No. 6Why Raising Rates May Speed the Recovery
December 05, 2014 Criticisms of the Federal Reserve’s “unconventional” monetary policy response to the Great Recession have been of two types. On the one hand, the tripling in the size of the Fed’s...more Publication -
Policy Note No. 6
Γιατί η αύξηση των επιτοκίων μπορεί να επιταχύνει την ανάκαμψη
December 05, 2014 Υπάρχουν δύο ειδών επικρίσεις στην «αντισυμβατική» απάντηση της νομισματικής πολιτικής του Ομοσπονδιακού Αποθεματικού (Fed) των ΗΠΑ στην πρόσφατη χρηματοπιστωτική και οικονομική κρίση (Great Recession). Από τη μια μεριά υποστηρίζεται ότι...more Publication -
Blog
Levy Institute Master’s Program Webinars
December 04, 2014 The Levy Economics Institute Master of Science in Economic Theory and Policy is an innovative degree program focusing on empirical and policy analysis, with extensive research opportunities. To learn more about the program and receive an application fee waiver, attend one of our upcoming webinars: Saturday, December 6, at noon (EST): Co-hosted by Program Director [...] Blog -
Blog
The Answer to the Unemployment Problem Is More Jobs
December 03, 2014 Dean Baker, everyone’s favorite progressive economist (mine, too), has an interesting take on our unemployment problem: Give more paid vacations. The idea is that if all the employed work less, employers will need to hire the unemployed to produce what the already employed won’t be producing while sunning themselves on Florida’s beaches. Look, I’m all [...] Blog -
Working Paper No. 820
Minsky, Monetary Policy, and Mint Street
November 25, 2014 This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian...more Publication -
Policy Note No. 5
Liquidity Preference and the Entry and Exit to ZIRP and QE
November 17, 2014 The Fed’s zero interest policy rate (ZIRP) and quantitative easing (QE) policies failed to restore growth to the US economy as expected (i.e., increased investment spending à la John Maynard...more Publication -
Policy Note No. 5
Θεωρία προτίμησης ρευστότητας, πολιτική μηδενικών επιτοκίων και ποσοτική χαλάρωση
November 17, 2014 Οι πολιτικές μηδενικών επιτοκίων και ποσοτικής χαλάρωσης του Ομοσπονδιακού Αποθεματικού των ΗΠΑ απέτυχαν να αποκαταστήσουν την ανάπτυξη στην αμερικανική οικονομία, όπως και αναμενόταν να συμβεί με βάση τη θεωρία (δηλαδή...more Publication -
Working Paper No. 819
An Outline of a Progressive Resolution to the Euro-area Sovereign Debt Overhang
November 13, 2014 The present study puts forward a plan for solving the sovereign debt crisis in the euro area (EA) in line with the interests of the working classes and the social...more Publication