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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 -
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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. 820Minsky, 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 -
Working Paper No. 819
Το περίγραμμα μιας προοδευτικής πρότασης για την επίλυση της κρίσης χρέους στην ευρωζώνη
November 13, 2014 λιτότητα δρα καταστροφικά για την εργαζόμενη πλειοψηφία σε όλες τις ευρωπαϊκές χώρες και ιδίως σε εκείνες που βρίσκονται σε προγράμματα «δημοσιονομικής προσαρμογής» που επιτηρούνται από την Τρόικα. Οι κοινωνικές ανισότητες...more Publication -
Blog
Galbraith and Skidelsky: The End of Normal and the Future of Work (Video)
November 13, 2014 Here are the keynote addresses delivered by James Galbraith (“The End of Normal”) and Robert Skidelsky (“The Future of Work”) at the 12th International Post Keynesian Conference (more videos from the conference can be found here): [iframe width=”480″ height=”270″ src=”//www.youtube.com/embed/PGFcB65l8Io?feature=player_detailpage&start=115″ frameborder=”0″ allowfullscreen></iframe] [iframe width=”480″ height=”270″ src=”//www.youtube.com/embed/tmDQGFg_5mM?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
Berlin Wall
November 12, 2014 Germany is celebrating: it is 25 years ago that the Berlin Wall came down, marking the end of Stasi tyranny, and much more than that. No doubt that is reason to celebrate, for Germany, Europe, and the world. As a German and European, I am celebrating too. Alas, this is also an occasion for hearing [...] Blog -
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Why the Eurozone Needs a Treasury
November 11, 2014 Slowly but surely a new consensus is emerging emphasizing the need for Europe’s currency union to organize public investment as a means to overcome its crisis, by now in its seventh year; the outlook being truly grim. Back in July President-elect of the European Commission Jean-Claude Juncker called for a €300bn public-private investment program. ECB [...] Blog -
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Germany’s Über-Economists Are Rampant Again
October 31, 2014 The rest of the world is holding its breath as the eurozone continues wobbling along the brink of deflation. In fact, numerous member states are already experiencing what it means to let “it” happen again. With the region stuck in depression since 2008, Euroland authorities are writing fresh world records in failing to improve the [...] Blog -
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New Book: Economic Development and Financial Instability, Selected Essays
October 28, 2014 The first collection of essays by Jan Kregel, focusing on the role of finance in development and growth, has just been made available through Anthem (edited by Rainer Kattel). From the foreword by G. C. Harcourt: As I wrote in my remarks when Jan and I were the co-recipients of the 2011 Veblen Commons Award, [...] Blog -
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Germany May Be the Biggest Loser If It Doesn’t Start Spending
October 21, 2014 There’s growing pressure on Germany to spend more to support Europe – and for good reason. But it’s proving to be a hard sell to the country’s leaders. Germany’s budget is balanced and the government insists that its current policy stance is the best it can do – for itself, the eurozone and the world [...] Blog -
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Did Ms. Rousseff’s Epiphany Come Too Late?
October 15, 2014 by Felipe Rezende If you’ve been tracking the news on Brazil’s presidential election, you already knew that incumbent Rousseff will face Neves in a runoff election for Brazil’s presidency on October 26th. The tight election reflects the perception of a downward trend of the nation’s economic outlook augmented by news that Brazil’s economy has fallen [...] Blog -
Working Paper No. 818
The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields
October 09, 2014 During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless,...more Publication -
Working Paper No. 818
Οι προσδιοριστικοί παράγοντες των χαμηλών ονομαστικών αποδόσεων στα μακροπρόθεσμα κρατικά ομόλογα της Ιαπωνίας
October 09, 2014 Κατά τη διάρκεια των τελευταίων δύο δεκαετιών οικονομικής στασιμότητας και επίμονου αποπληθωρισμού στην Ιαπωνία, τα χρόνια δημοσιονομικά ελλείμματα έχουν οδηγήσει σε υψηλά και συνεχώς αυξανόμενα επίπεδα την αναλογία του δημόσιου...more Publication -
Blog
Exclusive Growth
October 08, 2014 This chart, a version of which Pavlina Tcherneva posted on Twitter, has been getting a lot of attention (e. g., NYTimes, Vox, NPR, WaPo, Slate, Moyers & Co.). The chart shows, for each postwar economic recovery in the United States (trough to peak), the share of income growth going to the bottom 90 percent and top 10 percent of the [...] Blog -
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A Recovery for the Top 10%
October 07, 2014 Pavlina Tcherneva was interviewed on the Real News Network about what’s behind the numbers in her chart (below) showing the increasingly inequitable distribution of income growth in US economic expansions–and what we can do about it. [iframe width=”456″ height=”300″ src=”//www.youtube.com/embed/lRZmQZIWDyw” frameborder=”0″ allowfullscreen></iframe] Related: “Growth for Whom?“ Blog -
One-Pager No. 47Ανάπτυξη για ποιόν;
October 06, 2014 Στη μεταπολεμική περίοδο, η αύξηση του εισοδήματος έχει γίνει πιο άνισα κατανεμημένη με κάθε επακόλουθη οικονομική επέκταση. Από το 2009 μέχρι το 2012, ενώ η οικονομία ανακάμπτει από μια από...more Publication -
One-Pager No. 47
Growth for Whom?
October 06, 2014 In the postwar period, income growth has become more inequitably distributed with virtually every subsequent economic expansion. From 2009 to 2012, while the economy was recovering from one of the...more Publication -
Working Paper No. 817
Endogenous Money and the Natural Rate of Interest
September 30, 2014 Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most...more Publication