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One-Pager No. 51Completing the Single Financial Market and New Fiscal Rules for the Euro Area
Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately, the institution that would normally provide the requisite benchmark asset—a federal treasury issuing risk-free debt—does not exist in the euro area, and there are daunting […] -
Working Paper No. 856Redistribution in the Age of Austerity
We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13). We use a parametric Lorenz curve model and Gini-like indices of inequality as our measures to assess distributional changes. Based on the EU’s Statistics on […] -
BlogWant More – and Better – Jobs? Put Women in Charge
I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in the labour markets of these countries, I searched for evidence on how the challenge of job creation can be overcome without perpetuating gender [...] -
Blog
That Puzzling “Revelation” Politely Called “German Wage Moderation”
A few days ago Peter Bofinger, one of Germany’s “wise men,” published an astonishing post titled “German wage moderation and the Eurozone crisis” that appeared on VoxEU.org (see here) and Social Europe (see here). The post was astonishing in more than one way. First of all, it seems astonishing that, in late 2015, and not [...] -
Auerback on ISIS Funding and ECB Negative Rates
RT, December 4, 2015. All Rights Reserved. Edward Harrison sits down with Research Associate Marshall Auerback to talk about Europe in this broadcast interview (04:17): https://www.rt.com/shows/boom-bust/324713-auerback-isis-funding-turkey/ -
Blog
Review: Minsky Matters and the Next Minsky Moment
From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters: Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: [...] -
Working Paper No. 855
The Two Approaches to Money
The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and crises. It also allows a reevaluation […] -
Review: Another “Minsky Moment” May Be on the Way
Reuters, November 27, 2015. All Rights Reserved. Forget the living canon of great economists – Paul Krugman, Joe Stiglitz, Larry Summers and the rest. Hyman Minsky was the only contemporary thinker to have predicted with uncanny precision the global financial crisis. This is no small achievement since Minsky died more than a decade before Lehman […] -
Want More—and Better—Jobs? Put Women in Charge
Voices from Eurasia, November 24, 2015. All Rights Reserved. I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. While researching gender inequalities in labour markets of these countries, I searched for evidence on how the challenge of job creation […] -
Press ReleaseUS Labor Force Participation Rate Continues to Fall despite Unemployment Improvement, New Levy Report Says
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MME, November 22, 2015
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Αποψη: ΕΚΤ και πώς θα αναθεωρήσουμε τους δημοσιονομικούς κανόνες της Ευρωζώνης
Kathimerini, 22 Νοέμβριος 2015. Με επιφύλαξη παντός δικαιώματος. H ευρωπαϊκή κρίση χρέους, που εκδηλώθηκε με αποκλίσεις ανάμεσα στο κόστος δανεισμού των διαφόρων κρατών-μελών, έφερε στην επιφάνεια τον κατακερματισμό του χρηματοπιστωτικού συστήματος της Ευρωζώνης. Τον Σεπτέμβριο του 2014, από το βήμα αυτής της εφημερίδας, υποστήριξα πως ο κατακερματισμός αυτός κατέδειξε ότι μια νομισματική ένωση είναι αναγκαία […]