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Working Paper No. 819Το 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 -
BlogGalbraith 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 -
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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 -
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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. 47Growth 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 -
One-Pager No. 47
Ανάπτυξη 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 -
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 -
Working Paper No. 816
Coping with Imbalances in the Euro Area
September 30, 2014 In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of...more Publication -
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No, Tourism Will Not Save Greece
September 25, 2014 From Dimitri Papadimitriou today in New Geography: Will Lindsay Lohan Save Greece? It’s September, but island beaches from the Aegeans to Zante are still buzzing in Greece. Mykonos has been the summer’s Go-To spot for superstars and supermodels; the mainland and cities are also seeing the British and Europeans coming back. Greece’s reemergence on the [...] Blog -
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Post Keynesian Conference Goes Live Tonight
September 24, 2014 The 12th International Post Keynesian conference, cosponsored by the University of Missouri–Kansas City, Journal of Post Keynesian Economics, and Levy Institute, with support from the Ford Foundation, begins this evening at UMKC with a keynote by Bruce Greenwald. The full schedule for the conference can be accessed here. If you can’t attend, portions of the event will [...] Blog -
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Europe at the Crossroads: A Union of Austerity or Growth Convergence?
September 19, 2014 Co-organized by the Levy Economics Institute of Bard College and Economia Civile with support from the Ford Foundation Megaron Athens International Conference Centre Athens, Greece November 21–22, 2014 On November 21 and 22, the Levy Economics Institute of Bard College will hold its second annual conference at the Megaron Athens International Conference Centre in Athens, [...] Blog -
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Options for an Independent Scotland
September 18, 2014 People in Scotland are heading to the polls today to decide the question of secession. One of the major policy questions for an independent Scotland is whether the country should attempt to keep the pound. As many have now begun to appreciate — with a little help from the eurozone spectacle — this would likely be a big mistake. In “Euroland’s [...] Blog -
Working Paper No. 815
Public Preferences for Redistributive Policies in Israel
September 17, 2014 This paper contributes to the literature on inequality and welfare policy by studying public support for redistributive policies in Israel, a society with an extreme level of socioeconomic inequality. Drawing...more Publication -
Public Policy Brief No. 137Η ΕΚΤ και η ενιαία ευρωπαϊκή χρηματοπιστωτική αγορά
September 15, 2014 Οι ατέλειες της Συνθήκης του Maastrict είναι συχνά αντικείμενο σχολιασμού, ωστόσο, όμως, η Ευρώπη παραμένει ανίκανη ή μάλλον απρόθυμη να αντιμετωπίσει αυτές τις αδυναμίες. Το ευρωπαϊκό σχέδιο θα παραμείνει ημιτελές...more Publication -
Public Policy Brief No. 137
The ECB and the Single European Financial Market
September 15, 2014 The flaws of the Maastrict Treaty are a frequent object of commentary but, as yet, Europe remains unable—or, perhaps more accurately, unwilling—to address these flaws. The European project will remain...more Publication -
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Mission-Oriented Finance (Video)
September 10, 2014 The following clips are from the Mission-Oriented Finance for Innovation conference held in London, organized by Mariana Mazzucato as part of a research project with L. Randall Wray on “Financing Innovation.” L. Randall Wray, “Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis” (slides) [iframe width=”512″ height=”288″ src=”//www.youtube.com/embed/Uo2XzWsniqM?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe] Pavlina Tcherneva, “Full Employment, Value Creation and the [...] Blog