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BlogApplying the Brakes: Four Long and Winding Roads to “Normalcy” for the Fed
by Daniel Alpert It is highly likely that this week will see the Federal Reserve’s Open Market Committee elect to increase the Fed Funds policy rate of interest for the first time since June of 2006, and after slashing the rate to the lowest level in history—approaching the so-called zero lower bound. But the return [...] -
The Enduring Relevance of “Manias, Panics, and Crashes”
EconoMonitor, December 14, 2015. All Rights Reserved. The seventh edition of Manias, Panics, and Crashes has recently been published by Palgrave Macmillan. Charles Kindleberger of MIT wrote the first edition, which appeared in 1978, and followed it with three more editions. Robert Aliber of the Booth School of Business at the University of Chicago took over the […] -
MME, December 13, 2015
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Συμπληρωματικό νόμισμα και οικονομική σταθερότητα
Kathimerini, 13 Δεκέμβριος 2015. Με επιφύλαξη παντός δικαιώματος. Ενα παράλληλο οικονομικό σύστημα είναι χρήσιμο, ιδίως για μία χώρα όπως η Ελλάδα, η οποία προσπαθεί να επανέλθει στον δρόμο της οικονομικής ανάκαμψης. Η ιδέα της εφαρμογής παράλληλου (συμπληρωματικού) οικονομικού συστήματος, όμως, απέκτησε κακή φήμη στη χώρα μας για δύο λόγους: την αρνητική προβολή που εξασφάλισε η […] -
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 […] -
Blog
Want 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 […]