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Working Paper No. 801The Political Economy of Shadow Banking
May 21, 2014 This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the...more Publication -
Public Policy Brief No. 133Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
May 14, 2014 The “happy talk” emanating from eurozone officials regarding the economic crises in the periphery deserves some vigorous pushback. Focusing on the four bailed-out countries of Greece, Ireland, Portugal, and Spain,...more Publication -
Working Paper No. 800
Autonomy-enhancing Paternalism
May 08, 2014 Behavioral economics has shown that individuals sometimes make decisions that are not in their best interests. This insight has prompted calls for behaviorally informed policy interventions popularized under the notion...more Publication -
Working Paper No. 799
Νομισματική μηχανική
May 06, 2014 Η παρούσα εργασία αναπτύσσει το πλαίσιο της ανάλυσης των νομισματικών συστημάτων που διαμορφώθηκε από οικονομολόγους όπως ο Macleod, ο Keynes, ο Innes και ο Knapp. Το συγκεκριμένο πλαίσιο δεν εστιάζει...more Publication -
Working Paper No. 799
Monetary Mechanics
May 06, 2014 This paper develops the framework of analysis of monetary systems put together by authors such as Macleod, Keynes, Innes, and Knapp. This framework does not focus on the functions performed...more Publication -
Public Policy Brief No. 132
How Poor Is Turkey? And What Can Be Done About It?
May 05, 2014 Gauging the severity of poverty in a given country requires a reasonably comprehensive measurement of whether individuals and households are surpassing some basic threshold of material well-being. This would seem...more Publication -
Public Policy Brief No. 132
Πόσο φτωχή είναι η Τουρκία και τι μπορεί να γίνει
May 05, 2014 H μέτρηση της σοβαρότητας της φτώχειας σε μια δεδομένη χώρα πρέπει να εξετάζει με έναν αρκετά περιεκτικό τρόπο το κατά πόσο τα άτομα και τα νοικοκυριά ξεπερνούν κάποιο βασικό όριο...more Publication -
BlogGreece Has Returned to the Bond Markets—Mission Accomplished?
May 05, 2014 C. J. Polychroniou interviewed Levy Institute President Dimitri Papadimitriou for the Sunday edition of Greece’s Eleftherotypia. What follows is an excerpt from the English version of that interview (part one of the Greek version is here): C. J. Polychroniou: After four years as the pariah of the financial markets, in the course of which 330 [...] Blog -
Research Project ReportTime Deficits and Poverty
May 01, 2014 Official poverty lines in Turkey and other countries often ignore the fact that unpaid household production activities that contribute to the fulfillment of material needs and wants are essential for...more Publication -
Working Paper No. 798
Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011
May 01, 2014 This paper describes the quality of the statistical matching between the March 2011 supplement to the Current Population Survey and the 2010 American Time Use Survey and Survey of Consumer...more Publication -
Strategic AnalysisIs Rising Inequality a Hindrance to the US Economic Recovery?
April 25, 2014 The US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and...more Publication -
Strategic Analysis
Αποτελεί η αυξανόμενη ανισότητα εμπόδιο στην οικονομική ανάκαμψη των ΗΠΑ;
April 25, 2014 Η οικονομία των Ηνωμένων Πολιτειών αναπτύσσεται με μέτριο ρυθμό μετά από την επίσημη λήξη της Ύφεσης το 2009. Το έλλειμμα του προϋπολογισμού μειώνεται σταθερά, ο πληθωρισμός βρίσκεται υπό έλεγχο και...more Publication -
Blog
The Reality of the Present and the Challenge of the Future: Fagg Foster for the 21st Century
April 23, 2014 (Here is a presentation I gave at the University of Denver at the annual J. Fagg Foster honors ceremony. Most of you will not know of Foster, but you should. While he did not publish much, he was the professor of a number of prominent institutionalists who attended DU in the early postwar period. I [...] Blog -
Working Paper No. 797
Gender-responsive Budgeting as Fiscal Innovation
April 23, 2014 Gender-responsive budgeting (GRB) is a fiscal innovation. Innovation, for the purposes of this paper, is defined as a way of transforming a new concept into tangible processes, resources, and institutional...more Publication -
Blog
Distribution, Stagnation, and Macro Policy in an Interactive Model
April 21, 2014 The funny-shaped surface in the Wolfram “CDF” below (software download link) depicts excess demand for goods. The flat one represents the zero line where supply and demand are equal. On each axis is a variable that affects the degree to which demand outpaces or falls short of supply: (1) firms’ share in the price of [...] Blog -
Blog
Minsky and Financial Reform’s “Never Ending” Struggle
April 18, 2014 In a new policy brief, Jan Kregel looks at a lesser-known, early period of Minsky’s work on financial reform. In the ’60s, Minsky was a consultant to a number of government agencies, including the Federal Reserve, on issues related to financial regulation. In this context, he came up with a new approach to bank examination, [...] Blog -
Blog
Charles Evans on Missing the Fed’s Targets
April 17, 2014 Chicago Fed President Charles Evans spoke at last week’s Minsky conference, and news reports have focused on his comments regarding the expectation that the Federal Reserve will wait at least six months after the end of QE before beginning to raise interest rates (Evans: “It could be six, it could be 16 months”; “If I [...] Blog -
Blog
Working Paper Roundup 4/15/2014
April 15, 2014 Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization Eugenio Caverzasi “The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of [...] Blog -
Research Project Report
Federal Reserve Bank Governance and Independence during Financial Crisis
April 11, 2014 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
Blog
On the Alleged Pains of the Strong Euro
April 09, 2014 Since its most recent low of $1.20, reached in the heat of the summer of 2012, the euro has appreciated by 15 percent against the US dollar and by more than 10 percent in inflation-adjusted terms against a broad basket of currencies representative of the euro area’s main trading partners. Amounting to a significant loss [...] Blog -
Public Policy Brief No. 131
Minsky and Dynamic Macroprudential Regulation
April 08, 2014 In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s...more Publication -
Public Policy Brief No. 131
Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση
April 08, 2014 Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel...more Publication
