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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. 798Quality 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 -
BlogThe 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. 131Minsky 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 -
Working Paper No. 796
Minsky and the Subprime Mortgage Crisis
April 04, 2014 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...more Publication -
Working Paper No. 795
Growth with Unused Capacity and Endogenous Depreciation
April 04, 2014 This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in...more Publication -
Blog
A Minsky Moment on the BBC
April 01, 2014 For those of you who haven’t seen it already, Duncan Weldon did a feature on Hyman Minsky for the BBC last week, including this short article and a 30-minute piece for BBC radio. In the radio segment, Adair Turner says this about Minsky’s contribution and his departure from the mainstream (a description of the pre-crisis [...] Blog -
Working Paper No. 794
Structural Asymmetries at the Roots of the Eurozone Crisis
March 31, 2014 In this paper, we analyze and try to measure productive and technological asymmetries between central and peripheral economies in the eurozone. We assess the effects such asymmetries would likely bring...more Publication -
Blog
Modern Money In Six Short Videos
March 31, 2014 I recently did an interview for Euro Truffa on six topics related to MMT. The website is here. They are transcribing my interview to Italian (I think that only two are up so far) and putting up the videos. They have also posted all of the videos to YouTube. As you can tell, I did [...] Blog -
Blog
Galbraith on Piketty’s “Capital”
March 27, 2014 From Senior Scholar James Galbraith’s review of Thomas Piketty’s much-discussed Capital in the Twenty-First Century: Although Thomas Piketty, a professor at the Paris School of Economics, has written a massive book entitled Capital in the Twenty-First Century, he explicitly (and rather caustically) rejects the Marxist view. He is in some respects a skeptic of modern [...] Blog -
Working Paper No. 793
Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
March 27, 2014 The quality of match of the statistical match used in the LIMTIP estimates for South Korea in 2009 is described. The match combines the 2009 Korean Time Use Survey (KTUS...more Publication -
Blog
Can a Parallel Financial System Solve the Greek Crisis?
March 26, 2014 In a new article, Dimitri Papadimitriou looks at the possibility of creating a parallel financial system — dubbed the “geuro” (following Thomas Mayer) — to help rescue the Greek economy: Geuros would essentially be small denomination zero-coupon bonds: transferable instruments with no interest payment, no repayment of principal, and no redemption, that would be acceptable [...] Blog
