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Working Paper No. 796Minsky 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 -
BlogA 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 -
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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 -
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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 -
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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 -
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MMT, the Consolidation Hypothesis, and Why Louisiana Won’t Leave Its Currency Union
March 18, 2014 In this interview with Euro Truffa, L. Randall Wray responds to some recent critiques of Modern Money Theory (MMT). In the first segment, Wray defends the idea that we can, for the purposes of simplifying the analysis of affordability constraints faced by modern governments, safely disregard many of the self-imposed constraints on Treasury-Central Bank cooperation [...] Blog -
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Inflation, Deflation, and ECB Asymmetry
March 13, 2014 It is quite interesting to see how popular myths can live on in the public’s mind and continue to cause harm and irritation even when the facts speak to totally different language. How can education fail so badly? The particular example I have in mind here is Germans’ supposed exceptionalism in matters of inflation hyper-sensitivity. [...] Blog -
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Minsky Conference, D.C.: Stabilizing Financial Systems for Growth and Full Employment
March 13, 2014 The Levy Institute’s annual Minsky conference will be held at the National Press Club in Washington, D.C. on April 9-10. Day one features a speaker lineup that includes Sen. Sherrod Brown, Rep. Carolyn Maloney, head of the Chicago Fed Charles Evans, member of the Fed Board of Governors Daniel Tarullo, and many others. On day [...] Blog -
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Export-led Growth for Greece?
March 08, 2014 In a recent post, Daniel Gros asks why Greece has failed to get out of recession through an increase in exports, as he claims happened in Portugal, Spain and Ireland. He is suggesting that the problem lies in the economy resisting structural reforms: “In Greece, by contrast, there is no evidence that the many structural [...] Blog -
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Working Paper Roundup 3/7/2014
March 07, 2014 Central Bank Independence: Myth and Misunderstanding L. Randall Wray “This paper argues that the Fed is not, and should not be, independent, at least in the sense in which that term is normally used. … Our understanding of policy, of the policy space available to the sovereign, and of the operational realities of fiscal and [...] Blog -
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Bibow on Deflation and ECB Measures: “Beware What You Wish For”
March 06, 2014 From Jörg Bibow’s recent letter in the Financial Times, reacting to an article by Wolfgang Münchau on deflation and ECB policy: What is really new today is that wages are becoming unanchored and hence cease to provide the safety net that asymmetric central bankers habitually rely on. This is the consequence of the collective effort [...] Blog -
Working Paper No. 792
From the State Theory of Money to Modern Money Theory
March 05, 2014 This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard...more Publication -
Working Paper No. 791
Central Bank Independence
March 05, 2014 It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has...more Publication -
Working Paper No. 790
Changes in Global Trade Patterns and Women’s Employment in Manufacturing
March 05, 2014 The purpose of this study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period 1995–2006. For 30 countries (21 OECD...more Publication -
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When Will They Ever Learn: Uncle Sam is not Robin Hood
March 04, 2014 Memo to Obama: Don’t tie progressive spending policy to progressive tax policy. Each can stand on its own. Reported today in the Washington Post: Obama proposes $600 billion in new spending to boost economy President Obama on Tuesday unveiled an ambitious budget that promised more than $600 billion in fresh spending to boost economic growth [...] Blog -
Working Paper No. 789
Full Employment
March 03, 2014 It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern “Keynesian policies” bear little,...more Publication -
Working Paper No. 789
Πλήρης Απασχόληση
March 03, 2014 Είναι κοινώς γνωστό ότι ο John Maynard Keynes υπήρξε ο βασικός υποστηρικτής του κρατικού παρεμβατισμού για την αντιμετώπιση της ύφεσης και της ανεργίας. Αυτό που δεν είναι ευρέως γνωστό είναι...more Publication -
Working Paper No. 788
Modern Money Theory and Interrelations between the Treasury and the Central Bank
March 03, 2014 One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial...more Publication -
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On German Public Opinion and Illusory ECB Power
February 26, 2014 After taking a short breather in late January-early February, the markets now seem to be back in “happy mode.” Whether the news on the economic recovery is good or bad doesn’t really matter. The current convention is that growth acceleration is under way. That emerging markets had become key drivers of global growth was yesterday’s [...] Blog
