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BlogSeeing “It” Coming: An Interview on the Global Financial Crisis and Euroland’s Fatal Flaw
February 20, 2014 I recently did an interview for the magazine “Synchrona Themata” (“Contemporary Issues”). The interview, which will appear in Greek, was conducted by Christos Pierros, doctoral student at the University of Athens Doctoral Program in Economics (UADPhilEcon). What follows is the English transcript: What do you think went wrong in 2008? Why was standard macro theory [...] Blog -
Blog
The Problem of Unemployment in Greece
February 12, 2014 (The following is an extended version of a piece that originally appeared in Greek in Kathimerini.) The responses to unemployment by the last three governments in Greece have been characterized by sloppy proposals and an insignificant amount of funds in relation to the size of the problem. Regardless of whether there were political considerations behind [...] Blog -
One-Pager No. 46Φτώχεια χρόνου και κατανάλωσης στην Τουρκία
February 12, 2014 Το Μέτρο Φτώχειας Χρόνου και Κατανάλωσης του Levy Institute (LIMTCP) είναι ένα δισδιάστατο μέτρο που λαμβάνει υπόψη τόσο τις απαραίτητες καταναλωτικές δαπάνες όσο και το χρόνο που απαιτείται από τα...more Publication -
One-Pager No. 46
Time and Consumption Poverty in Turkey
February 12, 2014 The Levy Institute Measure of Time and Consumption Poverty (LIMTCP) is a two-dimensional measure that takes into account both the necessary consumption expenditures and the household production time needed to...more Publication -
Blog
SAPRIN and the Greek Experiment
February 11, 2014 From C. J. Polychroniou’s latest policy note: [I]n 2001, a three-year, multi-country study by the Structural Adjustment Participatory Review International Network (SAPRIN), prepared in cooperation with the World Bank, national governments, and civil society organizations, offered a damning indictment of the policies of structural adjustment reform pursued by the IMF and the World Bank in [...] Blog -
Blog
A Euro Treasury? An Interview with Jörg Bibow
February 10, 2014 (The following is the translation of an interview that appeared in Sunday’s Eleftherotypia. C. J. Polychroniou talks to Jörg Bibow about the latter’s proposal for a Euro Treasury and how it represents a viable solution to the eurozone crisis — a crisis that is very much ongoing, Bibow explains.) CJP: A number of economists, [...] Blog -
Blog
Working Paper Roundup 2/7/2014
February 07, 2014 Unions and Economic Performance in Developing Countries: Case Studies from Latin America Fernando Rios-Avila The Rational Expectations Hypothesis: An Assessment from Popper’s Philosophy Iván H. Ayala and Alfonso Palacio-Vera Integrating Time in Public Policy: Empirical Description of Gender-specific Outcomes and Budgeting Lekha S. Chakraborty Financial Crisis Resolution and Federal Reserve Governance: Economic Thought and Political [...] Blog -
Blog
The 1943 Proposal to Fund Government Debt at Zero Interest Rates
February 04, 2014 One thing Jan Kregel’s new policy note makes clear is that congressional debates about raising the debt ceiling were a great deal more enlightening in the 1940s and ’50s. Here is Rep. Wright Patman (D-TX) in 1943 defending his proposal to fund what were expected to be huge wartime expenditures by bypassing the private financial [...] Blog -
Blog
The 23rd Annual Minsky Conference Is Coming to D.C.
February 03, 2014 23rd Annual Hyman P. Minsky Conference Stabilizing Financial Systems for Growth and Full Employment The National Press Club Washington, D.C. April 9–10, 2014 Organized by the Levy Economics Institute with support from the Ford Foundation. In a context of global uncertainty, with growth and employment well below normal levels, the 2014 Minsky Conference will address [...] Blog -
Policy Note No. 2Η πρόταση του Wright Patman για χρηματοδότηση του δημόσιου χρέους με μηδενικό επιτόκιο
February 01, 2014 Το 1943, το αμερικανικό Κογκρέσο βρέθηκε αντιμέτωπο με απρόβλεπτα μεγάλες πολεμικές δαπάνες, που ξεπερνούσαν το όριο του χρέους. Οι διάλογοι της περιόδου εκείνης που έλαβαν χώρα στο Κογκρέσο περιλαμβάνουν μια...more Publication -
Policy Note No. 2
Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates
February 01, 2014 In 1943, Congress faced unpredictably large war expenditures exceeding the prevailing debt limit. Congressional debates from that time contain an insightful discussion of how the increased expenditures could be financed,...more Publication -
Blog
Demand Management in the Age of Global Finance
January 31, 2014 From the preface to a new policy brief by Amit Bhaduri: In our era of global finance, the theory of aggregate demand management is alive and unwell. In this policy brief, Bhaduri describes what he regards as a prevalent contemporary approach to demand management. Detached from its Keynesian roots, this “vulgar” version of demand management [...] Blog -
Policy Note No. 1
The Social Enterprise Model for a Job Guarantee in the United States
January 30, 2014 The job guarantee is a proposal that provides greater macroeconomic stability and secures a fundamental human right. Despite the economic and moral merits of this policy, often the program is...more Publication -
Policy Note No. 1
Το υπόδειγμα της κοινωνικής επιχείρησης για εγγυημένη απασχόληση στις Ηνωμένες Πολιτείες
January 30, 2014 Η πρόταση για εγγυημένη απασχόληση συμβάλλει στη μακροοικονομική σταθερότητα και εξασφαλίζει ένα θεμελιώδες ανθρώπινο δικαίωμα. Ωστόσο, παρά τα οικονομικά και ηθικά πλεονεκτήματα αυτής της πολιτικής, το πρόγραμμα πολύ συχνά απορρίπτεται...more Publication -
Senior Scholar Rania Antonopoulos speaking at the Athens conference, November 2013
January 29, 2014 News -
President Dimitri B. Papadimitriou speaking at the Athens conference, November 2013
January 29, 2014 News -
Working Paper No. 787Unions and Economic Performance in Developing Countries
January 28, 2014 This paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Panama, and Uruguay. Using an augmented Cobb-Douglas...more Publication -
Blog
European Commission Kicks Off Fresh Round in its Never-ending Love Affair with Structural Reform
January 24, 2014 The Commission’s latest “Quarterly Report on the Euro Area” makes an interesting read; at least to those who simply can’t get enough of the “structural reform” gospel that has been running high in the Commission’s corridors for the past 30 years or so. So be warned: For any more enlightened minds the report is mainly [...] Blog -
Blog
Euro Delusion and Denial Keep Authorities Entranced
January 22, 2014 Could it be that Mario Draghi is alone among the key euro authorities in recognizing that the euro crisis may not be quite over yet? Given that Mr. Draghi is also widely credited as the euro’s foremost savior, this seems more than just a little odd. Recall that, almost magically, Mr. Draghi managed to pull [...] Blog -
Working Paper No. 786
The Rational Expectations Hypothesis
January 21, 2014 The rational expectations hypothesis (REH) is the standard approach to expectations formation in macroeconomics. We discuss its compatibility with two strands of Karl Popper´s philosophy: his theory of knowledge and...more Publication -
Working Paper No. 785
Integrating Time in Public Policy
January 21, 2014 Incorporating time in public policymaking is an elusive area of research. Despite the fact that gender budgeting is emerging as a significant tool to analyze the socioeconomic impacts of fiscal...more Publication -
Public Policy Brief No. 130What Remains of the Theory of Demand Management in a Globalizing World?
January 21, 2014 In our era of global finance, the theory of aggregate demand management is alive and unwell, says Amit Bhaduri. In this policy brief, Bhaduri describes what he regards as a...more Publication -
Public Policy Brief No. 130
Τι απομένει από τη θεωρία της διαχείρισης της ζήτησης σε έναν παγκοσμιοποιημένο κόσμο;
January 21, 2014 Στην εποχή της παγκόσμιας χρηματιστικής, η θεωρία της διαχείρισης της συνολικής ζήτησης κρατιέται ζωντανή, αλλά η χρησιμότητά της δεν είναι η ίδια, λέει ο Amit Bhaduri. Στο παρόν κείμενο δημόσιας...more Publication -
Working Paper No. 784
Financial Crisis Resolution and Federal Reserve Governance
January 16, 2014 The Federal Reserve has been criticized for not forestalling the financial crisis of 2007–09, and for its unconventional monetary policies that have followed. Its critics have raised questions as to...more Publication