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Policy Note No. 2Wright 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 -
Policy Note No. 2
Η 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 -
BlogDemand 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 -
President Dimitri B. Papadimitriou speaking at the Athens conference, November 2013
January 29, 2014 News -
Senior Scholar Rania Antonopoulos 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. 130Τι 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 -
Public Policy Brief No. 130
What 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 -
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 -
One-Pager No. 45Έλλειμμα χρόνου και κρυφή φτώχεια στην Κορέα
January 13, 2014 Τα επίσημα ποσοστά φτώχειας στην Κορέα και σε άλλες χώρες αγνοούν το γεγονός ότι η άμισθη παραγωγή των νοικοκυριών συμβάλλει στην εκπλήρωση των υλικών αναγκών και των επιθυμιών που είναι...more Publication -
One-Pager No. 45
Time Deficits and Hidden Poverty in Korea
January 13, 2014 Official poverty lines in Korea and other countries ignore the fact that unpaid household production contributes to the fulfillment of material needs and wants that are essential to attaining a...more Publication -
Blog
Minsky on the War on Poverty
January 10, 2014 Roughly a year after President Johnson used the occasion of his first State of the Union address to declare war on poverty, Hyman Minsky presented a paper on the subject at a conference in Berkeley. Here’s what he wrote: The war against poverty is a conservative rebuttal to an ancient challenge of the radicals, that [...] Blog -
Working Paper No. 783
Options for China in a Dollar Standard World
January 10, 2014 This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues...more Publication -
Blog
The Social Enterprise Sector Model for a Job Guarantee in the U.S.
January 10, 2014 Jesse Myerson created a firestorm over mainstream media with his Rolling Stone piece “Five Economic Reforms Millennials Should Be Fighting For.” I’d like to address the very first of these reforms, the Job Guarantee (JG), as Myerson references my proposal for running the program through the non-profit sector and discussed it in several interviews on [...] Blog -
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Blog
Push for Job Guarantee Gains Momentum
January 06, 2014 I just returned from the big annual meeting of economists (this time in Philly), at which we had a panel on the Job Guarantee. One of the papers on our panel was by William (Sandy) Darity and Darrick Hamilton, which demonstrated how imperative it is to implement the JG to reduce hiring discrimination in the [...] Blog -
Blog
How Reorienting China’s Fiscal Policy Can Reduce Financial Fragility
December 19, 2013 L. Randall Wray just published a one-pager on China’s policy options from the perspective of Modern Money Theory: Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into [...] Blog