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Working Paper No. 843Is a Very High Public Debt a Problem?
This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is to show that government deficits do not face a financing problem. After these deficits are initially financed […] -
Working Paper No. 842
Making the Euro Viable
The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the euro currency union. We propose a “Euro Treasury” scheme to properly fix the regime and resolve the euro crisis. This […] -
Working Paper No. 841
Marx’s Theory of Money and 21st-century Macrodynamics
Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of the money commodity, (2) possible heterogeneity of the money commodity, (3) the categories of land and rent as they pertain to the financial economy, (4) […] -
BlogCrystal Balls, or Robust Economic Research?
An article from Bloomberg listed nine people who saw the Greek crisis coming years ago. The list may be narrowly confined to Anglo-Saxon economists, but I am quite happy that most of the people listed worked at, or were/are affiliated with, the Levy Institute. Wynne Godley is the first on the list, given his [...] -
Blog
Deflation Über Alles
The “negotiations” that surrounded the latest Greek deal do not reflect well on the system (such as it is) of EMU governance. And there are no silver linings to be found in the outcome of this process. It is a testament to how far we are from “normal” that even the best-case scenario would have left little room for [...] -
Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did
Bloomberg Business, July 15, 2015. All Rights Reserved. Although the problems in Greece didn’t begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Among the nine listed here? Levy Institute scholars Wynne Godley, L. Randall Wray, Stephanie A. Kelton, and Mathew Forstater. Read more: […] -
Episode 75: Your Greece Bailout Explainer and the Coming Healthcare Revolution
The American Prospect, July 14, 2015. All Rights Reserved. Good evening, podcast listeners! We’ve got a great episode for you this week as Richard Aldous speaks with his Bard colleague Pavlina Tcherneva about the recently announced deal with Greece before discussing the promise of disruptive new healthcare technologies with Philip Auerswald…. Full audio of the […] -
Antonopoulos: Greece “Back in Serious Recession” despite Rescue
BBC News, July 13, 2015. All Rights Reserved. Greece’s economy will contract a further 3%, Athens minister Rania Antonopoulos has told me in a BBC interview. The alternate minister for combating unemployment, who was a professional economist, said that the combination of the closure of the banks and austerity measures being forced on the country […] -
Greece Is Committed to Staying in Euro Zone: Antonopoulos
Bloomberg Business, July 10, 2015. All Rights Reserved. Ahead of Greek PM Alex Tsipras’s meeting with eurozone finance ministers on July 11, Syriza MP and Levy Institute economist Rania Antonopoulos expressed confidence that a "mutually beneficial" agreement between Greece and its creditors would be put in place within the week, and stated that the government’s […] -
Greece Is Committed to Staying in Euro Zone: Antonopoulos
Levy economist and Syriza MP Rania Antonopoulos is interviewed ahead of Brussels Group talks. -
Blog
Papadimitriou on Making an Example of Greece (Audio)
From Athens, Dimitri Papadimitriou spoke with Ian Masters about Tuesday’s emergency meeting in Brussels (attended by Greece’s new finance minister) and the country’s prospects going forward. Papadimitriou touched on both the economic and political facets of the crisis, and discussed the idea that Greece is being “taught a lesson” as a demonstration to the rest of the eurozone [...] -
Levy’s Papadimitriou on Narrowing Options for Greece
Bloomberg Radio, July 8, 2015. All Rights Reserved. Dimitri Papadimitriou talks to Kathleen Hays about anti-left sentiment in the eurozone, the possibility of a Grexit, and Greece’s strategic value, as the deadline for submitting a new reform proposal to its creditors approaches. Full audio of the interview is available here.