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One-Pager No. 44Επιλογές οικονομικής πολιτικής για την Κίνα
December 19, 2013 Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του...more Publication -
One-Pager No. 44
Policy Options for China
December 19, 2013 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...more Publication -
BlogNew Book on the Gender Impacts of the Global Economic Crisis
December 17, 2013 A new volume edited by the director of the Levy Institute’s Gender Equality and the Economy program, Rania Antonopoulos: With the full effects of the Great Recession still unfolding, this collection of essays analyses the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and [...] Blog -
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Why Returning to Glass-Steagall Isn’t the Answer
December 16, 2013 Dissatisfaction with the incomplete or timid nature of the 2010 Dodd-Frank financial reforms has generated interest in some alternative regulatory proposals. One alternative that’s fairly prominent in progressive circles revolves around the idea of returning to the structure of the 1933 Glass-Steagall Act. In this video, Jan Kregel explains why we can’t go back. He [...] Blog -
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James Galbraith Makes It Simple
December 13, 2013 Q: “Now why do you believe the US government will never, ever have a problem funding its public expenditures and deficits?” A: “Because the electricity supply to the computers that send those signals will never be cut off.” Q: “It’s that simple?” A: “Simple as that.” [iframe width=”448″ height=”252″ src=”//www.youtube.com/embed/qD3XMyNmfeY?feature=player_detailpage&start=51″ frameborder=”0″ allowfullscreen></iframe] If you want [...] Blog -
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A Passing Storm or a Crisis of Capitalism?
December 12, 2013 C. J. Polychroniou: A strong case can be made that what we have been witnessing since [2007-08] is not simply a severe financial crisis centered in the developed world but the fact that today’s capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth. The so-called “financialization” of [...] Blog -
Working Paper No. 782Feasible Estimation of Linear Models with N-fixed Effects
December 12, 2013 In this paper an alternative approach for the estimation of higher-order linear fixed-effects models is described. The strategy relies on the transformation of the data prior to calculating estimations of...more Publication -
Working Paper No. 781
A Stock-flow Approach to a General Theory of Pricing
December 10, 2013 The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that...more Publication -
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Financial Governance for Innovation and Social Inclusion (Video)
December 10, 2013 The Levy Institute’s Jan Kregel and L. Randall Wray took part in a workshop at the UK House of Commons, November 25th, on “Financial Governance for Innovation and Social Inclusion,” organized by Mariana Mazzucato (SPRU) and Leonardo Burlamaqui (Ford Foundation) and hosted by Shadow Minister for the Cabinet Office, MP Chi Onwurah. Kregel and Wray’s [...] Blog -
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When Robots Make Drones: The Brave New World of Secular Stagnation
December 10, 2013 Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers? For me, the first is a wee bit scary. Of course, [...] Blog -
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Is the Recession in Greece Ending?
December 09, 2013 The Hellenic Statistical Authority (ElStat) reports today that real GDP in the third quarter of 2013 has fallen by “only” 3 percent. More in detail, from their press release: Total final consumption expenditure recorded a decrease of 6.6% in comparison with the 3rd quarter of 2012 (Table 4). Gross fixed capital formation (GFCF) decreased by [...] Blog -
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Three Links on the Eurozone Crisis
December 09, 2013 1) In an interview with Roger Strassburg, James Galbraith discusses the “Modest Proposal,” a plan for resolving the eurozone’s multiple crises without creating any new institutions or amending any treaties. Galbraith is a co-author of the latest version of the proposal, joining Yanis Varoufakis and Stuart Holland (an earlier version was published as a Levy [...] Blog -
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Tax-Backed Bonds: Update and Response to Critics
December 06, 2013 Last year, Philip Pilkington and Warren Mosler argued that they had come up with a financial innovation that had the potential to help control the crippling borrowing costs faced by many member-states on the eurozone periphery. Their “tax-backed bond” proposal worked like this: if a member-state issuing these bonds defaulted on a payment, the bonds [...] Blog -
Policy Note No. 10The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
December 03, 2013 In a policy note published last year by the Levy Institute, Philip Pilkington and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without...more Publication -
Policy Note No. 10
Η συνεχιζόμενη καταλληλότητα των κρατικών ομολόγων με την κάλυψη φόρων (tax-backed bonds) για την ευρωζώνη
December 03, 2013 Σε ένα σημείωμα πολιτικής που δημοσιεύθηκε πέρυσι από το Levy Institute, ο Philip Pilkington και ο Warren Mosler υποστήριξαν ότι η κρίση χρέους στην ευρωζώνη θα μπορούσε να λυθεί από...more Publication -
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Mindless Austerity and Security Guards
December 03, 2013 I recently had the great fortune to listen to a speech delivered by Mr Yves Mersch, Member of the Executive Board of the European Central Bank. This was in Athens on November 8 at the first Minsky Conference in Greece organized by the Levy Economics Institute. The title of the conference was “The Eurozone crisis, [...] Blog -
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The Next Bubble?
December 02, 2013 Is the U.S. economy heading towards another bubble? Since last week, the number of commentators on this subject has been growing, from Robert Shiller to Nouriel Roubini (on housing markets). In our first chart we report the Standard & Poor’s 500 stock market index, normalized by a consumer price index to remove the common trend [...] Blog -
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Internal Devaluation in Greece
November 30, 2013 In a recent speech at the Levy Institute conference on “The Eurozone Crisis, Greece, and the Experience of Austerity” held in Athens, Mr. Yves Mersch, a member of the Executive Board and General Council at the ECB, made it clear that the success of the troika plan for the Greek economy requires the current account [...] Blog -
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Is an R&D-Led Export Strategy Our Best Shot?
November 26, 2013 Dimitri Papadimitriou, in Reuters’ “Great Debate” series: The U.S. needs an export strategy led by research and development, and it needs it now. A serious federal commitment to R&D would help arrest the long-term decline in manufacturing, and return America to its preeminent and competitive positions in high tech. At the same time, increasing sales [...] Blog -
Working Paper No. 780
Lost at Sea
November 21, 2013 The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional...more Publication -
Working Paper No. 779
Hierarchy of Ideals in Market Interactions
November 15, 2013 This paper argues that a hierarchy of ideals exists in market interactions that sets the benchmark on the norm of fairness associated with these interactions, thus affecting pricing decisions associated...more Publication -
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Register for the 2014 Minsky Summer Seminar
November 13, 2013 With support from the Ford Foundation, the Levy Institute is accepting applications for the 2014 Hyman P. Minsky Summer Seminar: Levy Institute Blithewood Annandale-on-Hudson, New York June 13–21, 2014 The Levy Institute’s Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, with an examination of meaningful prescriptive [...] Blog -
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No Sound Defense of German Mercantilism, Nowhere
November 12, 2013 In “America’s misplaced lecture to Germany,” Gideon Rachman ends up offering a singularly misplaced defense of Germany. Quite similar to the typical stories one hears on this matter in Germany itself, Rachman appears to be unaware of how self-contradictory his arguments really are. To begin with, after describing the Federal Reserve’s QE policies as both [...] Blog