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What Is Reform? The Strange Case of Greece and Europe
The American Prospect, June 12, 2015. All Rights Reserved. On our way back from Berlin on Tuesday, Greek Finance Minister Yanis Varoufakis remarked to me that current usage of the word “reform” has its origins in the middle period of the Soviet Union, notably under Khrushchev, when modernizing academics sought to introduce elements of decentralization […]
Blog
Time to End Europe’s Disgrace of Holding Greek People Hostage
It was never going to be easy. That much was known from the outset. Greece’s newly elected government and the country’s creditors started from too far apart to quickly settle on anything that would be easily sellable to their respective constituencies. Greece’s radical left-wing Syriza party came to power on a mandate to end austerity. [...]
Blog
Call for Papers: Gender and Macroeconomics Conference
Gender and Macroeconomics: Current State of Research and Future Directions A conference organized by the Levy Economics Institute of Bard College with the generous support of The William and Flora Hewlett Foundation BGIA, New York City 108 W. 39 St., Suite 1000A March 9–11, 2016 Call for Papers The goal of this conference is to advance [...]
Idealogues Are Crippling Recovery and Undermining an Otherwise Healthy Economy
Background Briefing, June 11, 2015. All Rights Reserved. Levy President Dimitri B. Papadimitriou and Ian Masters discuss the Institute’s latest Strategic Analysis of the US economy, and how destructive political ideology is crippling recovery and undermining an otherwise healthy economy. Full audio of the interview is available here.
Time to End Europe’s Disgrace of Holding Greek People Hostage
The Conversation, June 10, 2015. All Rights Reserved. It was never going to be easy. That much was known from the outset. Greece’s newly elected government and the country’s creditors started from too far apart to quickly settle on anything that would be easily sellable to their respective constituencies…. Read more: https://theconversation.com/time-to-end-europes-disgrace-of-holding-greek-people-hostage-42939
Papadimitriou: “Los fondos buitre deben ser abolidos del sistema”
Tiempo, 07 de Junio de 2015. Todos los derechos reservados. El economista griego señala que los especuladores deberían estar regulados de la misma manera que las entidades financieras, tanto en forma global como a nivel país. Apunta contra los efectos de la globalización en tanto ha sido el canal de difusión de una nueva ola de determinismo […]
Blog
Fed Fiscal Policy, Treasury Monetary Policy
Don’t miss this post by Scott Fullwiler at New Economic Perspectives. Fullwiler is reacting to Clive Crook’s Bloomberg column advocating “helicopter drops” (having the Fed simply send checks to households). Helicopter drops or “helicopter money” proposals are widely cast as monetary policy operations (Crook describes helicopter money as a monetary-fiscal “hybrid”) and defended as either preferable to fiscal [...]
Blog
A Cycle of Financial Fragility?
(click image above to enlarge) Can a bull market founded largely on credit survive? A forthcoming Levy Institute working paper I wrote with Tai Young-Taft of Bard College at Simon’s Rock (link for those interested) represents an attempt to deal with the role of financial instability—along with other sources of economic fluctuations—in the dynamics of [...]
Working Paper No. 839
Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model
We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may be unique in the formal Minskyan literature. Namely, we adopt a model in which a psychological variable we call financial prudence (P) declines over time […]
Strategic Analysis
Greece: Conditions and Strategies for Economic Recovery
The Greek economy has the potential to recover, and in this report we argue that access to alternative financing sources such as zero-coupon bonds (“Geuros”) and fiscal credit certificates could provide the impetus and liquidity needed to grow the economy and create jobs. But there are preconditions: the existing government debt must be rolled over […]
Strategic Analysis
Συνθήκες και στρατηγικές για την οικονομική ανάκαμψη της Ελλάδας
Η ελληνική οικονομία έχει δυνατότητες ανάκαμψης, και στην παρούσα έκθεση υποστηρίζουμε ότι η πρόσβαση σε εναλλακτικές πηγές χρηματοδότησης όπως τα ομόλογα µηδενικού κουπονιού (“Geuros”) και τα πιστοποιητικά δημοσιονομικής πίστωσης θα μπορούσαν να δώσουν ώθηση και την παροχή ρευστότητας που απαιτούνται για την ανάκαμψη της οικονομίας και τη δημιουργία θέσεων εργασίας. Αλλά υπάρχουν προϋποθέσεις: η μετακύλιση […]
Working Paper No. 838
Unpaid Work and the Economy
Unpaid work, which falls outside of the national income accounts but within the general production boundary, is viewed as either “care” or as “work” by experts. This work is almost always unequally distributed between men and women, and if one includes both paid and unpaid work, women carry much more of the burden of work […]