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One-Pager No. 40Η Ομοσπονδιακή Τράπεζα των ΗΠΑ νεκρανάστησε την Wall Street
September 04, 2013 Η Nicola Matthews, από το Πανεπιστημίο του Μιζούρι στο Κάνσας Σίτι, παρουσιάζει τα ευρήματα της έρευνάς της σχετικά με τις πρακτικές δανεισμού της Ομοσπονδιακής Τράπεζας των ΗΠΑ (Fed) μετά το...more Publication -
BlogThe Long Battle for a Living Wage Goes On
September 02, 2013 (cross-posted from ineteconomics.org) This week workers in fast food restaurants across the country gathered to protest the minimum wage in the United States, which currently is a paltry $7.25, and to fight for a better standard of living. The battle for a living wage for the nation’s poorest workers is set against the backdrop of [...] Blog -
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Modern Money Network
August 29, 2013 The Modern Money Network at Columbia University — heir to the “Modern Money and Public Purpose” seminar series — is starting up in September, with a pair of events that might be interesting to some of our readers: 1. Money as a Hierarchical System Date: Thursday, September 12th, 6.15pm Location: Room 104, Jerome Greene Hall, [...] Blog -
Working Paper No. 773Keynes’s Employment Function and the Gratuitous Phillips Curve Disaster
August 29, 2013 Keynes had many plausible things to say about unemployment and its causes. His “mercurial mind,” though, relied on intuition, which means that he could not strictly prove his hypotheses. This...more Publication -
Working Paper No. 772
Reorienting Fiscal Policy
August 29, 2013 The present paper offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump...more Publication -
Working Paper No. 772
Ο επαναπροσανατολισμός της δημοσιονομικής πολιτικής
August 29, 2013 Στην παρούσα εργασία επιχειρείται η κριτική της δημοσιονομικής πολιτικής όπως εμφανίζεται στη θεωρία και εφαρμόζεται στην πράξη. Συγκεκριμένα, εξετάζονται δύο μέθοδοι σταθεροποίησης από την πλευρά της ζήτησης: η συμβατική δαπάνη...more Publication -
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One More Reason to Stop Panicking About the Long-term Deficit
August 27, 2013 The case for being alarmed about the US budget deficit — more specifically, for being worried that it’s too high, or will be too high in the next decade or two — continues to weaken, and this is so even if we limit ourselves to the deficit hawks’ own theoretical turf. These days, you don’t [...] Blog -
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What Do You Want in a New Fed Chair?
August 26, 2013 I was recently asked by an interviewer who’s going to replace Chairman Bernanke. I declined to predict because I don’t do horseraces. You’d have to be inside the beltway to understand which way President Obama is leaning. There’s not much doubt that Wall Street is pulling for one of its own, Larry Summers, and Wall [...] Blog -
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Gross Government Expenditures Categorized
August 22, 2013 This figure shows how government spending as a percentage of GDP has evolved since 2000Q1. The numbers reflect the recent 5-year revision of the National Income and Product Accounts (the so-called “NIPA revisions”) and preliminary Q2 numbers, which are due for an update about a week from now. The figure shows that government consumption (at [...] Blog -
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The Euro Has Yet to Produce Any Real Winner
August 22, 2013 It is almost conventional wisdom today to view Germany as the winner of the euro crisis. Reisenbichler and Morgan recently argued this case in Foreign Affairs, although cautiously adding that Germany’s supposed gains may not last. The miserable truth is, however, that the euro has yet to produce any real winner, while Germany’s apparent gains [...] Blog -
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Financing Innovation and Innovative Finance
August 14, 2013 L. Randall Wray and Mariana Mazzucato explain some of the motivation behind their joint project that brings together the insights of Schumpeter and Minsky (note that Schumpeter was Minsky’s dissertation adviser) to explore the relationship between finance and innovation, the changing nature of each, and how the financial system might be restructured to better support [...] Blog -
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Shifting Troika Forecasts and a Marshall Plan for Greece
August 12, 2013 Dimitri Papadimitriou in Bloomberg View yesterday: In December 2010, the so-called troika of lenders — the European Commission, the European Central Bank and the International Monetary Fund — predicted that their measures would move Greece’s unemployment rate to just under 15 percent by 2014. A year later, it changed the forecast to almost 20 percent. [...] Blog -
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Greece: More Competitive, Closer to Collapse
August 08, 2013 One of the theories that motivates the policies the troika (EC/IMF/ECB) is imposing on Greece is that reducing Greek wages will make Greek exports more attractive, helping to contribute, so the theory goes, to growth in GDP and employment. And in an interview that appeared yesterday at Truthout, Dimitri Papadimitriou points out that Greek competitiveness, [...] Blog -
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Money Creation for Main Street: Staking Out a Progressive Fed Policy
August 02, 2013 When it comes to the Federal Reserve and Fed policy, the bulk of today’s progressives can be sorted into two broad groups. There are those who, in the face of congressional sabotage of fiscal policy, shrug their shoulders and conclude that we might as well get behind QE because it’s the only game in town [...] Blog -
Policy Note No. 8“Unusual and Exigent”: How the Fed Can Jump-start the Real Economy
August 01, 2013 Though it is not widely understood, the Federal Reserve has enormous untapped power to directly stimulate or influence the flows of lending and spending that generate jobs. Doing so would...more Publication -
Policy Note No. 8
«Ασυνήθιστες και επείγουσες συνθήκες»: Τρόποι με τους οποίους μπορεί η Fed να τονώσει την πραγματική οικονομία
August 01, 2013 Αν και δεν είναι ευρέως κατανοητό, η Ομοσπονδιακή Τράπεζα των ΗΠΑ (Fed) διαθέτει τεράστια ανεκμετάλλευτη δύναμη για να τονώσει άμεσα την οικονομία ή να επηρεάσει τις ροές του δανεισμού και...more Publication -
Policy Note No. 7
Debt Relief and the Fed’s Money-creation Power
August 01, 2013 Monetary policy is running out of gas. Six years ago, in the heat of crisis, the Federal Reserve’s response was awesome. The Fed created trillions of dollars and flooded the...more Publication -
Policy Note No. 7
Ελάφρυνση του χρέους και η ισχύς της Ομοσπονδιακής Τράπεζας στη διαδικασία της δημιουργίας χρήματος
August 01, 2013 Η νομισματική πολιτική έχει ξεμείνει από καύσιμα. Πριν από έξι χρόνια, η απάντηση της Ομοσπονδιακής Τράπεζας (Fed) στην χρηματοοικονομική κρίση ήταν τρομερή: Δημιούργησε τρισεκατομμύρια δολάρια και πλημμύρισε το σύστημα με...more Publication -
Working Paper No. 771
Foreign and Public Deficits in Greece
August 01, 2013 This paper analyzes the trajectories of the Greek public deficit and sovereign debt over the last three decades and their connection to the political and economic environment, paying special attention...more Publication -
Working Paper No. 771
Εξωτερικά και κρατικά ελλείμματα στην Ελλάδα
August 01, 2013 Η εργασία εξετάζει την πορεία των κρατικών ελλειμμάτων και του δημόσιου χρέους στην Ελλάδα κατά τη διάρκεια των τελευταίων τριών δεκαετιών και τη σύνδεσή τους με το πολιτικό και οικονομικό...more Publication -
Working Paper No. 770
Uncertainty and Contradiction
July 31, 2013 This paper presents a discussion of the forces at play behind the economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is...more Publication -
Blog
The “Success” of the Greek Bailouts
July 25, 2013 On the face of it, the troika’s (ECB/IMF/EU) bailouts of Greece, with their attendant demands for budget austerity, privatization, and labor market reforms, have failed and failed again — whether we’re talking about basic material well-being or debt ratios: Currently, the official unemployment rate stands at 27 percent, while youth unemployment is above 62 percent [...] Blog -
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What’s the Economic Impact of a Pathway to Citizenship?
July 24, 2013 The Congressional Budget Office’s analyses of the Senate immigration bill were a boon (at least rhetorically) to those pushing for comprehensive immigration reform. The CBO estimated the bill would produce some significant budgetary savings and a macroeconomic boost, helping undermine the argument that comprehensive reform would prove too costly. However, the Senate bill contains some [...] Blog -
One-Pager No. 39
The Impact of a Path to Citizenship on the US Economy and Social Insurance System
July 24, 2013 Comprehensive immigration reform has long eluded Congress. Although the Senate recently passed a bill—S. 744, or the Border Security, Economic Opportunity, and Immigration Modernization Act—that would take significant steps toward...more Publication