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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. 771Foreign 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 -
BlogThe “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. 39The 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 -
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Papadimitriou on New Austerity Measures in Greece (Greek)
July 23, 2013 Dimitri Papadimitriou, Levy Institute president and one of the coauthors of a new macroeconomic report on the Greek economy, appeared on Skai TV to discuss the new austerity measures passed by that country’s parliament last week. Segment (in Greek) begins at 36:00. Blog -
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International Conference on Applied Business and Economics
July 22, 2013 October 2—4, 2013 International Conference on Applied Business and Economics The Levy Institute is cosponsoring the 2013 edition of the International Conference on Applied Business and Economics (ICABE), which will be held in Manhattan at the John Jay College of Criminal Justice, City University of New York. The main goal of this annual conference is [...] Blog -
Working Paper No. 769
Quality of Statistical Match and Simulations Used in the Estimation of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Turkey in 2006
July 19, 2013 The quality of match of the statistical match used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) estimates for Turkey in 2006 is described. The match combines...more Publication -
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A New Modest Proposal for the Euro Crisis
July 18, 2013 Yanis Varoufakis and Stuart Holland have come out with a new version of their “Modest Proposal” for resolving the euro crisis (an earlier version of the Proposal appeared as a Levy Institute policy note in 2011). The latest iteration (4.0) adds a new co-author in James Galbraith and an additional “sub-crisis” to the original three: [...] Blog -
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A Quantum of Herring
July 17, 2013 Casey B. Mulligan, of whom I have written before, has a new post on the New York Times Economix blog, in which he attempts to school the less wise what policy impact assessment is all about. It is not about Red Herrings, for example. He references one of his recent posts that I opted to [...] Blog -
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How BIG is BIG Enough: Would the Basic Income Guarantee Satisfy the Unemployed?
July 10, 2013 (This is a prequel, Part 1 on BIG; I already did Part 2. Sorry it is longish, but not technical.) Last week I criticized an article by Allan Sheahan who argued that “Jobs Are Not the Answer” to America’s unemployment problem. The thesis was based on two propositions. First, labor productivity has grown so we’d [...] Blog -
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A New Stock-Flow Model for Greece Shows the Worst Is Yet to Come
July 09, 2013 Dimitri Papadimitriou, Gennaro Zezza, and Michalis Nikiforos have put together a stock-flow consistent model for Greece in order to analyze the path of that nation’s struggling economy and assess alternatives to reigning austerity policies. This is a macroeconomic model based on the New Cambridge approach of Wynne Godley and is the same sort of model [...] Blog -
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Deficit Lovers?
July 05, 2013 Here’s a piece from yesterday’s NYTimes by Annie Lowrey: “Warren Mosler, a Deficit Lover With a Following.” In the piece, Lowrey quotes blogger Mark Thoma as follows: “They [followers of MMT] deny the fact that the government use of real resources can drive the real interest rate up,” said Mark Thoma, an economics professor and [...] Blog -
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Papadimitriou: Layoffs of Public Employees “Only the Tip of the Iceberg” (Greek)
July 03, 2013 Segment (in Greek) begins at 49:35. Blog -
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Papadimitriou: Wide-ranging Measures Needed to Tackle Unemployment in the Southern Eurozone (Greek)
July 03, 2013 In this Skai TV interview, Dimitri Papadimitriou focuses on the eurozone banking crisis and rising unemployment in the southern tier, arguing that the approval of 200 million euros to combat unemployment in Greece is far too small to reach the desired outcome. (Segment, in Greek, begins at 23:30) Blog -
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An Exception to a Keynesian Rule?
July 02, 2013 Paul Krugman warns against “caricaturing” Keynesian economics, and in particular the General Theory (GT), Keynes’s best known work. One caricature heard from time to time is that the book is not mathematically tractable. The caricature also claims that no one has succeeded in fitting such a contradictory and confusing bunch of arguments into a clear, [...] Blog -
Working Paper No. 768
Evaluating the Gender Wage Gap in Georgia, 2004–2011
July 02, 2013 This paper evaluates the gender wage gap among wage workers along the wage distribution in Georgia between 2004 and 2011, based on the recentered influence function (RIF) decomposition approach developed...more Publication -
Blog
Are More Jobs the Answer? The “BIG” Bait and Switch
July 01, 2013 Last week Allan Sheahan published a piece arguing that “Jobs Are Not the Answer” to America’s unemployment problem. Here’s his reasoning: “The current unemployment rate of 7.5% percent means close to 20 million Americans remain unemployed or underemployed. Nobody states the obvious truth: that the marketplace has changed and there will never again be enough [...] Blog -
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Germany and the Euro: Paragon or Parasite?
June 28, 2013 The French and German governments recently issued a joint statement titled “Together for a stronger Europe of Stability and Growth.” The communiqué emphasizes strengthened policy coordination and the use of indicators in establishing a common assessment of economic conditions in the currency union as a whole, member states, and particular markets. The new push for [...] Blog
