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Working Paper No. 839Inside 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 AnalysisGreece: 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 […] -
Working Paper No. 838
Οικονομία και μη αμειβόμενη εργασία
Η μη αμειβόμενη εργασία, η οποία εμπίπτει εντός των γενικών ορίων παραγωγής, αλλά εκτός των λογαριασμών εθνικού εισοδήματος, θεωρείται από τους εμπειρογνώμονες είτε ως «φροντίδα» είτε ως «εργασία». Η μη αμειβόμενη εργασία κατανέμεται σχεδόν πάντα άνισα μεταξύ ανδρών και γυναικών ενώ, αν συμπεριλάβει κανείς τόσο την αμειβόμενη όσο και την μη αμειβόμενη εργασία, οι γυναίκες […] -
Blog
Austerity and Growth: Missing the Point
The pseudo-debate about whether Keynesians and other fellow travellers ought to be embarrassed when governments that engage in fiscal austerity nevertheless experience positive economic growth rates has become a distraction. For countries like the US and the UK, it is possible under current circumstances for governments to implement budget cuts and still see their economies grow. But the truth of that statement is not fatal to [...] -
Press ReleaseFiscal Austerity, Dollar Appreciation, and High Income Inequality Put US Economic Growth on Fragile Path, New Levy Economics Institute Report Says
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Research Project Report
Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece—An Addendum
This addendum to our June 2014 report, “Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece,” updates labor market data through 2014Q3 and identifies emerging employment and unemployment trends. The overarching aim of the report, the outcome of a study undertaken in 2013 by the Levy Institute in collaboration with the Observatory of […] -
Research Project Report
Ανταποκρινόμενοι στην πρόκληση της ανεργίας—Η πρόταση της εγγυημένης απασχόλησης για την Ελλάδα (Προσθήκη)
Η παρούσα προσθήκη στην έκθεση του Ιουνίου 2014 με τον τίτλο «Ανταποκρινόμενοι στην πρόκληση της ανεργίας: Η πρόταση της εγγυημένης απασχόλησης για την Ελλάδα» ανανεώνει τα δεδομένα της αγοράς εργασίας έως και το Γ’ τρίμηνο του 2014 και προσδιορίζει τις αναδυόμενες τάσεις απασχόλησης και ανεργίας. Ο πρωταρχικός στόχος της έκθεσης, τα αποτελέσματα μίας μελέτης που […] -
Railing Against Bailing
The Economist, May 16, 2015. All Rights Reserved. During a financial panic, said Walter Bagehot, a former editor of The Economist, a central bank should help the deserving and let the reckless go under. Bagehot reckoned that the monetary guardians should follow fourrules: lend freely, but only to solvent firms, against good collateral and at […] -
Blog
Working Paper Roundup 5/15/2015
Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis Mariana Mazzucato and L. Randall Wray “Over [the postwar] period, the financial system grew rapidly relative to the nonfinancial sector … To a large degree, this was because finance, instead of financing the capital development of the economy, was financing itself. At the same time, the capital [...] -
Strategic AnalysisFiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy
In this latest Strategic Analysis, the Institute’s Macro Modeling Team examines the current, anemic recovery of the US economy. The authors identify three structural obstacles—the weak performance of net exports, a prevailing fiscal conservatism, and high income inequality—that, in combination with continued household sector deleveraging, explain the recovery’s slow pace. Their baseline macro scenario shows […]