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BlogWorking Paper Roundup
May 23, 2013 The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries Tamar Khitarishvili Modeling the Housing Market in OECD Countries Philip Arestis and Ana Rosa González The Problem of Excess Reserves, Then and Now Walker F. Todd On the Franco-German Euro Contradiction and Ultimate Euro Battleground Jörg Bibow Currency Concerns under Uncertainty Sunanda [...] Blog -
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Safety Nets vs Economic Empowerment
May 21, 2013 There are important changes in how many developing countries are approaching the problem of poverty. Specifically in the area of “social protection” policy — policies intended to prevent or alleviate income insecurity and poverty — these changes are reflected in attempts to move beyond one-off interventions and “safety nets” to policies designed to address some [...] Blog -
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Hyman Minsky and the Employer of Last Resort
May 17, 2013 A couple of weeks ago, I mentioned Hyman Minsky’s new book, Ending Poverty: Jobs, Not Welfare (there is also a Kindle version). Take a look at the cover – Minsky looking like a bit of a rougue! I thought you might enjoy my powerpoint presentation, given at the Levy-Ford annual Minsky conference in NYC in mid-April. [...] Blog -
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Measuring Success in the Eurozone
May 16, 2013 The formation of the eurozone represents “the wildest experiment in financial history,” according to C. J. Polychroniou: the eurozone was to involve the inclusion of independent states, with highly diverse economic systems and cultural settings, that were required to give up national currency sovereignty in exchange for a “foreign” currency without the backing of a [...] Blog -
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A Budget Surplus by 2015?
May 15, 2013 That’s the implication of a James Pethokoukis post linked to here by Reihan Salam. Let’s assume for the sake argument that a federal budget surplus does emerge in 2015 (yesterday’s CBO report projected the 2015 deficit would be a mere 2.1% of GDP). Salam expresses concern that such a scenario would leave Republicans, who have [...] Blog -
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Deposit Insurance and Moral Hazard: Lessons from the Cyprus Crisis
May 15, 2013 In a new policy note, Jan Kregel draws out some of the policy lessons of the Cypriot deposit tax episode for plans to create a system of EU-wide deposit insurance. In addition to the necessity of a strong central bank (the ECB in this case) standing behind the deposit insurance scheme (which does not appear [...] Blog -
Working Paper No. 765The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries
May 14, 2013 Following the financial crisis of 2008, transition countries—the economies of Central and Eastern Europe and the former Soviet Union—experienced an increase in female labor force participation rates and a decrease...more Publication -
Working Paper No. 764
Modeling the Housing Market in OECD Countries
May 10, 2013 Recent episodes of housing bubbles, which occurred in several economies after the burst of the United States housing market, suggest studying the evolution of housing prices from a global perspective....more Publication -
Dimitri B. Papadimitriou on Skai TV’s “Οι Νέες Φάκελοι”
May 10, 2013 In a live broadcast, Levy Institute President Dimitri B. Papadimitriou, Loukas Tsoukalis, Hellenic Foundation for European and Foreign Policy, and economist Aristos Doxiadis discuss the viability of Greece’s fiscal adjustment...more News -
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Kocherlakota on Low Interest Rates and Instability
May 07, 2013 Narayana Kocherlakota is the head of the Federal Reserve Bank of Minneapolis and is known for an uncommon feat in high-level policy circles: he changed his mind. Originally a monetary policy hawk, Kocherlakota has become a supporter of looser Fed policy. He spoke recently at the Levy Institute’s Minsky conference in New York, and some [...] Blog -
Policy Note No. 5The New Rome
May 07, 2013 The European Union (EU) is a treaty-based organization that was set up after World War II as a means of putting an end to a favorite practice of the Europeans:...more Publication -
Working Paper No. 763
The Problem of Excess Reserves, Then and Now
May 07, 2013 This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the “Fed”) or a potentially inflationary...more Publication -
Working Paper No. 763
Το πρόβλημα με τα πλεονάζοντα αποθεματικά στο παρελθόν και σήμερα
May 07, 2013 Η παρούσα εργασία εξετάζει από ιστορικό πλαίσιο τα πλεονάζοντα αποθεματικά και αναλύει αν αποτελούν πρόβλημα νομισματικής πολιτικής για την Ομοσπονδιακή Τράπεζα των ΗΠΑ (Fed) ή ένα ενδεχομένως πληθωριστικό πρόβλημα για...more Publication -
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No Euro Paradoxes Here, Just Plenty of Euro Folly
May 02, 2013 In economics, there is a remarkable “stickiness” in bad ideas and confusions. In fact, some bad ideas and confusions never seem to go away. For instance, last summer Martin Feldstein bravely suggested that euro weakening would help solve the euro crisis and rescue Europe (WSJ: “A weaker euro could rescue Europe”). Similarly, in a Bruegel [...] Blog -
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Reconciling the Liquidity Trap with MMT
May 02, 2013 In recent days both Brad DeLong and Paul Krugman have written good pieces arguing against the austerity marketed by deficit hyperventilators. We can thank Thomas Herndon’s muckraking that pushed the topic front and center, showing that there is no empirical evidence in support of the austerian’s claim that big government debts slow growth. Here’s Krugman’s [...] Blog -
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Another Look at the London Whale
May 01, 2013 When top managers at our largest financial firms claim to have been oblivious of dangerous financial practices carried out under their watch, the most serious implications for regulatory reform don’t actually follow from scenarios in which these managers are lying. It’s a bigger deal, in terms of how far we need to go in changing [...] Blog -
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As Crisis Reaches the Euro Axis, Will France Finally Show its Colors?
May 01, 2013 France and Germany held largely contradicting hopes and aspirations for Europe’s common currency. To France the key issue in establishing a European monetary union was to end monetary dependence, both from the vagaries of the U.S. dollar and from regional deutschmark hegemony, and to establish a global reserve currency that could actually stand up to [...] Blog -
Policy Note No. 4
Διδάγματα από τo Κυπριακό «κούρεμα» των καταθέσεων για την ασφάλιση των τραπεζικών καταθέσεων στην ΕΕ
April 29, 2013 Τον Μάρτιο του τρέχοντος έτους, η κυβέρνηση της Κύπρου πρότεινε ως λύση για την κρίση των Κυπριακών τραπεζών και ως μέρος μιας διαπραγμάτευσης για την εξασφάλιση έκτακτης οικονομικής στήριξης για...more Publication -
Policy Note No. 4
Lessons from the Cypriot Deposit Haircut for EU Deposit Insurance Schemes
April 29, 2013 In March of this year, the government of Cyprus, in response to a banking crisis and as part of a negotiation to secure emergency financial support for its financial system...more Publication -
Public Policy Brief No. 129More Swimming Lessons from the London Whale
April 26, 2013 This policy brief by Senior Scholar and Program Director Jan Kregel builds on an earlier analysis (Policy Note 2012/6) of JPMorgan Chase and the actions of the “London Whale,” and what...more Publication -
Blog
This Growth Rate Would Be Insufficient Even If the Economy Weren’t Broken
April 26, 2013 Today’s GDP report estimated that the US economy grew at an annual rate of 2.5 percent in the first quarter of 2013. If the economy were translating GDP growth into jobs at rates similar to those seen in the past, this 2.5 percent pace would not get us to full employment until, say, the end [...] Blog -
Public Policy Brief No. 128
Από τα δίχτυα ασφαλείας στην οικονομική ενδυνάμωση
April 20, 2013 Τα προγράμματα κοινωνικής προστασίας περιλαμβάνουν δημόσιες πολιτικές που είναι σχεδιασμένες για να εμποδίσουν ή να απαλείψουν την ανασφάλεια και τη φτώχεια. Σε όλο τον αναπτυσσόμενο κόσμο, οι στρατηγικές κοινωνικής προστασίας...more Publication -
Public Policy Brief No. 128
From Safety Nets to Economic Empowerment
April 20, 2013 Social protection systems comprise public policies designed to prevent or alleviate economic insecurity and poverty. Throughout the developing world, social protection strategies and the dialogue surrounding them have recently been...more Publication