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BlogKocherlakota 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. 763The 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 -
Blog
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
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 -
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 -
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
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 -
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 -
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22nd Annual Minsky Conference, Live
April 17, 2013 The 22nd Hyman P. Minsky conference, “Building a Financial Structure for a More Stable and Equitable Economy,” is underway. Today featured speeches by James Bullard of the St. Louis Fed, Eric Rosengren of the Boston Fed, and Thomas Hoenig of the FDIC. This year’s event combines the Minsky conference’s usual focus on financial stability and [...] Blog -
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Kregel on Financial Liberalization and Rebalancing in China
April 16, 2013 Jan Kregel speaks at INET’s “Changing of the Guard?” conference in Hong Kong about the tensions between China’s highly regulated financial system and its efforts at rebalancing. Kregel compares elements of China’s financial system to what the United States had under Glass-Steagall and observes that, similar to the US experience, a de facto liberalization is [...] Blog -
Policy Note No. 3
Employment Recovery(?) after the Great Recession
April 15, 2013 This policy note discusses the prospects for job creation in the US based on the most recent Levy Economics Institute Strategic Analysis report, Is the Link between Jobs and Output...more Publication -
Working Paper No. 762
Μια ανάλυση για την γαλλογερμανική αντίφαση γύρω από το ευρώ και την τελική μάχη στην ευρωζώνη
April 12, 2013 Υπογραμμίζοντας τις αντικρουόμενες ελπίδες και προσδοκίες μεταξύ Γαλλίας και Γερμανίας για το ευρωπαϊκό κοινό νόμισμα, το κείμενο αναλύει τον τρόπο με τον οποίον συνέβαλε αυτή η κατάσταση στη συνεχιζόμενη ευρωκρίση...more Publication -
Working Paper No. 762
On the Franco-German Euro Contradiction and Ultimate Euro Battleground
April 12, 2013 Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe’s common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well...more Publication -
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What Is the Political Payoff of Proposing Social Security Cuts?
April 10, 2013 The President’s budget has arrived and, as reported, it does contain proposed cuts to Social Security (through adopting a different measure of inflation called “chained CPI”). The emerging consensus seems to be that this is mainly intended as a political/messaging ploy. The idea here is that Republicans are extremely unlikely to make a deal that [...] Blog -
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Weakened Link between Output and Jobs Makes Higher Deficits a Necessity
April 10, 2013 In the LA Times, Dimitri Papadimitriou explains that the link between growth and employment has been steadily weakening over the last several decades, and that this makes getting help from fiscal policy — increasing the deficit in the short run — more urgent than ever. If we want to get back to pre-crisis unemployment rates [...] Blog -
Research Project ReportThe Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
April 10, 2013 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
Blog
A New Collection of Minsky’s Work
April 08, 2013 Hyman Minsky is probably best known for his work on financial instability and financial reform, but he also wrote extensively about how to address the persistent problem of all those left behind by our increasingly financialized economy; about how to design policies that would put an end to income poverty in the midst of plenty. [...] Blog
