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Blog22nd 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 -
Blog
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. 3Employment 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. 762Μια 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 -
Blog
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 -
Blog
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 -
Blog
The Allure of Dysfunctional Finance and the Power of Agenda Setting
April 05, 2013 Here are today’s big pieces of economic policy news: (1) net job creation in the month of March (+88,000) was too low to keep up with population growth; (2) the president’s budget proposal will reportedly include cuts to Medicare and Social Security (or as the latter will be described in most newspapers, “adjustments to the [...] Blog -
Blog
QE Catastrophizing
April 04, 2013 There have been many concerns expressed on the internet about the eventual necessity of reversing the Fed’s cheap-money policies, which include “quantitative easing,” as well as a near-zero federal funds rate. One idea some have is that there are “too many bonds” in the Fed’s portfolio, and that problems will occur with insufficient demand whenever [...] Blog -
Blog
Jan Kregel on the Causes and Consequences of the Greek Crisis
April 03, 2013 From Mariana Mazzucato’s “Rethinking the State” series. Blog -
Blog
Will Fiscal Austerity Work Now?
March 29, 2013 An update on some developments on the fiscal-trap front: After a Levy brief on fiscal traps was issued in November, events continue to bear out the fears expressed therein that budget cuts and tax increases being implemented in Europe and the US would lead to disaster. For example, recent news coverage of events surrounding the [...] Blog -
Working Paper No. 761
Currency Concerns under Uncertainty
March 29, 2013 The recent declines in China’s financial account balance ended the “twin surplus” era and led to a modest decline in the stock of official reserves, which reflects a reversal in...more Publication -
Blog
How Much Fiscal Stimulus Do We Need?
March 28, 2013 How much fiscal stimulus would the government need to inject into the economy over the next two years in order to get the unemployment rate into the 5.5–5.9 percent range? In their newest strategic analysis, Dimitri Papadimitriou, Greg Hannsgen, and Michalis Nikiforos provide us with some harrowing answers. The authors lay out a scenario (“scenario [...] Blog -
Working Paper No. 760
Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
March 26, 2013 As domestic exports usually require imported inputs, the value of exports differs from the domestic value added contained in exports. The higher the domestic value added contained in exports, the...more Publication -
Blog
Kregel and Galbraith on the Euro Crisis
March 26, 2013 Earlier this month the Athens Development and Governance Institute and the Levy Economics Institute held a forum on the eurozone crisis: “Exiting the Crisis: The Challenge of an Alternative Policy Roadmap.” Below are the remarks delivered by senior scholars Jan Kregel and James Galbraith. Blog -
Blog
Polychroniou on a Post-Keynesian Political Economy for the 21st Century
March 21, 2013 In a new, wide-ranging policy note, C. J. Polychroniou traces the roots and evolution of the present “era of global neoliberalism”; an era he portrays as mired in perpetual crisis and dysfunction, and ripe for change. [N]eoliberalism itself is more of an ideological construct than a solidly grounded theoretical approach or an empirically-derived methodology. In [...] Blog -
Strategic AnalysisΙσχύει ακόμη η σύνδεση παραγωγής και δημιουργίας θέσεων εργασίας;
March 19, 2013 Καθώς ετοιμάζεται να δημοσιευθεί η παρούσα έκθεση, η ανεργία παραμένει σε εξαιρετικά υψηλά επίπεδα ακόμη και σε σχέση με ανάλογα χρονικά σημεία από προηγούμενες περιόδους οικονομικής ανάκαμψης. Η οικονομία των...more Publication -
Strategic Analysis
Is the Link between Output and Jobs Broken?
March 19, 2013 As this report goes to press, the official unemployment rate remains tragically elevated, compared even to rates at similar points in previous recoveries. The US economy seems once again to...more Publication -
Blog
Papadimitriou on the Cyprus Crisis
March 19, 2013 Yesterday, Dimitri Papadimitriou joined Ian Masters to discuss the response to the banking crisis in Cyprus. The plan on the table, in which Cypriot banks would impose a deposit tax (9.9 percent on deposits above €100,000, and 6.75 on deposits below that) in order to gain access to a €10 billion bailout from the troika, [...] Blog -
Working Paper No. 759
Wages, Exchange Rates, and the Great Inflation Moderation
March 18, 2013 Several explanations of the “great inflation moderation” (1982–2006) have been put forth, the most popular being that inflation was tamed due to good monetary policy, good luck (exogenous shocks such...more Publication -
Working Paper No. 758
How the Fed Reanimated Wall Street
March 14, 2013 Walter Bagehot’s putative principles of lending in liquidity crises—to lend freely to solvent banks with good collateral but at penalty rates—have served as a theoretical basis for thinking about the...more Publication -
Policy Note No. 2
Toward a Post-Keynesian Political Economy for the 21st Century
March 12, 2013 The global economy is in trouble. Indeed, the era of global neoliberalism, while still supreme, is fraught with serious problems and contradictions, as evidenced by both the recent global financial...more Publication