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BlogGreek Debt, German History, and the Moral High Ground
Dimitri Papadimitriou takes on the assumption that European leaders demanding the continuation of large fiscal surpluses from Greece can claim the moral high ground. The economics behind these demands are unrealistic, and the insistence on full debt repayment is both immoral and imprudent—not to mention deaf to the lessons of history: “Greece’s government and people have indulged in excesses [...] -
Forced Austerity: Nothing but a Ponzi Scheme?
Today’s Zaman, March 18, 2015. All Rights Reserved. The current escalation of disagreement between Athens and Berlin symbolizes that there may be more at stake than simply extending repayment deadlines. Could perhaps the entire monetary union project and thus the vision of political union be at stake? Nothing less is what a brand-new study published […] -
Greek Debt: Do the Right Thing
The Huffington Post, March 18, 2015. All Rights Reserved. "Greece’s government and people have indulged in excesses and corruption; now it is time to pay the price." The argument for full repayment of Greece’s debt is well known, easily understood, and widely accepted, particularly in Germany. Sacrifice, austerity and repayment are righteous, fair, and just. […] -
Blog
The State of Labor, New Models of Organizing, and the Future of Work
The Levy Institute and SEIU 775 are cosponsoring a labor workshop at Bard College on April 20th. The workshop, which is free and open to the public, will focus on three major themes, each corresponding to a panel: The State of the American Labor Movement, The Future of Work, and New Models of Organizing and [...] -
Greek Debt: Do the Right Thing
Adjusting the terms of Greece’s debt repayment is an ethical imperative, says Levy President Dimitri Papadimitriou. -
Greek Debt: Do the Right Thing
Adjusting the terms of Greece’s debt repayment is an ethical imperative, says Levy President Dimitri B. Papadimitriou. -
Blog
The Plunging Euro and Its Muddled Cheerleaders
Greg Ip had a couple of pieces on currency wars and gyrations in the Wall Street Journal last week (here and here), essentially arguing that talk about currency warfare is much beside the point and that exchange rate gyrations are merely benevolent side-effects of monetary policies that will inevitably make the whole world better off. [...] -
Working Paper No. 835On the Determinants of Changes in Wage Inequality in Bolivia
In recent years, Bolivia has experienced a series of economic and political transformations that have directly affected the labor markets, particularly the salaried urban sector. Real wages have shown strong increases across the distribution, while also presenting a decrease in inequality. Using an intertemporal decomposition approach, we find evidence that changes in demographic and labor […] -
Blog
Beyond the Debt Negotiations: Greece’s New Deal?
The negotiations over Greece’s public debt and the terms of its bailout agreement have understandably taken center stage. Behind all the twists and turns, the key consideration is that even if the public debt could be repaid through continuing with austerity policies — and there is little reason to believe it can — it would [...] -
Blog
Wray: What’s Wrong with the Euro Setup?
In this March 7th presentation, L. Randall Wray argues that the central problem in the EMU is not profligate peripheral nations, trade imbalances, or insufficient “structural reform.” The fundamental issue, which can best be framed through an understanding of money, is a flawed setup — the EMU is designed to fail. La Asociación de Economía [...] -
MME, March 8, 2015
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Η αναδιάρθρωση του χρέους
Kathimerini, 8 Μάρτιος 2015. Με επιφύλαξη παντός δικαιώματος. Παρά τη σκληρή διαπραγμάτευση που έλαβε χώρα στο Eurogroup μεταξύ της νεοεκλεγείσας κυβέρνησης και των υπουργών Οικονομικών της Ευρωζώνης και τη συμφωνία για την παράταση της δανειακής σύμβασης επί τέσσερις μήνες, δεν βρέθηκε λύση για το δύσκολο πρόβλημα της βιωσιμότητας του ελληνικού χρέους. Και όμως η αναδιάρθρωση […]