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BlogAre Currency Warriors’ Gloves Coming Off?
January 24, 2013 There is much hype about “currency wars” in the international media this week, reaching the heights of the Davos gathering. The excitement seems to have been started by Bundesbank president Jens Weidmann, who earlier this week aired his concerns about an apparent politicization of exchange rates owing to an erosion of central bank independence and [...] Blog -
Working Paper No. 748Analyzing Public Expenditure Benefit Incidence in Health Care
January 17, 2013 The effectiveness of public spending remains a relatively elusive empirical issue. This preliminary analysis is an attempt, using benefit incidence methodology, to define the effectiveness of spending at the subnational...more Publication -
Working Paper No. 747
Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord
January 17, 2013 The 1951 Treasury – Federal Reserve Accord is an important milestone in central bank history. It led to a lasting separation between monetary policy and the Treasury’s debt-management powers, and...more Publication -
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Fed’s Crisis Transcripts to Be Released
January 17, 2013 Update: the transcripts were released this morning (Jan. 18) and are available here. Any day now, the transcripts from the 2007 Federal Reserve Open Market Committee meetings will be released to the public (FOMC transcripts are withheld for five years). These transcripts should give us some additional insight into the discussions that were occurring around [...] Blog -
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On Net-exports Life Support: Germany Is Back at It, and Now Euroland Is Too
January 16, 2013 Germany’s Federal Statistical Office released its first estimate of German GDP in 2012 at a press conference held in Wiesbaden yesterday: “German economy withstands the European economic crisis in 2012.” Reporting that growth slowed markedly in Germany last year, down to only 0.7 percent from 3 percent in 2011 and 4.2 percent in 2010, the [...] Blog -
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A Special Event with SYRIZA
January 15, 2013 Next week, January 24th, the Modern Money and Public Purpose seminar at Columbia University will feature a special session with top leadership from the Greek opposition party, SYRIZA, including leader of the opposition Alexis Tsipras and economy critic George Stathakis (who gave an entertaining talk at the November Minsky conference in Berlin—see Session 3 for audio). This special event [...] Blog -
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Asking the Right Questions about Government Budgets
January 15, 2013 Below is the video from the latest session of the Modern Money and Public Purpose seminar at Columbia University, featuring Jan Kregel and Forbes‘ John Harvey. The session touched on the sustainability of fiscal and trade deficits, why economists need to study accounting, the risks of paying down the government debt, the real meaning of [...] Blog -
One-Pager No. 36Expansion of Federal Reserve Authority in the Recent Financial Crisis Raises Questions about Governance
January 11, 2013 Several years before the onset of the recent financial crisis, ex – Federal Reserve Board Member Lawrence Meyer wrote that the Fed “is often called the most powerful institution in...more Publication -
One-Pager No. 36
Η επέκταση της εξουσίας του Ομοσπονδιακού Αποθεματικού στην πρόσφατη χρηματοοικονομική κρίση εγείρει ερωτήματα διακυβέρνησης
January 11, 2013 Αρκετά χρόνια πριν από το ξέσπασμα της πρόσφατης χρηματοοικονομικής κρίσης, ο Lawrence Meyer, πρώην διοικητικό μέλος του Ομοσπονδιακού Αποθεματικού, έγραψε ότι η Ομοσπονδιακή Τράπεζα «αναφέρεται συχνά ως ο ισχυρότερος θεσμός...more Publication -
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Trillion-Dollar Platinum Coins, Treasury Warrants, and the Fundamental “Unseriousness” of Money
January 11, 2013 So far, a large part of the discussion of whether the Treasury should mint (or convincingly threaten to mint) a trillion-dollar platinum coin in response to the congressional threat to refuse to raise the debt limit (see here for background) hovers around questions of legality or ill-defined “seriousness.” (On the political front, the administration’s press [...] Blog -
Working Paper No. 746
Finance-dominated Capitalism and Redistribution of Income
January 09, 2013 This paper examines a major channel through which financialization or finance-dominated capitalism affects macroeconomic performance: the distribution channel. Empirical data for the following dimensions of redistribution in the period of...more Publication -
Working Paper No. 746
Ο χρηματιστικός καπιταλισμός και η αναδιανομή του εισοδήματος
January 09, 2013 Το κείμενο εξετάζει έναν σημαντικό δίαυλο μέσω του οποίου η χρηματιστικοποίηση ή ο χρηματιστικός καπιταλισμός επηρεάζει τις μακροοικονομικές επιδόσεις: το κανάλι διανομής. Παρέχονται εμπειρικά στοιχεία για 15 ανεπτυγμένες οικονομίες, που...more Publication -
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The Debt Limit and the Next Financial Crisis
January 08, 2013 In the latest phase of our endless budget brinksmanship, congressional Republicans will attempt to extract policy concessions in return for raising the debt limit (Republicans are not only demanding cuts to Social Security and Medicare—they are brazenly demanding that Democrats propose, and therefore own, these unpopular cuts). The administration and key allies are claiming they [...] Blog -
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Greece’s Austerity Trap
January 04, 2013 Olivier Blanchard (the IMF’s chief economist) and Daniel Leigh tell us in their new working paper that IMF forecasters “significantly underestimated” how much damage austerity would inflict on employment and growth in Europe. The authors are careful to insist that their results do not imply that austerity should be abandoned: “The short-term effects of fiscal [...] Blog -
Working Paper No. 745
Stock-flow Consistent Modeling through the Ages
January 03, 2013 The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature,...more Publication -
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Salon Discussion of Modern Money Theory
January 03, 2013 This Saturday at 5pm Eastern, FDL will be hosting an online discussion (here) with the Levy Institute’s Randall Wray on his lastest book, Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems: In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money [...] Blog -
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Less Austere, Still Senseless
January 02, 2013 Relative to what might have been, one shouldn’t be too depressed about the fiscal cliff deal. There are no cuts to the country’s most successful anti-poverty program, Social Security, and no rise in the Medicare eligibility age. Relative to the basic macroeconomic logic of the situation, however, the fiscal cliff deal is a policy mistake. [...] Blog -
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Draghi’s Liquidity Bluff Will Be Called
December 31, 2012 by Joerg Bibow Mario Draghi’s pledge to do “whatever it takes” to save the euro has been widely hailed as a watershed event. Both the markets and euro politics have since been operating on the premise that the euro’s survival is ensured. Unfortunately, that is not a safe assumption at all. Not only because even [...] Blog -
Research Project ReportThe Interlocking of Time and Income Deficits
December 21, 2012 This report is published as part of the “Undoing Knots, Innovating for Change” series, issued by the United Nations Development Programme (UNDP) Regional Centre for Latin America and the Caribbean...more Publication -
Working Paper No. 744
Interest Rate Determination in India
December 20, 2012 Controlling for capital flows using the high-frequency macro data of a financially deregulated regime, this paper examines whether there is any evidence of the fiscal deficit determining the interest rate...more Publication -
Working Paper No. 743
Επένδυση, χρηματοπιστωτικές αγορές και αβεβαιότητα
December 19, 2012 Η εργασία παρέχει μια θεωρητική εξήγηση της διαδικασίας της συσσώρευσης, που υπολογίζει τις εξελίξεις στις χρηματοπιστωτικές αγορές κατά το πρόσφατο παρελθόν. Συγκεκριμένα, η προσέγγισή μας εστιάζεται στην παρουσία των συσχετίσεων...more Publication -
Working Paper No. 743
Investment, Financial Markets, and Uncertainty
December 19, 2012 This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the...more Publication -
Working Paper No. 742
Τα προβλήματα της ΕΕ και οι ανησυχίες της Ευρωπαϊκής Κεντρικής Τράπεζας
December 19, 2012 Οι χρηματοοικονομικές κρίσεις που συνοδεύονται από την απειλή μιας επακόλουθης ύφεσης και τον αποπληθωρισμό χρέους λαμβάνουν χώρα με αυξανόμενη ταχύτητα στις Ηνωμένες Πολιτείες από το 1980 έως σήμερα. Σχεδόν αντανακλαστικά,...more Publication -
Working Paper No. 742
ECB Worries / European Woes
December 19, 2012 Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with...more Publication