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BlogSalon 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 -
Blog
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. 744Interest 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 -
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Medicare for All and the Long-term Deficit
December 14, 2012 Paul Krugman points out today that once you take into account the lingering effects of the recession, it may very well be the case that there is no significant near-term budget shortfall at all. Once the economy has recovered, the budget may already be destined to come in at a level that would stabilize public [...] Blog -
Working Paper No. 741
Primary and Secondary Markets
December 13, 2012 The analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness of an approach. The classics took production and accumulation as their point of departure; the...more Publication -
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MMT on “Capital Account”
December 12, 2012 Stephanie Kelton was interviewed on RT’s “Capital Account” with Lauren Lyster on the subject of Modern Monetary Theory: Blog -
Blog
Registration Open for Minsky Summer Seminar
December 11, 2012 Registration is now open for the Levy Institute’s fourth Hyman P. Minsky Summer Seminar, to be held on the Bard College campus in June 2013. The annual Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, and is geared toward recent graduates, graduate students, and those at [...] Blog -
Working Paper No. 740
Conflicting Claims in the Eurozone?
December 07, 2012 In this paper, we analyze the role of the current institutional setup of the eurozone in fostering the ongoing peripheral euro countries’ sovereign debt crisis. In line with Modern Money...more Publication -
Blog
Kelton, Krugman, and Collender On Point
December 07, 2012 Stephanie Kelton appeared on NPR’s “On Point” this week with Paul Krugman and Stan Collender to discuss (do I really need to finish this sentence?) the fiscal cliff. You can listen to or download the podcast here. (Kelton enters at roughly the 13.20 mark) Blog -
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Putting Full Employment Back on the Agenda
December 05, 2012 James Galbraith and Randall Wray spoke about returning full employment to the policy agenda at an event in Helsinki on Monday organized by the Foundation for European Progressive Studies and supported by the Kalevi Sorsa Foundation and the Finnish Confederation on Trade Unions (SAK). Wray focused on Minsky’s under-discussed work on poverty and full employment [...] Blog -
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Minsky in Berlin
December 03, 2012 Last week, a short walk from the Brandenburg Gate, the Levy Institute held its most recent Hyman P. Minsky Conference on Financial Instability. The two day conference in Berlin featured a mix of central bankers, academics, politicians, and financial practitioners and dealt with issues related to the eurozone debt crisis, the Federal Reserve, signs of [...] Blog -
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Is the Fiscal Cliff a Scam?
December 03, 2012 Levy Institute Senior Scholar James Galbraith was interviewed for a six-part series on the fiscal cliff by the Real News Network’s Paul Jay. Video of the first two parts of the interview are below; transcripts can be found here. Blog -
Working Paper No. 739
On the “Utilization Controversy”
November 30, 2012 This paper examines the “utilization controversy” around the Kaleckian model of growth and distribution. We show that the Federal Reserve data on capacity utilization, which have been used by both...more Publication -
Working Paper No. 738
Το ευρώ και η Ευρωπαϊκή Κεντρική Τράπεζα: στο σταυροδρόμι
November 28, 2012 Ο Jörg Bibow, ερευνητής στο Ινστιτούτου Οικονομικών Levy, διερευνά το ρόλο της Ευρωπαϊκής Κεντρικής Τράπεζας (ΕΚΤ) στη λειτουργία (ή μάλλον στη δυσλειτουργία) της Οικονομικής και Νομισματικής Ένωσης (ΟΝΕ) στην Ευρώπη,...more Publication -
Working Paper No. 738
At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)
November 28, 2012 Research Associate Jörg Bibow investigates the role of the European Central Bank (ECB) in the (mal)functioning of Europe’s Economic and Monetary Union (EMU), focusing on the German intellectual and historical...more Publication -
Working Paper No. 737
The (Normal) Rate of Capacity Utilization at the Firm Level
November 21, 2012 This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. We provide economic justification for the adjustment of...more Publication -
Blog
New Records for Fiscal and Regulatory Irresponsibility
November 21, 2012 From 2009 to 2012, the US federal deficit shrank from 10.1% of GDP to 7% of GDP. That’s the fastest deficit reduction we’ve seen in six decades—and all before the fiscal cliff has kicked in. Here’s the chart from Jed Graham: Put this alongside a record-setting contraction of government employment and a 7.9 percent unemployment [...] Blog -
Working Paper No. 736
A Meme for Money
November 21, 2012 This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional...more Publication