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Do Cryptocurrencies Such as Bitcoin Have a Future?
The Wall Street Journal, March 1, 2015. All Rights Reserved. Despite the mystery, the whiff of scandal, and general public unfamiliarity with the concept, somebody out there is buying, and selling, not just bitcoin but dozens of other cryptocurrencies as well. The total market capitalization for these unregulated electronic forms of payment was roughly $4.04 […] -
BlogGalbraith and Krugman on the Greek Deal
If you haven’t read it already, Senior Scholar James Galbraith shared his take on the four-month Greek deal in Social Europe: there was never any chance for a loan agreement that would have wholly freed Greece’s hands. Loan agreements come with conditions. The only choices were an agreement with conditions, or no agreement and no conditions. [...] -
Blog
The Greek Debt Problem and Selective Historical Memory
Michalis Nikiforos, Dimitri Papadimitriou, and Gennaro Zezza, who put together the Levy Institute’s stock-flow consistent macroeconomic model and simulations for Greece, have just released a new policy note, the upshot of which is that restructuring Greece’s unsustainable public debt is a necessary but not sufficient condition for a sustained economic recovery in that country. They [...] -
Press ReleaseBold Restructuring of Greek Debt Needed for Country’s Economy to Start Growing Again, New Levy Institute Report Says
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The Greek Debt and the German Acquiescence
The Real News Network, February 27, 2015. All Rights Reserved. Initially, Germany stood firm in saying that Greece would have to sign the existing loan program in order to secure an extension, but this was always an untenable position, says Research Scholar James K. Galbraith. For the complete interview: http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=13320 -
Blog
Papadimitriou on Greece’s Four-Month Extension
Levy Institute President Dimitri Papadimitriou discusses the four-month extension of Greece’s bailout agreement with its eurozone partners and the mood in Athens in this interview with Kathleen Hays and Vonnie Quinn. -
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The Spanish Launch of Modern Money Theory
Update 2/28: more details here. Sorry, I’ve been very busy in recent weeks, finishing up a book on Minsky and revising my Modern Money Primer for a second edition (more on both of those projects later). Meanwhile, Lola Books is gearing up to release the Primer in Spanish next week. I’ll be in Madrid for [...] -
Bard’s Papadimitriou on Greece
Bloomberg Radio, February 24, 2015. All Rights Reserved. Levy Institute President Dimitri Papadimitriou discusses the approval of Greece’s reform package and the four-month extension of the bailout agreement with its eurozone partners in this interview with Kathleen Hays. To listen to the podcast: http://media.bloomberg.com/bb/avfile/Economics/On_Economy/vLaWHOte5hq4.mp3 -
Policy Notes No. 2
The Greek Public Debt Problem
The Greek economic crisis started as a public debt crisis five years ago. However, despite austerity and a bold “haircut,” public debt is now around 175 percent of Greek GDP. In this policy note, we argue that Greece’s public debt is clearly unsustainable, and that a significant restructuring of this debt is needed in order […] -
Policy Notes No. 2
Το πρόβλημα του Ελληνικού δημόσιου χρέους
Η ελληνική οικονομική κρίση ξεκίνησε ως μια κρίση δημόσιου χρέους πριν από πέντε χρόνια. Ωστόσο, παρά την εφαρμογή της λιτότητας και ένα γενναίο «κούρεμα», το δημόσιο χρέος βρίσκεται σήμερα περίπου στο 175% του ελληνικού ΑΕΠ. Στο παρόν σημείωμα πολιτικής υποστηρίζουμε ότι το δημόσιο χρέος της Ελλάδας είναι μη βιώσιμο και ότι απαιτείται μια πολύ σημαντική […] -
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What’s Wrong with David Leonhardt’s NYT Piece on Inequality?
The New York Times made waves this week with another piece on inequality, saying that it has not risen since 2007. The article was based on this paper by GWU’s Stephen Rose. The article also suggests that expansions are not a good way of looking at trends in inequality (as I have done in the [...] -
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Video: James Galbraith on the Latest Eurogroup Meeting
In the interview below, James Galbraith provides a behind-the-scenes account of the latest rebuff of Greece’s offer by German Finance Minister Wolfgang Schäuble and talks about what lies ahead (in English and Greek): [iframe width=”448″ height=”252″ src=”https://www.youtube.com/embed/_dI75VJUpZY?feature=player_detailpage” frameborder=”0″ allowfullscreen></iframe]