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BlogMedicare 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. 741Primary 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 -
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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 -
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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
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. 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. 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 -
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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 -
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Incorrect Economic Historian Is Incorrect
November 20, 2012 Amity Shlaes, whose main claim to fame is an allegedly new history of the Great Depression, thinks we may be in trouble as a result of the election. Looking beyond her alarmingly alliterative title (“2013 Looks to be a Lot Like 1937 in Four Fearsome Ways!” Oooh! Scary!) she has some valid points. Of course [...] Blog -
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Fiscal Muddle
November 16, 2012 The fiscal cliff is very easy to explain. What many in Congress and the press are saying we should do about it is more confounding. If you were the sort of person who took expressions of policy preferences at face value, you would think that fiscal conservatives and deficit hawks would be ecstatic about this [...] Blog -
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In the Eurozone, Look to the Design Defects
November 15, 2012 Today Eurostat announced that the eurozone has plunged back into recession. If you’re looking for a good explanation of the eurozone’s problems, you will only get so far by looking at the policy failures of particular countries. The most fundamental problems—those that won’t go away with a mere shift in policy at the national level—are [...] Blog -
Working Paper No. 735
The Impact of Financial Reform on Federal Reserve Autonomy
November 14, 2012 The Federal Reserve has been criticized for not preventing the risky behavior of large financial companies prior to the financial crisis of 2008–09, for approving mergers that aggravated the “too...more Publication -
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Quantitative Easing and Bank Lending
November 13, 2012 Randall Wray on quantitative easing and the accumulation of reserves: When the Fed buys assets, it purchases them by crediting banks with reserves. So the result of QE is that the Fed’s balance sheet grows rapidly—to, literally, trillions of dollars. At the same time, banks exchange the assets they are selling (the Treasuries and MBSs [...] Blog -
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Kick the Can, Please
November 09, 2012 As Dimitri Papadimitriou recently observed, the overwhelming push for austerity in the United States is partly driven by the sense that deficit reduction simply cannot wait: Many in Washington and the media are convinced that the recovery is well underway, and if spending cuts and tax increases are delayed for even a year it will [...] Blog -
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Financial Instability Conference, Berlin
November 08, 2012 An upcoming Levy Institute conference: From November 26 to 27, the Levy Economics Institute of Bard College will gather top policymakers, economists, and analysts at the Hyman P. Minsky Conference on Financial Instability to gain a better understanding of the causes of financial instability and its implications for the global economy. The conference will address [...] Blog -
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Why You Should Be Worried About the Size of the Public Sector
November 07, 2012 Last month, numbers from the Bureau of Labor Statistics suggested that the years-long decline in public employment had finally halted, but Friday’s BLS report revealed that we moved back into negative territory in October: the public sector as a whole (federal, state, and local) shrank by 13,000 jobs. This should serve as another reminder that [...] Blog -
Public Policy Brief No. 127Δημοσιονομικές παγίδες και μακροπολιτική μετά την κρίση στην ευρωζώνη
November 07, 2012 Τους επόμενους μήνες, οι Ηνωμένες Πολιτείες πρέπει να κάνουν μια βασική επιλογή στην οικονομική τους πολιτική, μια επιλογή που θα διαμορφώσει την οικονομία των ΗΠΑ για τα επόμενα χρόνια. Οι...more Publication