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BlogFourth Annual Minsky Summer Seminar
September 12, 2012 The Levy Economics Institute of Bard College will hold its fourth annual Hyman P. Minsky Summer Seminar in June 2013. The Summer Seminar provides a rigorous discussion of both the theoretical and the applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial crisis. It is [...] Blog -
Blog
Money and the Public Purpose at Columbia
September 10, 2012 Columbia University is hosting a seminar series on “Money and the Public Purpose.” The seminar, open to the public, begins this week and features a number of Levy Institute scholars. From the overview: Modern Money and Public Purpose is an eight-part, interdisciplinary seminar series held at Columbia Law School over the 2012-2013 academic year. The series [...] Blog -
Blog
Keynes on low interest rates
August 30, 2012 Whatever the outcome of efforts to resolve severe economic difficulties in Europe and elsewhere, it is becoming increasingly clear that the next big economic crisis may not hinge on interest rates at all. One reason is that the world’s central banks, many of them following something like a Robinsonian “cheap money policy,” have managed to [...] Blog -
Working Paper No. 730Διαφορετικότητα και ομοιομορφία στην οικονομική θεωρία ως ερμηνευτικοί παράγοντες της πρόσφατης οικονομικής κρίσης
August 29, 2012 Οι οικονομίες της αγοράς και οι κεντρικά κατευθυνόμενες οικονομίες έχουν διαφοροποιηθεί εδώ και πολύ καιρό από την παρουσία της εναλλακτικής επιλογής μέσα σε ένα πλαίσιο πολυμορφίας. Ωστόσο, το μεγαλύτερο μέρος...more Publication -
Working Paper No. 730
Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis
August 29, 2012 Market economies and command economies have long been differentiated by the presence of alternative choice in the form of diversity. Yet most mainstream economic theory is premised on the existence...more Publication -
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Minsky and Narrow Banking
August 24, 2012 The idea of breaking up the big banks, while seemingly growing in popularity, leaves a lot of unanswered questions. And one of the biggest questions is probably this: what will be the structure of the smaller institutions that remain after such a break up? If these smaller institutions are allowed to entangle themselves in the [...] Blog -
Public Policy Brief No. 125Minsky and the Narrow Banking Proposal
August 23, 2012 Before the law has even been fully implemented, the inadequacies of the regulatory approach underlying the Dodd-Frank Act are becoming more and more apparent. Financial scandal by financial scandal, the...more Publication -
Public Policy Brief No. 125
Ο Minsky και η πρόταση για το «στενό τραπεζικό» σύστημα
August 23, 2012 Πριν ακόμη εφαρμοστεί πλήρως ο νόμος, οι ατέλειες της ρυθμιστικής προσέγγισης που εμπεριέχονται στο Νόμο Dobb-Frank γίνονται όλο και πιο φανερές. Το ένα χρηματοοικονομικό σκάνδαλο ξεσπάει μετά το άλλο, και...more Publication -
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Endgame for the Eurozone Bank Runs
August 23, 2012 Over at The Nation, Dimitri Papadimitriou writes about the accelerating eurozone bank runs, in which euros have been flowing out of Spanish and Greek banks and into Germany at an eye-popping rate, and lays out scenarios for how this whole things ends: The migration of money into Germany is quickening. And under TARGET 2, the [...] Blog -
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The Paradox of Euro Survival and Other Lessons from the Crisis
August 21, 2012 Since eurozone governments don’t issue the currency in which their debts are denominated and can’t borrow euros directly from the European Central Bank, member-states essentially have to run budget surpluses—generating euros by taxing the private sector—if they’re going to reliably meet their debt servicing costs, according to Jan Kregel, and they have to run even [...] Blog -
Blog
Why Time Poverty Matters
August 20, 2012 (Updated) by Rania Antonopoulos and Michael Stephens Poverty is often measured by the ability to gain access to some level of minimum income, based on the premise that such access ensures the fulfillment of basic material needs. But this approach neglects to take into account the necessary (unpaid) household production requirements without which basic needs [...] Blog -
Research Project ReportWhy Time Deficits Matter
August 16, 2012 Customarily, income poverty incidence is judged by the ability of individuals and households to gain access to some level of minimum income based on the premise that such access ensures...more Publication -
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A Cautionary Note about Stagflation in the 1970s
August 15, 2012 For those who worry that elevated federal deficits and quantitative easing (QE) by the Fed will lead to high inflation, a word about the macroeconomics of the 1970s. The topic came up in the news recently with the passing of economist and former presidential adviser Paul McCracken. In keeping with many orthodox accounts of the [...] Blog -
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Wray on Monetary Policy and Financialization
August 14, 2012 Randall Wray joined Suzi Weissman for radio KPFK’s Beneath the Surface to discuss monetary policy, financial fraud, and a number of other issues. The interview kicked off with Wray explaining his skepticism of the effectiveness of monetary policy, and in particular of quantitative easing, under current conditions, touching also on the question of why this [...] Blog -
Policy Note No. 10Six Lessons from the Euro Crisis
August 14, 2012 Every crisis reveals unexpected consequences of economic policies. The current euro crisis should be no exception. As European Union governments search for a solution, there are already a number of...more Publication -
Policy Note No. 10
Έξι μαθήματα από την ευρω-κρίση
August 14, 2012 Κάθε κρίση αποκαλύπτει απροσδόκητες συνέπειες των οικονομικών πολιτικών. Η τρέχουσα κρίση του ευρώ δεν θα μπορούσε να αποτελεί εξαίρεση. Καθώς οι κυβερνήσεις της Ευρωπαϊκής Ένωσης αναζητούν μια λύση, υπάρχουν ήδη...more Publication -
Working Paper No. 729
Veblen’s Institutionalist Elaboration of Rent Theory
August 08, 2012 As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist,...more Publication -
Working Paper No. 729
Η θεσμική προσέγγιση του Veblen προς τη θεωρία της γαιοπροσόδου
August 08, 2012 Ως κληρονόμοι της κλασικής πολιτικής οικονομίας και της γερμανικής ιστορικής σχολής, οι αμερικανοί θεσμιστές διατήρησαν τη θεωρία της γαιοπροσόδου και την ιδέα του μη δεδουλευμένου εισοδήματος. Ο Thorstain Veblen, περισσότερο...more Publication -
Blog
Which LIBOR Scandal?
August 06, 2012 In his recent commentary on the LIBOR scandal, Jan Kregel elaborates on a distinction that is crucial to understanding this story. The scandal centers around revelations that financial institutions had been manipulating their LIBOR rate submissions to the British Bankers’ Association (BBA). Questions have subsequently been raised as to whether regulators were aware of and [...] Blog -
Policy Note No. 9
The LIBOR Scandal
August 03, 2012 As the results of the various official investigations spread, it becomes more and more apparent that a large majority of financial institutions engaged in fraudulent manipulation of the benchmark London...more Publication -
Policy Note No. 9
Το σκάνδαλο LIBOR
August 03, 2012 Με τη διάδοση των πορισμάτων των διαφόρων επίσημων εκθέσεων, έγινε όλο και περισσότερο προφανές ότι στη δόλια χειραγώγηση του LIBOR συμμετείχαν τα περισσότερα χρηματοπιστωτικά ιδρύματα κα πως οι διοικήσεις των...more Publication -
Blog
Some New GDP Numbers–And 3 Trendlines
July 27, 2012 We end the week with news of only modest economic growth, but also with a set of revised data that does not seriously worsen the economic outlook. Today the Bureau of Economic Analysis announced the release of an advanced estimate of 2nd quarter GDP, as well as revised data for 2009Q1 through 2012Q1. Their press [...] Blog -
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Beyond “Fixing” the “Fiscal Cliff”
July 26, 2012 The cliff approaches, and politicians and pundits in Washington are pondering how to deal with it. For those who have forgotten, recent nontechnical summaries of the legislative issues and amounts of money at stake can be found here , here, and in this old post. But essentially, the term “fiscal cliff” refers to a massive [...] Blog -
Blog
What Matters Is What We Do Next
July 25, 2012 Martin Essex of the Wall Street Journal flags Dimitri Papadimitriou and Randall Wray’s recent Policy Note on the eurozone, “Euroland’s Original Sin.” The Note traces the root cause of the eurozone’s struggles, including the solvency issues and bank runs in the periphery, to a fundamental design flaw in its setup: national governments gave up currency [...] Blog