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BlogMMT, Argentina, and Views on Inflation
October 09, 2012 On the surface, the data from Argentina look awfully good—among the top performers in the world over the past decade. And she’s apparently done it without a run-up of either private sector or government sector debt. In other words, Argentineans have bucked the trend among developed countries, that saw (mostly) tepid growth fueled almost entirely [...] Blog -
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2012 Money and Banking Conference
October 08, 2012 Levy Institute scholars James Galbraith and Randall Wray presented at the annual conference held by the Central Bank of Argentina last week. Galbraith’s presentation began with the issue of the flexibility of central bank mandates and then turned to an account of the long-term evolution in the economy that prepared the groundwork for the recent [...] Blog -
One-Pager No. 34Uncovering the Hidden Poor
October 04, 2012 Standard poverty measurements assume that all households and individuals have enough time to engage in the unpaid cooking, cleaning, and caregiving that are essential to attaining a bare-bones standard of...more Publication -
One-Pager No. 34
Αποκαλύπτοντας τους αόρατους φτωχούς
October 04, 2012 Τα τυπικά πρότυπα για τη μέτρηση της φτώχειας υποθέτουν ότι όλα τα νοικοκυριά και τα άτομα διαθέτουν αρκετό χρόνο για να ασχοληθούν επαρκώς με τις ανάγκες των μελών του νοικοκυριού...more Publication -
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What Are the Post Keynesians Up To?
October 02, 2012 I returned to the Levy Institute yesterday after the International Post Keynesian Conference in beautiful Kansas City. I will mention some of the news from the conference, for readers who are interested in the kinds of events that Levy Institute scholars attend. At such conferences, ideas are taken very seriously, and many interesting debates were [...] Blog -
Working Paper No. 732Πέρα από την πλήρη απασχόληση
September 26, 2012 Τα τελευταία δεκαπέντε χρόνια, η δυνατότητα της πρότασης του εργοδότη της έσχατης προσφυγής να επιτύχει πλήρη απασχόληση και σταθερότητα τιμών έχει συζητηθεί εκτενώς στη βιβλιογραφία. Η ανησυχία, ωστόσο, για το...more Publication -
Working Paper No. 732
Beyond Full Employment
September 26, 2012 Over the past decade and a half the ability of the employer-of-last-resort (ELR) proposal to deliver full employment and price stability has been discussed at length in the literature. A...more Publication -
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“It’s Just Made Up Money”
September 20, 2012 Kevin Drum has excised another section of the now-famous leaked fundraiser video, and this time the GOP challenger is holding forth on quantitative easing and other subjects. Drum picks on Romney’s specific claim that the government is buying three-quarters of US treasury debt, but there’s something in this quotation that’s more fundamentally off: We’re living [...] Blog -
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The Collapse of a Nation
September 19, 2012 We’re seeing a lot of “is the euro crisis over?” stories pop up in the press lately (or rather, again). The sensible responses are “no” and “which euro crisis?” Presumably, this burst of enthusiasm derives in part from Mario Draghi’s announcement to (sort of) commit to (sort of) unlimited bond purchases. But even if you [...] Blog -
Blog
A Flock of Panics and Crises
September 18, 2012 For those who haven’t seen it already, US News and World Report did a brief piece a short while ago on Minsky’s approach to financial instability. After running through a list of recent financial panics and crises, Chris Gay notes that from a certain theoretical perspective, this wasn’t supposed to happen. “This sort of blood-curdling [...] Blog -
Working Paper No. 731
Το κοινό λάθος της κοινής λογικής
September 18, 2012 Η εργασία αυτή θεωρεί δεδομένη την επεξηγηματική ανωτερότητα της ενοποιημένης νομισματικής προσέγγισης. Θα αποδείξει ότι η λογιστική προσέγγιση θα μπορούσε να προσφέρει ακόμα περισσότερα, με την προϋπόθεση ότι απελευθερώνεται από...more Publication -
Working Paper No. 731
The Common Error of Common Sense
September 18, 2012 This paper takes the explanatory superiority of the integrated monetary approach for granted. It will be demonstrated that the accounting approach could do even better, provided it frees itself from...more Publication -
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Do the Personal Characteristics of the Prime Minister Affect Economic Growth?
September 17, 2012 by Lekha Chakraborty India has recently turned to a debate over the effect of the Prime Minister’s personal characteristics on the country’s growth and development outcomes. Do political leaders’ personal characteristics affect economic growth? It is an elusive empirical question. One of the most robust findings of a recent treatment of this topic is that [...] Blog -
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Eccles on How to End the Crisis
September 14, 2012 Marriner Eccles was Chairman of the Federal Reserve under President Franklin D. Roosevelt. This note consists of excerpts from an address he gave to the US Senate Committee on Finance in 1933, before he was called to Washington for public service by FDR. The original address contained in the Congressional Records has been reduced from [...] Blog -
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Again, Unconventional Wins Out
September 13, 2012 Who would have expected extreme thinking from central bankers? That is the theme of some coverage in the financial press over the past few weeks. For example, the Financial Times takes note that “a growing chorus of economists is saying central banks should take more radical steps, including buying assets other than government bonds.” Some, [...] Blog -
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Fourth 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 -
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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 -
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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. 730
Διαφορετικότητα 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. 125Ο 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 -
Public Policy Brief No. 125
Minsky 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 -
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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