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Working Paper No. 828
Η χρηματιστικοποίηση και οι εταιρικές επενδύσεις
Η χρηματιστικοποίηση ανοίγει χώρο στις οικονομίες για την επέκταση του χρηματοοικονομικού τομέα και, με αυτόν τον τρόπο, συμβάλλει στην αύξηση του μεριδίου των χρηματοοικονομικών περιουσιακών στοιχείων στα χαρτοφυλάκια που κατέχονται από τους συμμετέχοντες στην αγορά. Η διαδικασία της χρηματιστικοποίησης, που καθοδηγείται σε μεγάλο βαθμό από την απορρύθμιση, λειτουργεί με το να καθιστά τα χρηματοοικονομικά περιουσιακά […]
Blog
Some Quick Takeaways from the ECJ Opinion of Advocate General Cruz Villalón on the ECB’s OMT
The Advocate General (AG) has spoken on the ECB’s OMT program today. Apparently the markets were more concerned about the latest U.S. retail sales numbers than delighted about the “okay in principle provided that” signal sent from Luxembourg to the German triangle of euro power (Frankfurt, Berlin, and Karlsruhe). First of all, in the AG’s [...]
Press Release
Levy Economics Institute of Bard College Announces Launch of 3+2 Program Leading to Master of Science Degree in Economic Theory and Policy
Blog
Replacing the Budget Constraint with an Inflation Constraint
by Scott Fullwiler Tim Worstall has a post decrying the dangers of MMT ever being used in the real world—even as he recognizes or at least suggests that it might be the correct description of how the monetary system works—and is particularly concerned about Stephanie Kelton’s new appointment as Chief Economist on the Senate Budget [...]
Blog
How Much Should We Worry about the Fate of the ECB’s OMT?
On Wednesday, January 14, 2015, the European Court of Justice (ECJ) Advocate General Pedro Cruz Villalon will publish his opinion on the European Central Bank’s (ECB) “Outright Monetary Transactions” (OMT) program. The Advocate General’s opinion will give us important clues and is likely going to shape the court’s later ruling on the matter. What is [...]
Blog
What a Syriza Victory Would Mean
Greece is back in the headlines as upcoming elections look likely to produce a workable majority for the anti-austerity Syriza party. Some suggest this would represent the first step toward the country’s inevitable exit from the eurozone. Not so fast, says Dimitri Papadimitriou in an interview with Bloomberg Radio’s Kathleen Hays and Vonnie Quinn (segment [...]
Blog
Oh Me Oh My! MMT Is About!
Here’s an unintentionally hilarious piece by Tim Worstall at Forbes. Watch out, he warns, MMT has come to Washington! Our nation’s capital! No doubt ruin and wastage will follow. Why? Well. Nothing wrong with the theory of Modern Money Theory, he admits. “It’s not actually that I disagree very much with the economics that is [...]
Blog
Auf Wiedersehen to Austerity?
With the January 25th elections in Greece approaching, Dimitri Papadimitriou writes about the future of Greek policy and the discussions that took place at a recent Levy Institute conference in Athens: At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with disagreements on the very best route to growth. [...]
Working Paper No. 827
Minsky on Banking
In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In an earlier piece (Wray 1992), I closely examined Minsky’s published writings to support the argument that, from his earliest articles in 1957 to his 1986 […]
Working Paper No. 827
Η προσέγγιση του Minsky για το τραπεζικό σύστημα
Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής αστάθειας. Σε ένα προγενέστερο κείμενό μου (Wray 1992) εξέτασα αναλυτικά τα δημοσιευμένα κείμενα του Minsky για να στηρίξω το επιχείρημα ότι διατηρούσε με συνέπεια την […]
Hello 2015. Goodbye Austerity?
The World Post, January 8, 2015. All Rights Reserved. Greece is facing front, looking towards the new year and the upcoming January elections. But it would be foolish not to learn from a look backwards, as well. At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with […]
MME, January 6, 2015