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Working Paper No. 721Η κρίση ευρω-χρέους και το ευρωτρίλλημα της Γερμανίας
May 11, 2012 Η εργασία εξετάζει τα αίτια της κρίσης χρέους στην ευρωζώνη, κυρίως τη συμβολή της Γερμανίας σε αυτή. Η εργασία προβάλλει το επιχείρημα ότι η κρίση δεν είναι πρωτίστως «κρίση δημοσίου...more Publication -
BlogGalbraith Appears Before Ron Paul Hearing on the Federal Reserve
May 10, 2012 Congressman Ron Paul held a subcommittee hearing on reform of the Federal Reserve system a couple days ago that featured testimony from Senior Scholar James Galbraith, Alice Rivlin, John Taylor, Jeffrey Herbener, and Peter Klein. There were a wide variety of topics addressed, including the size of the Fed’s balance sheet, proposals to make the [...] Blog -
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Will Greece “Muddle Through”?
May 10, 2012 The recent Greek elections, which did not produce a party (or a viable coalition) with a majority in Parliament, have occasioned a lot of excited speculation about Greece either leaving the eurozone or being nudged out. Dimitri Papadimitriou comments today in a CNN Money piece about this possibility and offers a slightly more sober assessment, [...] Blog -
Working Paper No. 719
Reorienting Fiscal Policy after the Great Recession
May 09, 2012 The paper evaluates the fiscal policy initiatives during the Great Recession in the United States. It argues that, although the nonconventional fiscal policies targeted at the financial sector dwarfed the...more Publication -
Working Paper No. 719
Επαναπροσδιορίζοντας τη δημοσιονομική πολιτική μετά τη Μεγάλη Κάμψη
May 09, 2012 Το κείμενο αξιολογεί τις πρωτοβουλίες δημοσιονομικής πολιτικής που εφαρμόστηκαν κατά τη διάρκεια της Μεγάλης Κάμψης στις Ηνωμένες Πολιτείες. Η συγγραφέας του θεωρεί ότι, παρά το γεγονός ότι οι μη συμβατικές...more Publication -
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Taking Finance Seriously in 2007
May 08, 2012 “In late 2007,” writes Peter Orszag, “the midpoint of the range that the Fed projected for real gross-domestic-product growth in 2008 was more than 2 percent.” Most analysts were still expecting the fallout from the subprime crisis to be largely contained because, as Orszag puts it, their models “had at best a very rudimentary financial [...] Blog -
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It’s Hard to Fix What You Don’t Think Is Broken
May 07, 2012 In last week’s Bloomberg column, Peter Orszag (former head of CBO and OMB) lamented that most “official forecasters” relied (and still rely) on economic models that led them to completely underestimate the severity of the downturn that resulted from the subprime mortgage crisis. These “bad models,” as Bloomberg‘s headline writers call them, whiffed badly on [...] Blog -
One-Pager No. 30Building Effective Regulation Requires a Theory of Financial Instability
May 04, 2012 Hyman Minsky had particular views about how the regulatory system and financial architecture should be reformulated, and one of the many lessons we can learn from his work is that...more Publication -
One-Pager No. 30
Η οικοδόμηση ενός αποτελεσματικού ρυθμιστικού συστήματος απαιτεί μια θεωρία χρηματοοικονομικής αστάθειας
May 04, 2012 Ο Χάιμαν Μίνσκυ είχε συγκεκριμένες απόψεις για το πώς θα έπρεπε να αναδιαμορφωθεί το ρυθμιστικό σύστημα και η χρηματοοικονομική αρχιτεκτονική, και ένα από τα πολλά μαθήματα που μπορούμε να αντλήσουμε...more Publication -
Working Paper No. 718
Aggregate Production Functions and the Accounting Identity Critique
May 04, 2012 In a reply to Felipe and McCombie (2010a), Temple (2010) has largely ignored the main arguments that underlie the accounting identity critique of the estimation of production functions using value...more Publication -
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Galbraith: Addressing Inequality Means Addressing Instability
May 03, 2012 Levy Institute Senior Scholar James Galbraith was interviewed by the Washington Post‘s Brad Plumer about his new book Inequality and Instability: A Study of the World Economy Just Before the Great Crisis. Galbraith explains that the rises in inequality we’ve witnessed globally since the 1980s can be traced to changes in finance and the macroeconomy [...] Blog -
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What’s Happening Now at the Fed?
May 03, 2012 If there is a pundit on the topic of the Federal Reserve, surely William Greider is one. (Recall his famous book, Secrets of the Temple.) This recent piece from Greider in the progressive magazine the Nation offers some helpful historical perspective on the role of the nation’s central bank in recent years. Blog -
Working Paper No. 717
Μια εισαγωγή στην εναλλακτική ιστορία του χρήματος
May 03, 2012 Η εργασία αυτή ενσωματώνει τις διάφορες συνιστώσες μιας εναλλακτικής, ετερόδοξης άποψης αναφορικά με την προέλευση του χρήματος και την ανάπτυξη του σύγχρονου χρηματοπιστωτικού συστήματος με τρόπο που να συνάδει με...more Publication -
Working Paper No. 717
Introduction to an Alternative History of Money
May 03, 2012 This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent...more Publication -
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Martin Wolf’s Liquidity Traps and Free Lunches Through Fiscal Expansion
May 02, 2012 In a good blog post for the Financial Times that did get money (mostly) right, Martin Wolf promised a Part II on the topic of appropriate monetary and fiscal policy in a “liquidity trap,” which he has provided here. Wolf also indicated he would write a piece on Modern Money Theory, an approach he does [...] Blog -
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How to Measure Financial Fragility
May 01, 2012 We may not have a high degree of success at predicting precisely when a financial crisis will occur or exactly how big it will be, but what we can and should do, says Éric Tymoigne, is develop effective ways of detecting and measuring the growth of financial fragility in a system. “[S]ignificant economic and financial [...] Blog -
Working Paper No. 716
Measuring Macroprudential Risk through Financial Fragility
April 30, 2012 This paper presents a method to capture the growth of financial fragility within a country and across countries. This is done by focusing on housing finance in the United States,...more Publication -
Working Paper No. 715
Tracking the Middle-income Trap
April 30, 2012 This paper provides a working definition of what the middle-income trap is. We start by defining four income groups of GDP per capita in 1990 PPP dollars: low-income below $2,000;...more Publication -
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Where Will US Growth Come From If Austerity Reigns?
April 27, 2012 That’s one of the questions the Levy Institute’s latest Strategic Analysis asks as it examines the Congressional Budget Office’s projections for growth and employment in the context of tighter and tighter government budgets. At the federal level alone we’re facing a well-publicized “fiscal cliff” in 2013, featuring large scheduled spending cuts and the expiration of [...] Blog -
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Godley’s Seven Unsustainable Processes
April 26, 2012 Over at his Concerted Action blog, Ramanan has a post featuring some of Wynne Godley’s Levy Institute publications with special attention paid to Godley’s prescient “Seven Unsustainable Processes,” which appeared in 1999 as part of the Levy Institute’s continuing Strategic Analysis series. Ramanan (whose blog derives its name from Godley’s last Strategic Analysis [2008]) quotes [...] Blog -
Working Paper No. 714
Managing Global Financial Flows at the Cost of National Autonomy
April 26, 2012 The narrative as well as the analysis of global imbalances in the existing literature are incomplete without the part of the story that relates to the surge in capital flows...more Publication -
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Hudson: Where Is the Leisure Society?
April 26, 2012 From a February 2012 presentation delivered by Research Associate Michael Hudson: Suppose you were alive back in 1945 and were told about all the new technology that would be invented between then and now: the computers and internet, mobile phones and other consumer electronics, faster and cheaper air travel, super trains and even outer space [...] Blog -
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Minsky’s Contribution to Theory of Asset Market Bubbles
April 25, 2012 Below is the abstract of a presentation to be delivered by Frank Veneroso on Monday April 30th (1:30pm) at the Levy Institute: Most orthodox explanations of what we call asset bubbles and financial crises attribute them to exogenous shocks to the economy. For example, a Fed monetary policy error supposedly caused the Great Depression with [...] Blog -
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Athens-based “Express” Dedicates Page in Its Sunday Edition to Levy Institute Research
April 25, 2012 The Levy Institute has announced its collaboration with the daily financial newspaper Express, based in Athens, Greece. Beginning with its April 22 issue, Express will publish each week, on a specially designated page in its Sunday edition, articles, research summaries, and interviews by Levy Institute scholars and associates. The collaboration is a natural extension of [...] Blog