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BlogHow 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. 716Measuring 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 -
Blog
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 -
Blog
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 -
Blog
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 -
Blog
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 -
Blog
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 -
Blog
Will Germany Break Out of the Box It Has Put Itself In?
April 24, 2012 In a radio segment for Ian Masters’ “Background Briefing,” Dimitri Papadimitriou speculates that Germany might just end up being the eurozone country that decides it’s not worth staying in the union. Germany, says Papadimitriou, has boxed itself in such that, as one of the only eurozone countries that’s growing, it must ultimately bear the major [...] Blog -
Blog
Would a Substantial Fall in Unemployment Help Single-parent Families?
April 23, 2012 (click to enlarge) Has the tough labor market of the past five years caused an increase in the severity of the economic problems facing women who are raising children mostly on their own? In this blog entry, we provide updated information on a topic featured in a 2010 post to this blog. The idea [...] Blog -
Blog
More Confusion About Eurozone Debt
April 23, 2012 The Washington Post is casually informing its readers that the eurozone’s austerity programs are really aimed at addressing all that government profligacy everyone knows was rampant in the run up to the crisis. This seems like another good opportunity to post this chart, showing net debt as a percentage of GDP in some key eurozone [...] Blog -
Blog
Beyond the Minsky Moment
April 20, 2012 From the Introduction to Beyond the Minsky Moment, a recent publication of the Levy Institute’s program on Monetary Policy and Financial Structure: A new era of reform cannot be simply a series of piecemeal changes. Rather, a thorough, integrated approach to our economic problems must be developed; policy must range over the entire economic landscape and [...] Blog -
Blog
Eurozone Crisis 2.0
April 18, 2012 Although some considered (or pretended to consider) the eurozone crisis to have been “solved” with the last Greek bailout/bond swap, reality “begs to differ,” says C. J. Polychroniou. In his latest one-pager, Polychroniou provides an update on the status of “eurozone crisis 2.0” as the spotlight shifts to Spain, Portugal, and Italy: The eurozone crisis [...] Blog -
One-Pager No. 29Eurozone Crisis 2.0
April 18, 2012 Since last month’s Greek bond swap, various European leaders have declared the eurozone crisis over or “almost over.” But Euroland’s current economic reality begs to differ. No matter how much...more Publication -
Blog
National Fragmentation of Credit in the Eurozone
April 18, 2012 In a Bloomberg article that details how banks in the eurozone periphery have begun carrying increasing proportions of the debt issued by their own nations’ governments (while banks in the core have reduced their holdings of peripheral sovereign debt), Dimitri Papadimitriou comments on some of the consequences of this “national fragmentation of credit”: “If there’s [...] Blog -
Blog
21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability
April 16, 2012 The annual Minsky conference, co-sponsored by the Levy Institute and the Ford Foundation, was held this past week in NYC. The audio transcripts of all the presentations (including one by yours truly) are online here. (I will also add my powerpoint below so you can look at it while listening to the audio.) My presentation [...] Blog -
Strategic AnalysisBack to Business as Usual? Or a Fiscal Boost?
April 15, 2012 Though the economy appears to be gradually gaining momentum, broad measures indicate that 14.5 percent of the US labor force is unemployed or underemployed, not much below the 16.2 percent...more Publication -
Strategic Analysis
Πίσω στις συνήθεις τακτικές ή δημοσιονομική τόνωση;
April 15, 2012 Αν και η οικονομία φαίνεται να βελτιώνεται σταδιακά, οι ευρείς δείκτες καταγράφουν ότι το 14.5% του αμερικανικού εργατικού δυναμικού είναι άνεργο ή υποαπασχολήσιμο, ποσοστό όχι πολύ χαμηλότερο από το 16.2%...more Publication -
Blog
Developing the ‘Financial Instability Hypothesis’: More on Hyman Minsky’s Approach
April 15, 2012 (cross posted at EconoMonitor) Since Paul Krugman kicked-off a heated discussion about Minsky’s views on banks, and because the annual “Minsky Conference” co-sponsored by the Ford Foundation and the Levy Economics Institute occurred this past week, I thought it would be useful to run a couple of posts laying out what Minsky was all about. [...] Blog -
Research Project ReportUsing Minsky to Simplify Financial Regulation
April 10, 2012 This monograph is part of the Institute’s research program on Financial Instability and the Reregulation of Financial Institutions and Markets, funded by the Ford Foundation. Its purpose is to investigate...more Publication -
Research Project Report
Improving Governance of the Government Safety Net in Financial Crisis
April 10, 2012 This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the...more Publication -
Public Policy Brief No. 123A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
April 10, 2012 The extraordinary scope and magnitude of the financial crisis of 2007–09 required an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort (LOLR) function. In an attempt...more Publication -
Working Paper No. 713
Ο έλεγχος του χρηματικού κεφαλαίου ως προϋπόθεση για μια επιτυχημένη νομισματική πολιτική
April 09, 2012 To άρθρο του Henry Simons, με τίτλο «Rules versus Authorities in Monetary Policy» («Κανόνες έναντι εξουσιών στη νομισματική πολιτική»), που δημοσιεύθηκε το 1936, αποτελεί κεντρικό σημείο αναφοράς στη διεθνή βιβλιογραφία...more Publication