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Working Paper No. 713Ο 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 -
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Working Paper No. 712
Shadow Banking and the Limits of Central Bank Liquidity Support
April 03, 2012 Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with severe strains in key funding markets leading central banks to employ highly...more Publication -
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New Empirical Evidence of Long-lasting Effects of Mortgage Crisis
April 03, 2012 Debts left over on consumers’ balance sheets from the mortgage crisis have had particularly serious and long-lasting effects on the economic health of those localities where the crisis hit the hardest, according to what appears to be some interesting and important evidence discussed in an article in today’s New York Times. Of course, the notion [...] Blog -
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Krugman vs Minsky: Who Should You Bank On When It Comes to Banking?
April 02, 2012 Last week I explained why Minsky matters, outlining his main contributions. This was, in part, a response to a blog post by Paul Krugman that appeared to dismiss the importance of trying to find out “what Minsky really meant.” But, more importantly, it was a response to his defense of a simple model of debt [...] Blog -
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Change in the Age of Parasitic Capitalism
March 29, 2012 In his latest policy note, C. J. Polychroniou argues that the political and economic dominance of finance is pushing advanced liberal societies to a breaking point: The main problem is the power that finance capitalism exerts over domestic society and the abuses that it inflicts. Finance capitalism is economically unproductive (it does not create true [...] Blog -
Working Paper No. 711
Global Financial Crisis
March 29, 2012 This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising...more Publication -
Working Paper No. 711
H παγκόσμια χρηματοοικονομική κρίση
March 29, 2012 Η παρούσα εργασία παρέχει μια γρήγορη επισκόπηση των αιτιών της παγκόσμιας χρηματοοικονομικής κρίσης που ξεκίνησε το 2007. Υπήρξαν πολλοί παράγοντες που συνέβαλαν στο ξέσπασμα της κρίσης, αλλά ανάμεσα στους πιο...more Publication -
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Can Tax-Backed Bonds Save the Eurozone?
March 28, 2012 Philip Pilkington and Warren Mosler have teamed up to present a financial innovation that they believe could settle the eurozone’s sovereign debt crisis: a special type of “tax-backed bond” that contains a clause stating that if (and only if) the country issuing the bond defaults, the bond can be used to make tax payments in [...] Blog -
Policy Note No. 4ax-backed Bonds—A National Solution to the European Debt Crisis
March 28, 2012 The root of Europe’s sovereign debt crisis can be found in the fact that investors are concerned that countries in the periphery might default, causing them to demand a higher...more Publication -
Policy Note No. 4
Έκδοση κρατικών ομολόγων με τη στήριξη φόρων—Μια εθνική λύση στην Ευρωπαϊκή κρίση χρέους
March 28, 2012 Η ρίζα της ευρωπαϊκής κρίσης χρέους βρίσκεται στο γεγονός ότι οι επενδυτές ανησυχούν πως οι χώρες στην περιφέρεια της ευρωζώνης μπορεί να χρεοκοπήσουν. Αυτή η ανησυχία οδηγεί τους επενδυτές να...more Publication -
Policy Note No. 3
Reconceiving Change in the Age of Parasitic Capitalism
March 28, 2012 The five-year-long crisis of Western finance capitalism is pushing advanced liberal societies to a breaking point. If governments continue to be proxies of finance capital and aspiring political leaders cheerleaders...more Publication -
Policy Note No. 3
Επαναπροσδιορίζοντας την αλλαγή στην εποχή του παρασιτικού καπιταλισμού
March 28, 2012 Η κρίση του δυτικού χρηματοοικονομικού καπιταλισμού διανύει τώρα τον πέμπτο χρόνο της και έχει οδηγήσει τις προηγμένες φιλελεύθερες κοινωνίες σε οριακό σημείο. Εάν οι κυβερνήσεις συνεχίσουν να είναι το δεξί...more Publication -
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Why Minsky Matters (Part One)
March 27, 2012 My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here. In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular, Krugman’s equilibrium approach and primitive dynamics were contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation [...] Blog -
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The Levy Institute Measure of Time and Income Poverty
March 23, 2012 I’d like to take a moment to give a brief report on some research that my colleagues Ajit Zacharias, Rania Antonopoulous, and I have been working on as a result of collaboration between the Levy Economics Institute and United Nations Development Programme (UNDP) Regional Service Centre for Latin America and the Caribbean (RSCLAC), particularly the [...] Blog -
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Redistribution of Wealth, Foreclosure Style
March 21, 2012 Matthew Goldstein and Jennifer Ablan report on the latest US investment craze: buying up large bundles of foreclosed homes from Fannie Mae and renting them out to take advantage of the hot rental market. Randall Wray is among the critics quoted in the article who contend that, as Goldstein and Ablan put it, “the federal [...] Blog -
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To Help Address Inequality, Reinvent Fiscal Stimulus
March 20, 2012 In 2010, the first year of the economic recovery, 93 percent of all income growth in the US was captured by the top 1 percent, according to Emmanuel Saez. There are a whole host of reasons for the stubborn persistence of corrosive levels of inequality, but one of the surprising contributing factors may be found [...] Blog -
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What a Real Fiscal Crisis Looks Like
March 19, 2012 It says something about how badly the battle for public opinion on budget matters has been lost when a headline about a “fiscal cliff” the US is about to fall over in 2013 leaves you grimly expecting a pile of words dedicated to the poorly articulated threat of near-term public debt and deficits. But in [...] Blog -
Policy Note No. 2
Full Employment through Social Entrepreneurship
March 19, 2012 The conventional approach of fiscal policy is to create jobs by boosting private investment and growth. This approach is backward, says Research Associate Pavlina R. Tcherneva. Policy must begin by...more Publication -
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Opinions on Modern Monetary Systems Not Sharply at Odds
March 15, 2012 The Nation notes that austerity policies in Europe have proved to be very damaging to economic growth in the region, and points out that after adhering to IMF and EU austerity programs since last May, Portugal is “even deeper in the hole. The austerity has only increased its debt, as it has spread more suffering.” [...] Blog -
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Greece’s Pyrrhic Victories
March 14, 2012 C J Polychroniou explains how the latest pair of efforts aimed at addressing the Greek crisis, the newest bailout package and the bond swap, create tremendous complications down the road even if they may offer a temporary respite. As you know, the bailout money was shackled to a series of grim austerity measures that will [...] Blog -
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Why Haven’t Business Groups Pushed Harder for Stimulus?
March 13, 2012 Although recent employment numbers seem to have set off a fresh round of complacency, the December Strategic Analysis from the Levy Institute makes it pretty clear that more fiscal stimulus is necessary if the economy is going to reach decent levels of growth and employment anytime soon. However, there’s very little reason to think that [...] Blog -
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Money and Self-Justifying Economic Models
March 13, 2012 Philip Pilkington shares a discussion he had with Dean Baker about, among other things, the Post-Keynesian take on the limitations of some conventional economic models (of the “LM” part of IS-LM, in particular. And if that just looks like an arbitrary string of letters to you, Pilkington has an accessible explanation at the beginning of [...] Blog -
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Healthcare and the Budget Forecast: Don’t Think of the Children
March 09, 2012 Medicare cost growth has been slowing down, and according to research published in the New England Journal of Medicine there may be more going on here than just a temporary reaction to the recession. This is just one analysis of course, but if it pans out, if it marks the beginning of a sustained trend, [...] Blog