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Working Paper No. 699Trade and Payments Theory in a Financialized Economy
December 22, 2011 Ricardian trade theory was based on the cost of labor at a time when grain and other consumer goods accounted for most subsistence spending. But today’s budgets are dominated by...more Publication -
BlogArestis on the EU’s New Fiscal Compact
December 20, 2011 Philip Arestis and Malcolm Sawyer have a guest post at Triple Crisis that critiques the latest proposal for a new fiscal compact in the EU (essentially an SGP with more automatic sanctions for those who surpass the 3 percent of GDP budget deficit limit and the annual structural deficit limit of 0.5 percent of GDP). [...] Blog -
Blog
New MBA in Sustainability
December 20, 2011 BARD COLLEGE TO LAUNCH INNOVATIVE MBA IN SUSTAINABILITY Now Enrolling Students for Fall 2012 in New York City www.bard.edu/mb ANNANDALE-ON-HUDSON, N.Y. — Responding to a revolution in business strategy and to rising student demand, Bard College announces the creation of a new Master of Business Administration in Sustainability Program. Based in New York City, the [...] Blog -
Blog
More on the Bailout of the Banking System
December 19, 2011 J. Andrew Felkerson writes at AlterNet about the study he authored detailing the Federal Reserve’s bailout of financial institutions over the course of the latest crisis. He explains some of the reasoning behind his study’s methodology, particularly with respect to his use of a cumulative measure of loans and asset purchases (the other two measures [...] Blog -
Blog
29 Trillion Dollars, One Page
December 16, 2011 Randall Wray has a new one-pager following up on the release of a report detailing and tallying up the Federal Reserve’s extraordinary efforts to prop up the banking system—a report with the rather eye-catching headline number of $29.6 trillion. The Levy Institute working paper, the first in a series, is part of a Ford Foundation-supported [...] Blog -
One-Pager No. 23$29,000,000,000,000: A Detailed Look at the Fed’s Bailout of the Financial System
December 15, 2011 The extraordinary scope and magnitude of the financial crisis of 2007–09 induced an extraordinary response by the Federal Reserve in the fulfillment of its lender-of-last-resort function. Estimates of the total...more Publication -
One-Pager No. 23
29.000.000.000.000: Μια λεπτομερή ματιά στη διάσωση του χρηματοπιστωτικού συστήματος από την Ομοσπονδιακή Τράπεζα των ΗΠΑ
December 15, 2011 Το εξαιρετικό εύρος και το μέγεθος της χρηματοοικονομικής κρίσης του 2007–09 προκάλεσαν μια εκπληκτική ανταπόκριση από την Fed στο πλαίσιο της λειτουργίας της ως δανειστής της εσχάτης προσφυγής. Υπάρχουν αρκετές...more Publication -
Blog
Why don’t people quit their jobs more during a recession? asks tenured University of Chicago economist
December 15, 2011 It’s difficult to know where to begin with this post from Casey Mulligan (the comments are definitely worth reading). He starts off by implying that those who might want to characterize the recession as involving “a lack of hiring” are simply misled by the nature of aggregate data on hiring and separations. He goes on [...] Blog -
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Bernanke’s 29 Trillion Dollar Fib Exposed
December 13, 2011 (cross posted at New Economic Perspectives) As I reported here and over at Great Leap Forward, a new study by two UMKC PhD students, Nicola Matthews and James Felkerson, provides the most comprehensive examination yet of the Fed’s bailout of Wall Street. They found that the true total cumulative amount lent and spent on asset [...] Blog -
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Credit Default Swaps: Banking on Failure
December 13, 2011 Micah Hauptman of Public Citizen has drawn from the work of the Levy Institute’s Marshall Auerback and Randall Wray to put together a concise piece that lays out five core critiques of credit default swaps. Among the basic problems he highlights is a flaw-riddled process for determining when a CDS pays off: … there are [...] Blog -
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Projections of EU GDP
December 12, 2011 In our latest Strategic Analysis we estimate that a cut in the general government deficit in the United States would have strong adverse effects on unemployment and a relatively smaller impact on the U.S. public debt-to-GDP ratio, since GDP would slow down with a cut in government expenditures and transfers. A similar strategy of deficit [...] Blog -
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$29 Trillion Bailout: Response to Critics
December 10, 2011 OK, anytime one criticizes the Fed or Wall Street there will be some push-back by the professionals who serve their masters. (By contrast, Barry Ritholtz understood the argument, see here.) My original piece on Friday got picked up by a number of blogs and generated a lot of hostile responses. I expect that. It is obvious [...] Blog -
Working Paper No. 698
$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
December 09, 2011 There have been a number of estimates of the total amount of funding provided by the Federal Reserve to bail out the financial system. For example, Bloomberg recently claimed that...more Publication -
Blog
The Shadow Banking System Is Slowly Imploding
December 09, 2011 Lessons from the bankruptcy of MF Global — the 8th largest in US history Yesterday, CEO Jon Corzine of MF Global appeared before the House Agricultural Committee. The hearing was a reminder that despite well intended legislation, including the Dodd-Frank Act, the speculative behaviors that brought down AIG and Lehman are still considered fair business [...] Blog -
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The Fed’s $29 Trillion Bailout of Wall Street
December 09, 2011 UPDATE: to read the Working Paper (“$29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient”) click here Since the global financial crisis began in 2007, Chairman Bernanke has striven to save Wall Street’s biggest banks while concealing his actions from Congress by a thick veil of secrecy. It literally took an [...] Blog -
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The Crisis Behind the Crisis
December 08, 2011 In his latest installment, C. J. Polychroniou surveys the slow motion collapse of the eurozone and the ongoing fragility of the US economy, and insists that underneath it all lies a deeper crisis. What we are witnessing, he suggests, is not just the fallout from the latest banking panic or financial crisis, but a set [...] Blog -
One-Pager No. 22
A Crisis of Advanced Capitalism?
December 08, 2011 As the eurozone crisis continues, and while the US economy continues to muddle through, we need to reexamine what is actually going on, and sharpen our political-economy tools by considering...more Publication -
One-Pager No. 22
Μια κρίση του προηγμένου καπιταλισμού;
December 08, 2011 Καθώς η κρίση στην ευρωζώνη συνεχίζεται, και ενώ η οικονομία των ΗΠΑ συνεχίζει να έχει τα χάλια της, θα πρέπει να επανεξετάσουμε τι πραγματικά συμβαίνει και να ακονίσουμε τα πολιτικοοικονομικά...more Publication -
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Levy Institute Launches Greek Website
December 08, 2011 Policy coordination and information exchange are critical to resolving the eurozone crisis. With this in mind, the Levy Institute is making selected publications that address aspects of the crisis—including policy briefs, one-pagers, and working papers—available online in Greek translation. A list of our current titles is available at www.levyinstitute.org/greek/, and more will be added weekly. Blog -
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ECB Inaction: Dogma and Rationality
December 07, 2011 As Dimitri Papadimitriou has said, the European Central Bank is one of the only institutions that can save the euro project. The commitment alone to making unlimited purchases of member-state debt might do the trick. But as we have seen, there is a lot of opposition to the ECB acting as lender of last resort. [...] Blog -
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Would an ECB Rescue Be Inflationary?
December 07, 2011 This is one of the questions Marshall Auerback tackles in a piece at Counterpunch. His answer, as you might expect, is “no.” He also addresses the concern that the ECB risks an impaired balance sheet if it steps up and plays a larger role in buying member-state debt: … if the ECB bought the bonds [...] Blog -
Strategic AnalysisΕίναι βιώσιμη η ανάκαμψη;
December 06, 2011 Η δημοσιονομική λιτότητα είναι πλέον ένα παγκόσμιο φαινόμενο και η επιβράδυνση της παγκόσμιας ανάπτυξης δεν ευνοεί τις προοπτικές της δημοσιονομικής πολιτικής σε εθνικό επίπεδο. Σύμφωνα με τις baseline προβλέψεις της...more Publication -
Strategic Analysis
Is the Recovery Sustainable?
December 06, 2011 Fiscal austerity is now a worldwide phenomenon, and the global growth slowdown is highly unfavorable for policymakers at the national level. According to our Macro Modeling Team’s baseline forecast, fears...more Publication -
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A More Dovish Fed?
December 06, 2011 While the latest figures show the unemployment rate dipping below 9 percent, a lot of this decrease has to do with individuals giving up and leaving the labor force. As for additional stimulus, Congress is currently negotiating an extension, and possible expansion, of the payroll tax cut. But Republicans are insisting that it be “paid [...] Blog