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One-Pager No. 19Το μέλλον της ευρωζώνης δεν ανήκει στη διεύρυνση
November 16, 2011 Η επιβίωση της Ευρωπαϊκής Ένωσης εξαρτάται από την ικανότητά της να προβεί σε μεταρρυθμίσεις, είτε μέσω επέκτασης—μεγαλύτερο οικονομικό και δημοσιονομικό συντονισμό προς την κατεύθυνση κάποιου είδους ομοσπονδιακού κράτους—ή με το...more Publication -
BlogAmong the Minskyans
November 16, 2011 Dan Monaco, writing for The Straddler, attended this year’s Minsky Summer Seminar at the Levy Institute and put together an engrossing (and accessible) article that looks at the work of Hyman Minsky, paying particular attention to Minsky’s interpretation of Keynes (including his views about the misinterpretation of Keynes by mainstream economics). The article is sprinkled [...] Blog -
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A new government in Italy
November 16, 2011 Italy is getting a new government today, which is expected to act rapidly to strengthen the Italian growth potential, thus addressing the public debt “problem.” However, it is doubtful that any new government in Italy can succeed in addressing the European financial crisis without concerted action at the European level. I endorse at least the [...] Blog -
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Is the ECB Powerless or Unwilling? (Ctd)
November 15, 2011 Relevant to the question of the legal limits of relying on the European Central Bank as lender of last resort, Tyler Durden observes Jens Weidmann, head of the Bundesbank, defending the narrow view of the ECB’s role in a recent Financial Times interview: FT: Can you explain why the ECB cannot be lender of last [...] Blog -
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Keynes vs. Schmeynes Debate
November 14, 2011 If you missed last week’s Reuters-sponsored Keynes vs. Hayek debate at the Asia Society, video of the event is attached below, beginning with James Galbraith’s contribution. The debate, predictably, ended up being more about the last two-and-a-half years of economic policy. Note also the way in which this turns into a Democratic Keynesianism vs Republican [...] Blog -
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Is This the End of the EMU?
November 14, 2011 (cross posted at EconoMonitor) For more than a decade, I’ve been arguing that the EMU was designed to fail. It was based on the pious hope that markets would not notice that member states had abandoned their currencies when they adopted the euro, thereby surrendering fiscal and monetary policy to the center. The problem was [...] Blog -
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Underutilized Workers Outnumber Job Openings 7 to 1
November 11, 2011 (Click to enlarge.) The most recent Bureau of Labor Statistics (BLS) data released this month show an increase in the number of job openings available throughout the United States, as reported by Catherine Rampell in the New York Times “Economix” blog. As of the end of September, there were 3.8 unemployed people per job opening, [...] Blog -
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Is the ECB Powerless to Rescue Europe, or Just Unwilling?
November 11, 2011 1) Marshall Auerback, at New Economic Perspectives, digs into the issue of whether the ECB is legally permitted to engage in the sort of “lender of last resort” activities that many think are key to mitigating this crisis: The notion that it cannot act as lender of last resort is disingenuous: The ECB does have [...] Blog -
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“Posh Cambridge Forecaster” Sees Through the Euro
November 10, 2011 Here is another flattering mention of Wynne Godley‘s prescient writings on the euro, this time from John Cassidy’s blog at the New Yorker. (Cassidy sat in on the Keynes side of this week’s “Keynes vs. Hayek” debate.) Many of Godley’s publications at the Levy Institute (“haven for heterodox thought,” as Cassidy calls it), including his [...] Blog -
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Minsky and the Economics Profession
November 09, 2011 There’s an interesting (and unsettling) section of Martin Mayer’s presentation at the Minsky Conference that I’ll quote at length in which he talks about the reception of Hyman Minsky’s work. Add this to the growing “what’s wrong with the economics profession?” folder: I have found my own explanation, rather a disturbing one, for Hy’s relative [...] Blog -
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Minsky Conference Proceedings
November 09, 2011 The 20th Annual Hyman P. Minsky Conference, organized by the Levy Institute with support from the Ford Foundation, featured a broad range of speakers, including Gary Gensler (CFTC Chairman—occasioning some interesting back-and-forth in Q&A regarding commodities speculation), Paul McCulley, Andrew Sheng, Phil Angelides, Charles Plosser, Gary Gorton, Charles Evans, Vitor Constancio (Vice President of the [...] Blog -
Policy Note No. 5Η επίλυση της κρίσης της Ευρωζώνης—δίχως εξαγορές χρέους, εθνικές εγγυήσεις, αλληλοασφάλιση, ή δημοσιονομικές μεταβιβάσεις
November 08, 2011 Ένας από τους λόγους για την αποτυχία του Ecofin και του Ευρωπαϊκού Συμβουλίου να δώσουν λύση στην κρίση της ευρωζώνης είναι η αντίσταση σε εξαγορές χρέους, κρατικές εγγυήσεις, αλληλοασφάλιση και...more Publication -
Policy Note No. 5
Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
November 08, 2011 One of the reasons for the failure of Europe’s governing bodies to resolve the eurozone crisis is resistance to debt buyouts, national guarantees, mutual insurance, and fiscal transfers between member-states....more Publication -
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Two Ways to Fix the Eurozone
November 08, 2011 Among the (many) obstacles to working out a solution to the crisis in the eurozone is resistance to schemes that involve debt buyouts, national guarantees, mutual insurance, and fiscal transfers. Stuart Holland has a new one-pager and policy note in which he suggests a twin-track strategy for solving the crisis that does not rely on [...] Blog -
One-Pager No. 18
Δίδυμες στρατηγικές για την επίλυση της κρίσης στην ευρωζώνη—Δίχως αγορές χρέους, εθνικές εγγυήσεις, ασφαλιστικά σχέδια ή δημοσιονομικές μεταβιβάσεις
November 08, 2011 Η ακύρωση της συνεδρίασης της 26ης Οκτωβρίου των Υπουργών Οικονομικών της Ευρωπαϊκής Ένωσης, ή του Ecofin, έχει διαβρώσει περαιτέρω την εμπιστοσύνη στην ικανότητά του να δώσει λύσει στην επιδεινόμενη κρίση...more Publication -
One-Pager No. 18
Twin Strategies to Resolve the Eurozone Crisis—without Debt Buyouts, Sovereign Guarantees, Insurance Schemes, or Fiscal Transfers
November 08, 2011 The cancellation of the October 26 meeting of the European Union’s council of finance ministers, or Ecofin, has further eroded confidence in its ability to solve the burgeoning sovereign debt...more Publication -
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“Being right matters”
November 08, 2011 At Pragmatic Capitalist, Cullen Roche writes about the “eerily prescient” predictions regarding the euro made by Modern Money Theorists and economists looking at sectoral balances. Roche quotes from Randall Wray’s Understanding Modern Money (see in particular p. 91ff), a paper by Stephanie Kelton (Bell), and a Wynne Godley article written in 1997 (“Curried Emu — [...] Blog -
Working Paper No. 696Time Use of Mothers and Fathers in Hard Times and Better Times
November 07, 2011 The US economic crisis and recession of 2007–09 accelerated the convergence of women’s and men’s employment rates as men experienced disproportionate job losses and women’s entry into the labor force...more Publication -
Working Paper No. 695
Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises
November 07, 2011 Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman)...more Publication -
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Keynes vs Hayek at the Asia Society
November 07, 2011 If you’re in Manhattan or have access to an internet connection tomorrow (Nov. 8), Reuters is sponsoring a Keynes vs. Hayek debate between two teams of economists and writers, including the Levy Institute’s James Galbraith. “Four Keynesians – economist James Galbraith, son of the high priest of Keynesianism, John K. Galbraith; New Yorker columnist John [...] Blog -
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FDR at OWS
November 07, 2011 Thorvald Grung Moe, Visiting Scholar at the Levy Institute, delivered a lecture last week on fractional reserve banking and the landscape of alternative options. He ended with a quotation from FDR that’s worth repeating, particularly in the context of the “We Are the 99%” movement and stories like this about a return to business as [...] Blog -
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Minsky Goggles
November 04, 2011 “If you’re going to have a model of capitalism, your model must be able to generate a Depression as one of its potential states. …if you can’t model that, you’re not modeling capitalism.” Via the Institute for New Economic Thinking, Steve Keen explains how Minsky’s work played a foundational role in helping him to see [...] Blog -
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Tcherneva on Bernanke’s Paradox
November 04, 2011 The Levy Institute’s Pavlina Tcherneva delivered a campus-wide lecture at Bard College yesterday that discussed the Federal Reserve’s policy actions during the crisis and the future of government stabilization policy. The lecture also covered some of the themes in her working paper “Bernanke’s Paradox” (written roughly a year ago), which also appeared in the Journal [...] Blog -
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Radical Left-Wing Central Banker Gets Increasingly Shrill
November 03, 2011 This is a great graphic put together by Kevin Drum, who calls it “The Ben Bernanke Congress-ometer” (go read the original post for context): Remember: Ben Bernanke was appointed by George W. Bush. Prior to that he headed Bush’s Council of Economic Advisers. For all intents and purposes, he’s a Republican. It’s interesting to note [...] Blog