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BlogFaith-Based Economics
October 17, 2011 Rob Parenteau has a post at Naked Capitalism commenting on Wolfgang Münchau’s article in the Financial Times. Münchau argues that policy makers in Europe largely ignored the spillover effects of simultaneous fiscal contraction across the entire eurozone. Parenteau insists that, at least at the level of ideas, the problem occurs at a much more basic [...] Blog -
One-Pager No. 15Dawn of a New Day for Europe?
October 14, 2011 Failure on the part of EU leaders to address the eurozone crisis is in large part due to the fact that Germany and France are at opposite poles—politically, economically, and...more Publication -
One-Pager No. 15
H αυγή μιας νέας ημέρας για την Ευρώπη
October 14, 2011 Η αποτυχία εκ μέρους των ηγετών της ΕΕ να αντιμετωπίσουν αποτελεσματικά την κρίση της ευρωζώνης έχει να κάνει σε μεγάλο βαθμό με το γεγονός ότι η Γερμανία και η Γαλλία...more Publication -
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Inequality and Crisis
October 14, 2011 Nouriel Roubini argues at Project Syndicate that widening inequality lends itself to both economic and political instability. In his latest policy brief, “Waiting for the Next Crash,” Randall Wray connects some of these same dots, tying the rise of “financialization” and soaring household debt levels to stagnating median incomes in the US: …as finance metastasized, [...] Blog -
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Uncle Sam Is Not Broke
October 14, 2011 The bowling alley cannot run out of points, and the US government cannot run out of keystrokes. Research Associate Stephanie Kelton slaps down the folk wisdom that there is nothing the government can do about unemployment because it’s “broke.” “We don’t understand our own monetary system.” (hat tip to NEP) Blog -
Public Policy Brief No. 120Waiting for the Next Crash
October 13, 2011 Senior Scholar L. Randall Wray lays out the numerous and critical ways in which we have failed to learn from the latest global financial crisis, and identifies the underlying trends...more Publication -
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Neoliberalism in a Time of Crisis
October 13, 2011 “Crises are an inherent feature of capitalism. Marx knew this only too well; so did Keynes and Minsky. Neoliberals, on the other hand, tend to believe that it is government action that causes market turbulence and economic instability.” This is the opening salvo from a new one-pager by C. J. Polychroniou that takes on neoliberal [...] Blog -
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The European Troika’s Rescue Plan Will Fail
October 12, 2011 (cross posted from EconoMonitor) Yet another rescue plan for the EMU is making its way through central Europe—raising the total funding available to the equivalent of $600 billion. Germany agreed to raise its contribution to the fund by more than $100 billion equivalent. However, Slovakia has vetoed the rescue and all eyes are now turned [...] Blog -
Working Paper No. 692Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
October 12, 2011 The quality of match of three statistical matches used in the LIMTIP estimates for Argentina, Chile, and Mexico is described. The first match combines the 2005 Uso del Tiempo (UT...more Publication -
Working Paper No. 691
Unpaid and Paid Care
October 12, 2011 Transforming care for children and the elderly from a private to a public domain engenders a series of benefits to the economy that improve our standard of living. We assess...more Publication -
One-Pager No. 14
Νεοφιλελευθερισμός και η κατάσταση της προηγμένης παγκόσμιας οικονομίας
October 11, 2011 Ποιος είπε ότι η οικονομική επιστήμη δεν είναι ιδεολογικά προκατειλημμένη και δεν πάσχει από πολιτική μεροληψία; Τριακόσια χρόνια χρηματοπιστωτικων και οικονομικών κρίσεων δε λένε απολύτως τίποτα στους αδιάλλακτους νεοφιλελεύθερους, που...more Publication -
One-Pager No. 14
Neoliberalism and the State of the Advanced World Economy
October 11, 2011 Whoever said that economic science is free of ideological bias and political prejudice? Three hundred years of financial and economic crises have meant nothing to die-hard neoliberals, who believe in...more Publication -
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Study Abroad: Unemployment and Retraining
October 11, 2011 The National Journal asks whether we can learn something about addressing unemployment by studying elements of the unemployment insurance systems of other OECD nations, many of which make re-training a key part of transitioning from UI back to employment. The American Jobs Act (dead man walking) contains a “bridge to work” provision that would include [...] Blog -
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More on the Nobel Prize award and its possible meanings
October 11, 2011 Without wading into the debate too much, we report on some commentary from the web on yesterday’s announcement that Thomas Sargent and Christopher Sims had won the Nobel Memorial Prize in Economics: “Free-market” supporters differed greatly in their assessments. One “New Monetarist” argues that the choice of Sargent and Sims represents a nod to the [...] Blog -
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Man Cannot Live by Fed Alone
October 10, 2011 Over the past several decades, many people adopted the view that monetary policy, almost alone, could effectively control the economy. Economists, politicians and scholars came to believe that the Federal Reserve was full of neutral technocrats who dutifully fine-tuned the economy. Through their careful orchestration of interest rates, the money supply and inflation, we assumed [...] Blog -
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This morning’s announcement and our Institute
October 10, 2011 This morning, it was announced that Thomas Sargent and Christopher Sims are the winners of the 2011 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (link to New York Times article here; link to official Nobel economics site here). Sargent and Sims’s approach is often thought to imply, among other things, [...] Blog -
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How to Improve Your Abstract
October 07, 2011 Since it’s Friday… This one is for every graduate student who’s been on the receiving end of a glazed/skeptical/bemused expression after trying to respond to a “so what’s your dissertation about?” query. Your elevator pitch would go over much better if it were more kinetic. Via GonzoLabs, Science magazine and TEDxBrussels are sponsoring a competition [...] Blog -
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Largest Decline in State and Local Jobs Since Korean War
October 07, 2011 According to Floyd Norris at Economix. Norris includes this chart, comparing our ongoing shedding of state and local government jobs to the one in the early ’80s: I haven’t been looking at any employment reports lately, but I can only assume that this has sparked a massive boom in private payrolls. Blog -
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If You Care About the Deficit, You Should Care About Jobs
October 06, 2011 The prevailing anxieties of elite opinion are focused relentlessly on the deficit and debt, with sporadic bouts of indigestion reserved for the slump in jobs. This is a complete reversal of what ought to be the case. But let’s say you really can’t get over the idea that there’s no major short-term economic problem currently [...] Blog -
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Are the Big Banks Insolvent?
October 06, 2011 Let’s look at the reasons to doubt that the big six are solvent. 1.The economy is tanking. Real estate prices are not recovering, indeed, they continue to fall on trend. No jobs are being created. Defaults and delinquencies are not improving. GDP growth is falling. Isn’t it strange that Wall Street has managed to remain [...] Blog -
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Bernanke Scraps Bold Congress Testimony for Lukewarm Version
October 05, 2011 By Gal Noir* In his Congressional testimony on October 4th, Federal Reserve Chairman Bernanke uncharacteristically praised the benefits of fiscal policy, calling it “of critical importance” and conveying concerns with the looming deficit reductions. He cautioned: “an important objective is to avoid fiscal actions that could impede the ongoing economic recovery.” Many economists expressed worry [...] Blog -
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Beyond Tweedledum and Tweedledee Economics
October 05, 2011 James Galbraith talks about the mechanisms by which obstacles are placed in the way of dissenting and original voices in economics, as well as the failure of most in the forefront of the profession to see the global financial crisis coming (via INET): Galbraith has written about this before; surveying the work of those who [...] Blog -
Working Paper No. 690
The Measurement of Time and Income Poverty
October 05, 2011 Official poverty thresholds are based on the implicit assumption that the household with poverty-level income possesses sufficient time for household production to enable it to reproduce itself as a unit....more Publication -
Working Paper No. 689
Effects of Legal and Unauthorized Immigration on the US Social Security System
October 05, 2011 Immigration is having an increasingly important effect on the social insurance system in the United States. On the one hand, eligible legal immigrants have the right to eventually receive pension...more Publication