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BlogGreece: A Nation for Sale and the Death of Democracy
When the European Union (EU) and the International Monetary Fund (IMF) came to Greece’s rescue in May 2010 with a 110 billion euro bailout loan in order to avoid the default of a eurozone member state (a second bailout loan worth 130 billion euros was activated in March 2012), the intentions of the rescue plan [...] -
Working Paper No. 812Time Use of Parents in the United States
Feminist and institutionalist literature has challenged the “Mancession” narrative of the 2007–09 recession and produced nuanced and gender-aware analyses of the labor market and well-being outcomes of the recession. Using American Time Use Survey (ATUS) data for 2003–12, this paper examines the recession’s impact on gendered patterns of time use over the course of the […] -
Blog
Another Eccles at the Fed?
From time to time, I call attention to solid coverage of the Federal Reserve in the popular press, for example this post, which links to an interesting William Greider profile of Ben Bernanke. Nicholas Lemann profiles the new Fed chair in the July 21 issue of The New Yorker. One of the key themes of [...] -
Research Project Report
Co-operative Banking in Greece
The crisis in Greece is persistent and ongoing. After six years of deepening recession, real GDP has shrunk by more than 25 percent, with total unemployment now standing at 27.2 percent. Clearly, reviving growth and creating jobs should be at the top of the policy agenda. But banks remain undercapitalized, and lending has been restricted […] -
Research Project Report
Συνεταιριστικό τραπεζικό σύστημα στην Ελλάδα
Η κρίση στην Ελλάδα είναι επίμονη και συνεχής. Μετά από έξι χρόνια βαθιάς ύφεσης, το πραγματικό ΑΕΠ έχει συρρικνωθεί κατά 25% και η ανεργία βρίσκεται κάπου στο 27%. Σαφώς, η αναζωογόνηση της ανάπτυξης και η δημιουργία θέσεων εργασίας πρέπει να βρίσκεται στην κορυφή της πολιτικής ατζέντας. Αλλά οι τράπεζες παραμένουν υποκεφαλαιοποιημένες και ο δανεισμός έχει […] -
Blog
The Implications of Flat or Declining Real Wages for Inequality
by Julie L. Hotchkiss, a research economist and senior policy adviser at the Atlanta Fed, and Fernando Rios-Avila, a research scholar at the Levy Institute A recent Policy Note published by the Levy Economics Institute of Bard College shows that what we thought had been a decade of essentially flat real wages (since 2002) has actually been a [...] -
Blog
Predatory Capitalism and Where to Go from Here
Contemporary capitalism is characterized by a political economy that revolves around finance capital, is based on a savage form of free market fundamentalism, and thrives on a wave of globalizing processes and global financial networks that have produced global economic oligarchies with the capacity to influence the shaping of policymaking across nations.[1] As such, the landscape [...] -
Blog
Wray on Why Money Matters
Randall Wray did a guest post at FT Alphaville as part of a series devoted to the upcoming Mission-Oriented Finance conference. In his post, Wray counters the conventional story about the nature and significance of money with an alternate view drawing on Schumpeter’s notion of bankers as the “ephors” of capitalism: Bank and central bank money creation is limited by rules of thumb, [...] -
Blog
Modi’s Budget and the New Macroeconomic Policy Consensus in India
What has struck me about Modi’s maiden budget is not the fiscal arithmetic, but the framework. And while this note confines itself to analyzing the budgetary framework rather than the numbers, it should be noted that the effectiveness of the fiscal arithmetic has gone for a toss with the announcement of token provisions on too [...] -
MME, July 19, 2014
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To μερίδιο της εργασίας και του κεφαλαίου στον σύγχρονο καπιταλισμό
Capital.gr, 19 Ιουλίου 2014: http://www.capital.gr/news.asp?id=2067735 Μείωση του εισοδήματος της εργασίας προς όφελος των εταιρικών κερδών, διαπιστώνει ο καθηγητής οικονομικών και ερευνητής για το Levy Institute, Olivier Giovannoni. Το μερίδιο της εργασίας του εισοδήματος είναι το κλάσμα όλων των χρημάτων που κυκλοφορούν και πηγαίνει στην εργασία, σε αντίθεση με το κεφάλαιο την περιουσία ή τους τόκους. […] -
Working Paper No. 811
If Deficits Are Not the Culprit, What Determines Indian Interest Rates?
This paper challenges two clichés that have dominated the macroeconometric debates in India. One relates to the neoclassical view that deficits are detrimental to growth, as they increase the rate of interest, and in turn displace the interest-rate-sensitive components of private investment. The second relates to the assumption of “stationarity”—which has dominated the statistical inference […]