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Working Paper Roundup 4/15/2014
Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization Eugenio Caverzasi “The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of [...]
China: The Bad Way and the Good Way to Burst Asset Bubbles
Forbes, April 14, 2014. All Rights Reserved. For years, China has been enjoying robust economic growth that has turned it into the world’s second largest economy. The problem is, however, that China’s growth is in part driven by over investment in construction and manufacturing sectors, fueling asset bubbles that parallel those of Japan in the […]
Conference Proceedings
Financial Governance after the Crisis
Cosponsored by the Levy Economics Institute of Bard College and MINDS – Multidisciplinary Institute for Development and Strategies, with support from the Ford Foundation Everest Rio Hotel Rio de Janeiro, Brazil September 26–27, 2013 This conference was organized as part of the Levy Institute’s global research agenda and in conjunction with the Ford Foundation Project […]
Antídoto
Fracasos Múltiples Internacionales está regresando al escenario político y económico argentino. La moción de censura y la amenaza de iniciar el camino de la expulsión del país de esa institución por la calidad de las estadísticas públicas colocó al Gobierno en una situación incómoda. La opción era romper con ese organismo internacional, convirtiéndose en el […]
Research Project Report
Federal Reserve Bank Governance and Independence during Financial Crisis
This monograph is part of the Levy Institute’s Research and Policy Dialogue Project on Improving Governance of the Government Safety Net in Financial Crisis, a two-year project funded by the Ford Foundation. This is the third in a series of reports examining the Federal Reserve Bank’s response to the global financial crisis, with particular emphasis […]
Tarullo Says Fed Shouldn’t Rush to Avert Any Wage Pressures
The Bond Buyer, April 11, 2014. All Rights Reserved. Federal Reserve Governor Daniel Tarullo said the central bank shouldn’t raise interest rates "preemptively" on a belief the recession cut the supply of ready labor in the economy. "We should remain attentive to evidence that labor markets have actually tightened to the point that there is […]
BCE: Constancio, faremo qualcosa perche’ inflazione troppo bassa
Class Editori, April 11, 2014. All Rights Reserved. MILANO (MF-DJ)–La Banca centrale europea e’ pronta a intervenire per affrontare il problema della bassa inflazione che continua a rimanere sotto il target ufficiale della Bce. Lo ha dichiarato il vice presidente della Bce Vitor Constancio, aggiungendo che i policy maker stanno ancora cercando di capire quali […]
Evans’s Prescription: Wage Hikes and Small Dose of Inflation
The OMFIF Commentary, April 11, 2014. All Rights Reserved. The normal duty of central bankers (especially in Europe) is to denounce inflation as the work of the devil and call for labour market flexibility as a barely disguised code for reducing wages. But a gathering of academic economists at the annual Minsky Conference this week […]
Real Time Economics
The Wall Street Journal, April 11, 2014. All Rights Reserved. ECB’s Constancio: “We Will Do Something” About Low Inflation. The ECB is poised to take action to tackle the problem of low inflation that continues to consistently undershoot its official target, ECB Vice President Vitor Constancio said Thursday. He said policy makers are still trying to […]
Obama Economic Adviser: The Great Moderation Is Over, if It Ever Existed
Washington Examiner, April 11, 2014. All Rights Reserved. The so-called "Great Moderation" of low economic volatility between the mid-1980s and the financial crisis of 2008 was not as great as it seemed, and the future likely won’t be as pleasant, according to President Obama’s top economic adviser. Jason Furman, the chairman of the Council of Economic […]
At Least Six Months between End of QE and Rate Rise: Fed’s Evans (Update)
NDTV, April 10, 2014. All Rights Reserved. Washington (Reuters | Update): The Federal Reserve will likely wait at least six months after ending a bond-buying program before raising interest rates, and will only act that quickly "if things really go well," a top US central banker said on Wednesday. "It could be six, it could […]
At Least Six Months between End of QE and Rate Rise – Fed’s Evans
Manorama Online, April 10, 2014. All Rights Reserved. WASHINGTON (Reuters) – The Federal Reserve will likely wait at least six months after ending a bond-buying program before raising interest rates, and will only act that quickly "if things really go well," a top U.S. central banker said on Wednesday. "It could be six, it could […]