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BlogOn the Alleged Pains of the Strong Euro
Since its most recent low of $1.20, reached in the heat of the summer of 2012, the euro has appreciated by 15 percent against the US dollar and by more than 10 percent in inflation-adjusted terms against a broad basket of currencies representative of the euro area’s main trading partners. Amounting to a significant loss [...] -
At Least Six Months between End of QE and Rate Rise: Fed’s Evans
The Chicago Tribune, April 9, 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 […] -
Fed’s Tarullo Says Economy Looking Stronger
Fox Business, April 9, 2014. All Rights Reserved. WASHINGTON – The U.S. economy, aided by the Federal Reserve’s easy monetary-policy stance, is beginning to look healthier, Federal Reserve Gov. Daniel Tarullo said Wednesday. "While we’ve not had certainly the pace and pervasiveness of the recovery that we wanted, the unconventional monetary policy have been critical […] -
Tarullo: Fed Shouldn’t Rush to Avert Any Wage Pressures
Money News, April 9, 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 demonstrable […] -
Fed’s Tarullo: Recovery Looking “Well-Grounded” Going Forward
MNI | Deutsche Börse Group, April 9, 2014. All Rights Reserved. WASHINGTON (MNI) – Federal Reserve Board Gov. Daniel Tarullo Wednesday night sounded bullish in his outlook for the U.S. economy the rest of this year, saying the Fed’s aggressive actions have continued to play a major role. "Unconventional monetary policies have been critical in […] -
Fed President Charles Evans speaking at the Minsky conference in D.C.: FOMC has been “less aggressive” than called for
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Public Policy Brief No. 131Minsky and Dynamic Macroprudential Regulation
In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky’s […] -
Public Policy Brief No. 131
Ο Μίνσκι και η δυναμική μακροπροληπτική ρύθμιση
Στο πλαίσιο των σημερινών συζητήσεων σχετικά με την κατάλληλη μορφή της μακροληπτικής ρύθμισης και των προτάσεων για την επιβολή ορίων στα επίπεδα ρευστότητας και κεφαλαίων, ο ανώτατος μελετητής Jan Kregel εξετάζει το έργο του Μίνσκι ως σύμβουλος κυβερνητικών υπηρεσιών που διερευνούσαν το ζήτημα της ρυθμιστικής μεταρρύθμισης τη δεκαετία του 1960. Όπως εξηγεί ο Kregel, αυτή […] -
Press ReleaseTop US and European Economic Leaders to Discuss Economic Uncertainty, Financial Reform, Jobs, and Growth at the Levy Economics Institute’s 23rd Annual Hyman P. Minsky Conference, in Washington, D.C., April 9–10
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Working Paper No. 796Minsky and the Subprime Mortgage Crisis
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 capital market inflation by Jan Toporowski. Our thesis is that, once the evolution of the financial market […] -
Working Paper No. 795
Growth with Unused Capacity and Endogenous Depreciation
This paper contributes to the debate on income growth and distribution from a nonmainstream perspective. It looks, in particular, at the role that the degree of capacity utilization plays in the process of growth of an economy that is not perfectly competitive. The distinctive feature of the model presented in the paper is the hypothesis […] -
MME, April 4, 2014