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Book SeriesGender Perspectives and Gender Impacts of the Global Economic Crisis
With the full effects of the Great Recession still unfolding, this collection of essays analyzes the gendered economic impacts of the crisis. The volume, from an international set of contributors, argues that gender-differentiated economic roles and responsibilities within households and markets can potentially influence the ways in which men and women are affected in times […] -
BlogWhy Returning to Glass-Steagall Isn’t the Answer
Dissatisfaction with the incomplete or timid nature of the 2010 Dodd-Frank financial reforms has generated interest in some alternative regulatory proposals. One alternative that’s fairly prominent in progressive circles revolves around the idea of returning to the structure of the 1933 Glass-Steagall Act. In this video, Jan Kregel explains why we can’t go back. He [...] -
Blog
James Galbraith Makes It Simple
Q: “Now why do you believe the US government will never, ever have a problem funding its public expenditures and deficits?” A: “Because the electricity supply to the computers that send those signals will never be cut off.” Q: “It’s that simple?” A: “Simple as that.” [iframe width=”448″ height=”252″ src=”//www.youtube.com/embed/qD3XMyNmfeY?feature=player_detailpage&start=51″ frameborder=”0″ allowfullscreen></iframe] If you want [...] -
Blog
A Passing Storm or a Crisis of Capitalism?
C. J. Polychroniou: A strong case can be made that what we have been witnessing since [2007-08] is not simply a severe financial crisis centered in the developed world but the fact that today’s capitalism is simply incapable of functioning in an economic way conducive to maintaining sustainable and balanced growth. The so-called “financialization” of [...] -
Working Paper No. 782Feasible Estimation of Linear Models with N-fixed Effects
In this paper an alternative approach for the estimation of higher-order linear fixed-effects models is described. The strategy relies on the transformation of the data prior to calculating estimations of the model. While the approach is computationally intensive, the hardware requirements for the estimation process are minimal, allowing for the estimation of models with more […] -
Working Paper No. 781
A Stock-flow Approach to a General Theory of Pricing
The paper seeks to lay out a stock-flow-based theoretical framework that provides a foundation for a general theory of pricing. Contemporary marginalist economics is usually based on the assumption that prices are set in line with the value placed on goods by consumers. It does not take into account expectations, or the fact that real […] -
Blog
Financial Governance for Innovation and Social Inclusion (Video)
The Levy Institute’s Jan Kregel and L. Randall Wray took part in a workshop at the UK House of Commons, November 25th, on “Financial Governance for Innovation and Social Inclusion,” organized by Mariana Mazzucato (SPRU) and Leonardo Burlamaqui (Ford Foundation) and hosted by Shadow Minister for the Cabinet Office, MP Chi Onwurah. Kregel and Wray’s [...] -
Blog
When Robots Make Drones: The Brave New World of Secular Stagnation
Amazon’s Jeff Bezos is all over the news with his statement that drones will sooner or later be delivering packages to your home. Predictably, this has generated two types of buzz: what about the inevitable mishaps, and what about the poor displaced UPS workers? For me, the first is a wee bit scary. Of course, [...] -
Blog
Is the Recession in Greece Ending?
The Hellenic Statistical Authority (ElStat) reports today that real GDP in the third quarter of 2013 has fallen by “only” 3 percent. More in detail, from their press release: Total final consumption expenditure recorded a decrease of 6.6% in comparison with the 3rd quarter of 2012 (Table 4). Gross fixed capital formation (GFCF) decreased by [...] -
Blog
Three Links on the Eurozone Crisis
1) In an interview with Roger Strassburg, James Galbraith discusses the “Modest Proposal,” a plan for resolving the eurozone’s multiple crises without creating any new institutions or amending any treaties. Galbraith is a co-author of the latest version of the proposal, joining Yanis Varoufakis and Stuart Holland (an earlier version was published as a Levy [...] -
Blog
Tax-Backed Bonds: Update and Response to Critics
Last year, Philip Pilkington and Warren Mosler argued that they had come up with a financial innovation that had the potential to help control the crippling borrowing costs faced by many member-states on the eurozone periphery. Their “tax-backed bond” proposal worked like this: if a member-state issuing these bonds defaulted on a payment, the bonds [...] -
Policy Notes No. 10The Continued Relevance of Tax-backed Bonds in a Post-OMT Eurozone
In a policy note published last year by the Levy Institute, Philip Pilkington and Warren Mosler argued that the eurozone sovereign debt crisis could be solved by national governments without the assistance of the European Central Bank (ECB) and without their leaving the currency union, through the issuance of a proposed financial innovation called “tax-backed […]