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Constancio, mi aspetto che Spagna chieda attivazione Omt
Milano Finanza, 26/11/2012. © Milano Finanza 2012. All Rights Reserved. Il vice presidente della Banca centrale europea, Vitor Constancio, si aspetta che la Spagna chieda l’attivazione del programma di acquisti di bond sul secondario della Bce (Omt) per ridurre il costo di finanziamento sui mercati. Durante un discorso tenuto al Levy Economics Institute di […]
MME, November 25, 2012
Express: Από την αδυναμία ρύθμισης του χρηματιστικού καπιταλισμού προήλθε η κρίση στην ευρωζώνη
Working Paper No. 737
The (Normal) Rate of Capacity Utilization at the Firm Level
This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. We provide economic justification for the adjustment of the desired rate of utilization toward the actual rate on behalf of a cost-minimizing firm after examining the factors that determine the utilization of resources. […]
Blog
New Records for Fiscal and Regulatory Irresponsibility
From 2009 to 2012, the US federal deficit shrank from 10.1% of GDP to 7% of GDP. That’s the fastest deficit reduction we’ve seen in six decades—and all before the fiscal cliff has kicked in. Here’s the chart from Jed Graham: Put this alongside a record-setting contraction of government employment and a 7.9 percent unemployment [...]
Summary No. 3
Summary Fall 2012
The Levy Economics Institute is pleased to announce the release of the Fall 2012 Summary. Available in both printed and electronic form, the Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the […]
Working Paper No. 736
A Meme for Money
This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually do, money “lubricates” the market mechanism—a good thing, […]
Blog
Incorrect Economic Historian Is Incorrect
Amity Shlaes, whose main claim to fame is an allegedly new history of the Great Depression, thinks we may be in trouble as a result of the election. Looking beyond her alarmingly alliterative title (“2013 Looks to be a Lot Like 1937 in Four Fearsome Ways!” Oooh! Scary!) she has some valid points. Of course [...]
Even the IMF Agrees with Europe’s Anti-Austerity Protests
The Nation, November 20, 2012. All Rights Reserved. In a spectacular display of widening popular discontent, strikes and anti-austerity protests broke out across the eurozone on November 14—the first time there has been broad coordinated action in multiple countries simultaneously since the beginning of a crisis rooted in the design failures of the European Monetary […]
Blog
Fiscal Muddle
The fiscal cliff is very easy to explain. What many in Congress and the press are saying we should do about it is more confounding. If you were the sort of person who took expressions of policy preferences at face value, you would think that fiscal conservatives and deficit hawks would be ecstatic about this [...]
Blog
In the Eurozone, Look to the Design Defects
Today Eurostat announced that the eurozone has plunged back into recession. If you’re looking for a good explanation of the eurozone’s problems, you will only get so far by looking at the policy failures of particular countries. The most fundamental problems—those that won’t go away with a mere shift in policy at the national level—are [...]
Working Paper No. 735
The Impact of Financial Reform on Federal Reserve Autonomy
The Federal Reserve has been criticized for not preventing the risky behavior of large financial companies prior to the financial crisis of 2008–09, for approving mergers that aggravated the “too big to fail” problem, and for its substantial contribution to bailouts when their risk management failed. The Dodd-Frank Act of 2010, in attempting to diminish […]