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BlogWhat to Say About the Low Yields?
Correlation is not causation, of course, but I’m beginning to suspect that there might be some operational relationship between the frequency with which you hear people complaining about the crippling burden of government debt, and a fall in the cost of government borrowing. Last week the Financial Times reported that investors had accepted “the lowest [...] -
Blog
A Debt Jubilee via Eminent Domain?
Local government officials in San Bernardino county have apparently heard enough about how the overhang of mortgage debt is holding back the recovery, and they’re considering taking matters into their own hands. Reuters‘ Matthew Goldstein and Jennifer Ablan report on the background discussions leading up to a proposal that is being considered by officials in [...] -
Working Paper No. 728Toward an Understanding of Crises Episodes in Latin America
Conventional wisdom about the business cycle in Latin America assumes that monetary shocks cause deviations from the optimal path, and that the triggering factor in the cycle is excess credit and liquidity. Further, in this view the origin of the contraction is ultimately related to the excesses during the expansion. For that reason, it follows […] -
Working Paper No. 728
Η κατανόηση των κρίσεων στη Λατινική Αμερική
Η συμβατική σοφία σχετικά με τους επιχειρηματικούς κύκλους στη Λατινική Αμερική υποθέτει ότι οι νομισματικοί κλυδωνισμοί προκαλούν αποκλίσεις από τη βέλτιστη πορεία και ότι ο παράγοντας ενεργοποίησης του κύκλου είναι η υπερβολική πίστωση και η ρευστότητα. Περαιτέρω, με βάση αυτήν την άποψη, η προέλευση της οικονομικής συστολής σχετίζεται σε τελική ανάλυση με τις υπερβολές κατά […] -
Blog
A Keynes-Schumpeter-Minsky Synthesis
From the announcement of a new joint research project by Mariana Mazzucato and the Levy Institute’s Randall Wray (“Financing Innovation: an Application of a Keynes-Schumpeter-Minsky Synthesis”): The purpose of this project is to integrate two research paradigms that have strong policy relevance in understanding the degree to which financial markets can be reformed in order [...] -
Blog
The Original Sin
When the European Monetary Union was set up, member-states adopted what was essentially a foreign currency (the euro) but were left in charge of their own fiscal policy. Dimitri Papadimitriou and Randall Wray explain in a new Policy Note (“Euroland’s Original Sin“) why this basic structural defect was always bound to tear the eurozone apart. [...] -
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More on Austerity: Fiscal Threats to the Food Safety Net
As the Center on Budget and Policy Priorities (CBPP) has reported in several recent postings, cuts to SNAP—formerly known as the food stamp program—now being considered in Washington would impose severe hardship on millions of people who use SNAP benefits to buy groceries in retail stores. For example, the Center released a report a few [...] -
Policy Notes No. 8
Euroland’s Original Sin
From the very start, the European Monetary Union (EMU) was set up to fail. The host of problems we are now witnessing, from the solvency crises on the periphery to the bank runs in Spain, Greece, and Italy, were built into the very structure of the EMU and its banking system. Policymakers have admittedly responded […] -
Policy Notes No. 8
To προπατορικό αμάρτημα της Ευρωχώρας
Από την αρχή της ίδρυσής της, η ευρωπαϊκή νομισματική ένωση ήταν καταδικασμένη να αποτύχει. Τα προβλήματα που βλέπουμε τώρα, από τις κρίσεις φερεγγυότητας στην περιφέρεια έως τις επιδρομές στις τράπεζες στην Ισπανία, την Ελλάδα και την Ιταλία, πηγάζουν μέσα από την ίδια τη δομή της ευρωπαϊκής νομισματικής ένωσης και του τραπεζικού της συστήματος. Οι πολιτικοί […] -
Working Paper No. 727
Simulations of Full-Time Employment and Household Work in the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
The method for simulation of labor market participation used in the LIMTIP models for Argentina, Chile, and Mexico is described. In each case, all eligible adults not working full-time were assigned full-time jobs. In all households that included job recipients, the time spent on household production was imputed for everyone included in the time-use survey. […] -
Συνεργασία του IΝΕ-ΓΣΕΕ με το Levy Economics Institute
Express.gr, July 3, 2012. © All Rights Reserved. ΣΤΗΝ υπογραφή συμφωνητικοÏ συνεργασίας αναμÎνεται να προχωρήσουν το Παρατηρητήριο ΟικονομικÏŽν και ΚοινωνικÏŽν Εξελίξεων του ΙνστιτοÏτου Εργασίας της ΓΣΕΕ—ΑΔΕΔΥ με το Levy Economics Institute του Bard College της ΝÎας ΥÏŒρκης. ΣυγκεκριμÎνα, αÏριο Τετάρτη, στις 12 το μεσημÎρι, στα γραφεία της Συνομοσπονδίας θα πραγματοποιηθεί συνάντηση του προÎδρου της ΓΣΕΕ […] -
Blog
Defense Department Minskyites
A few months ago we wondered why it was that business groups hadn’t been pushing harder for more stimulus. My proposed (unoriginal) explanation had to do with inequality and decoupling; Paul Krugman suggested social pressures might also play a part. But as it turns out, there’s another answer: they are pushing! The National Association of [...]