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BlogAusterity Wars: A New (False) Hope
The intensity of the debate over whether the Baltic economies (Estonia, Latvia, and Lithuania) should serve as models for the rest of the eurozone periphery has been raised a couple notches. Last week, Paul Krugman noted that the Estonian recovery, while positive, has not been as remarkable as austerity supporters tend to imply. This prompted [...] -
One-Pager No. 32Baltic Austerity—the New False Hope
Ireland was at one time the poster child for fiscal austerity, but that country’s disappointing economic performance of late has left austerity apologists searching for a new model—and the Baltic economies appear to be next in line. But Estonia, Latvia, and Lithuania are as unsuited to stand as successful models of expansionary fiscal contraction and […] -
One-Pager No. 32
Η λιτότητα στις χώρες της Βαλτικής—η νέα απατηλή ελπίδα
Η Ιρλανδία αποτελούσε κάποτε παράδειγμα επιτυχίας των μέτρων δημοσιονομικής λιτότητας, αλλά οι απογοητευτικές οικονομικές επιδόσεις της χώρας το τελευταίο διάστημα έχουν αναγκάσει τους απολογητές της λιτότητας να αναζητούν νέο μοντέλο, που φαίνεται ότι το ανακάλυψαν στις χώρες της Βαλτικής. Αλλά η Εσθονία, η Λετονία, και η Λιθουανία είναι εξίσου ακατάλληλα παραδείγματα επιτυχημένων προτύπων της συσταλτικής […] -
Working Paper No. 726Time Use of Mothers and Fathers in Hard Times
The recession precipitated by the US financial crisis of 2007 accelerated the convergence of women’s and men’s employment rates, as men experienced disproportionate job losses and women’s entry into the labor force gathered pace. Using the American Time Use Survey (ATUS) data for 2003–10, this study examines whether the recession also occasioned a decline in […] -
Blog
Help Is Not on the Way
An update on the distressing state of fiscal and monetary policy in the United States and Europe: Chairman of the Federal Reserve to Congress: “I’d be much more comfortable, in fact, if Congress would take some of this burden from us ….” Congress to Bernanke: No thanks. And while we’re on the subject, we would [...] -
Blog
Lessons of the JPMorgan Chase Affair: What Is All This Risk For?
After the news broke of his firm’s (now $3 billion) loss on a hedge gone awry, Jamie Dimon quipped: “just because we’re stupid doesn’t mean everybody else was.” Stupidity, however, is beside the point. Jan Kregel has pointed out how a lot of the discussion surrounding this episode is designed to give the impression that [...] -
Policy Notes No. 6The Wrong Risks
What can we learn from JPMorgan Chase’s recent self-proclaimed “stupidity” in attempting to hedge the bank’s global risk position? Clearly, the description of the bank’s trading as “sloppy” and reflecting ”bad judgment” was designed to prevent the press reports of large losses from being used to justify the introduction of more stringent regulation of large, […] -
Policy Notes No. 6
Οι λάθος κίνδυνοι
Τι μπορούμε να διδαχθούμε από την πρόσφατη αυτοαποκαλούμενη «ηλιθιότητα» της JPMorgan Chase στην προσπάθεια αντιστάθμισης κινδύνου της παγκόσμιας θέσης της τράπεζας; Σαφώς, η περιγραφή των συναλλαγών της τράπεζας ως «τσαπατσούλικες» και αντανάκλαση «κακής εκτίμησης» είχε στόχο, στην περίπτωση αυτή, να αποτρέψει τα δημοσιεύματα στον Τύπο για τις μεγάλες απώλειες που υπέστη η τράπεζα από το […] -
Policy Notes No. 5
Austerity that Never Was?
The commonly cited example of the successful application of “internal” devaluation as a strategy for economic recovery is that of the Baltic economies. In this Policy Note, we discuss whether the Baltic austerity plan worked, how it was designed to work—and, most important, whether it can be replicated anywhere else. We argue that the Baltic […] -
Policy Notes No. 5
Η λιτότητα που δεν υπήρξε ποτέ;
Οι οικονομίες της Βαλτικής παρουσιάζονται συχνά ως παράδειγμα ενός επιτυχημένου προγράμματος λιτότητας, με την εφαρμογή της «εσωτερικής» υποτίμησης ως στρατηγική για οικονομική ανάκαμψη. Σε αυτό το Σημείωμα Πολιτικής εξετάζουμε αν το σχέδιο λιτότητας που επιβλήθηκε στις οικονομίες της Βαλτικής ήταν όντως επιτυχημένο και, πιο σημαντικό, αν μπορεί να αναπαραχθεί κάπου άλλου. Υποστηρίζουμε ότι η πρόσφατη […] -
Press ReleaseAusterity Is Destroying Any Chance for Economic Growth in Struggling Eurozone Countries, New Levy Study Says
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Blog
Try Out a New Macro Model and a New Technology
You wonder what will happen when markets finally start working. How about, for example, a market that changes prices and wages quickly in response to fluctuations in demand? In a mixed economy with a government that tries to provide fiscal stimulus as needed, will it be of help to move toward such fast-adjusting markets? The [...]