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The Wrong Narratives
News sections are littered with shortcuts for explaining what’s going on in the eurozone, often featuring easy, morally sodden narratives. But the real problem here is not that narratives and other shortcuts are being employed—after all, sometimes the data need a little help. The real problem is that they’re using the wrong narratives. We’re told [...]
Public Policy Brief No. 124
The Mediterranean Conundrum
Conventional wisdom has calcified around the belief that the countries in the eurozone periphery are in trouble primarily because of their governments’ allegedly profligate ways. For most of these nations, however, the facts suggest otherwise. Apart from the case of Greece, the outbreak of the eurozone crisis largely preceded dramatic increases in public debt ratios, […]
Blog
No More Fiscal Policy Bank Shots
A little while back the Wall Street Journal observed that if there were as many people employed by government today as there were in the last month of George W. Bush’s tenure, the unemployment rate would be around 7.1 percent. Job creation policy, in other words, can sometimes be quite simple. Step One: stop firing [...]
Blog
Public Citizen on the Repo Ruse
Whether or not you already know what a “repo” is, Public Citizen’s new report on repurchase agreements, which played a part in the recent financial crisis (as well as the collapse of MF Global), is well worth reading. Here’s their introduction: In the run-up to the 2008 financial crisis, banks depended increasingly on an unreliable [...]
Blog
How’s That “Make People Poorer” Strategy Working Out?
There is no shortage of viable economic solutions for the eurozone. But as Martin Wolf points out in his FT column, once you strike all of the solutions that have been declared politically unacceptable (eurobonds, a stronger EU-level fiscal authority), there aren’t too many policy levers left to pull. One possibility Wolf mentions is to [...]
One-Pager No. 31
Is an Austerity-induced Depression about to Bring Down the Final Curtain on the Greek Drama?
On June 17, Greece will hold a second round of elections, the outcome of which might force the European Union to halt all financial assistance to the debt-strapped country. What Greece desperately needs is a leadership with the ability to explore all possible options and to prepare the nation for the tough challenges that may […]
Press Release
US Approaches to Financial Regulation Are Incomplete and Inadequate, New Levy Economics Institute Study Says
Blog
Can the Eurozone Be Saved without Treaty Changes or New Institutions?
Yanis Varoufakis and Stuart Holland have updated their “Modest Proposal” for overcoming the eurozone crisis (they call it version 3.0). They took on the challenge of coming up with proposals for addressing the eurozone’s tripartite crisis (sovereign debt, banking, and underinvestment) in a way that avoids any treaty changes or the creation of new EU [...]
Blog
“A New Frontier of Economic Nonsense”
In an interview with Helen Artopoulou that was posted on Capital.gr, Levy Institute president Dimitri Papadimitriou discusses the failure of the austerity policies imposed on Greece and the uncertain future of the euro project. Q. The political impasse in Greece, largely the outcome of the recent elections, had led to some reconsideration of the austerity policy [...]
Greece May Remain in the Euro Zone with a New Rescue Plan
Capital.gr, May 18, 2012. © All Rights Reserved. In an interview with Helen Artopoulou (DailyFX.gr/FXCM) that was posted on Capital.gr, Dimitri B. Papadimitriou, president of the Levy Economics Institute, discusses the failed policy of austerity that the European Union opted to enforce on Greece, and what it may take for Greece to overcome its current […]
Η Ελλάδα μπορεί να παραμείνει στο ευρώ με ένα νέο σχέδιο διάσωσης
Capital.gr, May 18, 2012. © All Rights Reserved. Για την αποτυχημένη «συνταγή» λιτότητας που επέλεξε η ΕΕ και τη δυνατότητα της Ελλάδας να βγει από το πολιτικό και οικονομικό αδιέξοδο μιλά στο DailyFX ο Δημήτρης Β. Παπαδημητρίου, πρόεδρος του Levy Economics Institute. Συνέντευξη στην Ελένη Αρτοπούλου (DailyFX.gr/FXCM) – Το πολιτικό αδιέξοδο στην Ελλάδα, συνέπεια του […]
Working Paper No. 725
Problems with Regional Production Functions and Estimates of Agglomeration Economies
Over the last 20 years or so, mainstream economists have become more interested in spatial economics and have introduced largely neoclassical economic concepts and tools to explain phenomena that were previously the preserve of economic geographers. One of these concepts is the aggregate production function, which is also central to much of regional growth theory. […]