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Blog“Posh Cambridge Forecaster” Sees Through the Euro
Here is another flattering mention of Wynne Godley‘s prescient writings on the euro, this time from John Cassidy’s blog at the New Yorker. (Cassidy sat in on the Keynes side of this week’s “Keynes vs. Hayek” debate.) Many of Godley’s publications at the Levy Institute (“haven for heterodox thought,” as Cassidy calls it), including his [...] -
Blog
Minsky and the Economics Profession
There’s an interesting (and unsettling) section of Martin Mayer’s presentation at the Minsky Conference that I’ll quote at length in which he talks about the reception of Hyman Minsky’s work. Add this to the growing “what’s wrong with the economics profession?” folder: I have found my own explanation, rather a disturbing one, for Hy’s relative [...] -
Blog
Minsky Conference Proceedings
The 20th Annual Hyman P. Minsky Conference, organized by the Levy Institute with support from the Ford Foundation, featured a broad range of speakers, including Gary Gensler (CFTC Chairman—occasioning some interesting back-and-forth in Q&A regarding commodities speculation), Paul McCulley, Andrew Sheng, Phil Angelides, Charles Plosser, Gary Gorton, Charles Evans, Vitor Constancio (Vice President of the [...] -
Policy Notes No. 5Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
One of the reasons for the failure of Europe’s governing bodies to resolve the eurozone crisis is resistance to debt buyouts, national guarantees, mutual insurance, and fiscal transfers between member-states. Stuart Holland argues that none of these are necessary to convert a share of national bonds to Union bonds or for net issues of eurobonds—two […] -
Policy Notes No. 5
Η επίλυση της κρίσης της Ευρωζώνης—δίχως εξαγορές χρέους, εθνικές εγγυήσεις, αλληλοασφάλιση, ή δημοσιονομικές μεταβιβάσεις
Ένας από τους λόγους για την αποτυχία του Ecofin και του Ευρωπαϊκού Συμβουλίου να δώσουν λύση στην κρίση της ευρωζώνης είναι η αντίσταση σε εξαγορές χρέους, κρατικές εγγυήσεις, αλληλοασφάλιση και δημοσιονομικές μεταβιβάσεις μεταξύ κρατών-μελών. Ο Stuart Holland υποστηρίζει ότι κανένα από αυτά τα μέτρα δεν είναι απαραίτητο για να μετατραπεί ένα μέρος των εθνικών ομολόγων […] -
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Two Ways to Fix the Eurozone
Among the (many) obstacles to working out a solution to the crisis in the eurozone is resistance to schemes that involve debt buyouts, national guarantees, mutual insurance, and fiscal transfers. Stuart Holland has a new one-pager and policy note in which he suggests a twin-track strategy for solving the crisis that does not rely on [...] -
One-Pager No. 18Twin Strategies to Resolve the Eurozone Crisis—without Debt Buyouts, Sovereign Guarantees, Insurance Schemes, or Fiscal Transfers
The cancellation of the October 26 meeting of the European Union’s council of finance ministers, or Ecofin, has further eroded confidence in its ability to solve the burgeoning sovereign debt crisis in the eurozone. A viable strategy is needed now—and as Stuart Holland illustrates, two viable strategies are even better than one. -
One-Pager No. 18
Δίδυμες στρατηγικές για την επίλυση της κρίσης στην ευρωζώνη—Δίχως αγορές χρέους, εθνικές εγγυήσεις, ασφαλιστικά σχέδια ή δημοσιονομικές μεταβιβάσεις
Η ακύρωση της συνεδρίασης της 26ης Οκτωβρίου των Υπουργών Οικονομικών της Ευρωπαϊκής Ένωσης, ή του Ecofin, έχει διαβρώσει περαιτέρω την εμπιστοσύνη στην ικανότητά του να δώσει λύσει στην επιδεινόμενη κρίση του κυρίαρχου χρέους στην ευρωζώνη. Μια βιώσιμη στρατηγική απαιτείται τώρα—και όπως διευκρινίζει ο Stuart Holland, δύο βιώσιμες στρατηγικές είναι ακόμα καλύτερες από μια. -
Conference Proceedings
20th Annual Hyman P. Minsky Conference on the State of the US and World Economies
A conference organized by the Levy Economics Institute of Bard College with support from the . This year’s Minsky conference marks the Levy Institute’s 25 anniversary, and the third year of the Ford–Levy joint initiative on reforming global financial governance. This initiative aims to examine financial instability and reregulation within the theoretical framework of Minsky’s […] -
Blog
“Being right matters”
At Pragmatic Capitalist, Cullen Roche writes about the “eerily prescient” predictions regarding the euro made by Modern Money Theorists and economists looking at sectoral balances. Roche quotes from Randall Wray’s Understanding Modern Money (see in particular p. 91ff), a paper by Stephanie Kelton (Bell), and a Wynne Godley article written in 1997 (“Curried Emu — [...] -
Press ReleaseGreek Debt Deal Will Lead to a Deeper Slump and the Surrender of National Sovereignty, New Levy Paper Says
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Working Paper No. 696Time Use of Mothers and Fathers in Hard Times and Better Times
The US economic crisis and recession of 2007–09 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 narrowing gap in paid work over this period […]