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Working Paper No. 695Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises
Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter insight (represented by the theories of Hyman P. Minsky) validates and extends John Maynard […] -
Public Policy Brief No. 121Debtors’ Crisis or Creditors’ Crisis?
In the context of the eurozone’s sovereign debt crisis and the US subprime mortgage crisis, Senior Scholar Jan Kregel looks at the question of how we ought to distribute losses between borrowers and lenders in cases of debt resolution. Kregel tackles a prominent approach to this question that is grounded in an analysis of individual […] -
Public Policy Brief No. 121
Κρίση πιστωτών ή κρίση χρεωστών;
Στο πλαίσιο της κρίσης χρέους στην ευρωζώνη και της κρίσης στην αγορά των ενυπόθηκων δανείων υψηλού κινδύνου στις ΗΠΑ, ο Ανώτατος Μελετητής Jan Kregel εξετάζει το ερώτημα πως θα έπρεπε να διανείμουμε τις απώλειες μεταξύ δανειοληπτών και δανειστών σε περιπτώσεις αναδιάρθρωσης του χρέους. Ο Kregel αντιτίθεται σε μια κυρίαρχη προσέγγιση αυτού του ερωτήματος που είναι […] -
Blog
Keynes vs Hayek at the Asia Society
If you’re in Manhattan or have access to an internet connection tomorrow (Nov. 8), Reuters is sponsoring a Keynes vs. Hayek debate between two teams of economists and writers, including the Levy Institute’s James Galbraith. “Four Keynesians – economist James Galbraith, son of the high priest of Keynesianism, John K. Galbraith; New Yorker columnist John [...] -
Blog
FDR at OWS
Thorvald Grung Moe, Visiting Scholar at the Levy Institute, delivered a lecture last week on fractional reserve banking and the landscape of alternative options. He ended with a quotation from FDR that’s worth repeating, particularly in the context of the “We Are the 99%” movement and stories like this about a return to business as [...] -
Blog
Minsky Goggles
“If you’re going to have a model of capitalism, your model must be able to generate a Depression as one of its potential states. …if you can’t model that, you’re not modeling capitalism.” Via the Institute for New Economic Thinking, Steve Keen explains how Minsky’s work played a foundational role in helping him to see [...] -
Blog
Tcherneva on Bernanke’s Paradox
The Levy Institute’s Pavlina Tcherneva delivered a campus-wide lecture at Bard College yesterday that discussed the Federal Reserve’s policy actions during the crisis and the future of government stabilization policy. The lecture also covered some of the themes in her working paper “Bernanke’s Paradox” (written roughly a year ago), which also appeared in the Journal [...] -
Blog
Radical Left-Wing Central Banker Gets Increasingly Shrill
This is a great graphic put together by Kevin Drum, who calls it “The Ben Bernanke Congress-ometer” (go read the original post for context): Remember: Ben Bernanke was appointed by George W. Bush. Prior to that he headed Bush’s Council of Economic Advisers. For all intents and purposes, he’s a Republican. It’s interesting to note [...] -
Blog
On Sectoral Balances, Power Imbalances, and More
[The following is the text of Senior Scholar Randall Wray’s presentation, delivered October 28, 2011, at the annual conference of the Research Network Macroeconomics and Macroeconomic Policies (IMK) in Berlin. This year’s conference was titled “From crisis to growth? The challenge of imbalances, debt, and limited resources.”] It is commonplace to link Neoclassical economics to [...] -
Biennial Report
25th Anniversary Report, 2009–2011
Throughout its 25-year history, the Levy Economics Institute has maintained its commitment to independent thinking and the belief that economics can and should make a profound contribution to improving the human condition. The purpose of all our activities and research is to serve the wider policymaking community in the United States and throughout the world. […] -
Blog
Is the Union Unraveling?
In the LA Times today, Dimitri Papadimitriou writes about the very real danger of seeing the end of economic union in Europe; a union Papadimitriou insists is ultimately worth saving. He quickly sketches out what a serious first step toward a solution might look like (rather than this patchwork of half-measures that is sure to [...] -
The Man Who Saw Through the Euro
Rational Irrationality Blog, The New Yorker, November 2, 2011. © 2012 Condé Nast Digital. All rights reserved. To many Americans, the European debt crisis is a bit like the Asian bird flu of a few years back: a mystery virus that appears from nowhere and threatens to destroy us. To those of us who grew […]