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BlogHaircut Failure
C. J. Polychroniou delivers his verdict on the recent eurozone “haircut” deal for Greece (that already looks likely to fall apart given yesterday’s news that Papandreou will submit the plan to a sure-to-be-defeated referendum). In this new one-pager, he highlights a number of elements that make the deal destined for failure—even if the referendum were [...] -
One-Pager No. 17
Greece in the Aftermath of the Debt Haircut
It is a well-recognized fact that the Greek economy has been going from bad to worse since the first bailout in May 2010, and a leaked document relating to the bailout talks ahead of last week’s EU summit openly admitted that the policy of expansionary fiscal consolidation had been a blatant failure. So why did […] -
One-Pager No. 17
Η Ελλάδα μετά το κούρεμα χρέους
Είναι καλά αναγνωρισμένο γεγονός ότι, μετά από το πρώτο σχέδιο διάσωσης του Μαίου 2010, η ελληνική οικονομία πηγαίνει από το κακό στο χειρότερο, και η έκθεση της τρόικας που διέρρευσε πριν από την σύνοδο κορυφής της ΕΕ της περασμένης εβδομάδας παραδέχτηκε ανοικτά ότι η συρρίκνωση της επεκτατικής δημοσιονομικής πολιτικής έχει, ως μέτρο, αποτύχει οικτρά. Οπότε, […] -
Blog
GDP growth and U.S. exports
This post provides our latest update of the quarterly figures for the real and nominal GDP of U.S. trading partners (1970q1-2016q4), which were presented a few years ago in a Levy Institute working paper and have now been updated to the second quarter of 2011, with predictions up to 2016 based on the latest IMF [...] -
Blog
Austerity Still Not Expansionary
At Eurointelligence, Rob Parenteau digs into a recently-leaked “Troika” (the IMF, European Central Bank, and European Commission) document that discusses the outlines of a Greek debt restructuring deal. Among the revelations Parenteau extracts from the document is evidence of a growing willingness to concede that fiscal consolidation is not expansionary. As Parenteau comments: In 2009 [...] -
Blog
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Blog
Money and the Public Purpose: The Modern Money Theory Approach
[The following is the text of my keynote presentation delivered October 20th at “The Capitalist Mode of Power: Past, Present, Future,” a conference that took place at York University in Toronto.] Back in 1997 I was finishing up my book titled Understanding Modern Money and I sent the manuscript to Robert Heilbroner to see if [...] -
Working Paper No. 694Reducing Economic Imbalances in the Euro Area
This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances. Our analysis rests, first, on the accounting identities of the public, […] -
Blog
The Status Quo: Fiscal Contraction
Ryan Avent digs into the latest GDP numbers at Free Exchange and lays out a set of facts that ought to be drilled into the heads of the public and every opinion-maker: fiscal policy, particularly when you factor in state and local governments, has basically been either null or contractionary for almost two years now. [...] -
Blog
Galbraith: Short-Term Stimulus Not Good Enough
James Galbraith, interviewed by Henry Blodget, suggests that more “stimulus,” if this means a program that will run out in a couple of years, is not sufficient. What we need, he insists, is something more like a “strategic plan” for the next 10-15 years, investing in growth and dealing with problems like energy, climate change, [...] -
Blog
Finance Matters
Today in the New Yorker John Cassidy asks “where is the new Keynes”? Where, in other words, are the new ideas that have emerged from this historic economic crisis? While there is nothing, he insists, comparable to a new Keynesianism, there has been a rediscovery of some “important ideas.” The first: 1. Finance matters. This [...] -
Blog
Eurozone Myth Busting
Research Associates Marshall Auerback and Rob Parenteau have a long piece up at Naked Capitalism taking on the lazy anthropology that poses as economic analysis regarding Greece and the euro zone crisis. With respect to the image of Greeks lolling about living off an absurdly generous dole at the expense of frugal Germans, they provide [...]