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BlogThe Limits of Pump Priming
Here’s one fairly standard reading of our economic policy challenge: the economy needs more pump priming, the federal government has more than enough fiscal space to provide it, but for political reasons it won’t be forthcoming. (If you needed further evidence of that last proposition, take a look at the latest House Republican job creation [...] -
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Levy President on the Eurozone Contagion
“You cannot solve the problem with this level of financing. It’s not possible.” Dimitri Papadimitriou, interviewed yesterday for Ian Masters’ “Background Briefing,” gets to the heart of the matter on the shortcomings of the proposals for resolving the eurozone crisis that are currently on the table. Papadimitriou argues that we’re likely looking at a default [...] -
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Levy Scholars to Advise on Fed Reform
The office of Senator Bernie Sanders (Independent – Vermont) has announced the formation of a panel tasked with drafting legislation to reform the Federal Reserve. Levy Senior Scholars Randall Wray and James Galbraith and Research Associate Stephanie Kelton have been named to the team. Wray’s recent brief on the Federal Reserve, co-authored with Scott Fullwiler [...] -
The Eurozone Punts as the Crisis Deepens
October 23, 2011. Copyright © 2011 KPFK. All Rights Reserved. Pacific Radio host Ian Masters interviews President Dimitri B. Papadimitriou about the looming crisis in the eurozone, the inadequacy of current proposals to resolve it, and the real possibility of contagion on this side of the pond. Full audio of the interview is available here. -
One-Pager No. 16Beyond Pump Priming
The American Jobs Act now before Congress relies largely on a policy of aggregate demand management, or “pump priming”: injecting demand into a frail economy in hopes of boosting growth and lowering unemployment. But this strategy, while beneficial in setting a floor beneath economic collapse, fails to produce and maintain full employment, while doing little […] -
Taxing the Wealthy Will Not Kill Jobs
Multiplier Effect, October 21, 2011 I study the distribution of wealth and income here at the Levy Institute, so I read the first five hundred words of Robert Samuelson’s Washington Post column on inequality (“The Backlash against the Rich,” October 9th) with interest and approval. But I knew it couldn’t last. Once Samuelson gets beyond […] -
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Taxing the wealthy will not kill jobs
I study the distribution of wealth and income here at the Levy Institute, so I read the first five hundred words of Robert Samuelson’s Washington Post column on inequality (“The backlash against the rich,” Oct. 9th) with interest and approval. But I knew it couldn’t last. Once Samuelson gets beyond description and attempts explanation and [...] -
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40 Million Pennies for Your Thoughts
Are you a reclusive economist-savant who happens to know how a member state might be able to exit the European Monetary Union in an orderly fashion? Would your idea appeal to a center-right British think tank? If so, you need to shave your beard and put in for the Wolfson Prize (don’t worry, with the [...] -
Report No. 3
Report October 2011
In this issue of the Report, papers focus on the prospects for US economic growth, including public-sector job initiatives; the eurozone’s sovereign-debt crisis; economic tensions between emerging market and industrialized economies; the role of global finance in real-world economies; the impact of fiscal policy on economic recovery; and estimating the Levy Institute Measure of Economic […] -
Marshall Auerback: Gold and Silver Opportunities in Turbulent Times
Business Insider, October 19, 2011. Copyright © 2011 Business Insider, Inc. All rights reserved. The Gold Report: Many of the resource companies in Pinetree Capital’s investment portfolio are gold companies. Gold went from above $1,900/ounce (oz.) in early September to around $1,600/oz. currently. Now, European central banks have sold 1.1 million metric tons of gold […] -
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The Vampire Squid of Wall Street Is Hemorrhaging
(cross posted at EconoMonitor) Government Sachs posted its second quarterly loss since it went public in 1999. No doubt that has sent Washington scrambling to try to plug the leak. (Wouldn’t it be fun to listen in on Timothy Geithner’s incoming phone calls from 200 West Street, NYC, today?) Lloyd “doing God’s work” Blankfein blamed [...] -
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Tcherneva on the Radio
Pavlina Tcherneva was interviewed recently on Wisconsin Public Radio’s “At Issue” with Ben Merens and took questions from listeners. She argues that while there are plenty of good job creation ideas available, it is ultimately the toxic political environment that is holding us back. Beginning at the 33:54 mark, responding to a question about payroll [...]