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BlogYes, Casey, there is an aggregate demand problem
mul·li·gan noun /ˈməligən/ mulligans, plural A stew made from odds and ends of food (in informal golf) An extra stroke allowed after a poor shot, not counted on the scorecard Casey Mulligan responds to a Paul Krugman post deliciously entitled “The General Theory of Anti-Mulliganism.” Never mind for the moment that Mulligan’s claim that Krugman admits [...] -
Blog
The Shrinking Frontiers of the Possible
Joe Nocera’s musings about Kurzarbeit aside, it is not the case that what we need right now are more and newer ideas for increasing growth and jobs. We do not have a scarcity of such policy ideas. What we are lacking are the political institutions that would allow us to carry any of them out. [...] -
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Tcherneva on Stupidity and Self-Inflicted Pain
Research Associate Pavlina Tcherneva was interviewed by Ian Masters for his “Background Briefing” about S&P’s downgrade, the distressing new State of America’s Children report, and our misguided focus on debt rather than growth and jobs. “If you take care of the economy, the debt and the deficits take care of themselves.” -
Press ReleaseLevy Economics Institute Senior Scholar Jan Kregel Elected to Prestigious Italian Science Academy
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Wray Responds to Krugman
L. Randall Wray has responded in the Huffington Post to Paul Krugman’s latest criticism of Modern Money Theory. In addition to taking issue with the usefulness of Krugman’s historical example (France after WWI), Wray discusses the evolution of MMT and the manner in which it has benefited from the rise of social media. Update: Krugman’s [...] -
L. Randall Wray Interviewed by Ian Masters on KPFK FM 90.7 – Los Angeles
New Economic Perspectives, August 13, 2011. Copyright © 2010 KPFK. All Rights Reserved. Senior Scholar Wray joins Masters for a macroeconomic analysis of adverse economic trends at home and abroad amid dire predictions of a double-dip recession in the United States and defaults in Europe, connecting the dots to see if we are indeed at […] -
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Galbraith Prods the Long-Term Deficit Narrative
Senior Scholar James Galbraith’s recent article in The New Republic (“Stop Panicking About Our Long-Term Deficit Problem. We Don’t Have One”) has sparked some reactions from Paul Krugman and Arnold Kling (JG responds briefly to the latter in comments). Galbraith, jumping off from his Levy Institute policy note, argues that there is a certain marked [...] -
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If this was a recovery…
It remains to be seen if the stock market collapse of the past three weeks or so will be followed by very bad GDP numbers and renewed job losses. How far did the recovery from the Great Recession get before the big relapse of stock-market volatility? A new Levy Institute one-pager features some graphs that [...] -
Working Paper No. 681Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
This paper begins by recounting the causes and consequences of the global financial crisis (GFC). The triggering event, of course, was the unfolding of the subprime crisis; however, the paper argues that the financial system was already so fragile that just about anything could have caused the collapse. It then moves on to an assessment […] -
Working Paper No. 681
Μαθήματα που θα έπρεπε να παίρναμε από την παγκόσμια χρηματοοικονομική κρίση αλλά δεν το κάναμε
Η εργασία αυτή ξεκινάει μετρώντας ξανά τα αίτια και τις συνέπειες της παγκόσμιας χρηματοοικονομικής κρίσης (ΠΧΚ). Το γεγονός που πυροδότησε την κρίση ήταν, φυσικά, το ξεδίπλωμα της κρίσης στα στεγαστικά δάνεια υψηλού κινδύνου (subprimes). Εντούτοις, το άρθρο υποστηρίζει ότι το χρηματοοικονομικό σύστημα ήταν ήδη τόσο εύθραυστο που σχεδόν οτιδή̟ποτε θα μπορούσε να είχε προκαλέσει την […] -
One-Pager No. 12Not Your Father’s Recession
President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen make the case that the recession has turned into a prolonged and very unusual slump in growth, preventing a labor-market recovery—and the government lags far behind in creating the new jobs needed to deal with this disaster. -
One-Pager No. 12
Δεν πρόκειται για τη συνηθισμένη ύφεση
Ο πρόεδρος Δημήτρης Β. Παπαδημητρίου και ο Μελετητής Έρευνας Greg Hannsgen επιχειρηματολογούν ότι η οικονομική υποχώρηση έχει μετατρα̟πεί σε μια παρατεταμένη και πολύ ασυνήθιστη κάμψη της ανάπτυξης, αποτρέποντας μια ανάκαμψη της αγοράς εργασίας—και η κυβέρνηση βρίσκεται πολύ ̟πίσω στην προσπάθεια της δημιουργίας των νέων θέσεων εργασίας που απαιτούνται για να αντιπετωπιστεί αυτή η καταστροφή.