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Working Paper No. 896Minsky’s Financial Fragility
The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it builds an analytical framework to classify the firms operating in this sector into Minskyan risk categories and assess how financial fragility evolved over time, in […] -
Working Paper No. 895
Unemployment: The Silent Epidemic
This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment of the transmission mechanism and the existing pecuniary and nonpecuniary costs of unemployment suggests a fundamental shift in the policy responses to tackling joblessness. To […] -
Working Paper No. 894
An Inquiry Concerning Long-term US Interest Rates Using Monthly Data
This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within the autoregressive distributive lag (ARDL) framework, using monthly data and estimating a wide range of Keynesian models of long-term interest rates. While previous studies have […] -
MME, July 29, 2017
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«Ξένοι επενδυτές θεωρούν καταστροφή μια πρόωρη προσφυγή στις κάλπες»
efsyn.gr 29 Ιούλιος 2017. Με επιφύλαξη παντός δικαιώματος. Η πρώτη δοκιμαστική έξοδος στις αγορές «δεν πρέπει να προκαλεί ευφορία, αλλά αισιοδοξία για το μέλλον της χώρας» επισημαίνει ο Δημήτρης Παπαδημητρίου, αποδίδοντας στη Ν.Δ. ότι συγκρίνει «λεμόνια με πορτοκάλια». Ο υπουργός Οικονομίας και Ανάπτυξης χαρακτηρίζει, παράλληλα, «εφικτό και χρήσιμο, αν και όχι αναγκαίο» τον στόχο της […] -
Working Paper No. 893
The Neoclassicals’ Conundrum
Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith’s notion of value, his understanding of the economic individual and their interactions in society, his methodology, and the field of study he afforded to […] -
Dennis Wholey of This Is America & The World speaks with Greece’s Minister of Economy and Development, Dimitri Papadimitriou
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Policy Notes No. 3Why the Compulsive Shift to Single Payer?
The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare). However, according to Senior Scholar L. Randall Wray, it is Obamacare’s successes and its failures that have boosted support for a single-payer system. Even after […] -
BlogThe “German Problem” Is Not a Problem for Anyone to Worry About. Or Is It?
It took a very long time. Too long. But just in time for the recent G20 meeting in Hamburg on July 7-8, The Economist’s cover page story featured Germany’s persistent current account surpluses as the world community’ new “German problem”; supposedly an issue of foremost interest to the G20. In fact, Germany has run up [...] -
Policy Notes No. 2
The Concert of Interests in the Age of Trump
If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of the 1930s: that government regulation and fiscal policy are crucial in addressing changes in the economic and financial structure that have exacerbated the problems faced […] -
Working Paper No. 892
Understanding Financialization
Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and considers their relationship to that financialization literature. Part I addresses Minsky’s penetrating observations regarding what he called money manager capitalism. Part II outlines the powerful […] -
Greek Economy to Grow Over 2 Percent in 2017, Papadimitriou Says