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BlogWhy Macron Should Not (and Cannot) Follow the German Model
The Economist‘s analysis of Germany’s job market miracle of the past ten years offered in “What the German economic model can teach Emmanuel Macron” is more balanced than the usual accounts one hears in Germany itself. Germans are in love with the idea that structural reform of their labor market and persistent budgetary austerity were [...] -
Working Paper No. 891Stock-flow Consistent Macroeconomic Models
The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in macroeconomics, especially after the publication of Godley and Lavoie (2007), which provided a general framework for the analysis of whole economic systems, and the recognition […] -
Working Paper No. 890
On the Centrality of Redemption
The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that “money is what money does.” In this approach, monetary and mercantile mechanics are conflated, which leads to the conclusion that unconvertible monetary instruments are worthless. The financial […] -
Greek Economy to Grow Over 2 Percent in 2017, Papadimitriou Says
Bloomberg, May 11, 2017. All Rights Reserved. Greece is confident that the country’s economic output will exceed 2 percent in 2017 boosted by investments, privatizations and exports, Economy and Development Minister Dimitri Papadimitriou said. Read more: https://www.bloomberg.com/news/articles/2017-05-11/greek-economy-to-grow-over-2-percent-in-2017-papadimitriou-says -
Press ReleaseIncome Inequality in the United States Worsens with Each Postwar Economic Expansion, New Levy Institute Report Says
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EBRD Sees "Enormous Opportunities" in Greece
EBRD, May 11, 2017. All Rights Reserved. The EBRD has reiterated its support for Greece and sees “enormous opportunities” in the country. Alain Pilloux, the Bank’s Vice President, Banking, told a well-attended panel on the investment outlook for Greece: “We will continue to ramp up operations in Greece so that our contribution to economic recovery is maximised […] -
EBRD Sees “Enormous Opportunities” in Greece
DimitrI B. Papadimitrio comments on the economic outlook for Greece; estimates 2% growth in 2017. -
Minsky Conference: FDIC’s Hoenig Gives Keynote on Banking System Reform
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The Rock-Star Appeal of Modern Monetary Theory
The Nation, May 22–28, 2017. All Rights Reserved. In early 2013, Congress entered a death struggle—or a debt struggle, if you will—over the future of the US economy. A spate of old tax cuts and spending programs were due to expire almost simultaneously, and Congress couldn’t agree on a budget, nor on how much the […] -
Working Paper No. 889
The Dynamics of Government Bond Yields in the Eurozone
This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets to examine the major drivers of nominal yields of long-term government bonds in a set of 11 eurozone countries. Furthermore, autoregressive distributive lag (ARDL) methods […] -
The Rock-Star Appeal of Modern Monetary Theory
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Press Release
Trump Economic Policies Likely to Worsen rather than Solve Structural Weaknesses Undermining US Economic Growth, New Levy Institute Study Says