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"The Repeal of the Glass-Steagall Act and the Federal Reserve's Extraordinary Intervention during the Global Financial Crisis"

Nersisyan, Yeva - Levy Economics Institute - 2015

to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers … banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped create, the use of the … lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA …

Persistent link: https://www.econbiz.de/10011124865

"A Minskyan Road to Financial Reform"

Wray, L. Randall - Levy Economics Institute - 2011

system is to promote the "capital development" of the economy. By this he did not simply mean that banks should finance …

Persistent link: https://www.econbiz.de/10008854454

"Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?"

Sen, Sunanda; DasGupta, Zico - Levy Economics Institute - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010862118

"A Meme for Money"

Wray, L. Randall - Levy Economics Institute - 2012

This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives. That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually...

Persistent link: https://www.econbiz.de/10010627293

"Financial Markets"

Bibow, Jorg - Levy Economics Institute - 2011

This paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes's path-breaking insights into the role of liquidity and finance in "monetary production economies," Post Keynesian economics offers a refreshing alternative to mainstream...

Persistent link: https://www.econbiz.de/10008868037

"Measuring Macroprudential Risk: Financial Fragility Indexes"

Tymoigne, Éric - Levy Economics Institute - 2011

With the Great Recession and the regulatory reform that followed, the search for reliable means to capture systemic risk and to detect macrofinancial problems has become a central concern. In the United States, this concern has been institutionalized through the Financial Stability Oversight...

Persistent link: https://www.econbiz.de/10008854455

"Arresting Financial Crises: The Fed versus the Classicals"

Humphrey, Thomas M. - Levy Economics Institute - 2013

Nineteenth-century British economists Henry Thornton and Walter Bagehot established the classical rules of behavior for a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily illiquid but solvent borrowers only) against the security of...

Persistent link: https://www.econbiz.de/10011141195

"Lessons We Should Have Learned from the Global Financial Crisis but Didn't"

Wray, L. Randall - Levy Economics Institute - 2011

In this paper, I first quickly recount the causes and consequences of the global financial crisis (GFC). Of course, the triggering event was the unfolding of the subprime crisis; however, I argue that the financial system was already so fragile that just about anything could have caused the...

Persistent link: https://www.econbiz.de/10009220232

"Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization"

Caverzasi, Eugenio - Levy Economics Institute - 2014

The aim of this paper is to develop a structural explanation of the subprime mortgage crisis, grounded on the combination of two apparently incompatible financial theories: the financial instability hypothesis by Hyman P. Minsky and the theory of capital market inflation by Jan Toporowski. Our...

Persistent link: https://www.econbiz.de/10010757313

"Minsky Crisis"

Wray, L. Randall - Levy Economics Institute - 2011

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...

Persistent link: https://www.econbiz.de/10008868036