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"The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity"

Dubois, Robert - Levy Economics Institute - 2012

struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

Persistent link: https://www.econbiz.de/10009652087

"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

Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial...

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

"The Central Bank 'Printing Press': Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis"

Hannsgen, Greg; Papadimitriou, Dimitri B. - Levy Economics Institute - 2010

In recent years, the US public debt has grown rapidly, with last fiscal year's deficit reaching nearly $1.3 trillion. Meanwhile, many of the euro nations with large amounts of public debt have come close to bankruptcy and loss of capital market access. The same may soon be true of many US states...

Persistent link: https://www.econbiz.de/10008752900

"Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?"

Tcherneva, Pavlina R. - Levy Economics Institute - 2010

This paper examines Federal Reserve Chairman Ben Bernanke’s recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his academic and in his policy work, Bernanke has made the case that monetary policy is able to stem...

Persistent link: https://www.econbiz.de/10008692304

"The Crisis of Finance-dominated Capitalism in the Euro Area: Deficiencies in the Economic Policy Architecture and Deflationary Stagnation Policies"

Hein, Eckhard - Levy Economics Institute - 2012

In this paper the euro crisis is interpreted as the latest episode in the crisis of finance-dominated capitalism. For 11 initial Euro area countries, the major features of finance-dominated capitalism are analyzed; specifically, the increasing inequality of income distribution and the rising...

Persistent link: https://www.econbiz.de/10010583878

"The Euro and Its Guardian of Stability--The Fiction and Reality of the 10th Anniversary Blast"

Bibow, Jorg - Levy Economics Institute - 2009

This paper investigates why Europe fared particularly poorly in the global economic crisis that began in August 2007. It questions the self-portrait of Europe as the victim of external shocks, pushed off track by reckless policies pursued elsewhere. It argues instead that Europe had not only...

Persistent link: https://www.econbiz.de/10008509462

"US 'Quantitative Easing' Is Fracturing the Global Economy"

Hudson, Michael - Levy Economics Institute - 2010

The Federal Reserve's quantitative easing is presented as injecting $600 billion into "the economy." But instead of getting banks lending to Americans again—households and firms—the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight....

Persistent link: https://www.econbiz.de/10008753400

"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

"Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications"

Tymoigne, Éric - Levy Economics Institute - 2010

discussed is not appropriate to promoting financial stability. Improving capital and liquidity buffers will not advance economic …

Persistent link: https://www.econbiz.de/10008692982

"What Do Banks Do? What Should Banks Do?"

Wray, L. Randall - Levy Economics Institute - 2010

Before we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky at the Levy Institute, on his project titled "Reconstituting the United States' Financial Structure." This led to a number of...

Persistent link: https://www.econbiz.de/10008466323