Similar Search Results

"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

"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

"The Determinants of Long-Term Japanese Government Bonds' Low Nominal Yields"

Akram, Tanweer; Das, Anupam - Levy Economics Institute - 2014

During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless, long-term Japanese government bonds' (JGBs) nominal yields initially declined and have stayed...

Persistent link: https://www.econbiz.de/10010936556

"Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed's Bailout, and the Future"

Wray, L. Randall - Levy Economics Institute - 2012

This paper provides a quick review of the causes of the Global Financial Crisis that began in 2007. There were many contributing factors, but among the most important were rising inequality and stagnant incomes for most American workers, growing private sector debt in the United States and many...

Persistent link: https://www.econbiz.de/10010539728

"From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy"

Wray, L. Randall - Levy Economics Institute - 2014

This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and...

Persistent link: https://www.econbiz.de/10010754647

"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

"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

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

Hudson, Michael - Levy Economics Institute - 2010

getting banks lending to Americans again—households and firms—the money is going abroad, through arbitrage interest …

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

"A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics"

Bibow, Jorg - Levy Economics Institute - 2010

This paper critically assesses the rise of central bank independence (CBI) as an apparent success story in modern monetary economics. As to the observed rise in CBI since the late 1980s, we single out the role of peculiar German traditions in spreading CBI across continental Europe, while its...

Persistent link: https://www.econbiz.de/10008679841

"Keynes after 75 Years: Rethinking Money as a Public Monopoly"

Wray, L. Randall - Levy Economics Institute - 2011

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the...

Persistent link: https://www.econbiz.de/10008868035