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"ECB Worries/European Woes: The Economic Consequences of Parochial Policy"

Barbera, Robert J.; Holtham, Gerald - Levy Economics Institute - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10011141203

"The Euro Crisis and the Job Guarantee: A Proposal for Ireland"

Wray, L. Randall - Levy Economics Institute - 2012

Euroland is in a crisis that is slowly but surely spreading from one periphery country to another; it will eventually reach the center. The blame is mostly heaped upon supposedly profligate consumption by Mediterraneans. But that surely cannot apply to Ireland and Iceland. In both cases, these...

Persistent link: https://www.econbiz.de/10009645846

"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

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

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

"When Good Intentions Pave the Road to Hell: Monetization Fears and Europe's Narrowing Options"

Terzi, Andrea - Levy Economics Institute - 2014

With the creation of the Economic and Monetary Union and the euro, the national government debt of eurozone member … monetization" rule, the one embraced by the eurozone was special, as it also prevented monetization on the secondary market for … debt. This made all eurozone public debt defaultable--at least until the European Central Bank (ECB) announced the Outright …

Persistent link: https://www.econbiz.de/10010786627

"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

"Central Banking in an Era of Quantitative Easing"

Sheng, Andrew - Levy Economics Institute - 2011

This paper compares central banking in the era of Bagehot's Rule (1873) and the current era of quantitative easing (QE) and zero (or near-zero) interest rate policy (ZIRP) to suggest that our analytical frameworks need updating. It also proposes some rules for emerging-market central banks to...

Persistent link: https://www.econbiz.de/10009293979

"The Problem of Excess Reserves, Then and Now"

Todd, Walker F. - Levy Economics Institute - 2013

This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the "Fed") or a potential-ly inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative...

Persistent link: https://www.econbiz.de/10010659642

"Quantitative Easing and Proposals for Reform of Monetary Policy Operations"

Fullwiler, Scott; Wray, L. Randall - Levy Economics Institute - 2010

Beyond its original mission to "furnish an elastic currency" as lender of last resort and manager of the payments system, the Federal Reserve has always been responsible (along with the Treasury) for regulating and supervising member banks. After World War II, Congress directed the Fed to pursue...

Persistent link: https://www.econbiz.de/10008764966

"Innocent Frauds Meet Goodhart's Law in Monetary Policy"

Bezemer, Dirk; Gardiner, Geoffrey - Levy Economics Institute - 2010

This paper discusses recent UK monetary policies as instances of John Kenneth Galbraith's "innocent fraud," including the idea that money is a thing rather than a relationship, the fallacy of composition (i.e., that what is possible for one bank is possible for all banks), and the belief that...

Persistent link: https://www.econbiz.de/10008678209

"Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective"

Hein, Eckhard; Truger, Achim - Levy Economics Institute - 2013

The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...

Persistent link: https://www.econbiz.de/10010697208