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"Uncertainty and Contradiction: An Essay on the Business Cycle"
Nikiforos, Michalis - Levy Economics Institute - 2013
This paper presents a discussion of the forces at play behind the economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is the result of two separate phenomena. On the one hand, there is the instability caused by the...
Persistent link: https://www.econbiz.de/10010862117
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"Measuring Macroprudential Risk through Financial Fragility: A Minskyan Approach"
Tymoigne, Eric - Levy Economics Institute - 2012
framework developed by Hyman P. Minsky, the paper focuses on the risk of amplification of shock via a debt deflation instead of … the risk of a shock per se. Thus, instead of focusing on credit risk, for example, financial fragility is defined in … the risk of debt deflation induced by a shock if no government intervention occurs. In the context of housing finance …
Persistent link: https://www.econbiz.de/10010546930
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"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
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"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
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"Post-Keynesian Institutionalism after the Great Recession"
Whalen, Charles J. - Levy Economics Institute - 2012
This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then...
Persistent link: https://www.econbiz.de/10010548940
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"Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution"
Hannsgen, Greg - Levy Economics Institute - 2012
Recently, some have wondered whether a fiscal stimulus plan could reduce the government's budget deficit. Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other...
Persistent link: https://www.econbiz.de/10010555924
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"Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility"
Tymoigne, Eric - Levy Economics Institute - 2010
Different frameworks of analysis lead to different conceptions of financial instability and financial fragility. On one side, the static approach conceptualizes financial instability as an unfortunate byproduct of capitalism that results from unpredictable random forces that no one can do...
Persistent link: https://www.econbiz.de/10008542711
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"Imbalances? What Imbalances? A Dissenting View"
Wray, L. Randall - Levy Economics Institute - 2012
pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium …
Persistent link: https://www.econbiz.de/10010627286
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"A Contribution to the Theory of Financial Fragility and Crisis"
Bhaduri, Amit - Levy Economics Institute - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10008671829
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"The Socialization of Investment, from Keynes to Minsky and Beyond"
Bellofiore, Riccardo - Levy Economics Institute - 2014
An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...
Persistent link: https://www.econbiz.de/10011100492