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Miguel has experience on public policy advise for emerging business models and high-growth companies. Licenciado en Derecho. Ha desarrollado su carrera creando puentes de entendimiento entre empresas, comunidades y gobiernos. From his position, he leads the external and internal communication of the largest group of holiday rental websites in the world with brands such as HomeAway, Homelidays, Abritel, Fewo-Direkt, Owners Direct or Toprural among others. Journalist, writer, speaker, and analyst of trends and new concepts in tourism.

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A regular speaker at hotel and tourism meetings in Spain, Portugal, and Latin America, he has participated in more than events since he started his professional career. In addition to that, he is visiting professor at forums and universities in Spain and abroad Greece, Chile, Italy and run his own seminars about tourism innovation, called hotel Emprendedor e inversor. Research Director at Ideas for Change. She leads the Research Lab at Ideas for Change, a think tank and consultancy firm advising cities, businesses and institutions on innovation, open and collaborative strategies, civic tech, and exponential growth see our frameworks pentagrowth and The Bristol approach.

She is also a project manager at the Fab Lab Barcelona where she coordinates Making Sense, a European project that seeks to empower citizens through personal digital manufacturing applied to the design of environmental sensors. Alejandro is also arbitrator for the World Intellectual Property Organization to resolve disputes concerning domain names and trademarks. Lecturer and professor at different universities and business schools and Director of the Startup Lawyers Program at Instituto de Empresa. Director of Communication at B Lab Europe. En el exterior es destinada como Primer Secretario Comercial en la Embajada de Lisboa, desde el hasta el Digital Economy Director at Red.

His main challenge is to foster the digital transformation and to develop entrepreneurship ecosystems in the digital sector. She serves as adviser in public policies and in the regulation of electronic communications. She is currently working at the Department of Enterprise services, and serves as an adviser to the Enterprise Secretary, who is president of the interdepartmental commission for the development of sharing economy, created by the Catalan Government in April 5th, From she serves as an external collaborator and invited professor at ESADE Business School, where she focuses on trends and communications market regulation within the master in law about new technologies and intellectual property.

She has devoted her last three years to the study and analysis of sharing economy and its impact on, and challenges to, public administrations. OnFire and Tutellus co-founder since Communications Director at Triodos Bank Spain. She joined the bank in and she has actively contributed to the visibility and development of the brand in Spain. She has wide working experience in corporate communication management, editing and press office in NGO, just us editorial office in newspapers and magazines in Spain and the Dominican Republic. She is also a practising attorney, advising businesses, startups and entrepreneurs related to online platforms and the collaborative and on-demand economy business models.

Jose Luis is co-founder of UnLtd Spain, with headquarters in the UK, presence in 10 countries and having supported Asimismo es fundador del blog startupscolaborativas. MBA Economist specialized in sharing economy and a pioneer in the construction of peer-to-peer connected ecosystems. Co-founder and CEO of Thinkeers, think tank specialized in digital transformation. Co-founder of Yottotel and YottaHost. Founding member of the Spanish Association of Transhumanists. Member of Clubez, at the newspaper Bez.

Experience in building P2P communities and designing digital transformation projects. Contributor in different media and expert moderator in digital models business meetings. He has a personal blog. Journalist specialising in new economy at Adigital. She is a journalist specialising in new economies and social innovation. She has worked for several media outlets mainly radio stations and online publications as well as in corporate communication. During his career as an economist, he has worked in the areas of competition policy, economic regulation, applied economics and public policies.

Before joining the Spanish Competition and Markets Authority, he worked as an economist at Economic Consulting Associates, a private firm based in London and specialized in providing economic consultancy services in sectorial regulation. Prior to that, he worked for five years as an economist at the former Spanish Competition Authority, in the Market Studies Unit.

Previously, he had worked over three years at Tomillo Centre for Economic Studies, specialized in public sector economic consultancy, and also at the Lawrence R. The results of this joint work will directly benefit the economy and citizens, fostering employment and entrepreneurship. In he created the Digital Agency 4One, specialized in e-commerce and development of new business models. He is considered a foodie, obsessed by local markets and products, and he is the creator of several consumer groups. Since the deregulation of the mobile sector in Spain in Jaime has actively participated in the launch of several MVNOs.

In he creates Suop Mobile, as an entrepreneurial vital response to the lack of transparency and honesty in a sector that year after year receives the highest amount of complaints. Suop is the proof that a new customer centric mobile operator focused on the values of transparency and collaboration is posible.

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In , she joined Invest in Spain, promoting the country as an attractive destination for foreign direct investment. Currently, Carolina coordinates the promotion area of Enisa, a state-owned company under the auspices of the Ministry of Economy, Industry and Competitiveness.

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ENISA promotes the creation, growth and consolidation of Spanish companies, actively participating in the financing of viable and innovative business projects and stimulating the venture capital market through participative loans. He regularly participates as a lecturer in conferences in Europe and America. His research area is focused in the relation among people and companies when sharing intuitively values.

Consultant specialized in e-commerce, on-demand models and sharing economy and new business models in the energy industry. Co-Founder of EnergytechSpain the first annual energy conference focus on new opportunities to disrupt the energy ecosystem. He has worked as communication and strategy advisor for several ministers, mayors, senior officials, executives and managers of companies, and in many educational, cultural and international organizations. Now is consultant in public affairs, strategy and digital society. He currently works as external advisor in public affairs of the Spanish Startups Association among other organizations and political and social leaders.

Renewable Energies campaigner at Greenpeace Spain. She has been working during more than a decade on the conviction that energy can be the backbone of the needed social and environmental change via a fair, renewable, efficient, mart energy model in the hands of people. First from the research about new materials for photovoltaic energy and then from activism in spaces such as Greenpeace, the Mar Blava Alliance or the Renewables Foundation. Especially focused on initiatives that holistically address three of the major flaws in our political-economic systems intertwined with each other: climate change, extreme inequality and corruption.

Professor of Economics at the Complutense University. Attorney, Arbitrator and Bankruptcy Administrator. Since , he actively collaborates with companies in the tourist accommodation sector in the defense of their interests and has represented them in the process of allegations for the drafting of the various tourist accommodation regulations at regional level, as well as defended in the Judicial proceedings that have led to the declaration of nullity of the Decrees of the Region of Madrid and the Canary Islands.

He has participated in sectoral Forums and in several Mass Media always in defense of the interests of the Sector of the houses of tourist use. Director at Juan de Mariana Institute. Chief Marketing Officer at The Valley. Director of Entrepreneurship at Microsoft Iberia. Mentor en Impact Accelerator y Conector. Member of the Assembly of Madrid by Ciudadanos.

Now he has joined CARTO to pursue his true passion, technology and innovation, while he helps companies in their transition to become more data driven through location intelligence and data. Editor-in-Chief of the Economy at Libertad Digital. Public Affairs Associate at Kreab Iberia. Calle de Luchana, 38 — Madrid. Before joining Adigital, Ana worked at Red.

Among other international events, such as Outthink , FashTech Conference or the eGaming Awards contests, Alberto Lario has been responsible for the corporate and web design of the latest editions of the European Ecommerce Conference. Thanks for making this first edition a success!! Carina Szpilka. Juanma Nieto. Mariano Silveyra. Country Manager Cabify Spain. Ildefonso Pastor.

Public Policy Manager at Uber. Luis Cueto. Deposit inflows have continued, in part offsetting the deposits lost between the end of and the middle of Moreover, the sectoral allocation of credits has not substantially shifted towards export-oriented sectors since , suggesting that banks are not facilitating internal rebalancing. To some extent, these developments are cyclical: the weak economic environment means banks are attaching higher credit risk to SMEs.

But there is also a more structural explanation. This is acting as a barrier to new lending to higher- growth sectors. Unfortunately, this problem is in part being created by government policy. The ongoing moratorium on auctioning the properties of debtors in default has slowed down resolution of NPLs and balance sheet restructuring.

This deterioration in the payment culture, even if it helps individuals on a micro level, is deeply damaging to the economy as a whole. If it continues, it will ultimately lead to higher costs for banks, new recapitalisation needs and further constrictions in bank lending. In my view, to restart lending to the real economy, this self-fulfilling cycle must be broken. I welcome the fact that the Greek authorities have established an inter-agency working group to identify ways to improve the effectiveness of debt resolution processes.

Its priority should be to establish a time-bound framework to facilitate the settlement of borrower arrears using standardised protocols. This would help to remove expectations about future debt relief, and as such, remove the debilitating moral hazard this is creating. Otherwise, the ultimate result would be that excessively high risk premia become structural and choke off investment and job creation - thus punishing the whole of society for the actions of those in strategic default.

The third challenge for growth is to attract higher foreign investment. This is important to add momentum to the recovery in the short term, while also increasing the capital and knowledge base of the Greek economy over the medium term. Indeed, before the crisis, investment in knowledge-based capital in Greece was among the lowest in the euro area. From the available signals, there seems to be significant investor interest in Greece. But anecdotal evidence suggests that foreign interest in the real economy is also growing, with several multinational companies announcing plans to increase their output at Greek units in the coming years.

To maximise such investments, I see three actions as key. First, the authorities need to redouble their efforts to improve the business environment. Product and labour market flexibility is certainly a part of this, but there is also a wider challenge related to reducing bureaucracy, red tape and corruption. Progress has been made in these areas but Greece still ranks second to last among euro area countries on the World Bank's Ease of Doing Business Index. Second, foreign investment would naturally rise if privatisation were increased. In only 0.

Yet the example of the Port of Piraeus shows what well-targeted privatisation can achieve. Third, it is crucial for foreign investors that uncertainty about Greece's medium-term outlook is dispelled. The greatest source of such uncertainty in the past was persistent questions about Greece's place in the euro area, but thanks to the joint efforts at the European and national levels, this seems to have significantly declined over the last year. The main source of uncertainty today is the continued commitment of the authorities to the programme.

I therefore trust that the authorities will do everything possible to remove such doubts. Let me conclude. Greece has made tremendous progress in recent years to close its fiscal deficit. By any standards, what has been achieved is remarkable. But the process of restoring sustainability and growth in Greece is not yet complete - and neither is the progress so far secured. If the authorities fail to address the remaining challenges, they will put at risk what has already been achieved. In other words, Greece today stands at a crossroads. In the one direction lies the path of difficult choices.

This is the steep and thorny way, and it requires great commitment to negotiate, but it is the one that will lead to a reformed state, a sustainable economy and justice between generations. In the other direction lies the path of easy answers. This path is littered with false alternatives, such as recurrent proposals for debt restructuring.

To some, debt restructuring or larger haircuts on government bonds may seem politically attractive. But such practices can only be a last resort. They are by no means a sustainable option to ease a government's financial obligations. They would not help to promote fiscal discipline and could create higher costs in the long run. And they would do nothing to address the fundamental weaknesses in the Greek economy. In short, the path of easy answers leads to stagnation, decline and an over-burdening of the young and future generations. From what I see today, I trust that the Greek people know which path they need to take.

Responsible choices and reliability are the preconditions for solidarity. Greece has already received support from other euro area countries equivalent to 17, euro per Greek citizen. And, provided that it complies with the programme, those countries are committed to supporting Greece until it regains market access. In short, all the conditions are present for Greece to return to prosperity - and for the sake of both current and future generations, I trust that Greece will make the most of them.

In prepared remarks for a speech at the Minsky Conference in Athens organised by the Levy Economics Institute, Mersch urged the continued efforts of the Greek government to tackle tax evasion, attract foreign investment and increase internal competitiveness. This will reduce the burden that will be passed to future generations," Mersch said "And I recognise that in doing so, current generations have made considerable sacrifices.

And fiscal sustainability - and hence intergenerational justice - is not yet assured," he added. BOSTON — With the financial crisis and Great Recession still a raw and painful memory, many economists are asking themselves whether they need the kind of fundamental shift in thinking that occurred during and after the Depression of the s. We have to accept the intellectual challenge. If the economics profession takes on the challenge of reworking the mainstream models that famously failed to predict the crisis, it might well turn to one of the few economists who saw it coming, Wynne Godley of the Levy Economics Institute.

Godley, unfortunately, died at 83 in , perhaps too soon to bask in the credit many feel he deserves. But his influence has begun to spread. Martin Wolf, the eminent columnist for The Financial Times, and Jan Hatzius, chief economist of global investment research at Goldman Sachs, borrow from his approach. Several groups of economists in North America and Europe — some supported by the Institute for New Economic Thinking established by the financier and philanthropist George Soros after the crisis — are building on his models. In a study, Dirk J. Bezemer, of Groningen University in the Netherlands, found a dozen experts who warned publicly about a broad economic threat, explained how debt would drive it, and specified a time frame.

But Mr. Bezemer said. It was far from a first for Mr. That March, Mr. Godley and L. Why does a model matter? Bezemer says. Other economists can use it. They cannot so easily clone intuition. Godley was relatively obscure in the United States. Mainstream models assume that, as individuals maximize their self-interest, markets move the economy to equilibrium. Booms and busts come from outside forces, like erratic government spending or technological dynamism or stagnation.

Banks are at best an afterthought. The Godley models, by contrast, see banks as central, promoting growth but also posing threats. Households and firms take out loans to build homes or invest in production. But their expectations can go awry, they wind up with excessive debt, and they cut back. Markets themselves drive booms and busts. Why did Mr. Godley, who had barely any formal economics training, insist on developing a model to inform his judgment? His extraordinary efforts to overcome a troubled childhood may be part of the explanation. His parents separated bitterly. Despite all that, Mr.

Godley, with his extraordinary talent, still managed to achieve worldly success. He graduated from Oxford with a first in philosophy, politics and economics in , studied at the Paris Conservatory, and became principal oboist of the BBC Welsh Orchestra. Moving to the British Treasury in , he rose to become head of short-term forecasting. He was appointed director of the Department of Applied Economics at Cambridge in They killed the policy group he headed and, ultimately, the Department of Applied Economics.

But after warning of a crash of the British pound in that took official forecasters by surprise, Mr. Marc Lavoie of the University of Ottawa collaborated with Mr. In mainstream economic models, individuals are supposed to optimize the trade-off between consuming today versus saving for the future, among other things. To do so, they must live in a remarkably predictable world. Godley did not see how such optimization is conceivable. There are simply too many unknowns, he theorized. Instead, Mr. Godley built his economic model around the idea that sectors — households, production firms, banks, the government — largely follow rules of thumb.

For example, firms add a standard profit markup to their costs for labor and other inputs. They try to maintain adequate inventories so they can satisfy demand without accumulating excessive overstock. If sales disappoint and inventories pile up, they correct by cutting back production and laying off workers. In mainstream models, the economy settles at an equilibrium where supply equals demand. To Mr. Godley, like some Keynesian economists, the economy is demand-driven and less stable than many traditional economists assume.

Instead of supply and demand guiding the economy to equilibrium, adjustments can be abrupt. If rules of thumb suggest to households, firms, or the government that borrowing, debt or other things have gone out of whack, they may cut back. Or banks may cut lending. The high-flying economy falls down. Godley and his colleagues expressed just this concern in the mids. In April , they plugged Congressional Budget Office projections of government spending and healthy growth into their model.

For these to be borne out, the model said, household borrowing must reach 14 percent of G. For all Mr. He applauded their realism, especially the way they allowed sectors to make mistakes and correct, rather than assuming that individuals foresee the future. Godley on a model of the American economy, concedes that he and his colleagues still need to develop better ways of describing how a financial crisis will spread. But he said the Godley-Lavoie approach already is useful to identify unsustainable processes that precede a crisis. And in a much more violent way, because debt would have piled up even more.

Lavoie says that one of the models he helped develop does make a start at tracing the course of a crisis. This is just the direction that economists building on Mr. In the meantime, Mr. In Mr. Godley and Dr. Lavoie published a prescient model of euro zone finances, envisioning three outcomes: soaring interest rates in Southern Europe, huge European Central Bank loans to the region or brutal fiscal cuts. In effect, the euro zone has cycled among those outcomes. So what do the Godley models predict now? A recent Levy Institute analysis expresses concern not about serious financial imbalances, at least in the United States, but weak global demand.

Click here for the full article. The recently passed Senate bill—S. We find that immigration has been a major driver of growth in the United States, the euro area, and the United Kingdom. Specifically, we find that about one-third of the growth in these economies over the past decade can be attributed to immigration. Stated bluntly, the average immigrant appears to have contributed roughly as much to GDP as the average person in the domestic-born population.

We also find that a more rapid pace of immigrant inflows in the decades ahead will result in a corresponding increase in the level and growth rate of GDP. Legalization would lead to increased benefit payouts for social insurance programs, since it would make a portion of the currently undocumented population eligible for benefits. At the same time, bringing undocumented immigrants into the legal labor pool would boost capital accumulation in the U.

Compared to legal immigrants, undocumented workers end up sending more of their savings back to their home countries as remittances. Moreover, offering a path to legal immigration status should increase labor productivity as newly legalized immigrants become able to better match their skills to the jobs available without having to maneuver through the shadows of the grey labor market. When we ran the numbers on a scenario in which 50 percent of undocumented immigrants became legal immigrants, the positive effects of the former outweighed the costs of the latter, leading to net benefits in the form of overall increases in capital stock, output, consumption, and labor productivity.

These positive macroeconomic effects would also feed into improvements in the finances of the social insurance system. As a result, the overall costs to the system would ultimately be negligible: in order to support new beneficiaries, Social Security and unemployment insurance tax rates would need to increase by only 0.

Moreover, for the sake of simplicity we assumed that all currently undocumented immigrants pay into Social Security and unemployment insurance. Macroeconomic improvements would be fairly modest, amounting to around one- to two-tenths of 1 percent for many measures, the report said.

We cannot reasonably oppose comprehensive immigration reform on the basis of the alleged economic burden of offering a pathway to citizenship. Even when we isolate this most controversial element of reform, maintaining the status quo is the most costly option. All rights reserved. Economic Policy for the 21st Century. In the Media July Is a Job Guarantee Possible in America? View More View Less. By Bianca Facchinei Newsy, July 6, All Rights Reserved. Employment Policy and Labor Markets. Though official unemployment numbers are currently low, there are still many who feel they have been left behind.

In the Media June Americans are drowning in student-loan debt. The U. In the Media May In the Media April Remember Quantitative Easing? The next recession will likely force the Federal Reserve to once again buy up large amounts of assets to boost the supply of money and stimulate the economy, a move that nearly a decade ago was considered drastic and unconventional, according to Boston Federal Reserve President Eric Rosengren MarketWatch, April 19, Rosengren said Wednesday CNBC, April 19, By Christopher Condon Bloomberg, April 19, By Jonathan Spicer Reuters, April 19, Federal Reserve should begin shedding its bond holdings soon but do so in a very gradual way that has little effect on its planned interest rate hikes, Boston Fed President Eric Rosengren said on Wednesday Reuters, April 19, A top U.

Bloomberg Markets, April 18, By Michael S. CNBC, April 18, By Jonathan Spicer Reuters, April 18, Another Federal Reserve policymaker on Tuesday backed an emerging U. Nasdaq, April 18, In the Media March Athens-Macedonian News Agency, March 19, The country's development plan focuses on the attraction of investments to dynamic and innovative businesses, stated Economy Minister Dimitris Papadimitriou in a statement to the Sunday edition of Ethnos newspaper In the Media February Athens-Macedonian News Agency, February 6, Developing the social economy in Greece could help stem the emigration of young Greek scientists and professionals abroad, putting the brakes on the so-called "brain drain," Alternate Labour Minister for fighting unemployment Rania Antonopoulou said in an interview with the Athens-Macedonian New Agency ANA released on Sunday.

In the Media January CBC News, January 2, S president on Jan. Following the election of Trump on Nov. In the Media December With the end of demonetisation in sight, and partial remonetisation underway, it may be a good time to reassess the much-maligned economics of demonetisation. Over this day period, several economists have denounced demonetisation as poor economics, so much so that reading them has made us feel like we were experiencing mass famine.

This, despite the fact that even the hard, early days were nearly-incident-free in spite of the enormity of the scale of operations Monetary Policy and Financial Structure. By David R. Sands The Washington Times, December 16, It was a chain of events which neatly captured the grinding economic crisis that plagues Greece: Just as a light appeared at the end of the tunnel, the train broke down once again. Bloomberg Radio, December 13, Bloomberg News, December 12, Papadimitriou, president of the Levy Institute and Minister of Economy and Development for Greece, talks to Bloomberg's Mike McKee about the country's budget plan, GDP growth forecast, and expectations for concluding its second bailout review later this month.

By Mark Gilbert Bloomberg, December 6, Here are two things I'll bet most people don't know about Greece. He's not a member of the ruling Syriza party. And the man appointed secretary general for public revenue in January is Giorgos Pitsillis, a professional tax lawyer. He's not a party member either In the Media November By Marcus Bensasson Bloomberg, November 28, Now, the Washington-based fund must decide whether the Greek recovery will happen with or without it, he said in an interview. Daily Freeman, November 6, Economist Dimitri B. The Guardian, November 6, New Delhi Times, November 5, Greece's president swore in a new Cabinet after Prime Minister Alexis Tsipras sought to turn around his political fortunes and work toward better terms from creditors by naming new ministers.

Tsipras appointed George Stathakis as energy minister late Friday, replacing Panos Skourletis, who repeatedly clashed with the country's creditors and investors such as mining company Eldorado Gold Corp. Skourletis was moved to the interior ministry, while Stathakis' replacement as economy minister was Dimitri Papadimitriou, president of the Levy Economics Institute at Bard College in New York. President Prokopis Pavlopoulos inaugurated the new cabinet in Athens on Saturday Greek Prime Minister Alexis Tsipras promised "brighter days" on Saturday after a cabinet reshuffle aimed at speeding up reforms Athens has agreed to implement under its latest international bailout deal and to shore up his government's popularity Newsday, November 4, Miami Herald, November 4, San Francisco Chronicle, November 4, ABC News, November 4, The Washington Post, November 4, The New York Times, November 4, Salon, November 4, Kathimerini, November 4, Prime Minister Alexis Tsipras proceeded on Friday with a long-awaited government reshuffle, moving out some ministers who have opposed bailout reforms and bringing some new blood into the administration.

In the Media September By Marcus Bensasson Bloomberg, September 21, Advantage Yannis Stournaras. Associated Program:. In the Media August Manhattan Neighborhood Network, August 25, Full video of the interview is available here. Randall Wray. And like anyone else, I have got my own opinions about who Clinton should pick, particularly when it comes to the economics positions….

RT America, August 20, Tcherneva advocates in favor of a public job guarantee program over universal basic income as a means of alleviating poverty and stabilizing the business cycle. Interview begins at Pavlina R. Time for a US Job Guarantee? Research Associate Pavlina R. Tcherneva appears on "Boom Bust" to discuss sluggish growth, labor markets, and her proposal for a job guarantee.

The Economist, July 28, From the start of his academic career in the s until , when he died, Hyman Minsky laboured in relative obscurity.

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His research about financial crises and their causes attracted a few devoted admirers but little mainstream attention: this newspaper cited him only once while he was alive, and it was but a brief mention. So it remained until , when the subprime-mortgage crisis erupted in America. Suddenly, it seemed that everyone was turning to his writings as they tried to make sense of the mayhem Andrea Terzi. Bloomberg, June 7, Click here for the video. Boom Bust RT , May 25, Anti-austerity protests take hold in Belgium as tens of thousands take to the streets in opposition.

And the Eurogroup meets to discuss the Greek bailout as tension builds between creditors. Ameera David reports Bloomberg, May 12, Senior Scholar L. By Michelle Jamrisko Bloomberg, May 11, Reviewed by William J. Bernstein Seeking Alpha, May 5, Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable….

By Gary D. Halbert ValueWalk, May 3, So are we really worse off today than Japan? Bank regulators on Wednesday sent a message that big banks are still too big and too complex. They rejected special plans, called living wills, that the banks have to submit to show they can go through an orderly bankruptcy.

Associated Program s :. Alle Rechte vorbehalten. Foreign Affairs, April 14, Minsky Conference on the State of the U. His work provides crucial insights not only identifying the key mechanisms by which periods of financial calm sow the seeds for ensuing crises, but also the specific challenges that economies face in recovering from such crises By Richard Leong Reuters, April 14, By Richard Leong Yahoo!

Finance, April 13, Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday. By Richard Leong Reuters, April 13, Finanzen , 13 April Negative deposit rates are not required as a monetary fix for the United States at the moment, in contrast with the euro zone, which is struggling with deflation risk, a top European Central Bank official said on Wednesday A school of dissident economists wants to toss that one onto the flames, too Reuters, February 19, Marshall Auerback.

After raising interest rates in December for the first time since the financial crisis and Great Recession, the Federal Reserve has gone into a January freeze. The central bank on Wednesday announced no change in interest rates, meaning the target for the Fed's benchmark federal funds rate will remain between 0. For consumers, the outcome of this week's meeting means more of the same.

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Savers will continue to suffer low interest rates on savings while debtors continue to enjoy extremely low borrowing costs By William J. Hyman Minsky would have made a similar point about the economy: While it is highly efficient, it is also unstable By Joseph P. Joyce EconoMonitor, December 14, All Rights Reserve d. Charles Kindleberger of MIT wrote the first edition, which appeared in , and followed it with three more editions. Robert Aliber of the Booth School of Business at the University of Chicago took over the editing and rewriting of the fifth edition, which came out in Periods of financial booms are followed by busts, and governmental intervention can delay but not eliminate crises.

Thanks for making this first edition a success !!

RT, December 4, By Edward Chancellor Reuters, November 27, Hyman Minsky was the only contemporary thinker to have predicted with uncanny precision the global financial crisis. This is no small achievement since Minsky died more than a decade before Lehman Brothers filed for bankruptcy. Want More—and Better—Jobs? I was recently in Tbilisi to participate in a conference that took stock of what we know about the challenges of job creation in the South Caucasus and Western CIS. Gender Equality and the Economy. Tamar Khitarishvili.

The battered Greek banks will soon face yet another round of recapitalization this November and December. Papadimitriou stress that the recapitalization of Greek banks—perhaps the central issue for the Greek state today—has entered its most critical stage In the Media October For many Americans today, the Great Recession is nothing more than the distant shadow of a troubled economic past. Cities coast to coast have completely bounced back — some even surpassing their pre-recession economic levels, thanks to lucrative industries that helped them rebuild or stay afloat through the crisis.

Yet the effects of the recession still reverberate in various parts of the U. By James M. For proof of the problems we face, look no further than this chart, produced by one of our big thinkers this week, the Bulgarian-American economist Pavlina Tcherneva…. Reservados todos los derechos. How long will the smile on the face of Alexis Tsipras last? On Monday night, Tsipras was sworn in as the head of a new Greek government that looks very similar to the previous one.

The left-wing Syriza party is again forming a coalition with a small nationalist party, Independent Greeks; together, the two parties will have a small majority in parliament…. Bloomberg Radio, August 20, Levy Institute President Dimitri B. Among the nine listed here? Levy Institute scholars Wynne Godley, L. Randall Wray, Stephanie A. Kelton, and Mathew Forstater. The American Prospect, July 14, Good evening, podcast listeners!

Full audio of the interview is available here. The alternate minister for combating unemployment, who was a professional economist, said that the combination of the closure of the banks and austerity measures being forced on the country by eurozone and IMF creditors will tip Greece back into serious recession Rania Antonopoulos. Bloomberg Business, July 10, Ahead of Greek PM Alex Tsipras's meeting with eurozone finance ministers on July 11, Syriza MP and Levy Institute economist Rania Antonopoulos expressed confidence that a "mutually beneficial" agreement between Greece and its creditors would be put in place within the week, and stated that the government's commitment to remaining in the eurozone "is as strong as ever.

Bloomberg Radio, July 8, Dimitri Papadimitriou talks to Kathleen Hays about anti-left sentiment in the eurozone, the possibility of a Grexit, and Greece's strategic value, as the deadline for submitting a new reform proposal to its creditors approaches. Dimitri B. Background Briefing with Ian Masters, July 7, RT, July 2, Bloomberg Radio, June 29, The solution, he says, is to roll over Greek debt and put austerity policies aside. Economia, June 23, Jan Kregel. What Is Reform? By James K. Galbraith The American Prospect, June 12, Today, in an odd twist of convergence, it has become the watchword of the ruling class Background Briefing, June 11, Levy President Dimitri B.

It was never going to be easy. That much was known from the outset. Todos los derechos reservados. During a financial panic, said Walter Bagehot, a former editor of The Economist, a central bank should help the deserving and let the reckless go under. Bagehot reckoned that the monetary guardians should follow fourrules: lend freely, but only to solvent firms, against good collateral and at high rates. Many American politicians complain that the Federal Reserve is all too happy to lend, but that it ignores Bagehot's other dictums.

On May 13th two senators of very different hues—Elizabeth Warren, a darling of the left, and David Vitter, a southern conservative—joined forces to introduce a bill that would restrict the Fed's ability to lend during the next financial panic. Does that make sense? Emergency lending under Section 13 3 of the Federal Reserve Act was one of the most controversial policy responses to the financial crisis. The loans were cheap. Many of the banks that benefited were insolvent at the time. Critics focus on details but miss the big picture, counters the Fed. Elizabeth Duke, a former governor, says that the Fed targeted its lending programmes at the right markets, such that it helped to stop the crisis from getting even worse.

Jerome Powell, a current governor, points out that "every single loan we made was repaid in full,on time, with interest. Choosing certain firms or markets to receive credit over others is inherently problematic, says a recent paper from the Federal Reserve Bank of Richmond. The prospect of easy money encourages firms to take excessive risks. And according to a paper by Alexander Mehra, then of Harvard Law School, the Fed "exceeded the bounds of its statutory authority" when it bought privately issued securities as well as making loans.

The Dodd-Frank Act, passed in , was supposed to ensure that the Fed never again made such large, open-ended commitments. Congress told the Fed's board to ensure that emergency lending propped up the financial system as a whole, not individual firms. However, say Ms Warren and Mr Vitter, the Fed has not implemented the new rules in the spirit of the law. The new bill proposes a number of Bagehot-like changes: to toughen up the definition of insolvency, such that the Fed lends only to viable firms; to offer any lending programme to many different institutions; and to ensure that when the Fed does lend, it charges punitive rates.

This battle is not the only one the Fed faces. On May 12th Richard Shelby, a Republican senator and chair of the Senate Banking Committee, introduced his own bill, which he hopes will rein in the Fed's powers in different ways. Mr Shelby also wants to shake up the structure of the Federal Reserve System, including changing how the president of the New York Fed, which oversees big banks, is appointed.

They may have different complaints, but lots of America's lawmakers agree that the Fed must change. From the print edition: Finance and economics. Background Briefing, May 10, The effort by financial regulators to ensure big banks and other financial institutions have adequate levels of capital is misguided since that will only help lessen the impact of a crisis, not prevent one. Perhaps the highlight of the 24th Annual Hyman P. The seasons in George R. Summer can last a few minutes or many years.

The balmy weather is about to give way to snows and famine, and astoundingly, no one in the land seems prepared Rules prevent markets from blowing up. We learned that in and we should have learned it again in Elizabeth Warren may not be running for president but she does not relent in gunning for Wall Street. It is an important speech that deserves to be widely read. The location she chose to give it was, incidentally, as apt as can be. On the first day of the Levy Institute's two-day annual Hyman P.

Minsky Conference, held at the National Press Club in Washington, high-powered speakers held forth on the most prominent issues in the financial world that will affect the economy as Congress begins to try to legislate during the two years that the Republican Congress has to make its mark as the Obama administration winds down. MPA Magazine, April 16, Senator Elizabeth Warren has called on lawmakers to break up too-big-to-fail by capping the size of the largest financial institutions and separating commercial and investment banking.

She also proposed limiting emergency lending by the Federal Reserve to troubled institutions by the Federal Reserve. If Elizabeth Warren ran for president, a key part of her campaign—if not the centerpiece—would likely involve how to restructure the financial sector in a less dangerous and more productive way. It advocated an array of specific, often ambitious policy proposals, many of which have circulated in Washington for years and that Warren, at various times, has already called for.

By Jan Strupczewski Reuters, April 16, The European Central Bank's monetary policy will be accommodative in the foreseeable future, the bank's Vice President Vitor Constancio said on Thursday. Monetary policy needs to be accommodative, as I expect to be the case for the foreseeable future in the euro area," Constancio told a seminar at the Levy Economics Institute. Constancio also highlighted the importance of being aware of the limitations of monetary policy, in remarks at a conference hosted by the Levy Institute.

By Charles Pierce Esquire, April 16, Elizabeth Warren, D-Mass. By Matthew Yglesias Vox, April 15, Elizabeth Warren isn't running for president. But she does have an agenda for reining in the big banks that would go well beyond the Obama administration's underrated bank regulation moves and substantially alter the role of Wall Street in American life. The remarks by Ms Warren, who has emerged as a standard bearer of the Democratic left, are designed to put pressure on the US authorities as they come close to concluding their investigation into the manipulation of the foreign exchange market.

US growth is set to remain relatively "robust" and low inflation is due largely to temporary factors, St Louis Federal Reserve president James Bullard said in a speech on Wednesday morning in Washington DC. Federal Reserve Bank of St. Louis President James Bullard repeated his call for beginning to normalize monetary policy and said maintaining interest rates near zero risks destructive asset-price bubbles. Reuters, April 15, Reuters — A top Federal Reserve official said on Wednesday that it's okay for the Fed to raise interest rates and then return to near-zero levels if the economic data shows that the central bank needs to retreat.

Louis Federal Reserve President James Bullard said, referring to the issue of hiking rates soon and then lowering them shortly afterward if economic growth drops. Wednesday argued against giving all small banks an exemption from the ban on proprietary trading by traditional banks, commonly known as the Volcker Rule, arguing that it does not impose any added regulatory burdens on smaller institutions. Massachusetts Senator Elizabeth Warren wants to limit to just one the number of deals financial institutions accused of wrongdoing can cut with the government, a change that she believes would force corporations to follow the rules or face criminal charges.

She also suggested a tax incentive aimed at prodding highly leveraged banks to use capital to finance deals rather than debt. Wall Street banks and their top executives should face new tax penalties to keep them from engaging in risky practices that can pose threats to the financial system, Sen. Elizabeth Warren said Wednesday. Warren, who has been a leading defender of the Dodd-Frank Act, called on the Republican-led Congress to relent from attacks on the law and close a tax loophole that she said encourages bank chief executive officers to seek quick gains.

Elizabeth Warren D-Mass. At a conference hosted by the Levy Economics Institute, Warren called not only for structural change to the banking system but for a revamping of the weak enforcement culture at the Federal Reserve, the Securities and Exchange Commission and the Department of Justice Value Walk, April 15, Minsky Conference today, Senator Elizabeth Warren laid out a set of proposals to advance the process of financial reform that began with the enactment of the Dodd-Frank Act of For Sen.

Elizabeth Warren, the Dodd-Frank financial reform law was an important first step to taming financial markets. On Wednesday, she laid out a series of bold next steps for financial reform that could provide a road map for the Democratic Party in Minsky Conference on Wednesday, Warren gave a message that could serve as strong ammunition for Democrats in the future, saying that opponents of financial regulation often pit the argument as between being pro-market and supporting deregulation versus being anti-market and supporting more regulation.

Polychroniou Al Jazeera, April 8, Greek Prime Minister Alexis Tsipras' visit to Moscow this week for talks with President Vladimir Putin has fuelled wild speculations about the real intentions of the Greek government. The visit is taking place while bailout talks between Greece and Europe have reached a very critical juncture. Polychroniou Al Jazeera, March 20, The European Central Bank's ECB quantitative easing QE programme seems to have created a state of euphoria among global investors, but it will do very little to ameliorate Europe's economic problems.

A close look into the state of Europe's economies reveals a much ignored fact by most professional economists and the media alike: Europe is the sick man of the global economy once again. Forced Austerity: Nothing but a Ponzi Scheme? The current escalation of disagreement between Athens and Berlin symbolizes that there may be more at stake than simply extending repayment deadlines.

Could perhaps the entire monetary union project and thus the vision of political union be at stake? Nothing less is what a brand-new study published by the Levy Economics Institute of Bard College suggests. In it Senior Scholar Jan Kregel analyzes the creation of the eurozone and how Germany is trying to deal with the recent currency problems -- actually, problems almost exclusively in a limited number of eurozone family members, notably Greece. By Dimitri B.

Papadimitriou The Huffington Post, March 18, Sacrifice, austerity and repayment are righteous, fair, and just. That view is coloring this and next week's coming meetings between Greece and its international lenders, and with European leaders. A revision of Greece's debt terms has not been on the agenda.

El Salmon Contracorriente, 5 Marzo Teoria-monetaria-moderna-y-trabajo Associated Program:. El Correro, 4 Marzo IU plantea un plan de 9. By Campbell R.

Publications | Levy Economics Institute

Despite the mystery, the whiff of scandal, and general public unfamiliarity with the concept, somebody out there is buying, and selling, not just bitcoin but dozens of other cryptocurrencies as well. More than altcoins, as they are also known, were represented on the site recently. Interview with James K. Initially, Germany stood firm in saying that Greece would have to sign the existing loan program in order to secure an extension, but this was always an untenable position, says Research Scholar James K.

James K. Interview with Dimitri B. Papadimitriou Bloomberg Radio, February 24, By Robert W. Parenteau Credit Writedowns, February 16, The recent election of an explicitly anti-austerity party in Greece has upset the prevailing policy consensus in the eurozone, and raised a number of issues that have remained ignored or suppressed in policy circles. Expansionary fiscal consolidations have proven largely elusive. The difficulty of achieving GDP growth while reaching primary fiscal surplus targets is very evident in Greece.

Avoiding rapidly escalating government debt to GDP ratios has consequently proven very challenging. Even if the arithmetic of avoiding a debt trap can be made to work, the rise of opposition parties in the eurozone suggests there are indeed political limits to fiscal consolidation. The Ponzi like nature of requesting new loans in order to service prior debt obligations, especially while nominal incomes are falling, is a third issue that Syriza has raised, and it is one that informed their opening position of rejecting any extension of the current bailout program.

Robert W. By many measures, the American economy has recovered from the implosion. The stock market is soaring, housing values in many markets have rebounded and GDP is growing at a healthy rate of more than 4 percent. Compared to Spain and Greece, where debt, mass unemployment and hardship remain widespread following the Eurozone crisis, America looks to be on easy street.

While the official unemployment rate has fallen to 5. At least in part, headline unemployment numbers look respectable because millions of Americans have grown so discouraged about their prospects of finding work that they no longer try, and thus are no longer counted among the unemployed.

Depending on the measures, only 59 to 63 percent of the working-age population is employed, far below recent historical norms. The reason for the meteoric rise of Syriza is clear. The Greek electorate has had enough of the imposition of the harsh austerity measures that are behind the bailout loan agreements that have been in effect since May when Greece was on the brink of an official default.

Now it needs to wield it. Thank You Greece! Hello Goodbye Austerity? Papadimitriou The World Post, January 8, Greece is facing front, looking towards the new year and the upcoming January elections. But it would be foolish not to learn from a look backwards, as well. Nonetheless, with one notable exception the leader of Ireland's central bank, endorsing European Central Bank policy , the overwhelming majority united on a single principle: The bailout and its related austerity programs have failed miserably.

Papadimitriou View More View Less. Background Briefing with Ian Masters, January 5, Not all central bankers—or other stakeholders—believe this is, or should be, their role. By Aaron Abbruzzese Mashable, September 27, If it seems like the rich are getting richer, well, the data might just back you up. A new graph based on data from times of growth backs up growing concern that the current economic system is disproportionately favoring those that are already wealthy By Neil Irwin The New York Times, September 25, Economic expansions are supposed to be the good times, the periods in which incomes and living standards improve.

In other words, the wealthy are capturing more and more of the overall income growth during each expansion period By Jordan Weissmann Slate, September 25, When you write about the economy every day for a living, you can start feeling numb toward charts about income inequality. After all, the story doesn't change much week to week, and usually neither do the visualizations.

It shows how much of U. Guess who's gotten the lion's share in recent years?