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233 results found, searching for 'WA 0859 3970 0884 Rencana Anggaran Biaya Renovasi Rumah Minimalis Modern Melebar Ke Samping Paranggupito Wonogiri'
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Working Paper No. 973The Trade-off between Inflation and Unemployment in an MMT World
October 01, 2020 This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and...more Publication -
Public Policy Brief No. 152Moral Hazard in a Modern Federation
August 10, 2020 The mainstream fiscal federalism literature has led to an instinctive belief that states receiving fiscal aid during a recession are taking advantage of the federal government in pursuit of localized...more Publication -
Working Paper No. 961
The "Kansas City" Approach to Modern Money Theory
July 13, 2020 Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies...more Publication -
BlogEulogy for Carlos Lessa
June 05, 2020 I have translated this eulogy on behalf of the Economics Institute of the Federal University of Rio de Janeiro, where I have spent many of my years of economic formation. Carlos Lessa is part of a generation of brilliant Brazilian economists that have shaped the public debate and the discipline in Brazil. This is an [...] Blog -
One-Pager No. 63Are We All MMTers Now? Not so Fast
April 10, 2020 As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight...more Publication -
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What MMT Is, and Why We Should Not Wait for the Next Crisis to Live Up to Our Means
April 04, 2020 by Yeva Nersisyan and L. Randall Wray As MMT has been thrust into the spotlight, misrepresentations and misunderstanding have followed. MMT supposedly calls for cranking up the printing press, engaging in helicopter drops of cash or having the Fed finance government spending by engaging in Quantitative Easing. None of this is MMT. Instead, MMT provides [...] Blog -
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Minsky Explains Financial Instability
December 10, 2019 In this rare video from 1987 (there is very little surviving footage of Minsky discussing his work), Hyman Minsky summarizes his theory of the financial fragility at the heart of modern capitalist economies: [iframe width=”486″ height=”364″ src=”https://www.youtube.com/embed/9mHBrixVarU” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] This was part of an event in Bogotá, Colombia (which is [...] Blog -
Working Paper No. 936
Fiscal Reform to Benefit State and Local Governments
September 04, 2019 This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money...more Publication -
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Bloomberg Interview: Wray on Modern Monetary Theory
July 31, 2019 Bloomberg Businessweek‘s Cristina Lindblad and Peter Coy sat down with L. Randall Wray for an in-depth interview on Modern Monetary Theory: [iframe src=”https://www.bloomberg.com/multimedia/api/embed/iframe?id=081295ee-e45c-4dae-a380-2989a5ad4c23″ allowscriptaccess=”always” frameborder=”0″></iframe] Blog -
Working Paper No. 932
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
June 26, 2019 Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and...more Publication -
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Big Guns Shooting Holes in the Sky
March 12, 2019 The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the [...] Blog -
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This Time Is Different: Wray on Modern Monetary Theory
February 04, 2019 Public interest in Modern Monetary Theory (MMT) is undergoing a new growth spurt, and progressive politicians are playing a key role in the current phase. Rep. Ocasio-Cortez recently referenced the heterodox framework to push back against the assumption that her ambitious policy proposals must, as a matter of financial necessity, be made budget-neutral (an assumption, as [...] Blog -
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A Better Way to Think about the “Twin Deficits”
November 13, 2018 (These remarks will be delivered today at the UBS European Conference in London.) Q: These questions about deficits are usually cast as problems to be solved. You come from a different way of framing the issue, often referred to as MMT, which—at the risk of oversimplifying—says that we worry far too much about debt issuance. [...] Blog -
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On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
October 16, 2018 Mainstream neoclassical economics is hooked on the idea of individual worker-savers as prime movers in capitalist market economies. As workers, individuals choose how much to work, determining the economy’s output; as savers, they determine how much of that output takes the shape of the economy’s capital investment. With banks as conduits channeling saving flows into [...] Blog -
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Modern Money Theory: How I Came to MMT and What I Include in MMT
October 01, 2018 My remarks for the 2018 MMT Conference, September 28-30, NYC. I was asked to give a short presentation at the MMT conference. What follows is the text version of my remarks, some of which I had to skip over in the interests of time. Many readers might want to skip to the bullet points near [...] Blog -
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Minskyan Reflections on the Ides of September
September 14, 2018 The 10th anniversary of the September collapse of the US financial system has led to a number of commentaries on the causes of the Lehman bankruptcy and cures for its aftermath. Most tend to focus on identifying the proximate causes of the crisis in an attempt to assess the adequacy of the regulations put in [...] Blog -
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Wray Guest Lectures, Brazil and Italy (Video)
September 13, 2018 L. Randall Wray, Professor of Economics at Bard and Senior Scholar at the Levy Economics Institute, was a visiting professor at the University of Bolzano (Italy) and the University of Bergamo (Italy) in May-June and at the University of Campinas (Brazil) in August. In Campinas, he gave a series of lectures for a course on [...] Blog -
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The Second International Modern Monetary Theory Conference
September 10, 2018 The Levy Institute is a cosponsor of the Second International Modern Monetary Theory Conference, which will take place September 28–30 at the New School and will feature Institute scholars L. Randall Wray, Pavlina Tcherneva, Stephanie Kelton, and Mathew Forstater: Like the first conference, this year will feature contributions from fields as diverse as macroeconomics, law, [...] Blog -
Working Paper No. 900
Functional Finance
January 29, 2018 This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively...more Publication -
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On the Concert of Interests and Unlearning the Lessons of the 1930s
April 20, 2017 Jan Kregel opened this year’s Minsky Conference (which just wrapped up yesterday) with a reminder that the broader public challenges we face today are still in many ways an echo of those that faced the nation in 1930s. What follows is an abridged version of those remarks: This year’s conference takes place in an increasingly charged and divisive [...] Blog -
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Xmas Cheer: The Debt Is Not Our Biggest Problem
December 31, 2016 Why do so many pundits and politicians, including the future director of the Office of Management and Budget, beat the debt drum so loudly and so often? It’s one of the most effective, and most abused, wedge issues in American politics. by Kerry Pechter The nomination of Mick Mulvaney—deficit hawk, three-term Republican congressman from South [...] Blog -
Working Paper No. 877
Financial Stability and Secure Currency in a Modern Context
November 15, 2016 Against the background of modern-day monetary proposals, ranging from a return to the gold standard to the wholesale abolition of currency, this paper seeks to draw implications from David Ricardo’s...more Publication -
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Apply Now for the 2017 Minsky Summer Seminar
October 24, 2016 If you’re a grad student or just starting out your career and want to learn more about the work of Hyman Minsky and Wynne Godley, and wouldn’t mind doing so in a turn-of-the-century manor on the banks of the Hudson, you’re in luck. The Levy Institute’s annual Minsky Summer Seminar is now accepting applications for the June 2017 session: The [...] Blog