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Working Paper No. 663Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
March 29, 2011 The quality of match of four statistical matches used in the LIMEW estimates for Great Britain for 1995 and 2005 is described. The first match combines the fifth (1995) wave...more Publication -
BlogMore on real interest rates in Europe
March 29, 2011 Charts in last week’s entry, which contained approximations of real interest rates for various European countries, were unfortunately incorrect. The problem resulted from a silly mathematical error in the formula used to calculate the figures shown in the graphs. Accordingly, the author has recently uploaded a new version of the post, including corrected diagrams. He [...] Blog -
Working Paper No. 662
The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
March 28, 2011 This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein...more Publication -
Blog
Krugman, Galbraith, and others debate MMT
March 28, 2011 Paul Krugman slugs it out with our colleague Jamie Galbraith and many other “modern monetary theory” partisans at Krugman’s New York Times blog website. Jamie’s most recent retort is at the top of this page of the blog site. Many of the points raised in the discussion there are central to our work here at [...] Blog -
Working Paper No. 661
Minsky’s Money Manager Capitalism and the Global Financial Crisis
March 26, 2011 The world’s worst economic crisis since the 1930s is now well into its third year. All sorts of explanations have been proffered for the causes of the crisis, from lax...more Publication -
Blog
How Tight Have ECB Policies Been in Real Terms?
March 24, 2011 (Click picture to enlarge.) Readers may have seen two charts that are part of a column by David Wessel published last week. For five European countries, they compare actual interest rates with those prescribed by a standard policy rule. Wessel’s charts provide some interesting evidence that European Central Bank monetary policy has been either too [...] Blog -
Blog
Some Interesting Charts and Arguments on the Deficit Issue
March 21, 2011 Some more thoughts on the federal debt, which I blogged about last week: First, at Barry Ritholtz’s blog, there are some other interesting figures: one portraying the gross federal debt in three different ways and another breaking the gross debt down by holder. Ritholtz’s figures use data from the U.S. Treasury Department. Note that the [...] Blog -
Working Paper No. 660
Financial Markets
March 21, 2011 This paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes’s path-breaking insights into the role of liquidity and finance in “monetary production...more Publication -
Working Paper No. 659
Minsky Crisis
March 16, 2011 Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky’s analysis of the economy’s transformation over the entire postwar period. The basic thesis is that the...more Publication -
Blog
Data Show Increased Fed Role in Financing Federal Debt
March 15, 2011 (Click on graph to enlarge.) Some interesting information on the federal government’s balance sheet can be gleaned from the fourth-quarter flow-of-funds report, which was released by the Federal Reserve Board on the 10th of this month. The total amount of all federal liabilities, as reported by the Fed last week, is shown as the sum [...] Blog -
Working Paper No. 658
Keynes after 75 Years
March 15, 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...more Publication -
Working Paper No. 657
What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
March 12, 2011 For the past generation Norway has supplied Europe and other regions with oil, taking payment in euros or dollars. It then sends nearly all this foreign exchange abroad, sequestering its...more Publication -
Strategic AnalysisJobless Recovery Is No Recovery: Prospects for the US Economy
March 10, 2011 The US economy grew reasonably fast during the last quarter of 2010, and the general expectation is that satisfactory growth will continue in 2011–12. The expansion may, indeed, continue into...more Publication -
Working Paper No. 656
Money in Finance
March 05, 2011 This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in...more Publication -
Working Paper No. 655
A Minskyan Road to Financial Reform
March 04, 2011 In the aftermath of the global financial collapse that began in 2007, governments around the world have responded with reform. The outlines of Basel III have been announced, although some...more Publication -
Working Paper No. 654
Measuring Macroprudential Risk
March 03, 2011 With the Great Recession and the regulatory reform that followed, the search for reliable means to capture systemic risk and to detect macrofinancial problems has become a central concern. In...more Publication -
Working Paper No. 653
Financial Keynesianism and Market Instability
March 02, 2011 In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as...more Publication -
Working Paper No. 652
The Dismal State of Macroeconomics and the Opportunity for a New Beginning
March 01, 2011 The Queen of England famously asked her economic advisers why none of them had seen “it” (the global financial crisis) coming. Obviously, the answer is complex, but it must include...more Publication -
Blog
January Employment Report: Broader Effects of Seasonal Adjustment
February 16, 2011 (Click figure to enlarge.) Two Fridays ago, I blogged about some newly released Bureau of Labor Statistics (BLS) data from a monthly household survey. I was surprised later to see that Multiplier Effect was one of only a handful of websites to mention that non-seasonally adjusted data showed vastly different and perhaps more disturbing results [...] Blog -
Blog
Mortgage Morass
February 14, 2011 The White House remedies for the mortgage meltdown have now been presented. Congress will debate the life extension, death, or rebirth of federal mortgage entities Fannie Mae and Freddie Mac during the coming weeks. When the noise has died down, don’t expect substantial change. But those who hope for genuine financial reform should, nonetheless, listen [...] Blog -
One-Pager No. 8It’s Time to Rein In the Fed
February 14, 2011 The economic crisis that has gripped the US economy since 2007 has highlighted Congress’s limited oversight of the Federal Reserve, and the limited transparency of the Fed’s actions. And since...more Publication -
Working Paper No. 651
Unit Labor Costs in the Eurozone
February 14, 2011 Current discussions about the need to reduce unit labor costs (especially through a significant reduction in nominal wages) in some countries of the eurozone (in particular, Greece, Ireland, Italy, Portugal,...more Publication -
Working Paper No. 651
Το μοναδιαίο κόστος εργασίας στην ευρωζώνη
February 14, 2011 Οι τρέχουσες εισηγήσεις σχετικά με την ανάγκη να μειωθεί το μοναδιαίο κόστος εργασίας (κυρίως μέσω δραστικών μειώσεων των ονομαστικών μισθών) σε ορισμένες χώρες της ευρωζώνης (ειδικότερα στην Ελλάδα, την Ιρλανδία,...more Publication -
Policy Note No. 1What Happens if Germany Exits the Euro?
February 11, 2011 Like marriage, membership in the eurozone is supposed to be a lifetime commitment, “for better or for worse.” But as we know, divorce does occur, even if the marriage was...more Publication