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Research Associate Stephanie Kelton speaking at the 2016 Minsky Conference

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The Crisis in Brazil and the “Narrow Path” for Economic Policy

The big political story in Brazil is the potential impeachment of President Dilma Rousseff (Brazil’s lower house of congress voted in favor of impeachment; the motion now moves to the senate for consideration). To get an idea of how messy this situation is, note that the man leading the impeachment attempt, Speaker of the House Eduardo Cunha, is facing 184 years in [...]

Working Paper No. 864

Maximizing Price Stability in a Monetary Economy

In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated with regard to both short- and long-term stability and volatility. We introduce an additional tool for promoting price stability and conclude that public purpose is […]

How Regulators Mess With Bankers’ Minds, and Why That’s Good

The New York Times, April 14, 2016. All Rights Reserved. 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. The thinking behind the regulators’ call […]

EZB/Constancio: Instrument der Negativzinsen hat Grenzen

Finanz Nachrichten, 14 April 2016. Alle Rechte vorbehalten. Für das Instrument der negativen Zinsen gibt es nach Aussage des EZB-Vizepräsidenten Vitor Constancio "klare Grenzen". Die Schwelle, an der die Leute anfangen, Geld abzuziehen, um die Negativzinsen zu umgehen, scheine aber noch weit weg zu sein, sagte Constancio in einer Rede beim Bard College in New York…. Weiterlesen: […]

Speech Vítor Constâncio: International Headwinds and the Effectiveness of Monetary Policy

Foreign Affairs, April 14, 2016. All Rights Reserved. Speech by Vítor Constâncio, Vice-President of the ECB, at the 25th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies at the Levy Economics Institute of Bard College, Blithewood, Annandale-on-Hudson, New York, 13 April 2016  Ladies and Gentlemen, I want to start […]

ECB’s Constancio Says Negative-Rate Policy Has “Clear Limits”

The Washington Post, April 14, 2016. All Rights Reserved. European Central Bank Vice President Vitor Constancio on Wednesday said there was only so much that negative interest rates can do to boost the economy and defended the central bank’s strategy as positive for the euro area as a whole. It is “important to recall that […]

Negative Rates Not Needed in US for Now—ECB’s Constancio

Reuters, April 14, 2016. All Rights Reserved. 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. The U.S. economy, while far from robust, has been growing at […]

AMB/Constancio: Negatif faiz politikasının limitleri var

Bloomberg, 14 Nisan 2016. Her Hakkı Saklıdır. Avrupa Merkez Bankası (AMB) BaÅŸkan Yardımcısı Vitor Constancio ÇarÅŸamba günü yaptığı açıklamada, negatif faiz oranının ekonomiyi destekleme konusunda yapabileceklerinin sınırlı olduÄŸunu söyleyerek AMB’nin stratejisinin euro bölgesinin tamamı için olumlu olduÄŸunu söyledi. Constancio, New York eyaletinde Bard College’de Levy Economics Institute’de yaptığı konuÅŸmada, “Negatif mevduat faiz oranını bir politika aracı olarak […]

Negative Rates Not Needed in US for Now—ECB’s Constancio

Yahoo! Finance, April 13, 2016. All Rights Reserved. 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. Read more: http://finance.yahoo.com/news/negative-rates-not-needed-u-225239865.html

Update 1—Negative Rates Not Needed in US for Now—ECB’s Constancio

Reuters, April 13, 2016. All Rights Reserved. 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. The U.S. economy, while far from robust, has been growing […]

EZB-Vizepräsident: Negativzinsen sind kein Allheilmittel!

Finanzen 100, 13 April 2016. Alle Rechte vorbehalten. Die vielumstrittenen Negativzinsen der EZB haben klare Grenzen der Wirksamkeit. Obwohl der EZB-Vizepräsident Vítor Constâncio die Strategie der Notenbank am Mittwochabend als positiv für die Eurozone verteidigt hat, gab er zu, dass negative Zinsen die Konjunktur nur beschränkt ankurbeln können…. Weiterlesen: http://www.finanzen100.de/finanznachrichten/wirtschaft/geldpolitik-ezb-vizepraesident-negativzinsen-sind-kein-allheilmittel_H609679858_263944/