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BlogReplacing the Budget Constraint with an Inflation Constraint
by Scott Fullwiler Tim Worstall has a post decrying the dangers of MMT ever being used in the real world—even as he recognizes or at least suggests that it might be the correct description of how the monetary system works—and is particularly concerned about Stephanie Kelton’s new appointment as Chief Economist on the Senate Budget [...] -
Blog
How Much Should We Worry about the Fate of the ECB’s OMT?
On Wednesday, January 14, 2015, the European Court of Justice (ECJ) Advocate General Pedro Cruz Villalon will publish his opinion on the European Central Bank’s (ECB) “Outright Monetary Transactions” (OMT) program. The Advocate General’s opinion will give us important clues and is likely going to shape the court’s later ruling on the matter. What is [...] -
Blog
What a Syriza Victory Would Mean
Greece is back in the headlines as upcoming elections look likely to produce a workable majority for the anti-austerity Syriza party. Some suggest this would represent the first step toward the country’s inevitable exit from the eurozone. Not so fast, says Dimitri Papadimitriou in an interview with Bloomberg Radio’s Kathleen Hays and Vonnie Quinn (segment [...] -
Blog
Oh Me Oh My! MMT Is About!
Here’s an unintentionally hilarious piece by Tim Worstall at Forbes. Watch out, he warns, MMT has come to Washington! Our nation’s capital! No doubt ruin and wastage will follow. Why? Well. Nothing wrong with the theory of Modern Money Theory, he admits. “It’s not actually that I disagree very much with the economics that is [...] -
Blog
Auf Wiedersehen to Austerity?
With the January 25th elections in Greece approaching, Dimitri Papadimitriou writes about the future of Greek policy and the discussions that took place at a recent Levy Institute conference in Athens: At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with disagreements on the very best route to growth. [...] -
Working Paper No. 827Minsky on Banking
In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In an earlier piece (Wray 1992), I closely examined Minsky’s published writings to support the argument that, from his earliest articles in 1957 to his 1986 […] -
Working Paper No. 827
Η προσέγγιση του Minsky για το τραπεζικό σύστημα
Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής αστάθειας. Σε ένα προγενέστερο κείμενό μου (Wray 1992) εξέτασα αναλυτικά τα δημοσιευμένα κείμενα του Minsky για να στηρίξω το επιχείρημα ότι διατηρούσε με συνέπεια την […] -
Hello 2015. Goodbye Austerity?
The World Post, January 8, 2015. All Rights Reserved. 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. At the Athens economics conference, Europe At The Crossroads, the participants were a diverse collection of policymakers, overflowing with […] -
MME, January 6, 2015
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Καλώς ήρθες 2015. Αντίο λιτότητα;
HuffingtonPost.gr, 6 Ιανουάριος 2015. Με επιφύλαξη παντός δικαιώματος. Κοιτάμε προς τα εμπρός, στον νέο χρόνο και τις εκλογές του Ιανουαρίου. Αλλά θα ήταν απερίσκεπτο να μην διδαχθούμε από μια ματιά στο παρελθόν επίσης. Στην οικονομική συνδιάσκεψη «Europe At The Crossroads», συμμετείχε ένα ετερογενές σύνολο διαμορφωτών πολιτικής με πολλές διαφωνίες σχετικά με το ποια είναι η […] -
Working Paper No. 826
Tale of Two Ginis in the United States, 1921–2012
Following a methodology proposed by Jantzen and Volpert (2012), we use IRS Adjusted Gross Income (AGI) data for the United States (1921–2012) to estimate two Gini-like indices representing inequality at the bottom and the top of the income distribution. We also calculate the overall Gini index as a function of the parameters underlying the two […] -
Markets Tank with Greece Poised to Leave the Euro: Ian Masters Interviews Dimitri B. Papadimitriou
Background Briefing with Ian Masters, January 5, 2015. All Rights Reserved. Papadimitriou joins Masters to discuss the upcoming January 25 election in Greece that is likely to bring the anti-austerity left-wing Syriza party to power, sparking fears that Greece will reject the terms of the EU, ECB, and IMF bailouts and exit the euro. Listen to […]