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Capital.gr: Δεν φαίνεται ακόμη φως στο τέλος του τούνελ
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BlogAn Omnibus Reply to MMT Critics
Randall Wray and Éric Tymoigne just released a new working paper that rounds up and responds to various critiques of Modern Money Theory (MMT); critiques they organize into five categories: One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that [...] -
Working Paper No. 778Modern Money Theory 101
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, […] -
Focus on Greece: Optimists Reap Dividends in Return for Their Faith
By Catherine Bolger The Wall Street Journal, October 11, 2013. All Rights Reserved. Investing in Greece has been highly profitable for a number of foreign investors, and they’re going back for more. Levy Institute President Dimitri B. Papadimitriou comments on the outlook for long-term investment. -
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A Minsky Conference in Athens
The next Minsky conference in the Levy Institute’s international series is taking place in Athens next week, November 8-9. The central theme, as you can probably guess from the location, is the ongoing eurozone crisis. This conference is organized as part of the Levy Institute’s international research agenda and in conjunction with the Ford Foundation [...] -
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Monetary and Fiscal Operations in China, an MMT Perspective
Here’s a piece I wrote with Yolanda Fernandez for the Asian Development Bank: Monetary and Fiscal Operations in the People’s Republic of China: An Alternative View of the Options Available You’ve no doubt read various analyses predicting the impending collapse of the Chinese financial sector, and arguments that China cannot continue to grow at a [...] -
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The 0.2 Percent Solution: Some Advice for Debt Hawks
Larry Summers recently noted that the projected long-term budget deficit for the federal government basically disappears if we’re able to achieve annual economic growth rates that are 0.2 percentage points higher than the Congressional Budget Office assumes. The notion that eliminating the budget deficit is a valuable goal in and of itself deserves some pushback. [...] -
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Can R&D Help Get Us Out of this Mess? A New Stock-Flow Analysis
Dimitri Papadimitriou, Greg Hannsgen, Michalis Nikiforos, and Gennaro Zezza have just published a new strategic analysis for the US economy, with a baseline projection and alternative policy simulations through the end of 2016. The report takes a closer look at the potential payoff of R&D investment in the context of a US export strategy. As [...] -
Fed Bank President Eric Rosengren speaking on the risk of financial runs and the implications for financial stability, at the 22nd Annual Minsky Conference in New York.
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Minsky on Schumpeter, “Dilettantism,” and History
As is well known, Hyman Minsky was a student of Joseph Schumpeter’s at Harvard. Minsky’s “stages” theory of capitalist development, fleshed out during the later part of his life while he was here at the Levy Institute, arguably owes something to the influence of his former dissertation adviser. There’s a short paper in the archive [...] -
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Bellofiore on the Socialization of Investment
From part four of Mariana Mazzucato’s “Rethinking the State” series, Riccardo Bellofiore discusses Hyman Minsky’s Schumpeterian spin on the “socialization of investment”: [iframe width=”448″ height=”242″ src=”//www.youtube.com/embed/rj8vyzWbZh8?feature=player_detailpage” frameborder=”0″ allowfullscreen] -
Fitch Ratings Warns U.S. on Credit Rating
USA Today, October 16, 2013. All Rights Reserved. Fitch Ratings took a step toward cutting the U.S. government’s AAA debt rating Tuesday, as the clock ticked toward the Thursday deadline to raise the nation’s debt ceiling or risk default. Chicago-based Fitch, the third-largest of the major debt-rating companies behind Standard & Poor’s and Moody’s Investors […]