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BlogDoes the Fed Have the Tools to Achieve its Dual Mandate?
Stephanie Kelton recently sat down with L. Randall Wray to discuss, among other things, the news that the Federal Reserve will refrain for the time being from tapering its asset purchases (QE). Wray took the occasion to elaborate on his view that quantitative easing is ineffective as economic stimulus and that — given the tools [...] -
I Monito degli Economisti
La Sinistra per Gualdo, 25 Settembre 2013. Tutti i diritti riservati. La crisi economica in Europa continua a distruggere posti di lavoro. Alla fine del 2013 i disoccupati saranno 19 milioni nella sola zona euro, oltre 7 milioni in più rispetto al 2008: un incremento che non ha precedenti dal secondo dopoguerra e che proseguirà […] -
Blog
Money as Effect
Regarding spurious policy arguments about “excessive growth of the money stock”: Ed Dolan posts helpfully to Economonitor on the more realistic approach suggested by the theory of endogenous money. In particular, I took note of the following passage, which brings up a point that I wrote about recently: “Formally, a model that includes a minimum [...] -
Diretor da Fundação Ford diz que bancos ameaçam democracia
Brasil Econômico, 24 Setembro 2013. © Copyright 2009-2012 Brasil Econômico. Todos os Direitos Reservados. Para Leonardo Burlamaqui lobby dessas instituições impede o avanço de uma governança financeira global São Paulo – Cinco anos depois da crise financeira internacional, as coisas mudaram muito pouco no mercado financeiro. Para Leonardo Burlamaqui, diretor da Fundação Ford, e Rogério Silveira, diretor […] -
Blog
The IMF’s Puzzling Current Account Projections
The following table has been computed using data from the latest (April 2013) IMF World Economic Outlook database, with IMF estimates starting in 2013 for most countries. In my view, these projections are based on heroic assumptions and wishful thinking. The eurozone is supposed to improve its position, even though the current account balance of [...] -
The Economists’ Warning
Financial Times, September 23, 2013. The European crisis continues to destroy jobs. By the end of 2013 there will be 19 million unemployed in the eurozone alone, over 7 million more than in 2008, an increase unprecedented since the end of World War II and one that will stretch on into 2014. The employment crisis […] -
Blog
Another Way of Reading the CBO Report
On Tuesday, the Congressional Budget Office released its new projections (pdf) for the long-term budget. A Bloomberg article titled “CBO Says Short-Term Deficit Cut Won’t Avert Fiscal Crisis” provided a fairly typical summary: [F]ederal spending will rise from 22 percent of GDP in 2012 to 26 percent in 2038 … The deficit [currently 3.9 percent [...] -
MME, September 20, 2013
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Η Ομοσπονδιακή Τράπεζα των ΗΠΑ “νεκρανάστησε» την Wall Street
Παρασκευή, 20 Σεπτεμβρίου 2013 -
Blog
The Euro: Can’t Live With It … ?
As a member of the eurozone, Greece does not control its own currency and therefore cannot devalue said currency in an effort to promote an export-led recovery. Instead, Greece is stuck with the troika’s strategy of internal devaluation: seeking export growth through reducing unit labor costs (wages). As Dimitri Papadimitriou, Michalis Nikiforos, and Gennaro Zezza [...] -
MME, September 18, 2013
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Capital.gr: Δημοσιονομικός σαδισμός και η φάρσα της μείωσης του ελλείμματος