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The Die-Hard Recession Heads Off the Charts
Truthout, September 9, 2011. Copyright © 2011 Truthout. All Rights Reserved. “By 1970, the governments of the wealthy countries began to take it for granted that they had truly discovered the secret of cornucopia. Politicians of left and right alike believed that modern economic policy was able to keep economies expanding very fast—and endlessly. That […]
Blog
Creating Millions of Jobs on a Shoestring
Expect one thing from President Obama’s speech on Thursday: a mini ARRA, a smaller version of essentially the same stimulus plan as that of 2009. He will probably call for putting the unemployed construction workers to work on infrastructure projects, he will propose tax incentives to firms to hire the unemployed, he will keep pushing [...]
Blog
Going Big
Leading up to today’s jobs speech the internal debates in the administration (or so the leaks tell us) have been over whether to propose something minimal that might have a chance of passing, or something bold, knowing that nothing has a chance of getting through Congress anyway. Randall Wray and Stephanie Kelton demonstrate what it [...]
At Issue with Ben Merens
September 8, 2011. © 2011 by Wisconsin Public Radio As Obama tours the East promoting his jobs bill, and jobs forums spring up across Wisconsin, Research Associate Tcherneva and host Ben Merens talk about what should be done now to address unemployment. Full audio of the interview is available here.
Blog
WaPo on recession gender gap
In a post on Ezra Klein’s blog entitled “The recession’s gender gap: from ‘man-cession’ to ‘he-covery’,” Suzie Khimm notes that the recovery is happening for men but not so much for women. She quotes an Institute for Women’s Policy Research paper that refers to our research, found in this policy brief. Early childhood education and [...]
Working Paper No. 685
Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
The main purpose of this study is to explore the potential expansionary effect stemming from the monetization of debt. We develop a simple macroeconomic model with Keynesian features and four sectors: creditor households, debtor households, businesses, and the public sector. We show that such expansionary effect stems mainly from a reduction in the financial cost […]
Working Paper No. 684
Central Banking in an Era of Quantitative Easing
This paper reviews the key insights of Hyman P. Minsky in arguing why finance cannot be left to free markets, drawing on the East Asian development experience. The paper suggests that Minsky’s more complete stock-flow consistent analytical framework, by putting finance at the center of analysis of economic and financial system stability, is much more […]
Working Paper No. 683
Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-market Economies
Currency market intervention–cum–reserve accumulation has emerged as the favored “self-insurance” strategy in recipient countries of excessive private capital inflows. This paper argues that capital account management represents a less costly alternative line of defense deserving renewed consideration, especially in the absence of fundamental reform of the global monetary and financial order. Mainstream arguments in favor […]
Blog
The world’s debt trap
“There’s a 60 percent probability that most advanced economies will fall into a recession, while authorities are running out of options to provide emergency support.” — Bloomberg News today, describing the views of Nouriel Roubini This forecast from a sometimes-prescient and widely quoted economist brings to mind a question that many people now find irrelevant. [...]
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Hot Porridge and More Fiscal Stimulus
Economist: “The economists who studied this were quite surprised to find that fiscal policy in recessions was reasonably effective. It is just that folks tried a first punch that was too light and that generally we didn’t get big measures until well into the recession.” Congressman: “That is precisely my point. That is why I [...]
Blog
Job Creation Ideas in HuffPo
Thomas Masterson and Pavlina Tcherneva were interviewed by the Huffington Post for an article on job creation policy. Tcherneva discussed the idea of a modern-day WPA, echoing a call she made at the outset of the Obama administration (in this policy note) for the government to provide an explicit employment guarantee targeting the unemployed. Masterson [...]
Blog
Mandelbrot and the August S&P 500 close
According to wsj.com, the S&P 500 stock price index stood at 1,218.89 at the close of the trading day on Wednesday afternoon, after a month that saw much turmoil in the financial markets. Combining monthly data from the website for Robert Shiller’s book Irrational Exuberance with the average unadjusted closing value for August (closes from [...]