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BlogMinsky Meets Brazil (Part III)
September 06, 2016 by Felipe Rezende Part III This part of the series (see Parts I and II, here and here) will focus on macroeconomic and microeconomic aspects of financial fragility and the provision of liquidity. Minsky’s framework not only sheds light on how to detect unsustainable financial practices, but the position adopted in this paper is that [...] Blog -
Blog
L. Randall Wray on the Radical Imagination
September 01, 2016 Jim Vrettos, a sociologist at John Jay College and host of “The Radical Imagination”, interviewed the Levy Institute’s Randy Wray on how the discipline of economics has gone astray. Wray’s story begins in the late 1960s, with what he describes as a reaction against “New Deal economics.” The interview ends with a discussion of the [...] Blog -
Minsky’s Moment
August 31, 2016 The second in a series of articles on seminal economic ideas looks at Hyman Minsky’s hypothesis that booms sow the seeds of busts. News -
Working Paper No. 872Federalism, Fiscal Space, and Public Investment Spending
August 24, 2016 The primary objective of rule-based fiscal legislation at the subnational level in India is to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources...more Publication -
Blog
Minsky Meets Brazil (Part II)
August 24, 2016 by Felipe Rezende This series will discuss at length the underlying forces behind Brazil’s current crisis. (See Part I here) Part II Building on Keynes’s investment theory of the cycle, Minsky’s work suggests that the structure of the economy becomes more fragile over a period of tranquility and prosperity. That is, endogenous processes breed financial [...] Blog -
Blog
Tcherneva: Time for a US Job Guarantee (Part 2)
August 22, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/S_-CRquE_bU?;start=775″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
JM Keynes Writings Project
August 22, 2016 A crowdfunding campaign starting October 2016, on Indiegogo: Overall aim: To complete the publication of all of Keynes’s remaining unpublished writings of academic significance. Only about one third were published in the Royal Economic Society edition. A huge quantity of valuable unpublished material remains, scattered across 60 archives in 6 countries. Aim of this campaign: Preparation of [...] Blog -
Blog
Tcherneva: Time for a US Job Guarantee
August 15, 2016 [iframe width=”427″ height=”240″ src=”https://www.youtube.com/embed/GvFliCk1osE?;start=800″ frameborder=”0″ allowfullscreen></iframe] Blog -
Blog
Minsky Meets Brazil
August 12, 2016 by Felipe Rezende This is the first in a series of blog posts on the Brazilian crisis. Part I A consensus has emerged in Brazil (and elsewhere) blaming Rousseff’s “new economic matrix” policies for the country’s worst crisis since the Great Depression (see here, here, here, here, and here). With the introduction of policy stimulus [...] Blog -
Working Paper No. 871
Simulations of Employment for Individuals in LIMTCP Consumption-poor Households in Tanzania and Ghana, 2012
August 09, 2016 New methodology for producing employment microsimulations is introduced, with a focus on farms and household nonfarm enterprises. Previous simulations have not dealt with the issue of reduced production in farm...more Publication -
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Brexit Dilemma: Why Did the UK Reduce Interest Rates to Only 0.25 Percent Today?
August 04, 2016 by Abhishek Anand and Lekha Chakraborty [1] The global market was eagerly waiting for the July Monetary Policy Statement of the Bank of England (BoE). Speculation was rife that, post Brexit, the BoE would become the latest entrant into the set of central banks experimenting with negative interest rate policy (NIRP) in a desperate bid to reinvigorate [...] Blog -
Policy Note No. 3The Impact of Immigration on the Native-born Unemployed
August 04, 2016 In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor...more Publication -
Working Paper No. 870
Unemployed, Now What?
August 01, 2016 Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed...more Publication -
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New Book: Rethinking Capitalism
July 21, 2016 A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow: The TOC is below: You can download the introductory chapter here (pdf). Blog -
Blog
Wray on Revenue, Redemption, and When Austerity Is Justified
July 12, 2016 L. Randall Wray has an essay in the recent issue of the World Economic Review. Wray’s target is the belief that “government needs tax revenue to pay for most (or even all) of its spending.” According to Wray, a version of this belief distorts our understanding of what are the limits of, say, the US federal government’s [...] Blog -
Working Paper No. 869
Have We Been Here Before?
June 24, 2016 This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to...more Publication -
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Paul McCulley Has Had It with Orthodox Macroeconomists
June 13, 2016 Writing in The Hill, Paul McCulley argues that his profession’s fussy obsession with the Fed’s zero-point-whatever monetary policy is leading us into a dead end: “after a financial crisis, itself spawned by bursting of a bubble in private-sector debt creation, the power of monetary policy to generate robust aggregate spending growth is severely truncated.” The policy problem we need desperately to [...] Blog -
Blog
Basic Income and the Job Guarantee
June 08, 2016 Pavlina Tcherneva was interviewed by Joe Weisenthal yesterday to present the case against a universal basic income policy (a proposed version of which was just voted down in Switzerland). Watch: Tcherneva has written about the UBI versus Job Guarantee debate, including this contribution (pdf) to a special issue of the journal Basic Income Studies (paywall). She also spoke about this last [...] Blog -
Working Paper No. 868
From Antigrowth Bias to Quantitative Easing
June 06, 2016 This paper investigates the European Central Bank’s (ECB) monetary policies. It identifies an antigrowth bias in the bank’s monetary policy approach: the ECB is quick to hike, but slow to...more Publication -
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Of Voices in the Air and Never-Ending Dreams of Helicopter Drops
May 31, 2016 Confusions about so-called helicopter money (HM) continue unabated. My recent letter to the editor of The Financial Times, titled “’Helicopter money’ is a muddled fiscal policy by another name,” has not met with universal approval. In fact, it seems to have ruffled some feathers and caused some annoyance. Simon Wren-Lewis is a case in point. In a [...] Blog -
Blog
Bibow on Helicopter Money in the FT
May 19, 2016 In the Financial Times, Jörg Bibow writes in reaction to an article by Stephanie Flanders on “helicopter money” — the idea of having the central bank directly credit citizens’ bank accounts (or, in the thought experiment, to print bank notes and drop them from helicopters) with the aim of generating increases in consumer spending. Bibow observes that helicopter money is really [...] Blog -
Working Paper No. 867
The Greek Public Debt Problem
May 18, 2016 This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the...more Publication