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BlogMuch Excitement—and Lots of Confusion—about “Helicopter Money” of Late
January 16, 2015 Wolfgang Münchau is one of those rare sensible voices in the international media reporting on the euro crisis. He has been consistently right in his gloomy assessments of euro crisis management in recent years. He is also correct in pointing out that the observed deflationary trend in the eurozone is not primarily due to any [...] Blog -
Blog
Odds and Sods: Some Good Reads for a Cold Winter Friday
January 15, 2015 If you, too, are living in one of the sub-zero climes right now, you might want some stimulating reading: 1) Here’s one of the best and fairest summaries of MMT that I’ve seen, by Joe Guinan. As Joe says: “Few matters of economic importance are as woefully misunderstood as modern money. It can seem a fiendishly [...] Blog -
Working Paper No. 828Η χρηματιστικοποίηση και οι εταιρικές επενδύσεις
January 15, 2015 Η χρηματιστικοποίηση ανοίγει χώρο στις οικονομίες για την επέκταση του χρηματοοικονομικού τομέα και, με αυτόν τον τρόπο, συμβάλλει στην αύξηση του μεριδίου των χρηματοοικονομικών περιουσιακών στοιχείων στα χαρτοφυλάκια που κατέχονται...more Publication -
Working Paper No. 828
Financialization and Corporate Investments
January 15, 2015 Financialization creates space for the financial sector in economies, and in doing so helps to raise the share of financial assets in the portfolios held by market participants. Largely driven...more Publication -
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Some Quick Takeaways from the ECJ Opinion of Advocate General Cruz Villalón on the ECB’s OMT
January 14, 2015 The Advocate General (AG) has spoken on the ECB’s OMT program today. Apparently the markets were more concerned about the latest U.S. retail sales numbers than delighted about the “okay in principle provided that” signal sent from Luxembourg to the German triangle of euro power (Frankfurt, Berlin, and Karlsruhe). First of all, in the AG’s [...] Blog -
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Replacing the Budget Constraint with an Inflation Constraint
January 13, 2015 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 -
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How Much Should We Worry about the Fate of the ECB’s OMT?
January 13, 2015 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 -
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What a Syriza Victory Would Mean
January 12, 2015 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 -
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Oh Me Oh My! MMT Is About!
January 12, 2015 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 -
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Auf Wiedersehen to Austerity?
January 11, 2015 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. [...] Blog -
Working Paper No. 827
Η προσέγγιση του Minsky για το τραπεζικό σύστημα
January 09, 2015 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...more Publication -
Working Paper No. 827
Minsky on Banking
January 09, 2015 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...more Publication -
Working Paper No. 826
Tale of Two Ginis in the United States, 1921–2012
January 06, 2015 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...more Publication -
Working Paper No. 825
Why Does Brazil’s Banking Sector Need Public Banks?
January 02, 2015 The 2007–8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil’s financial system has received...more Publication -
Working Paper No. 824
Building the Entrepreneurial State
January 02, 2015 Today, countries around the world are seeking “smart” innovation-led growth, and hoping that this growth is also more “inclusive” and “sustainable” than in the past. This paper argues that such...more Publication -
Working Paper No. 824
Η οικοδόμηση του επιχειρηματικού κράτους
January 02, 2015 Σήμερα, οι χώρες σε όλο τον κόσμο αναζητούν «έξυπνη» ανάπτυξη, καθοδηγούμενη από την καινοτομία, και ευελπιστούν ότι αυτή η ανάπτυξη θα είναι επίσης πιο «περιεκτική» και «βιώσιμη» από ό, τι...more Publication -
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Deflation in the Air
December 22, 2014 A New York Times article over the weekend delves into the history and rationale of the 2 percent inflation target, beloved of central bankers everywhere and a fairly recent innovation. Of course, the US Federal Reserve has a dual mandate, which includes both inflation and employment goals. The Fed said last week that it was [...] Blog -
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Boom Bust Boom: Minsky at the Movies
December 22, 2014 I highly recommend a movie to be released next year (that is, the year that begins next week). Terry Jones, of Monty Python fame, is one of the key developers of the film. It is on the Global Financial Crisis, but also provides a quick history of bubbles and crashes. It is highly entertaining and [...] Blog -
Working Paper No. 823
The State and National Systems of Innovation
December 19, 2014 This paper starts with a review of the literature about National Systems of Innovation (NSI), by linking the origin of the concept to the evolutionary theory of the firm and...more Publication -
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Contributions to Economic Theory, Policy, Development and Finance: Essays in Honor of Jan Kregel
December 18, 2014 “This collection brings together distinguished scholars who have been influenced by Jan Kregel‘s prodigious contributions to the fields of economic theory and policy. The chapters cover and extend many topics analyzed in Kregel’s published work, including monetary economic theory and policy; aspects of the Cambridge (UK and US) controversies; Sraffa’s critique on neoclassical value and [...] Blog -
Working Paper No. 822
Η κοινωνικοποίηση της επένδυσης από τον Keynes στον Minsky και ακόμα πιο πέρα
December 16, 2014 Ένας συνδυασμός των ιδεών του Καρλ Μαρξ για την εργασία και του Hyman Minsky για το χρηματοοικονομικό σύστημα είναι απαραίτητη προϋπόθεση για την κατανόηση της σημερινής καπιταλιστικής πραγματικότητας και για...more Publication -
Working Paper No. 822
The Socialization of Investment, from Keynes to Minsky and Beyond
December 16, 2014 An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky...more Publication -
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Working Paper Roundup 12/15/2014
December 15, 2014 Outside Money: The Advantages of Owning the Magic Porridge Pot L. Randall Wray “Money is always introduced into economic models through very simple ways—whether by ‘helicopter drops,’ ‘inheritance from the past,’ or ‘deposit multipliers.’ Once introduced, money is largely irrelevant—neutral in the long run and non-neutral in the short run only because of ad hoc [...] Blog -
Working Paper No. 821
Outside Money
December 12, 2014 Over the past two decades there has been a revival of Georg Friedrich Knapp’s “state money” approach, also known as chartalism. The modern version has come to be called Modern...more Publication