Macroeconomics
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Is Technology Killing Capitalism?
Aug 17, 2016
Is Market Capitalism simply an accident of certain factors that came together in the 19th and 20th centuries? Does the innovation of economics require a new economics of innovation? Is the study of economics deeply affected by the incentive structures faced by economists themselves, necessitating a study of the “economics of economics”?
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Minsky's Many Moments
Aug 5, 2016
The Economist pays tribute to Hyman Minsky, whose ideas on financial instability have not been given the attention and prominence they deserve
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Commentary
Why a future tax on bank credit intermediation does not offset the stimulative effect of money finance deficits
Aug 2016
This paper responds to a paper by Claudio Borio, Piti Disyatat and Anna Zabai “Helicopter Money: the Illusion of a Free Lunch”
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Financialization and its Discontents
Aug 2, 2016
Focusing on what money really is – whether gold or state fiat – shifts attention away from what credit really is, which is to say away from the center of discontent.
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CALL FOR PAPERS: Towards Pluralism in Macroeconomics?
Jun 23, 2016
The deadline for submission of paper proposals and complete sessions for the 20th FMM conference is approaching: 30 June 2016. Proposals (extended abstracts, max. 400 words) have to be submitted electronically via this web application. Please find more information in the Call for Papers.
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Who's talking about getting fiscal?
Jun 10, 2016
What we’re reading: Recent statements from the IMF and the OECD highlight a growing call for new economic policy thinking in response to the specter of long-term stagnation
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From Keynes to Lucas, and Beyond
Jun 6, 2016
Book review: Michel De Vroey and the problems of macroeconomics
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A Teachable Moment for the Economics Profession?
May 27, 2016
What we’re reading: A weekly scan of published items relevant to the Institute’s work
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Monetary Finance: Mechanics & Complications
May 23, 2016
Eight years after the 2008 crisis the global economy is still stuck with low growth, too low inflation, and rising debt burdens. Massive monetary stimulus has failed to generate adequate demand, and some commentators suggest that we are “out of ammunition” with which to counter deflationary pressures.
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Commentary
Who will willingly hold non-interest-bearing money?
May 2016
If the government/CB together finance an increased fiscal deficit with permanent non-interest-bearing fiat money, then some private sector agents have to hold non-interest-bearing monetary base, and must continue to do so even when policy and market interest rates have moved away from the ZLB. How is this possible in an environment where most bank deposit money is potentially interest-bearing?
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Commentary
Why a money financed stimulus is not offset by an inflation tax
May 2016
In the growing debate about the pros and cons of a monetary financed fiscal stimulus (a.k.a. helicopter money) it is argued by some participants that a money-financed stimulus will have no more effect than a debt financed stimulus since:
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The Unfairness of Housing Purchases Through Time
Apr 29, 2016
Amid the ongoing research interest in questions of inequality, it is important to examine the question of access to housing — and how that has changed over the decades. The specific question I have sought to answer, here, is whether the real cost (measured against income) of buying the average home has risen.
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Why Liberal Economists Dish Out Despair
Apr 20, 2016
Orthodox macroeconomics has become a place where visions die and hopes are banished, for both liberals and conservatives.
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When Economists Attack
Apr 20, 2016
How Gerald Friedman’s assessment of Bernie Sanders economic proposals prompted a rare public political spat among economists.
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Towards a theory of shadow money
Apr 14, 2016
Struggles over shadow money today echo 19th century struggles over bank deposits.