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Blog
Bibow on Deflation and ECB Measures: “Beware What You Wish For”
From Jörg Bibow’s recent letter in the Financial Times, reacting to an article by Wolfgang Münchau on deflation and ECB policy: What is really new today is that wages are becoming unanchored and hence cease to provide the safety net that asymmetric central bankers habitually rely on. This is the consequence of the collective effort [...]
Working Paper No. 792
From the State Theory of Money to Modern Money Theory
This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money Theory […]
Working Paper No. 791
Central Bank Independence
It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the Fed’s independence is supposed to insulate it […]
Working Paper No. 790
Changes in Global Trade Patterns and Women’s Employment in Manufacturing
The purpose of this study is to explore the employment effects of changes in manufacturing output resulting from shifting trade patterns over the period 1995–2006. For 30 countries (21 OECD and 9 non-OECD countries) we estimate the changes in embodied labor content due to trade using factor-content analysis, breaking up the sources of these changes […]
Blog
When Will They Ever Learn: Uncle Sam is not Robin Hood
Memo to Obama: Don’t tie progressive spending policy to progressive tax policy. Each can stand on its own. Reported today in the Washington Post: Obama proposes $600 billion in new spending to boost economy President Obama on Tuesday unveiled an ambitious budget that promised more than $600 billion in fresh spending to boost economic growth [...]
Working Paper No. 789
Full Employment
It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern “Keynesian policies” bear little, if any, resemblance to the policy measures Keynes himself believed would guarantee true full employment over the long run. This paper corrects this misconception and […]
Working Paper No. 789
Πλήρης Απασχόληση
Είναι κοινώς γνωστό ότι ο John Maynard Keynes υπήρξε ο βασικός υποστηρικτής του κρατικού παρεμβατισμού για την αντιμετώπιση της ύφεσης και της ανεργίας. Αυτό που δεν είναι ευρέως γνωστό είναι ότι οι σύγχρονες «κεϋνσιανές πολιτικές» δεν έχουν τίποτα το κοινό με τα μέτρα πολιτικής που ο ίδιος ο Keynes θεωρούσε απαραίτητα για την επίτευξη της […]
Working Paper No. 788
Modern Money Theory and Interrelations between the Treasury and the Central Bank
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency, but they can also easily bypass any […]
Blog
On German Public Opinion and Illusory ECB Power
After taking a short breather in late January-early February, the markets now seem to be back in “happy mode.” Whether the news on the economic recovery is good or bad doesn’t really matter. The current convention is that growth acceleration is under way. That emerging markets had become key drivers of global growth was yesterday’s [...]
Press Release
Greek Unemployment Will Surge Toward 30 Percent by 2015 with Continuation of Austerity Policies, New Levy Study Says.
Blog
Seeing “It” Coming: An Interview on the Global Financial Crisis and Euroland’s Fatal Flaw
I recently did an interview for the magazine “Synchrona Themata” (“Contemporary Issues”). The interview, which will appear in Greek, was conducted by Christos Pierros, doctoral student at the University of Athens Doctoral Program in Economics (UADPhilEcon). What follows is the English transcript: What do you think went wrong in 2008? Why was standard macro theory [...]
MME, February 19, 2014