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BlogUK report proposes ring-fencing of retail banking
The final report from the Independent Banking Commission (IBC), otherwise known as “the Vickers report,” was published yesterday. There are no big surprises here, and the share prices of UK banks actually increased somewhat. The report supports and strengthens the Basel proposals already underway, and maintains its previous proposal to “ring-fence” the retail part of [...] -
Blog
The American Bits and Pieces Act
The AJA is DOA. Via Politico: “House Republicans may pass bits and pieces of President Barack Obama’s jobs plan, but behind the scenes, some Republicans are becoming worried about giving Obama any victories — even on issues the GOP has supported in the past.” For Thomas Masterson’s extensive treatment of the proposed American Jobs Act [...] -
Blog
Off the Charts
“Through several recessions and recoveries, inflation-adjusted GDP rose almost in tandem with a line of predicted growth expectations. But in November 2007, something changed. Real GDP dropped down from what was expected by more than 11 percent, and, as this summer’s data has shown, it hasn’t returned to its pre-recession trend. The unusual slump has [...] -
Blog
The American Jobs Act. sigh.
Well, I commented last night on President Obama’s speech to Congress on WGXC, my local radio station. I thought it worth putting down my thoughts on silicon, since I’ve already done all the thinking about it. First of all, I thought that the delivery was one of the better that I’ve heard from President Obama [...] -
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 [...] -
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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. 685Quantitative 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 […]