NY/NJ/CT Congressional Delegation Should Demand Apology from Oklahoma Senators Inhofe and Coburn http://t.co/mlsgDR5Mbc $$
10 minutes ago
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Hyman Minsky and the Employer of Last Resort
A couple of weeks ago, I mentioned Hyman Minsky’s new book, “Ending Poverty: Jobs, Not Welfare”, less than $14 at Amazon. There is also a Kindle version. Take a look at the cover: MinskyFullCover3-14 – Minsky looking like a bit of a rougue! Here’s a link to Amazon (cut and paste if it doesn’t work):http://www.amazon.com/Ending-Poverty-Jobs-Not-Welfare/dp/1936192314/ref=sr_1_2?s=books&ie=UTF8&qid=1364998534&sr=1-2 I thought you [...]
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NEWS ALERT: FED ANNOUNCES ROUND FOUR OF QUANTITATIVE EASING!
In a surprising turn of events, the Fed announced this morning that it is ramping up its quantitative easing policy. As you know, it has been buying $85 Billion in bonds every month, boosting its balance sheet above $3.3 Trillion. However, that has had no perceptible impact on the economy, which is slipping back toward [...]
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A New Meme For Money: the EEA presentation
Hi, I’ll make a presentation tomorrow; here’s a sneak peek. Pavlina Tcherneva has organized back-to-back presentations for the morning; the first is on fiscal policy and the second is on monetary policy. Here are the line-ups: SESSION 1: Park 5; Saturday, May 11, 9:30-10:50 Fiscal Policy after the Crisis Session Organizer & Chair: Pavlina R. [...]
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By Jove, He’s Got It: Krugman (Finally) Adopts MMT (And so does Summers)
As you know, Paul Krugman has been inching inexorably toward MMT. The last stumbling block has been those Vigilantes. Krugman and Brad DeLong have argued that we don’t need to worry about them, now, in the depths of a liquidity trap. And now that we know that the magic 90% debt ratio of Rogoff and [...]
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Reconciling the Liquidity Trap With MMT: Can DeLong and Krugman Do the Full Monty With Deficit Owls?
In recent days both Brad DeLong and Paul Krugman have written good pieces arguing against the austerity marketed by deficit hyperventilators. We can thank Thomas Herndon’s muck-raking that pushed the topic front and center, showing that there is no empirical evidence in support of the austerian’s claim that big government debts slow growth. (See my [...]
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The Absolutely Final and Definitive Destruction of Reinhart And Rogoff
Two UMKC students have provided what I think is the most destructive empirical work to date on the simply awful book and articles by Reinhart and Rogoff that purported to find a magical debt ratio beyond which economic growth plummets to negative territory. They are Matthew Berg and Brian Hartley and their piece is at [...]
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Expansionary Austerity: Reinhart&Rogoff and the Neolibs
I just did another interview on Reinhart&Rogoff and the magic, disappearing, 90% debt ratio, centered on the Neoliberal belief in “expansionary austerity”. You can see the original here: http://acemaxx-analytics-dispinar.blogspot.ch/2013/04/interview-prof-l-randall-wray.html Here is the text of the newest interview: Q: Around two years ago, you pointed to an economic error in R & R paper. You said (*See [...]
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Why Reinhart and Rogoff Results are Crap
Kudos to UMass economists for exposing the flaws in R&R’s empirical work. The conclusion that there is some magic debt ratio beyond which growth slows was never substantiated by R&R’s data–they fudged and flubbed the empirical work. True enough. However, the whole “research” method as well as the “theory” behind it was bunk anyway, as [...]
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NO, ROGOFF AND REINHART, THIS TIME IS DIFFERENT! SLOPPY RESEARCH AND NO UNDERSTANDING OF SOVEREIGN CURRENCY
Carmen Reinhart and Ken Rogoff came as close to celebrity status as an economist can ever come, with their book, This Time Is Different. They claimed that 800 years (!) of financial history proves that high government debt ratios lead to low economic growth. Governments all over the world took heed and downsized, adopting austerity that [...]
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KRUGMAN DOES MMT AGAIN: GOLDBUGS AND BITBUGS
In a very nice piece, Paul Krugman blasts the anti-social orientation of those who tout gold or bitcoins as an alternative to state money (see here). You see, Uncle Sam is hell-bent on generating hyperinflation through President Obama’s run-away deficits and Chairman Bernanke’s money-dumping helicopters. To protect yourself, you need to buy gold and bitcoins—like [...]
