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The Rise and Fall of Money Manager Capitalism
Sorry for some self-promotion. Here’s a new book co-authored with Eric Tymoigne: The Rise and Fall of Money Manager Capitalism: Minsky’s half century from world war two to the great recession Description: The book studies the trends that led to the worst financial crisis since the Great Depression, as well as the unfolding of the [...]
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Warren Mosler, Car Guy
A lot of you know Warren Mosler as the MMT guy. He was the first one to understand the “monetary operations”–the coordination between the Fed and Treasury–and thus to recognize that sovereign treasuries really do not “borrow” back their own currency in order to spend. Bond sales by Treasury or by Fed are “a reserve [...]
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Minsky and the Job Guarantee
I’ve already mentioned Hyman Minsky’s new book on what he called the “employer of last resort” proposal. Philip Pilkington has a very nice post up at the Guardian: http://www.guardian.co.uk/commentisfree/2013/jun/07/labour-jobs-guarantee Philip rightly connects Minsky’s better-known concerns about instability to his jobs program. Reaching full employment through the employer of last resort program would also enhance financial [...]
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MMT on the Internet
TWO QUICK ANNOUNCEMENTS. 1. Modern Monetary Theory vs. the Austrian School First, Warren Mosler will be featured in a debate of MMT versus Austrians. Here are the details: Monday, June 3, 2013; 6:15pm until 9:15pm in CDT Those in NYC can participate in Room 103, Jerome Greene Hall, Columbia Law School. Others can view it [...]
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WSJ Warning on Japan’s Fiscal Sphincter
You have to wonder what they are snorting over at the Wall Street Journal. Read this and weep: Tokyo Panel Urges Abe to Tighten Finances Here’s the conceit. “Fiscal reconstruction has become all the more important” because of Prime Minister Shinzo Abe’s aggressive monetary and fiscal stimulus measures, the report said, while warning that a [...]
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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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Thomas Grennes
Thoughts From Across the Atlantic
Thomas Grennes is a professor of economics at the North Carolina State University and a former visiting faculty member at the Stockholm School of Economics in Riga. His research has dealt with various aspects of international economics, including open economy macroeconomics, international finance, and international trade in agricultural products. Recent research topics have included macroeconomic aspects of the Great Moderation, offshore outsourcing, sovereign wealth funds, and the relationship between government debt and economic growth. Earlier work dealt with emerging market issues in the Baltic countries and Russia and trade and macro policies in Sub-Saharan Africa. Economic history topics include the Columbian Exchange of plants and animals, the effects on food markets of introducing mechanical refrigeration, and the integration of Tsarist Russia into the world grain market. When he is not involved in economics, he enjoys mountain hiking.
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