Some years ago, in the aftermath of the “great financial crisis” (GFC) of the first decade of the twentieth century, Paul Krugman famously remarked that “most macroeconomics of the last thirty years was spectacularly useless at best and positively harmful at worst”. It is the premise of this set of lectures that it is possible to do better, much better.
Many thought the financial crash was a final blow to capitalsim. Why does it still reign supreme? Anatole Kaletsky outlines the shape of things to come.
This course aims to introduce graduate students to the “standard” basic methods and topics of microeconomics as taught at the Ph.D. level, while providing a very different teaching approach than is prevalent in introductory doctoral-level microeconomics courses. Typically, much effort is focused on mastering a large technical apparatus consisting of axioms, theorems, propositions, and corresponding proofs, often leaving students longing for an informed and critical understanding of the deeper significance of the methods and results.
The aim of the two-semester sequence is to explore a coherent alternative to neoclassical and post-Keynesian theory that does not rely in any way on concepts of utility maximization, rational choice, rational expectations, or perfect/imperfect competition.
Introduction to a “money view” of economic activity for modern times, building on the intellectual traditions of British central banking and American institutionalism. Part Two explores connections with foreign exchange and capital markets.
Introduction to a “money view” of economic activity for modern times, building on the intellectual traditions of British central banking and American institutionalism. Part One explores the economics of payment systems and money markets.
This lecture series “Money & Banking” is based on Brunnermeier and Sannikov’s research papers “The I Theory of Money” and “Redistributive Monetary Policy”