Perry G. Mehrling is professor of economics at Pardee School of Global Studies at Boston University. He was professor of economics at Barnard College in New York City for 30 years. There, he taught courses on the economics of money and banking, the history of money and finance, and the financial dimensions of the U.S. retirement, health, and education systems. His most recent book is The New Lombard Street: How the Fed became the dealer of last resort (Princeton 2011). His best-known book Fischer Black and the Revolutionary Idea of Finance (Wiley 2005, 2012) has recently been released in a revised paperback edition. Currently, Prof. Mehrling directs the educational initiatives of the Institute for New Economic Thinking, one of which is his course Economics of Money and Banking, available on Coursera at www.coursera.org/course/money.
Perry G. Mehrling
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We know about emergency lending, but what we are missing is the macroeconomic framework to guide a new rule for stabilization policy
Like any family reunion, the Jackson Hole Economic Symposium may have been as significant for what was said as it was for what was not discussed
Focusing on what money really is – whether gold or state fiat – shifts attention away from what credit really is, which is to say away from the center of discontent.
The economic historian would have seen the British vote to leave the European Union as part of a larger drama of centralization versus pluralism
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Corrado DiGuilmi and Laura Carvalho, grantees of the Institute for New Economic Thinking, have individually been exploring two possible alternative analytical entry points: mean field methods from physics and stock flow consistent modeling from accounting. The idea behind their grant is to work together to combine these two approaches, the first bottom-up and the second top-down.
Most of us probably think of management consultancy as a technocratic function, helping companies fix internal problems in order to become more productive. But Institute for New Economic Thinking grantee Kimberley Chong thinks about it in a different way, by viewing management consultancy through the lens of cultural anthropology.
In standard economics, inequality in outcomes is typically attributed to inequality of inputs, for example, from differences in education. Yakovenko thinks about inequality in a different way by extending some ideas from statistical physics.
How does economic theory match up with reality?