Archive

This research project examines the informational inefficiency of market prices in the presence of Knightian uncertainty or ambiguity by modeling the decision making of financial market traders.

The tension between efficiency and equilibrium is a central feature of economic systems. In many contexts, social networks mediate this trade-off: an individual’s network position determines equilibrium play, and social relations allow coordination on an efficient norm.

The economics of religion is a relatively new field of research in economics. This survey serves two purposes – it is backward-looking in that it traces the historical and sociological origins of this field, and it is forward-looking in that it examines the insights and research themes that are offered by economists to investigate religion globally in the modern world.

Bill Mitchell presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.

Full paper is here. Comments are much welcome.And because it’s an epic story (and because I suck at writing abstracts), here is an audio trailer. I thank Paul for his beautiful Memphis accent.

How should the Eurozone handle unemployment and other immediate hurdles?

A more realistic version of how people “maximize utility”

The recently observed surge in wealth doesn’t equate to growth of productive capital. Joseph E. Stiglitz, Branko Milanovic, Paul Krugman and Duncan Foley discuss these issues and more.

This paper examines the effects of intra-financial lending – claims between financial institutions – on aggregate investment and credit to the non-financial sector in the United States.

Few would argue that America’s fortunes rise and fall on its ability to generate technological innovations — to put bold ideas to work and then bring them to market.

One of the earliest attempts to tackle the problem of multiple equilibria in Macroeconomics was a byproduct of David Cass and Karl Shell’s engagement with Robert Lucas’s 1972 paper on ‘Expectations and the Neutrality of Money.’

There is widespread and growing concern about the availability of good jobs in the U.S. economy. Inequality has been growing for thirty years and is now at levels not seen since the 1920s. Stable and remunerative employment has become harder for U.S. workers to find.

How can we better integrate history into economic analysis?

This paper examines the evolution of intra-financial sector lending in the United States, 1950- 2012, presenting estimates constructed from the Federal Reserve’s Flow of Funds Accounts.