5810 Results for “ https://www.galaxus.ch/en/sector/showdiscussion/snap-hack-online-visit-kunghaccom-d2d1mo9k-226342”

In my last post I argued that if we want a Fed that is ready for the next crisis, we had better understand what happened to it during the last one.

Plumbing Matters

This research project studies the evolution of monetary policy since the financial crisis, as regards to changes in implementation mechanisms and use of conventional/unconventional instruments of monetary policy, as well as its mpact on macroeconomic variables, including income distribution.

INET co-founder George Soros has been awarded the Adam Smith Award by the National Association for Business Economics (NABE), an association of business economists.

This year, the History of Economics Society (HES) meeting was organized at the University of Quebec at Montreal. The meeting was, on the whole, a nice affair, there were plenty of interesting sessions, I reconvened with old friends and was able to present there my latest work and receive constructive comments.

In conversation recently, I was called upon to defend the claim that banks are in the business of creating and destroying private money.

Covid and BLM protests were key to Biden’s victory

This research project uncovers the economic forces which reshaped the evolution of the imperial examination system in traditional China, using a new dataset from archival sources of ancient Chinese Books.

This research project explores the implications for the economics of gender stereotypes that consider self-interested economic behavior and risk-taking to be masculine and care and caution to be feminine.

Moving away from fossil fuels, towards a system with a far greater contribution from variable renewables, means that the current system is not fit for purpose.

Bubbles have become a major focus of discussion in today’s financial markets. But very few people actually define what they mean when describing this financial phenomenon.

Bloomberg’s reporters continue their diligent work looking back on the Fed’s lending in the subprime crisis.

A radical solution to the current economic malaise.

This research project creates a new database of international capital flows from the early 19th century, when London became the financial capital of the world, until 1931, when international capital markets collapsed.

This research project develops a novel framework to capture both instantaneous and dynamic contagion mechanisms arising in financial networks when balance sheet linkages across entities exist.

In this series, scholars and activists challenge economic orthodoxy by showing how race functions as an arbiter of access to power, privilege, and wealth.

This research project explores and documents the development of graduate economics training in the leading centers of doctoral education in the United States.

For one and a half days we had Anglo-Saxons talking finance and financial crisis: Keynesian stimuli, surplus countries bashing, drawing China in, and bullying of the Euro area and in particular Germany’s role in it.

The re-emergence of inflation threw the ‘science of monetary policy’ off the rails. Do the new tweaks to the theory work?

When Greece’s sovereign-debt crisis threatened the euro’s survival, U.S. officials called their European counterparts to express bewilderment at their inability to resolve the issue.

How can we contain institutional failure?

Inequalities in skills are fundamentally linked to economic and social inequalities.

I thought I could use some of my illegitimate blog administrator’s privileges to participate in the discussion on the “progress in economics” post by Floris without being lost in the midst of other users’ comments.

The Chinese property market may finally be boiling over; there are certainly enough signs that the bubble is ready to burst.

Dalmia brings his expertise in business, finance and economic trends in South Asia to INET

Young Scholars based in Africa are invited to convene in Harare, Zimbabwe. The event serves to strengthen the African network of new economic thinkers, in pursuit of a new economic paradigm. Attendees will be able to the annual conference of the Zimbabwe Historical Association in the same trip.

When the survival constraint bites

Do we need to rethink the teaching of economics?

Here we are, some 7 years after the Great Financial Crisis, and not one senior banking executive has gone to jail.

Recent empirical findings suggest that macroeconomic variables are seldom normally distributed.

New research shows that access to elite colleges varies by parents’ income—reinforcing inequality across generations 

The 5th edition of the Law Economics Policy Conference (LEPC) is jointly organized by the Institute for New Economic Thinking, INET and FLAME University.

At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil.

By integrating the history of industrial development in Britain and the United States with the ideas of leading economic thinkers, this essay demonstrates the absurdity of perfect competition as the ideal of economic efficiency.

This research project elaborates an original model of Keynesian demand-led growth and communicates Keynesian macroeconomic insights to a broad and diverse audience.

This research project aims to better understand the impact of various forms of central bank communication by blending techniques from psychology and political science.

When the adoption of a new labor‐saving technology increases labor productivity, it is an open question whether the economy adjusts in the medium‐term by decreasing employment or increasing output. This paper studies the effects of cheaper electricity on the labor market during the Great Depression.

Like Republicans with political polls, unemployed Black workers are underrepresented in federal employment data because of non-response.

As a matter of accounting, if the U.S. as a whole buys from the rest of the world more than it sells to the rest of the world, then it must, on net, also be borrowing from the rest of the world. Perry has previously put this into a money-view context.

Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.

This research project investigates how economists sought to make their science more relevant to real-world issues and policy design from the mid-1960s on, by becoming “applied economists.”

This research project organizes a systematic database of policies implemented in response to crises, focusing on fiscal and monetary measures, in order to identify policy action rather than simply looking at endogenous outcome variables.

This research project argues that economics currently lacks the capability to assess when mathematical modeling, on its own, is a sufficient means for understanding a given set of social phenomena.

This research project addresses in depth the questions of the nature of economic uncertainty, with the aim of revisiting from a new perspective many of the questions that have been raised by the recent crisis both in finance and macroeconomics.

Where are the US and Europe now and where could they be going?

The relatively new field of inequality studies is gaining increasing momentum as economic disparity grows throughout the world, in advanced countries as well as less developed ones—especially in the United States.

“The aim would not be to unravel a hidden coherent structure of the philosophical, theoretical, political dimensions of his work, but to give a sense of the contingencies that his work was subject to – both in terms of its origins and its receptions. Don’t make up an Arrow that he himself was not aware of.” -Till to me, email conversation on Kenneth Arrow, summer 2012

Jamie Galbraith and I rarely agree. But we agree here.

How does the law interact with finance? Katharina Pistor on the paradoxical relationship between law and finance.

A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

The Rise of China and the Future of WorkArtificial intelligence could replace routine jobs but allow us to “pursue dreams”

Economists aren’t born, they’re made. Irwin Collier digs into archives to find out how Paul Samuelson and his generation were made.

This research project discovers how real people, not just the abstractions of traditional economic theory, respond to various possible policy interventions aimed to bring climate change under control and thus which policies will have the biggest impact.

Behind all the technical language and the common theme of bashing bankers, there remains the Great Divide between Germans and the rest.

The Boston University Global Development Policy Center is a policy-oriented research center working to advance financial stability, human well-being and environmental sustainability across the globe.

Storm argues the AI data-centre investment boom is creating a bubble that will be socially and financially expensive when it pops.

Can Economists Be Adequate Without Studying History?

Yesterday the Chancellor of the Exchequer (or UK ‘finance minister’) gave his annual budget speech where UK fiscal policy is set for the coming years.

The YSI Political Economy of Europe Working Group invites young scholars to partake in a Research Seminar aiming to investigate the interplay between fiscal policy in the European Union and domestic social policies of its member states. 

This year the YSI participation at the Trento Festival of Economics will be different. There will be no panels with talks that are too long, actually, there will be no talks at all… Welcome to The Trento Experiment!

The Eurocrisis has many dimensions—bank solvency crisis, sovereign debt crisis, political unity crisis, and economic/unemployment crisis—but time after time it has been the liquidity crisis dimension driving events, and ECB response to the liquidity crisis driving institutional evolution. The reason is simple. Liquidity kills you quick.

Bailout, Default, or Plan C

The Consumer Welfare Standard of antitrust is outdated and defective

The path to sustainable and just climate transition globally cannot happen without meaningful actions and cooperation between the US and China – the world’s largest economies and carbon emitters. What can we expect from US-China climate relations?

This paper describes the broad evolution of inequality in the world economy over the past four decades, and provides a summary account of the relationship between inequality, economic development, political regimes and the functional distribution of income.

The current economic and financial crisis, and it is both, has already imposed great costs on the global economy. Nor is there any guarantee that we have seen the worst and that recovery is now assured.

Financial Globalization and the Nation State

Will the “Celtic Tiger” re-emerge or is Ireland’s recovery stunted by austerity programs?

We can change who we are. We can improve ourselves in various ways, and we can give ourselves possibilities to grow intellectually.

In a recent column in the Huffington Post, INET advisory board member Jeffrey Sachs made the case that the economic debate in Washington has become “stale” and politicized - and needs to be reframed. This is poignantly relevant to INET, as we begin to make headway on helping to create a new economic paradigm.

As the European Union Commission readies itself for a new round of budgetary recommendations, INET senior economist Orsola Costantini warns that that the debate over how those harsh fiscal constraints are to be determined is based on a formula that masks political choices as technocratic imperatives.

In March the US government authorized the largest domestic bailout in history. Who were the real winners and losers of this bailout? Pulitzer Prize winning reporter Jesse Eisinger has been following the money.

While policymakers around the world are in fire-fighting mode, trying to keep the economies in their charge running and the mysterious pandemic under control, the global terrain beneath our feet is shifting. Which countries will emerge as winners and losers in the new global landscape?

“The much-touted “new thinking” on fiscal policy and debt is actually very thin and little of it is new. In the 1990s, economist Luigi Pasinetti clarified the folly of the proposed Maastricht criteria for public finances and forecast the coming disaster with those. Subsequently, many economists, including more than a few working with the Institute for New Economic Thinking, showed in detail how austerity reduces potential output over time and how absurd theories about Phillips Curve trade-offs lead to big underestimates of real rates of unemployment. Running below full employment for long periods blows big holes in public finances and thus piles on debt.” – Thomas Ferguson

This is a response to a critique by Paul Davidson of our 2013 book Keynes: Useful Economics for the World Economy and related work, where we describe, amongst other things, how the Swan diagram can be used to show how economies can use policy tools to achieve internal and external balance.

Are there more poor people on our planet today than there were last year? Many economists would approach this question as mainly a technical problem, a matter of counting.

This research project develops a rigorous new theoretical way to study controls of international capital flows and determine their optimal magnitude using a promising new empirical methodology.

This research project develops a software program for economic simulation that makes it easy to develop dynamic, monetary models of the macro-economy.

This research project develops an operational measure of systemic risk, as an input into the policy process by capturing the interaction of private and governmental sources of systemic risk during and in advance of the crisis.

This paper applies Schein’s model of organizational culture to financial firms and their prudential regulators.

This paper analyzes what assumptions on formation of expectations are consistent with Minsky’s Financial Instability Hypothesis (FIH) and its corollaries.

We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income-gains from migration.

The U.S. economy is widely diagnosed with two ‘diseases’: a secular stagnation of potential U.S. growth, and rising income and job polarization. The two diseases have a common root inthe demand shortfall, originating from the ‘unbalanced’ growth between technologically ‘dynamic’ and ‘stagnant’ sectors.

Since the dawn of this millennium, and long before the current financial turmoil and the subsequent bitter pill of austerity therapy hit the Untied States and the European Union, the Chinese Communist Government has publicly recognized the monumental challenge of polarity.

My remarks today will be focused primarily on features of the developed world’s financial system which led to the crisis of 2008 and to the Great Recession that followed, from which we are only slowly and painfully emerging.

Price Inflation, Marginal Cost Pricing, and Principles for Electricity Market Redesign in an Era of Low-Carbon Transition

Last week Goldman Sachs published a note in favor of the Fed’s adopting a formal nominal GDP target, while Fed-watchers caught a whiff of a possible change in policy in the works.

This research project improves the mathematical capabilities of non-Neoclassical economics and uses modern techniques from nonlinear dynamical systems to model the expansion and contraction of credit and its effect on real economic output and asset prices.

This research project builds a new generation of models fit to analyze and manage the challenges of governing globalized and interconnected economies.