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What kind of “Minsky Moment”?

Social safety nets don’t always need to come with a dark side

In a society where asset ownership is incredibly unequal, social mobility becomes severely diminished

Challenges And Emerging Perspectives

In the papers of economist Charles Kindleberger, Perry Mehrling found notes on the paper that won Ben Bernanke his Nobel Prize.

Comparing outcomes for biological and adopted children sheds light on the intergenerational transmission of wealth.

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.

To what extant do existing mainstream models properly address issues such as heterogeneity and interactions, which are considered central ingredients to understand economic crises as emergent, endogenous phenomena.

What is the current situation in credit markets? Will an overhang of debt on corporate balance sheets slow down the recovery from the COVID recession and be a drag on investment going forward? Does the COVID recession still have the potential to turn into a broader financial meltdown?

Low interest rate policy can only do so much to bring the relief to American borrowers that they deserve: past monetary policies, credit market regulations and stagnant labor productivity growth all get in the way. Interest rate policy activism is part of the problem, not the solution.

Inequality isn’t driven by taxes—it’s driven by the power of capital in relation to workers

Why it’s time to repeal the debt ceiling and replace it with a ‘truth in borrowing’ act

The paper referenced in this post, “Financialization and U.S. Income Inequality, 1970–2008,” recently was awarded the 2014 Outstanding Article Award from the Inequality, Poverty, and Mobility section of the American Sociological Association.

Lance Taylor and Özlem Ömer respond to Andrew Smithers’s final comment on their working paper

A New Glass-Steagall?

The Institute have organized a Workshop on “Interlinkages and Systemic Risk” in Ancona, Italy that will take place on July 4th and 5th.

SOAS Anti-Corruption Evidence and the Institute for New Economic Thinking are convening a two-day conference for UK-based early career researchers working on governance, corruption, and related political economy issues in the Global South.

An INET organized panel under the auspices of the 2020 Trento Economic Festival

A Money View

ProMarket’s new “Addendum to Retraction,” written it appears in response to our recent INET post, doubles down on its critique of our piece which showed that it is feasible for increased output to lead to reduced welfare. The ProMarket addendum is notable for its economic errors.*

Young scholars in the fields of behavioral and experimental economics, philosophy, and related disciplines will be given the opportunity to present their work at a workshop in New York. Samuel Bowles (Santa Fe Institute), Shaun Hargreaves Heap (King’s College London) and Mario Rizzo (New York University) will also present their work and give feedback to the young scholars.

Why did so many Dutch voters vote for the far-right Geert Wilders?

State-issued digital money may avoid some pitfalls of cryptocurrency, but it’s no financial panacea

On George Akerlof’s “The Market for Lemons”

This research project investigates the rise of federal credit programs in the United States, leading to a better understanding of the development of federal credit programs.

In our two papers, we analyze how changes in personal and functional (wages versus profits) income distribution interact to produce different macroeconomic outcomes in different countries. On the basis of a stock-flow consistent model calibrated for the United States, Germany, and China, simulations suggest that a substantial part of the increase in household debt and the decrease in the current account in the United States since the early 1980s can be explained by the interplay of rising (top-end) household income inequality and certain institutions (e.g. easy access to credit, privately financed education and health care systems).

I am late to the party on the inventive use of copper by Chinese companies seeking alternative sources of funds.

Despite post-2008 regulations, the boom-bust credit cycle continues to run wild

Austerity has nurtured resentments that will likely make the populist right PVV the biggest winner in the March 15 election — but without the majority or the allies needed to govern

Stock flow consistent macroeconomic models suffer from the lack of a coherent estimation method due to the complicated nature of the modeling process.

Forget the myth of a savings glut causing near-zero interest rates. We have a shortage of aggregate demand, and only public spending and raising wages will change that.

Is raising required bank capital the answer?

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.

Adair Lord Turner, former Chairman of Great Britain’s Financial Services Authority and current Senior Fellow at the Institute for New Economic Thinking, will argue in a keynote address to the Federal Reserve Bank of Chicago on Thursday that central banks must be equipped in future to address the dangers of excessive private sector leverage, using both pre-emptive interest rate policy and macro-prudential policy tools.

Real existing neoliberalism as a set of social facts distinct from a purist ideology has proven remarkably adaptable and politically resilient 

The “dean of short sellers” says bitcoin is the last thing he’d want to own in the event of a catastrophe.

Despite post-2008 regulations, the boom-bust credit cycle continues to run wild

Sometimes a radical path is the most practical way out of a mess.

Paul De Grauwe raises very important questions on the institutional structure of Europe and how it must be modified to fortify the euro zone.

Analyzing corporate conference calls reveals the way that countries perceive and spread risk through the global financial system

A financial industry safety net enriches bankers and their shareholders — at our expense

Beijing’s leaders face a critical dilemma over a credit boom that imperils China’s prospects for a smooth transition to a sustainable economic path

It would be a tragic mistake to read anti-E.U. sentiment across Europe as simple bigotry — racism and xenophobia are being nurtured by the economic pain produced by prevailing economic policies

On the reflexive relationship between inflation and inflation narratives

Is an ancient financial taboo keeping us from prosperity? Adair Turner, author of a new book on global finance, explains.

The Utah Project on Antitrust and Consumer Protection hosted a conference on the future of consumer financial services law on October 11, 2024, which was supported by an INET grant.

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

The condition of the Chinese economy is increasingly becoming a significant factor exorcising the minds of global policy makers.

This paper responds to a paper by Claudio Borio, Piti Disyatat and Anna Zabai “Helicopter Money: the Illusion of a Free Lunch”

Regardless of what Trump says, the economic pain of the pandemic isn’t going anywhere

A report from the Commission on Global Economic Transformation’s meeting in West Africa

This research project examines the relationship between the creation of money, price formation, and income flows, assuming no restrictions to the volume of credit, while abstracting from the existence of speculative crises and the role of the public sector in the process of monetary creation.

Going Down the Rabbit Hole at Jackson Hole

Why to Be Wary of Another Volcker-Type Monetary Tightening

This research project creates a computational model of the current financial crisis to discover the essential elements needed to reproduce the crisis, while investigating alternative policies that may have reduced its intensity and strategies for recovery.

The text below is the comment I offered on Mr. Soros’ opening speech at INET’s Berlin Conference April 12, 2012. The text of Mr. Soros’ own speech is here. Video of the entire session is below—my bit starts at 55:00.

Marc Lavoie discusses the methodological foundations of heterodox economics, and offers a very different model of money and credit, firms and pricing, consumer theory, effective demand and employment and growth theories.

Facebook engaged in an elaborate bait and switch on user data: Privacy disappeared when competition did. Laws governing competition could change that.

It’s Nobel Prize time again. And what a beautiful prize this year it is!

Attendees at the book party were treated to an assortment of wine, sushi, and intriguing conversation on the rooftop of Schiffrin’s parents’ Upper West Side apartment.

Ever since 2008, increasing numbers of economists, students, and even market professionals have protested the way economics is currently taught and practiced.

This research project combines 140 years of economic history with state-of-the-art econometric methods to gain new insights into the relationship between finance, growth, and crises.

Julia Cagé explains the impact of money on French elections

Professors Roger Backhouse and Brad Bateman wrote an op-ed for the New York Times a few days ago, arguing that “thanks to decades of academic training in the “dentistry” approach to economics, today’s Keynes or Friedman is nowhere to be found” - we have stopped thinking big they say.

This research project examines the long process of innovation at Fair Isaac, the analytics firm behind the FICO scoring system.

Over five phased announcements last week, the Indian government set in motion an unprecedented fiscal stimulus. Gaurav Dalmia looks at India’s near-term economic challenges and offers a prescription on how privatisation can help India achieve its objectives.

There is now a growing consensus among policymakers and academics that a key element to improve safeguards against financial instability is to strengthen the “macroprudential” orientation of regulatory and supervisory frameworks.

Servaas Storm has conviction, yet his analysis throws the baby out with the bathwater.

Debt Talks is a new online webinar series that will bring together diverse voices to discuss one of the most pressing economic issue of our times: the surge in indebtedness. We are inviting prominent thinkers, policy-makers, and scholars from different backgrounds and countries to present and debate their views . Each monthly webinar will feature a lively panel presentation followed by Q&A. INET Fellow Moritz Schularick will moderate the events.

Evidence sharply contradicts PhRMA’s contention that its member companies need unregulated drug prices to generate profits that they then reinvest in drug innovation.

This research project captures systemic risk of the credit market by combining information about the level of fragility of individual economic entities with the network structure of their mutual credit exposures.

Digital technology researcher and lawyer Dina Srinivasan discusses the ways in which digital tech companies such as Facebook and Google take advantage of their monopoly positions to the detriment of competition and of the public.

[We are inaugurating something new in this blog: a jointly written post!]

The contrasting ideologies at play in this tech sector mirror the conflicting ideologies in economics

Fears that bank regulation or capital controls could lead to a “balkanisation” of global capital markets are overstated and should not constrain policy action to address the problems created by volatile short term capital flows and excessive credit creation, says Adair Turner, Senior Fellow at the Institute for New Economic Thinking and former chairman of the United Kingdom Financial Services Authority.

As the government shutdown drags on, official economic data has slowed to a crawl, leaving policymakers, markets, and citizens increasingly reliant on private-sector numbers. That’s a problem.

After FTX’s collapse, crypto looked finished. Yet Washington revived it, culminating in Trump’s GENIUS Act and a surprising Democratic shift. How much did money and affluence predict pro-crypto votes, amid widening deregulation and cyber risk?

Institute grantee Boyce cited for integrating ‘ecological, developmental and justice-oriented approaches’ into economics

In what sense are central banks really independent? From whom are they independent? For whom in society do they deliver?

How must the European institutional structure be modified to fortify the euro zone?

Creating the post-2008 global safety net for mega-banks

Language has always been a way to divide, conquer, classify, and control, but it also helps to constitute who we are and what we think. 

It is high time to look more closely at the labor cost competitiveness myth.

The most crucial issue in European policy, and one on which no big party campaigned and no important public discussion took place, was the fiscal policy stance for the next few years.

Updating Hawtrey for the Shadow Banking System

Why Pushing on a String Has Never Worked

A dollar-denominated global economy means the Fed is at once the bankers bank and government bank, as well as both U.S. central bank and global central bank — managing that hybrid is the challenge of our time

How could the new SDR allocation help developing countries?

A look at Dodd-Frank’s impact

Company law in the US and UK fails to acknowledge that authorities’ propensity to rescue giant banks from the consequences of insolvency assigns taxpayers a coerced and badly structured equity stake in too-big-to-fail institutions.

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations.

Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt.

The study seeks to explain why the instruments of central banking inevitably break down over time.

Adair Turner in conversation with Nasser Munjee, moderated by David Webb

How convincing is the model analysis by Bernanke and Blanchard? How empirically relevant are their mechanisms causing inflation – and how robust and plausible are their econometric findings?

Central banks can encourage climate-friendly investments by offering financial institutions favorable haircuts on green collateral