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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

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.

Abstract, “basic science” research is essential to drug discovery. It is also largely funded by the public sector.

On the reflexive relationship between inflation and inflation narratives

The untold story of shadow banking

Understanding QE3

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

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.

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

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.

Panic over the impact on  German savers of low interest rates and looming inflation neglects to mention that very few Germans are saving much

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 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.

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.

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

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.

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.

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

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.

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.

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

On the occasion of the ASSA 2021 Virtual Annual Meeting (Jan. 3-5), Peter Bofinger presents a “10 Best of” Mankiw list

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

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.

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.

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?

The co-founder of the Campaign for America’s Future, Robert Borosage, discusses the many potential pitfalls the Biden administration must deal with, from a new cold war with China, to the persistence of market fundamentalism.

To connect across difference is the only thing that will save us from rule by the privileged few.

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

Andrea Gabor, author of “After the Education Wars,” discusses how California is pushing back on millionaire-driven charter schools. Will the rest of the America follow?

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

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.

Nancy MacLean, history professor at Duke University, talks about the ways in which neoliberal economic icon Milton Friedman collaborated with segregationists and with right-wing billionaires in the pursuit of his goal of privatizing public education.

Yide Qiao, the Secretary General of Shanghai Development Research Foundation, talks about the political, economic, and military dimensions of US-China relations

Economics is very theoretically comfortable with what may be termed `Keynesian’ waste.

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.

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.

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. 

Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?

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

And electric vehicles don’t do a lot better

Hundreds of young scholars from all over Asia are coming together in Hanoi to discuss new economic thinking, present their research, and work with over 30 senior scholars. Join us there and become a part of YSI’s global community!

How could the new SDR allocation help developing countries?

From the perspective of innovative enterprise, we ask how Musk might abuse his power of strategic control—and what that would mean for corporate governance reform.

University of Bonn and Sciences Po economics professor Moritz Schularick talks to Rob about the soon-to-be-released book, Leveraged, which he edited based on papers from an INET-sponsored conference. The book takes a close look at what we have learned about the costs and causes of financial fragility since 2008.

Banks have long had undue influence in society. But with the rapid expansion of a financial sector that transforms all debts and assets into tradable commodities, we are faced with something far worse: financial markets with an only abstract, inflated, and destabilizing relationship with the real economy. To prevent another crisis, finance must be domesticated and turned into a useful servant of society. 

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

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

The African Development Bank has laid out a plan for economic prosperity in the continent. But to get there, African countries must first confront jobless growth and underfunded infrastructure projects.

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.

A look at Dodd-Frank’s impact

Re-evaluating the “equality-efficiency” trade-off

Effective and quick federal policy response is critical to create conditions for a quick recovery.

While many countries throughout the world have faced severe financial crises over the last decades, and while the Japanese stagnation and the 1997 Asian financial crisis did induce some additional interest for the introduction of banking and finance in macroeconomic theory, it is only with the advent of the US subprime financial crisis that macroeconomic and monetary theories put forward by mainstream economists have started to be questioned.

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

Updating Hawtrey for the Shadow Banking System

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

Which households are more exposed to financial risk and to what extent is their debt systemically relevant?

Like master illusionists, bank accountants conceal losses from federal regulators, putting the whole economy at risk

An alternative to Dynamic Stochastic General Equilibrium (DSGE) models

What can today’s economists learn from the 18th century Scottish thinkers who grappled with societal and economic change?

The BIS offers a comprehensive picture of the state of the world economy, and of dysfunctional policies holding it back

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

Austerity measures have battered the region and created instability throughout the Eurozone. Here’s one way out of the mess.

While German economic policy makers continue to cling to neoclassical economic approaches, an increasing number of prominent economic figures are starting to accept the failure of orthodox theories to address the current crisis and are expressing the need to rethink fundamental economic concepts.

Were the sharp increases in prices during 2020-2022 due to fundamental shifts in supply and demand or are they attributable to excessive market speculation?

In a recent interview at the INET offices in New York, Anwar Shaikh provided a background to the work and his life in this quest.

Anwar Shaikh talks about the shortcomings of neoclassical economics and alternative frameworks

President Franklin D. Roosevelt’s policies allowed the United States to avoid the perils of right-wing populism that plunged Europe into war in the 1930s — Europe should learn from his example

Contrary to the neoclassical loanable funds theory, historical bond yields show Keynes was right that “convictions” anchor long-term interest rates

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

What lessons need to be drawn on this anniversary?

It Could Fall On You.

In the following conversation, law and economics expert Walker Todd explains how a financialized system creates havoc and why it’s time to rethink banking

There is much for U.S. authorities to learn from the European example of forcing corporations to pay their fair share of taxes, but more far-reaching oversight of executives’ allocation of resources is also required

Political economist, author, and public speaker Ann Pettifor talks about her latest book, The Case for a Green New Deal, which not only lays out the urgency for such a deal, but also proposes a roadmap for both national and global financial reform to make it possible.

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

Whether it is called “Build Back Better” or a “Green Industrial Policy” or, indeed, a Green New Deal, it is imperative to reject the false dichotomy of “jobs against climate.”

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.

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.

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.

A critique of Mankiw’s Macroeconomics

A four percent growth goal for first term of the next president is not only possible, but is what we should strive to achieve.

This research project explores the causes and consequences of the rise of China’s shadow banks based on the Modern Money Theory and its extension on the analysis on modern financial systems.

This research project explores the origins of covered mortgage bonds and tests for the impact of financial development on economic growth by analyzing the Prussian Landschaften.

This paper argues that (i) we have reached “peak GenAI” in terms of current Large Language Models (LLMs); scaling (building more data centers and using more chips) will not take us further to the goal of “Artificial General Intelligence” (AGI); returns are diminishing rapidly; (ii) the AI-LLM industry and the larger U.S. economy are experiencing a speculative bubble, which is about to burst.

“Economist Steve Keen specializes in researching how private and public debt mountains arise and generate financial crises. In an interview with DW, he explains how the ECB could solve the problem — but probably won’t.”

The impact of the post-meltdown Federal Reserve policy of ultra-low interest rates and Quantitative Easing (QE) on income and wealth inequality has become an important policy and political issue.

Evidence-based answers to the main (policy) questions concerning the return of high inflation

To get justice, targets must show measurable harm: economists can help.

Hughes discusses his recent book Marketcrafters, and how markets are deliberately built with outcomes that can serve the public good – or not. He uses this lens to unpack today’s economic flashpoints, from the Fed to crypto to climate.

In his latest annual address at Cass Business School, Visiting Professor Lord Adair Turner warned that the world is caught in a ‘debt overhang’.

This research project seeks to understand the linkages between the changes in the financial economy and the behavior of households in the real economy.

The 2008 financial crisis was a shock to faith in entirely free financial markets. But the neoliberal assumptions underlying the previously dominant “Washington Consensus” continue to inform much Western commentary on China’s economy.