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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

Updating Hawtrey for the Shadow Banking System

The idea that economics has recently gone through an empirical turn –that it went from theory to data– is all over the place. I argue that this transformation has been oversimplified and mischaracterized.

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

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?

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

It Could Fall On You.

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

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.

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

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.

Author and Jungian analyst Steven Herrmann discusses the concept of “spiritual democracy” as explored in the writings of American poets like Walt Whitman, Herman Melville, and Emily Dickinson.

What lessons need to be drawn on this anniversary?

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

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

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

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 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

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.

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

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

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.

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.

The current international monetary system is costly, unfair, and risky. “Economic nationalism” and deregulation in the U.S. will make it worse. A multilateral alternative is needed.

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

The project provides new ideas and policy proposals to contain the spread of systemic risk in the financial system through appropriate regulation of financial markets and intermediaries, as well as the design of monetary policy.

An excerpt from the just released book, The Outlier, by Kai Bird

What fraction of total economic growth accrues to the top 10%, top 1%, etc.? How does growth per capita of the bottom 90% compare to overall growth? Zucman discusses his research and efforts to bring more hard data into the inequality dialogue.

In Treasury markets, there are no libertarians, only grateful recipients of single-payer insurance for ailing financial markets.

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

Central to John Maynard Keynes (1941) original Bretton Woods proposal was an international clearing union that would issue a new international currency by fiat called bancor. Among other functions, this international central bank would finance the stabilization of individual commodity prices through commodity buffer stocks.

A critical reappraisal of the case in favor of monetary tightening pressed by inflation hawks is overdue.

The current paper returns to the key questions of wages and incomes and how wealth effects cripple reliance on interest rates to control inflation.

Why the E-DSGE Framework Is Not Fit for Purpose and What to Do About It

This research project recounts the intellectual history of the dollar as an international reserve currency, starting with World War I, which brought the international gold standard to an end, and continuing all the way up to the present global financial crisis.

This research project develops a “Money View” analysis of the recent evolution of China’s financial system.

Like the Great Depression and the stagflation of the ’70s, the anemic growth of the U.S. economy can’t be understood or remedied without changes in economists’ thinking

Financial Globalization and the Nation State

The country’s flawed insurance model, driven by greed, leads to inefficiency, inequality, and denied care - a colossal scam that has sparked fury across the nation.

For years, governments in India and much of the developing world have followed the advice of a paper arguing that labor regulations actually hurt workers. The problem? The research was wrong.

Are there alternative, less socially costly, ways to bring inflation down?

This research project builds on theory indicating that credit flows to the real sector have systematically different effects from financial flows to asset markets.

Cryptocurrency was supposed to change the economic outlook for Black America. For many, it made things worse.

Michael Pettis, Non-Resident Senior Fellow at the Carnegie-Tsinghua Center for Global Policy, talks to Rob Johnson about how trade wars really are class wars and how nationalist conflict is shaping US-China relations and fracturing Europe.

The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.

Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes

Dr Kandeh Yumkella is a development economist, founder and CEO of The Energy Nexus Network (TENN), a regional hub for sustainable energy solutions and serves as a Member of Parliament in Sierra Leone. Previously Dr Yumkella served as Under-Secretary-General and Special Representative of the UN Secretary-General for Sustainable Energy for All and founding chief executive officer for the Sustainable Energy for All (SE4All) Initiative (2013–2015). He also served as Director-General of the UN Industrial Development Organization (UNIDO, 2005–2013), mobilising global consensus for SDG7 and 9. He is a member of the High-Level Group of the Africa-Europe Foundation, co-chair of the Africa Europe Foundation Strategy Group on Energy, and member of various international advisory bodies, boards, and commissions.

Fears of ‘stagflation’ have come back to haunt macroeconomic policy makers all over the globe

Many Americans have expressed outrage over Pfizer’s plan, through its merger with Allergan, to move its tax home from the United States to Ireland. Now, in a New York Times op-ed, Carl Icahn, the billionaire corporate raider turned hedge fund activist, has joined the chorus. He labels the Pfizer-Allergan deal a “travesty,” blaming the U.S.’s “uncompetitive international tax system.”

An award created as a concession to market-minded bankers needs to recognize the centrality of social-democratic policies to the wellbeing of industrialized economies

President Biden’s first SOTU Address was a missed opportunity to say what he knows to be true: Stock buybacks manipulate the market and leave most Americans worse off

It is not just all about banking system liquidity

The current bout of exchange rate anxiety is really just a symptom of the fact that China’s transition from an export-led growth strategy to one propelled by domestic consumption is proceeding far less smoothly than hoped.

A comment on the Securities and Exchange Commission’s proposed rule “Share Repurchase Disclosure Modernization”

The Great Recession seems to be a natural experiment for macroeconomics showing the inadequacy of the predominant theoretical framework — the New Neoclassical Synthesis — grounded on the DSGE model.

A money view of SDRs

Learning How to Swap

The turmoil of Brexit and the populist challenge across Europe are consequences of austerity policies that have brought misery to millions of ordinary voters. In this interview first published last January, Servaas Storm warned of the dangers of economic decision making divorced from democracy and from the social consequences of its prescriptions

Wishful thinking and tinkering won’t cut it. Nothing short of a mass mobilization for deep de-carbonization across the global economy can avert the looming climate catastrophe.

Bloomberg

“We need to figure out new ways to relate to the earth.”

Trying to predict the financial future is a fool’s errand, even for a genius

Lord Adair Turner visited the Oxford Martin Lecture Theatre on Tuesday 24 November for a well-attended INET Oxford event launching his latest book ‘Between Debt and the Devil: Money, Credit, and Fixing Global Finance’ (Princeton University Press).

When the survival constraint bites

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

Author and law professor Maurice Stucke warns that as fundamental privacy rights vanish, your personal data can and will be used against you.

And what was QE about anyway?

Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery

Two FT pieces by Tracy Alloway caught my eye this week: this article from Tuesday’s print edition, and this post on Alphaville today.

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.

This research project develops a new field of anthropology: the anthropology of financialization, focusing on China and two main institutions of financialization, management consultancies and fund managers.

What are the hidden risks and trade-offs in letting machines decide — and how can we protect fairness without stifling innovation?

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways.

(Way) Beyond Diamond-Dybvig

The extremely wise Robert Skidelsky has an excellent rant against Anglo-Saxon economics departments

The ECB has always been the protagonist of the eurozone crisis story.

Why do market-centric fixes for “unequal exchange” fall short? Sidelining social relations and production power turns colonialism into a pricing problem—and hides the mechanisms that keep uneven development in place.

Shaped by the 2008 financial crisis, a new generation of economists is expanding the boundaries of economic thinking on credit cycles, private debt, and financial stability.

The debate about so-called helicopter money is burdened by deep fears and unnecessary confusions: some worry that monetary finance is bound to produce hyperinflation; others argue that, in terms of increasing demand and inflation, it would be no more effective than current policies. Both cannot be right.

Okay, so here is the statement, but what does it mean? Felix Salmon offers an unnamed advisor’s flowchart. Let’s see if Money View thinking can do better.

Michael Greenberger says unregulated credit default swaps could take down the economy—and taxpayers—again

Thomas Piketty and his colleagues have insisted that tax records are better for measuring inequality than income surveys. They’re wrong.

Without transparent accounting practices and proper risk management, the Federal Reserve’s current financial losses—unprecedented in scale—and the questionable accounting practices it uses to downplay their impact threaten public trust, economic stability, and the integrity of fiscal policy.

The view from BIS

This research project studies the innovation of mortgage-backed securities in the 18th century in order to understand the effects of securitization on financial and real markets.

Arminio Fraga and Richard Vague bring their economic expertise to INET

In honor of the just-announced Nobel Prize in Economics for Daron Acemoglu, Simon Johnson, and James Robinson, we re-post an Economics and Beyond podcast episode from last year, featuring Johnson, discussing Johnson and Acemoglu’s latest book, Power and Progress.

This research project explores the sources of and remedies for financial instability as well as the relationship between traders’ choice of a price-setting mechanism and market structure and the relationship between market freezes and the amount of intermediation in the market.

In the 19th Century, “hypothecations” provided investors with valuable information on sovereign fiscal resources

Reactions to the size of the proposed plan rely on discredited assumptions and betray a fundamental misunderstanding of economic growth—and austerity