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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.

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.

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

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

Instead of rewarding the taxpayers and employees who actually create value for the tech giant, Apple is doling out massive stock buybacks

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

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

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.

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

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

A money view of SDRs

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.

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

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

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.

It is not just all about banking system liquidity

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.

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.

Learning How to Swap

Looming behind the aforementioned narratives of postwar economics is a notion – economics as engineering – which at times appears as a metaphor and at times stands for a straight depiction of economists’ professional milieu and practices.

(Way) Beyond Diamond-Dybvig

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.

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

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

Venture-backed “tech capital” is reshaping U.S. politics through campaign finance, platform gatekeeping, defense/AI procurement, and policy entrepreneurship. In an interview with Nick French, INET’s Research Director Thomas Ferguson discusses these channels of influence, examining their macro-distributional consequences, and outlining guardrails to restore democratic accountability and broadly shared gains.

When the survival constraint bites

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

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.

Bloomberg

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

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.

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.

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.

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

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

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

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

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).

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.

And what was QE about anyway?

Fundamentally, the ECB is trying to keep the ongoing sovereign debt crisis from turning into a full-fledged bank credit crisis.

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.

For several weeks, representatives of governments across the globe gathered in Glasgow to discuss plans for climate mitigation and adaptation. But the meetings were dominated by representatives of the world’s most advanced economies, often to the detriment of the places where the majority of the world’s population lives: the developing world.

In a replay of INET Live’s webinar, following the COP26 climate conference in Glasgow last December, Richard Kozul-Wright of UNCTAD, Patrick Bond of the University of Johannesburg, and author Maude Barlow discuss the disproportionate impact climate change has on the developing world and the ways to best address it.

How women economists expand orientations and perspectives that can transform economics into a pluralistic, critically engaged, and socially responsive discipline.

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

Ratner and Sim’s “Who Killed the Phillips Curve – A Murder Mystery”

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.

What we’re reading: A weekly scan of published items relevant to the Institute’s work

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.

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

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

There is a banking crisis. Again. Banking regulators were asleep at the switch. Again.

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.

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.

How can we better protect Main Street from the externalities of Wall Street?

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.

A major factor in the decline of inflation is the simple fact that America’s workers were, in general, unable to raise their nominal wages in line with the rise in the cost of living

Eight years after the 2008 crisis the global economy is still stuck with low growth, too low inflation, and rising debt burdens. Massive monetary stimulus has failed to generate adequate demand, and some commentators suggest that we are “out of ammunition” with which to counter deflationary pressures.

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

Banks are pushing for deregulation and roll backs of Dodd-Frank’s regular check-ups on their financial health. We should be worried. 

Terrence McNally, the host of the podcast Free Forum: A World that just Might Work, interviews Rob about the current state of the world and what needs to happen for us to get out of the mess in which we find ourselves.

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

Arminio Fraga and Richard Vague bring their economic expertise to INET

A response to Phillip Magness in The Wall Street Journal

As empirical evidence continues to roll in, can the theoretical orthodoxy continue to hold their ground?

We have made progress but not enough to forestall crises

Geoff Mann, professor of geography at Simon Fraser University and co-author of the book, Climate Leviathan, discusses the authoritarian dangers ahead, as the world tried to cope with climate change, and how all institutions, including central banking, need to evolve so they address the problem adequately.

What have we learned about the American political economy from the crisis and its aftermath?

More on substance, coherence, and relevance in the Eurozone debate.

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

Germany’s debt brake and EU fiscal rules will make it well neigh impossible for EU countries to fund the investments needed to decarbonize their economies.

The destruction of trust is not an accident.

Five lessons from the last crisis — for managing the next one

How a Banking Union Has Created Deep Divisions that Undermine the Eurozone’s Stability

When segregationists fought against school integration, libertarian economist James Buchanan saw an opportunity for his private education plan

Central banks strongly favored rentier incomes in their reaction functions

The $1.9 trillion stimulus should be large because the need is large

[The following guest post is by John Whittaker, from whom we have learned much of what we know about how the European payments system works. See his terrific papers here and here, both of which reward close study. He has been looking over the last couple Money View posts, and the comments to those posts, and has this to say.]

Join Columbia University Dean Merit E. Janow for a talk by Lord Adair Turner, Chairman, Institute for New Economic Thinking.

MIT Sloan Assistant Professor Emil Verner discusses his research into credit markets, and the role of economics in the rise of populism.

The University of Chicago is well-known for as the place where a famous group of economists, including Milton Friedman, Georges Stigler, Gary Becker, among others, developed a method for analyzing economic facts based on Marshallian price theory, a vision of the evolution of macroeconomic aggregates called monetarism, and an approach to individual liberties and the role of the state known as (neo)liberalism.

The new IPCC Report is overly optimistic about global productivity growth and fossil fuel energy use. More dramatic, immediate action is needed

Five years after the collapse of the U.S. investment bank Lehman Brothers, the world has still not addressed the fundamental cause of the subsequent financial crisis – an excess of debt. And that is why economic recovery has progressed much more slowly than anyone expected (in some countries, it has not come at all).

Peter Barnes, the entrepreneur and author of the recently published book, Ours: The Case for Universal Property, talks about how new conceptions of property - a universal commons - could fundamentally transform capitalism to make it more ecologically and socially sustainable.

The future of government mortgage support

Understanding the forces shaping our digital future.

This research project introduces heterogeneous microeconomic behavior into a demand-driven stock flow consistent model to study the links between microeconomic financial fragility and macroeconomic instability.

Bursting Bubbles leave a mess – in the markets, throughout the real economy, in societies, in politics and with policymaking.