Macroeconomics
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Conference paper
Finance and Growth: When Credit Helps, and When it Hinders
Apr 2012
The financial sector can support growth but it can also cause crisis. The present crisis has exposedgaps in economists’ understanding of this dual potential.
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Conference paper
Instability in Financial Markets: Sources and Remedies
Apr 2012
In the seemingly never-ending aftermath to the economic crisis that began in 2007, there is little disagreement that financial markets are characterized by instability rather than stability.
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How Can We Create a Financial System That Is Socially Useful?
Apr 13, 2012 | 06:55—08:45
Many feel that due to its size and scale the financial system has become a burden on society rather than a servant to it. What are the key elements of a productive financial sector?
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Conference paper
Instability in Financial Markets: Sources and Remedies The View from Economic History
Apr 2012
Taking a long‐run view from economic history, I make three points about instability in financial markets. First, I argue that economic historians have a relatively good understanding of the proximate causes of financial crises.
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Conference paper
Does the Effectiveness of Fiscal Stimulus Depend on Economic Context?
Apr 2012
The topic of this session of the INET conference is a question: does the effectiveness of fiscal policy in stabilizing an economy depend on the underlying economic context in which the policy is implemented?
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Does The Effectiveness of Fiscal Stimulus Depend on The Context? Balance Sheet Overhangs, Open Economy Leakages, and Idle Resources
Apr 13, 2012 | 10:15—12:05
The effectiveness of fiscal stimulus in promoting economic recovery appears to depend upon many factors.
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Instability in Financial Markets: Sources and Remedies
Apr 13, 2012 | 10:00—12:05
What creates instability in financial markets? How does the weight of debt, the structure of expectations, or radical uncertainty contribute to instability?
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Conference paper
The Impact of Inequality on Macroeconomic Dynamics
Apr 2012
In the last few years the impact of income distribution on macroeconomic dynamics has received growing academic attention.
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Conference paper
Leveraging Inequality
Apr 2012
Long periods of unequal incomes spur borrowing from the rich, increasing the risk of major economic crises
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Conference paper
Unequal=Indebted
Apr 2012
Higher income inequality in developed countries is associated with higher domestic and foreign indebtedness
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The Impact of Inequality on Macroeconomics Dynamics
Apr 13, 2012 | 06:55—08:45
Does greater inequality produce more fragile economic dynamics? Does concentration of wealth and income make societies more prone to crisis? If so, why?
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What Matters: Fundamental Challenges and Self inflicted Wounds
Apr 12, 2012 | 03:30—05:10
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Conference paper
Change and Expectations in Macroeconomic Models: Recognizing the Limits to Knowability
Apr 2012
In modern economies, individuals and companies engage in innovative activities, discovering new ways to use existing physical and human capital, and new technologies in which to invest. The institutional and broader social context within which these activities take place also changes in novel ways.
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What Can Economists Know? Rethinking the Foundations of Economic Understanding
Apr 11, 2012 | 11:00—02:00
The economics profession stands on the fragile foundation of presuppositions adopted by professional agreement rather than as a result of empirical observation.
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Challenging the Foundation
Apr 11, 2012
George Soros, Axel Leijonhufvud and Perry Mehrling in Berlin, Germany (2012).