Lars P. Syll

Skyll inte på Riksbanken. Skyll på Magdalena Andersson! Riksbanken har på senare tid fått utstå mycket kritik. Den har anklagats för att sänkt den svenska kronan i botten, skapat riskabelt hög privat skuldsättning och spätt på den ekonomiska ojämlikheten. Kritiken belyser visserligen allvarliga problem som delvis orsakats av Riksbankens expansiva penningpolitik, men är ändå missriktad. Riksbanken har bara gjort sitt bästa för att styra mot sitt lagstadgade...

Moneta Fiscale in Italia L’economia italiana sicuramente soffre anche di altri problemi. La crescita della produttività è irrisoria da vent’anni a questa parte. Ma di nuovo, almeno in parte questo nasce dalla depressione della domanda. In termini reali, gli investimenti sono stati inferiori di oltre il quindici per cento nel 2018 rispetto al 2007. La bassa domanda del settore privato, le restrizioni alla spesa pubblica, e il basso impiego della capacità...

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Functional​ finance — how to cope with inflation Less well worked out is a technique of dealing with the other responsibility of the creator of money – the responsibility for maintaining its value. The key points here are not in the direct supply of money, or even in the regulation of the level of spending. The key points are in the determination​ of wage rates​ and in​ the determination of rates of markup of selling prices over costs … Higher wages...

Der Profi-Leser wickelt sein aktives Buch (so nenne ich das, das ich gerade in Arbeit habe) in ein Geschirrhandtuch. So bleiben die Ecken heil, und es kann keine Sonnencreme darüber auslaufen. Die passiven Bücher kommen in kleine, gefütterte Schachteln, die in Outdoor-Geschäften erhältlich sind. Sie werden sich fragen: Warum liest er nicht einfach E-Books? Die sind doch so praktisch. Genau deswegen. Lesen heißt, sich mit Büchern zu beschäftigen, den Worten ein Gewicht zu...

La double vie de Véronique  [embedded content]

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Does MMT — really — ignore expectations? In his latest diatribe against MMT, Thomas Palley argues that there is an “inflationary bias” in MMT, that its framework “is static and has little to say about how policy affects expectations of the future,” “is silent on asset price formation,” and “ignores expectations and treats private markets​ as irrelevant.” Hmmm … Yours truly has to confess it is extremely difficult to recognize that description. Given its...

Canticle​ of the Trinity  [embedded content]

MMT and trade deficits Unlike government deficits, which all countries in the world can run simultaneously, a trade deficit for one country necessarily means an equivalent trade surplus for the rest of the world. If there are countries deliberately running trade deficits, then they are forcing others to run trade surpluses. Since on this MMT argument, the trade deficit countries are the winners and the trade surplus countries are the losers, the former are...