Naked Keynesianism

Here is to another crisis like this one! Paper co-authored with Esteban Pérez that was a Levy Institute working paper is published. From the abstract: The Spanish crisis is generally portrayed as resulting from excessive spending by households associated to a housing bubble and/or an excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in the main, from a widening deficit position...

The Dynamics of Capitalism: Money and Financialization Greta Krippner – The Power of Abstraction: Marx on Money and Credit Aaron Sahr – From Pen Strokes to Keystrokes: the Production of Money in Early and Contemporary Capitalism Michael Löwy: Marxism and Romantic Anticapitalism Michael Löwy is Emeritus Research Director at the CNRS (French National Center for Scientific Research) Lecturer, École des Hautes Études en Sciences Sociales. Immanuel Wallerstein: The Contemporary Relevance of...

Fernando, Cardim for most in Brazil, and Carvalho in the US and abroad, has sadly passed away. I took his macro class back in 1992 at the Federal University in Rio, before he actually moved there definitely as full professor two years later. We used his book Mr. Keynes and the Post Keynesians (still somewhere here in my bookshelf) as a textbook, even though most of the course was based on several papers.From that period I remember reading his papers on time and expectations, which were...

No 'On the Blogs' section last Sunday (was traveling) and slow to react to events (at a pedagogy seminar for a couple of days, learning about teaching techniques). At any rate, the good news is that Naked Keynesianism has been featured in the Intelligent Economist's Top 100 Economics Blogs of 2018. According to them they have "made an effort to create a well-balanced list which contains blogs of all kinds political affiliations, schools of economic thought, and beliefs, in particular by...

This was faster than even I expected (for my views on what Macri meant as soon as he was elected see this and for a more recent assessment go to this post). Let me first say that I don't think is quite like the 2001/02 crisis. It is unlikely that there will be a default anytime soon. The level of reserves is at about US$ 56 billion, and the IMF is happy to finance the very Neoliberal government of Macri (because the IMF has changed a lot, remember?).The economy with Macri has not performed...

[embedded content] A bit old, from 2016, but not too old, and very apropos given the recent heightened trade disputes between the United States and China.

Political Economy of World Systems (PEWS) Conference 2018 Steve Keen on Alternative Foundations for Macroeconomics -- Lord Keynes posted a video by Steve Keen Bill Mitchell on the failure of economics -- Lars Syll linked to a lecture by Bill Mitchell Life and Thought - Immanuel Wallerstein -- Jan Milch sent me the link to this video about Immanuel Wallerstein (both of us depicted above in the recent PEWS conference)

New paper by Esteban Pérez and co-authors published by the Levy Institute. From the abstract: This paper provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and non-bond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets of their respective countries, comprising 34...

A while ago I promised to return to this topic and discuss Mirowski's reply in the INET debate to my comment on his paper. And yes it's been quite a while since that debate. At any rate, I was at the Political Economy of World Systems (PEWS) conference last weekend, and we had some time to discuss Wallerstein (with him, I'm glad to say), his views on the structural crisis of capitalism. And someone (can recall who did) said something to the effect that the collapse of the economy in 2008...

Did macroeconomics give up on explaining recent economic history?-- Simon Wren-Lewis on the Phillips Curve, the time varying NAIRU, Cowles metrics versus VARs and more. ROKE published a paper by him a while agoFiscal Rules: Make them Easy to Love and Hard to Cheat-- From the IMF blog, suggesting limits to spending, and to the size of fiscal deficits as in the European Union. It's more abut the rules really, but also a reminder of how much the IMF has changed... not! For a discussion on how...