from Lars Syll To be fair to academia, it has realized that the pure DSGE model is incapable of explaining observable phenomena so they have introduced numerous amendments, known, oddly, as “imperfections” in the model. Long-term nominal contracts, other labour market frictions, imperfection in credit markets, all these and more are prayed in aid and, either rigorously or more usually ad hoc, introduced into the model, generating lags that mean it can be represented as fitting the data....

[embedded content] Carlos Pinkusfeld interviews Ramaa Vausdevan (Colorado State University) and Franklin Serrano (Federal University of Rio de Janeiro) to discuss the complex challenges of monetary policy in the international arena. Exploring issues such as financial globalization, the influence of large economies on the global monetary system, and the implications for developing countries, the experts offer important perspectives on the role of central banks and the effectiveness of...

The existential crisis of our time is global warming. The planet is already in deep trouble, with polar ice melting, permafrost thawing, sea level rising, increased desertification and more violent storms. The hour is late.“The quest for net zero needs to be fought on many fronts. You have your vanguard offense: simply reducing the carbon footprint of the things we already do. Then there’s the field medics: tactics like planting more trees and...

AB: That the US is still playing around with costly old technology and pollutes the environment is unbelievable. In the end, it will come back and haunt the later generations as energy and resources become more expensive. Ford Motor Co. is ramping up production of its F-Series Super Duty pickups with a $3 billion investment to keep up with the explosive demand for the trucks. The Detroit automaker plans put around $2.3 billion of that...

The Chronic Challenges of Poverty – Public Health Post Having empty pockets can impact long-term health. Poverty has been linked to obesity, cardiovascular disease, and diabetes, among other chronic conditions. The symptoms of chronic diseases are caused by inflammation, part of the body’s immune response. Obesity, stress, autoimmune disorders, and other chronic diseases involve a constant state of inflammation, often causing fatigue, joint or...

by Joseph Joyce Capital Ebbs and Flows The Republican nomination of Donald Trump as its nominee for President ensures that international trade will be a major issue in the campaign. Trump views trade as a zero-sum game and the existence of U.S. trade deficits as proof that other nations have taken advantage of U.S. openness (= weakness). Tariffs are the primary policy tool to respond to the unfair treatment of U.S.-made goods and even the...

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here. Share this:Like Loading...

by Joyce Vance Civil Discourse Twenty twenty-four finds the Democrats nominating a Black woman to run for president. Said another way, a woman will be nominated by a major party as its candidate to be the president of the United States. The first time in our history in either instance. This will all take place in an upcoming convention. Kamala Harris is eminently qualified by virtue of both experience and temperament; if you haven’t...

Not MMT but relevant historically. How the world got here ((to dollar hegemony), as well as to monetarism, the accounting identity that is, as the basis of macro.  Adam Tooze is a historian rather than an economist, so he is able to shine a different light on the subject.ChartbookChartbook 310 The shock of the new: Dollar dominance and modern monetary macro in the 1920s. Adam Tooze | Shelby Cullom Davis chair of History at Columbia University and serves as Director of the European Institute

Next Crisis: GDP Growth Near Zero?