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"Is There Room for Bulls, Bears, and States in the Circuit?"

Wray, L. Randall - Levy Economics Institute - 2011

This paper takes off from Jan Kregel's paper "Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?" (1986), which aimed to remedy shortcomings in most expositions of the "circuit approach." While some "circuitistes" have rejected John Maynard Keynes's liquidity preference theory,...

Persistent link: https://www.econbiz.de/10009395384

"A Contribution to the Theory of Financial Fragility and Crisis"

Bhaduri, Amit - Levy Economics Institute - 2010

The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...

Persistent link: https://www.econbiz.de/10008671829

"Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?"

Sen, Sunanda; DasGupta, Zico - Levy Economics Institute - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010862118

"The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity"

Dubois, Robert - Levy Economics Institute - 2012

extreme policies such as a tax on cash holdings, which could conceivably drive rates deeply negative). Relentlessly mounting … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

Persistent link: https://www.econbiz.de/10009652087

"The Problem of Excess Reserves, Then and Now"

Todd, Walker F. - Levy Economics Institute - 2013

This working paper looks at excess reserves in historical context and analyzes whether they constitute a monetary policy problem for the Federal Reserve System (the "Fed") or a potential-ly inflationary problem for the rest of us. Generally, this analysis shows that both absolute and relative...

Persistent link: https://www.econbiz.de/10010659642

"Arresting Financial Crises: The Fed versus the Classicals"

Humphrey, Thomas M. - Levy Economics Institute - 2013

a central bank, acting as lender of last resort, seeking to avert panics and crises: Lend freely (to temporarily … lending deadlines beyond intervals approved by classicals, and in failing both to precommit to avert all future crises and to … articulate an unambiguous exit strategy. Given that classicals demonstrated that satiating panic-induced demands for cash are …

Persistent link: https://www.econbiz.de/10011141195

"The Meltdown of the Global Economy: A Keynes-Minsky Episode?"

Sen, Sunanda - Levy Economics Institute - 2010

The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments. The...

Persistent link: https://www.econbiz.de/10008678207

"Managing Finance in Emerging Economies: The Case of India"

Sen, Sunanda - Levy Economics Institute - 2010

India has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has been subject to pitfalls and trilemmas that deserve attention. It has been officially recognized by...

Persistent link: https://www.econbiz.de/10008693143

"A Simple Model of Income, Aggregate Demand, and the Process of Credit Creation by Private Banks"

Bernardo, Giovanni; Campiglio, Emanuele - Levy Economics Institute - 2013

This paper presents a small macroeconomic model describing the main mechanisms of the process of credit creation by the private banking system. The model is composed of a core unit--where the dynamics of income, credit, and aggregate demand are determined--and a set of sectoral accounts that...

Persistent link: https://www.econbiz.de/10010705520

"Keynes after 75 Years: Rethinking Money as a Public Monopoly"

Wray, L. Randall - Levy Economics Institute - 2011

In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the...

Persistent link: https://www.econbiz.de/10008868035