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"Modern Money Theory 101: A Reply to Critics"
Tymoigne, Eric; Wray, L. Randall - Levy Economics Institute - 2013
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments …
Persistent link: https://www.econbiz.de/10010705521
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"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
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"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
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"Is There Room for Bulls, Bears, and States in the Circuit?"
Wray, L. Randall - Levy Economics Institute - 2011
John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …
Persistent link: https://www.econbiz.de/10009395384
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"Quantitative Easing, Functional Finance, and the "Neutral" Interest Rate"
Palacio-Vera, Alfonso - Levy Economics Institute - 2011
The main purpose of this study is to explore the potential expansionary effect stemming from the monetization of debt. We develop a simple macroeconomic model with Keynesian features and four sectors: creditor households, debtor households, businesses, and the public sector. We show that such...
Persistent link: https://www.econbiz.de/10009293977
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"Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model"
Tcherneva, Pavlina R. - Levy Economics Institute - 2012
This paper augments the basic Post-Keynesian markup model to examine the effects of different fiscal policies on prices and income distribution. This is an approach a la Hyman P. Minsky, who argued that in the modern era, government is both "a blessing and a curse," since it stabilizes profits...
Persistent link: https://www.econbiz.de/10009645847
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"Distribution-led Growth in the Long Run"
Nikiforos, Michalis - Levy Economics Institute - 2014
The paper examines the long-run fluctuations in growth and distribution through the prism of wage-and profit-led growth. We argue that the relation between distribution of income and growth changes over time. We propose an endogenous mechanism that leads to fluctuations between wage- and...
Persistent link: https://www.econbiz.de/10011141194
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"What Do Banks Do? What Should Banks Do?"
Wray, L. Randall - Levy Economics Institute - 2010
Before we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky at the Levy Institute, on his project titled "Reconstituting the United States' Financial Structure." This led to a number of...
Persistent link: https://www.econbiz.de/10008466323
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"The Meltdown of the Global Economy: A Keynes-Minsky Episode?"
Sen, Sunanda - Levy Economics Institute - 2010
back to John Maynard Keynes’s General Theory (1936), where liquidity preference is linked to asset prices and new …
Persistent link: https://www.econbiz.de/10008678207
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"The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory"
Wray, L. Randall - Levy Economics Institute - 2011
used to show similarities between the two crises. K.W. Kapp's "social costs" theory is contrasted with the recently …-provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs …
Persistent link: https://www.econbiz.de/10008876439