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According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally does not waste information, and that expectations depend specifically...
Persistent link: https://www.econbiz.de/10014313444
We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may be unique in the formal Minskyan literature. Namely, we adopt a model in which a psychological variable we call...
Persistent link: https://www.econbiz.de/10010529897
With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...
Persistent link: https://www.econbiz.de/10008657988
The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and...
Persistent link: https://www.econbiz.de/10011392820
The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the euro currency union. We propose a “Euro...
Persistent link: https://www.econbiz.de/10011309515
Persistent link: https://www.econbiz.de/10009751119
meanwhile reached the core. With pro-euro sentiments dwindling fast across the European Union (EU), the future of the euro … EU, most likely under French leadership, will have to convince Germany to embark on a fundamental policy course change …
Persistent link: https://www.econbiz.de/10009757118
The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a viable one. Our investigation is informed by the "cartalist" critique of traditional "optimum...
Persistent link: https://www.econbiz.de/10010204687
Persistent link: https://www.econbiz.de/10010338738
-like indices of inequality as our measures to assess distributional changes. Based on the EU’s Statistics on Income and Living …
Persistent link: https://www.econbiz.de/10011438362