Die gegenwärtige Finanzkrise ist weithin al seine "Minsky-Krise" interpretiert worden. Dieser Artikel vertritt die These, dass diese Interpretation irreführend ist. Die in Minsky Hypotheser finanzieller Instabilität identifizierten Prozesse haben eine wichtige Rolle bei der Entstehung der...

Finanzialisierung ist ein Prozess, in dessen Verlauf Finanzmärkte, -institutionen und -eliten zunehmend Einfluss auf Wirtschaftspolitik und ökonomische Ergebnisse gewinnen. Finanzialisierung transformiert die Funktionsweise des ökonomischen Systems sowohl auf der Makro- als auch auf der...

In den letzten Jahren drehte sich die geldpolitische Debatte vorrangig um Inflationssteuerung (inflation targeting) und Vermögenspreisblasen. Der vorliegende Text untersucht, wie solchen Blasen direkt begegnet werden kann, was die US-amerikanische Zentralbank, die Fed, bislang immer abgelehnt...

Romer (2000) provides an alternative model to the AS/AD and IS/LM models that abandons the LM schedule by having the short-term interest rate set by the central bank. His framework acknowledges the critical role of the central bank in determining short-term interest rates, which moves mainstream...

The current economic crisis offers an historic opportunity for change. The depth of the crisis means there will likely be a policy turn in a Keynesian and even Post Keynesian direction. However, there are profound political, intellectual and sociological obstacles blocking change in underlying...

This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary...

Inside Debt and Economic Growth: A Cambridge - Kaleckian Analysis Abstract Inside debt is a fundamental feature of capitalist economies. This paper examines the growth effects of consumer and corporate debt using a Cambridge - Kaleckian growth framework. According to the Cambridge - Kaleckian...

This paper argues that Hyman Minsky's financial instability hypothesis weaves together a medium term Keynesian approach to the business cycles in the spirit of Samuelson (1936) and Hicks (1950) with long cycle thinking of economists such as Schumpeter (1939) and Kondratieff. Post Keynesians have...

This paper examines three different explanations of the global financial imbalances. It begins with the neoliberal globalization hypothesis that explains the imbalances as the product of the model of globalization implemented over the past thirty years. It then examines the saving glut and...

The financial crisis and Great Recession have prompted a rethink of monetary policy and central banking. The status quo insider rethink focuses on the role of monetary policy in dealing with asset bubbles; making the central bank the banking system supervisor; and how to deal with the problem of...