Similar Search Results

Financial Keynesianism and market instability

Wray, L. Randall - 2011

In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...

Persistent link: https://www.econbiz.de/10008906576

The dismal state of macroeconomics and the opportunity for a new beginning

Wray, L. Randall - 2011

) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …

Persistent link: https://www.econbiz.de/10008906589

Fixed and flexible exchange rates and currency sovereignty

Sardoni, Claudio (contributor); Wray, L. Randall (contributor) - 2007

This paper provides an analysis of Keynes’s original Bancorʺ proposal as well as more recent proposals for fixed exchange rates. We argue that these schemes fail to pay due attention to the importance of capital movements in today’s economy, and that they implicitly adopt an unsatisfactory...

Persistent link: https://www.econbiz.de/10003721077