The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The...

Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the...

This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market imperfections. The ZLB is the latest...

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...