The world of NIRP

We have entered the era of negative interest rates, with over $11 trillion in sovereign bonds now paying such rates. This situation results in part from deliberate actions of central banks around the world to deal with deflationary conditions. Tom Palley criticizes negative interest rate policy (NIRP) as a macro policy in a new paper

01 Jul 2016

CDF up-date: A new interactive dynamical system with government debt

First, a return to the topic of functionality of CDFs on this site. (CDFs come in two forms: web-embedded and downloadable, free-standing files.) In performing maintenance on this blog, I have taken down an embedded jumbo CDF that was not running with the Firefox browser. Experimentation with other browsers indicate that some cannot at present

27 Jun 2016

More on decision amidst crisis

Yesterday, I mentioned and linked to a 2015 piece by Yanis Varoufakis clearing outlining how monetary union had inevitably wrought terrible economic destruction in the eurozone. The article argued that nonetheless Europe should be reluctant to abandon the European project. As the UK votes, a post by Mark Weisbrot of the Center for Economic Policy

23 Jun 2016

New links on tastes, Europe’s crisis, and more

“What It Is Like to Like”: Louis Menand in the New Yorker on tastes. Economists have differing views in their importance as determinants of prices over the long run. Crude models used by mainstream economists generally hold “tastes” (preferences that govern purchases) constant as other variables are allowed to move. Institutionalists and post-Keynesian economists have

22 Jun 2016

NOAA data show relentless rise of temperatures continues

The US weather agency provides a neat time series of global temperature with each line showing a calendar year’s worth of observations. The lines show a steady upward march. Hat tip: Union of Concerned Scientists Equation blog A note: rising temperatures provide a ecological challenge to humankind that is perhaps unprecedented. Yet there is cause

20 Jun 2016

Some ideas from a long weekend trip

In my previous post, I mentioned that I attended a college alumni weekend recently. The weekend did not lack events relevant to readers of this economics and economic policy blog. The event—at Swarthmore, a small liberal arts college located near Philadelphia, featured among other things a ceremony in honor of several retiring professors. No economists

10 Jun 2016

New papers on economic dynamics and complexity!

Some new papers from a workshop on economic dynamics and complexity. Thanks to Artur Tarassow of the University of Hamburg, an organizer of the conference from the University of Hamburg. Some of these academic papers address issues related to matters covered in this blog in various ways, including financial fragility. Among other contributions of interest,

30 May 2016

A heterodox theorist puts it all in print

Anwar Shaikh, economist at the New School for Social Research, discusses his new book, the type of economics he teaches, and how the latter differs from the standard material usually taught in high school, college, and graduate school in the US in this interview in a New School blog. His book, which I look forward to

26 May 2016

Some fiscal inklings on the Democratic primary contest

Earlier this week, I discussed some fiscal policy ideas from Donald Trump that emerged in an interview with MSNBC. I mused at the end of my piece that a Democratic Keynesian movement might be needed. However, I left out any mention of the Democrats’ fiscal plans, though the controversy over Sanders’s spending plans was a

12 May 2016
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