Interviewee Biographies
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BIS Working Papers No 136 the Price Level, Relative Prices and Economic Stability: Aspects of the Interwar Debate by David Laidler* Monetary and Economic Department
BIS Working Papers No 136 The price level, relative prices and economic stability: aspects of the interwar debate by David Laidler* Monetary and Economic Department September 2003 * University of Western Ontario Abstract Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system’s capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson’s more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. -
For Peer Review Journal: Journal of the History of Economic Thought
Cambridge University Press Dunn's "The Economics of John Kenneth Galbraith" For Peer Review Journal: Journal of the History of Economic Thought Manuscript ID: Draft Manuscript Type: Review Article [email protected] Page 1 of 8 Cambridge University Press 1 2 3 Book Review for the Journal of the History of Economic Thought 4 5 6 7 By Cameron M. Weber, PhD student in economics and history at the New School for Social 8 9 Research and Adjunct Faculty, FIT/SUNY and St. John’s University, New York. 10 11 12 February 2013 13 14 15 Email: [email protected], homepage: cameroneconomics.com 16 17 18 For Peer Review 19 Book reviewed: Stephen P. Dunn. The Economics of John Kenneth Galbraith: Introduction, 20 21 Persuasion and Rehabilitation . (Cambridge, New York, Melbourne, Madrid, Cape Town, 22 23 Singapore, Sao Paulo, Delhi, Dubai, Tokyo, Mexico City: Cambridge University Press, 2010), 24 25 26 pp. xx, 477, US$115.00, ISBN 978-0521-51876-5. 27 28 29 Review: 30 31 32 Stephen Dunn describes this book as having its main goal to show that John Kenneth Galbraith’s 33 34 35 (JKG’s) thought has been under-appreciated by both Post-Keynesians and Institutionalists in the 36 37 history of economic thought. But in reality the book is really of two parts, the first is Dunn’s 38 39 very detailed and engaging description of JKG’s thought without tying-in in any systematic way 40 41 42 followers or precursors, the second is to relate JKG’s influence on those that followed him, 43 44 especially in Post-Keynesian Economics. -
The Limits of Minsky's Financial Instability Hypothesis As an Explanation of the Crisis
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Palley, Thomas I. Working Paper The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis IMK Working Paper, No. 11/2009 Provided in Cooperation with: Macroeconomic Policy Institute (IMK) at the Hans Boeckler Foundation Suggested Citation: Palley, Thomas I. (2009) : The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis, IMK Working Paper, No. 11/2009, Hans-Böckler- Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf, http://nbn-resolving.de/urn:nbn:de:101:1-201101312750 This Version is available at: http://hdl.handle.net/10419/105923 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have -
Patinkin on Keynes
On Post Keynesian economics and the economics of Keynes1 Roger E. Backhouse University of Birmingham and Erasmus University Rotterdam and Bradley W. Bateman Denison University Version 8 June 2011 1. Introduction Given that it so clearly borrows from the title of Axel Leijonhufvud’s great book (1968), your expectation may well be that we are going to provide a detailed analysis of the analytical errors of Post Keynesian economics, setting up an opposition between Post Keynesian economics and the theory that John Maynard Keynes developed in The General Theory of Employment, Interest and Money (JMK VII [1936]). However, this is 1 This talk, was written for the Keynes Seminar at Cambridge, on 23 May 2011. Section 3 draws on Backhouse (2010a) and section 4 draws extensively on Backhouse and Bateman (2010). Many of the ideas about Keynes are discussed in Backhouse and Bateman (forthcoming). It has been revised following helpful comments from Victoria Chick, Mark Hayes, Tony Lawson and Roberto Scazzieri. It should not be inferred that any of them would endorse the conclusions we reach. 1 of 29 not the line we intend to pursue. Thus we are not challenging interpretations such as the one offered by Mark Hayes (2006) who has sought to identify a consistent theoretical framework within The General Theory. Instead, we wish to challenge the Post Keynesian claim to exclusive rights over Keynes’s legacy – that their ideas are, to use the metaphor popularized by Joan Robinson, the only legitimate progeny of The General Theory and that mainstream Keynesianism is not. Our contention is that to make such a claim is to take a position in relation to The General Theory that is very different from the one that Keynes himself took.2 The Samuelsonian neoclassical synthesis, or the new Keynesian macroeconomics are, we contend, no more Keynes’s bastard progeny than are the various strands of Post Keynesian economics. -
The Chancellor Must End Austerity Now – It Is Punishing an Entire Generation
Stiglitz, J., Ha-Joon, C., Graeber, D., Pettigor, A., Dorling, D., Sassen, S. et al. (2017) The chancellor must end austerity now – it is punishing an entire generation, letter, The Guardian, November 19th, https://www.theguardian.com/society/2017/nov/19/the-chancellor-must-end-austerity- now-it-is-punishing-an-entire-generation The chancellor must end austerity now – it is punishing an entire generation Alongside the human costs, cuts have hurt our economy, and we’ve now reached a dangerous tipping point, say Joseph Stiglitz, Ha-Joon Chang and 111 others Public sector workers protest against cuts. Photograph: Oli Scarff/Getty Images Letters, Sunday 19 November 2017 19.11 GMT Seven years of austerity has destroyed lives. An estimated 30,000 excess deaths can be linked to cuts in NHS spending and the social care crisis in 2015 alone. The number of food parcels given to impoverished Britons has grown from tens of thousands in 2010 to over a million. Children are suffering from real-terms spending cuts in up to 88% of schools. The public sector pay cap has meant that millions of workers are struggling to make ends meet. 1 Alongside the mounting human costs, austerity has hurt our economy. The UK has experienced its weakest recovery on record and suffers from poor levels of investment, leading to low productivity and falling wages. This government has missed every one of its own debt reduction targets because austerity simply doesn’t work. The case for cuts has been grounded in ideology and untruths. We’ve been told public debt is the outcome of overspending on public services rather than bailing out the banks. -
James Kenneth Galbraith [email protected] Curriculum Vitae
James Kenneth Galbraith [email protected] Curriculum Vitae Current Position: Lloyd M. Bentsen, Jr. Chair in Government/ Business Relations, Lyndon B. Johnson School of Public Affairs, and Professor of Government, The University of Texas at Austin. Experience: Chair, LBJ School Budget Council, 2002-2004. Director, Ph.D. program in Public Policy, 1995-1997; Professor, LBJ School of Public Affairs, 1990-2002, Associate Professor, 1986 - 1990; Visiting Associate 1985-86. Visiting Scholar, The Brookings Institution, 1985. Executive Director, Joint Economic Committee, Congress of the United States, 1981 - 1982; Deputy Director, 1983 - 1984. Economist, Committee on Banking, Finance and Urban Affairs, United States House of Representatives, 1975-76 and 1977-80. Lecturer, Department of Economics, University of Maryland, 1979-1980. Teaching Subjects: Inequality and Development; International Economics; Technical Change and Financial Crisis; Economics for Policy; History of Economic Thought. Research Fields: Inequality; Economic policy. Degrees: Почетного доктора наук, Plekhanov Russian University of Economics, 2017 Docteur Honoris Causa, Université Pierre Mendes-France, October 2010 Ph.D., Yale University, May 1981 M. Phil., Yale University, May 1978 M.A., Yale University, December 1977 A.B., Magna Cum Laude, Harvard University, June 1974. Academy: Socio Straniero dell’Accademia dei Lincei - Classe di Scienze Morali, Storiche e Filologiche (Categoria VII - Scienze Sociali e Politiche). Elected 2010. Awards: GPAC Faculty Awards: Best Taught Class, 2020. GPAC Faculty Awards: Best Course to Challenge Your Assumptions, 2020. GPAC Faculty Awards: Best Transition Online, 2020. Veblen-Commons Award, Association for Evolutionary Economics, 2020. Почетного профессора, Urals State University of Economics, 2018. Trustee, Economists for Peace and Security, Elected 2017. -
Money, Trust, and Central Bank Legitimacy in the Age of Quantitative Easing
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Braun, Benjamin Working Paper Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing MPIfG Discussion Paper, No. 16/12 Provided in Cooperation with: Max Planck Institute for the Study of Societies (MPIfG), Cologne Suggested Citation: Braun, Benjamin (2016) : Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing, MPIfG Discussion Paper, No. 16/12, Max Planck Institute for the Study of Societies, Cologne This Version is available at: http://hdl.handle.net/10419/147500 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen -
WRAP THESIS Braun 2014.Pdf
University of Warwick institutional repository: http://go.warwick.ac.uk/wrap A Thesis Submitted for the Degree of PhD at the University of Warwick http://go.warwick.ac.uk/wrap/67054 This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. Benjamin Braun Central bank agency and monetary governability in the euro area: Governing through money, trust, and expectations Thesis submitted in partial fulfilment of the requirements for a PhD in Politics and International Studies conducted in the Department of Politics and Inter- national Studies at the University of Warwick Supervised by Professor Matthew Watson and Doctor Amandine Crespy September 2014 Table of contents List of tables and figures ... vi List of abbreviations ... vii Acknowledgements ... viii Declaration ... ix Abstract ... x Introduction ... 1 Central banking – a blind spot in the political science literature on central banks? ... 3 The monetary policy paradigm of the Great Moderation, and why it (still) matters ... 6 Analytical framework and theoretical concepts: Central bank agency, governability, performativity, audi- ences, and apparatuses ... 10 Case, data, and methodology ... 15 Contributions to the literature ... 19 Chapter structure ... 22 1. The making and unmaking of governability in macroeconomic discourse ... 26 1.1 Macroeconomic governability paradigms ... 29 1.1.1 Governability paradigms vs. policy paradigms ... 30 1.1.2 Three elements of macroeconomic governability paradigms ... 33 1.2 From Keynesian uncertainty to the neoclassical synthesis .. -
Post-Keynesian Economics
History and Fundamentals of Post-Keynesian Macroeconomics Marc Lavoie University of Paris 13 University of Ottawa A Modern Guide To Keynesian Macroeconomics And Economic Policies Outline • 1. We set post-Keynesian economics within a set of multiple heterodox schools of thought, in opposition to mainstream schools and quickly identify the main features (presuppositions) of heterodoxy, contrasting them to those of orthodoxy. • 2. We cover a brief history of post-Keynesian economics, in particular its founding moments. • 3. We identify the additional features that characterize post- Keynesian economics relative to closely-related heterodox schools. • 4. We delineate the various streams of post-Keynesian economics: Fundamentalist, Kaleckian, Kaldorian, Sraffian, Institutionalist. • 5. PKE in the limelight: monetary economics 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 PART I Heterodox schools and Keynesian schools Heterodox vs Orthodox economics • HETERODOX PARADIGM • ORTHODOX PARADIGM • NON-ORTHODOX • DOMINANT PARADIGM PARADIGM • THE MAINSTREAM • POST-CLASSICAL PARADIGM • NEOCLASSICAL ECONOMICS • REVIVAL OF POLITICAL ECONOMY • MARGINALISM • REAL-WORLD ECONOMICS 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 • Lee, Lavoie ROPE 2012 • J.E. King • Stockhammer and Ramskögler • Dobusch and Kapeller • D. Dequech • B. Hopkins • M. Vernengo • Earl and Peng • G. Mongiovi • Rochon and Docherty • D. Foley • L. Hoang-Ngoc 7th FMM International Summer School, Keynesian Macroeconomics and Economic Policies, July-August 2019 Hodgson (August 2019 book): Is There a Future for Heterodox Economics? • “Over the last 50 years, and particularly since the financial crash in 2008, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned. -
A Cosmopolitan Reading of Modern Monetary Theory
Global Society ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/cgsj20 A Cosmopolitan Reading of Modern Monetary Theory Konsta Kotilainen To cite this article: Konsta Kotilainen (2021): A Cosmopolitan Reading of Modern Monetary Theory, Global Society, DOI: 10.1080/13600826.2021.1898343 To link to this article: https://doi.org/10.1080/13600826.2021.1898343 © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 19 Mar 2021. Submit your article to this journal Article views: 183 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=cgsj20 GLOBAL SOCIETY https://doi.org/10.1080/13600826.2021.1898343 A Cosmopolitan Reading of Modern Monetary Theory Konsta Kotilainen Faculty of Social Sciences, University of Helsinki, Helsinki, Finland ABSTRACT KEYWORDS The increasingly influential neochartalist Modern Monetary Theory Cosmopolitanism; Modern (MMT) comes with a nation-state-centric framing of politics. The Monetary Theory; global neochartalists argue that many alleged globalisation-related democracy; monetary constraints on national economic policy are illusory or seriously sovereignty; macroeconomic governance overstated. In their view, monetarily sovereign states enjoy substantial autonomy over their fiscal and monetary policy decisions. The neochartalist diagnosis thus seems to undermine cosmopolitan calls for supranational forms of macroeconomic governance. However, this paper argues that if we pay serious attention to a range of subtler obstacles and strategic incentives that apply especially to small currency-issuing states, cosmopolitan aspirations remain well-motivated. Accordingly, the political implications of MMT are reexamined and a case for supranational exercise of monetary sovereignty is made. -
A Post Keynesian/Institutionalist Synthesis? W
A Post Keynesian/Institutionalist Synthesis? W. Robert Brazelton, Ph.D Professor Emeritus, Economics University of Missouri-Kansas City Senior Fellow The Brookside Institute Abstract This paper deals with major selected components of both Post Keynesian Economics a la Hyman Minsky, Paul Davidson, Alfred Eichner, Sydney Weintraub, Randall Wray and others as they contrast with the “Old” Institutionalists (Evolutionists) such as Thorstein Veblen, Clarence Ayres, Gardiner Means, John R. Commons, Wesley Clair Mitchell and others. The attempt will be to bring about a more comprehensive “synthesis” between the Post Keynesian/Institutionalist Schools (PK/I) based upon my previous works and the works of others. This does not mean that there should or could be one “synthesis” of economic theory and related economic policies, but that several viewpoints may be useful in obtaining a more general, less exclusively pre-determined framework of economic analysis and policy. The paper will also deal with selected sociological analysis to question the generally accepted orthodox economic analysis of rationality – a concept about which the PK/I analysis generally questions as an analytical concept. I. Introduction : Institutionalists to Post-Keynesian In previous works (Brazelton, 1980-81, 1981, 2005) concerning this subject matter, I have dealt with the Post Keynesian and Institutionalists (PK/I) in terms of common or compatible analysis. Herein, I will deal first with selected major aspects of Institutionalist (Evolutionist) analysis and then indicate what the Keynesian analysis and the Post Keynesian analysis can each utilize in their variant forms of economic analysis. The reason for this handling is that Institutionalist Thought came first in such persons as Thorstein Veblen (1901, 1904, 1961), Clarence Ayres (1944, 1952), John R. -
Monetary Economics After the Global Financial Crisis: What Has Happened to the Endogenous Money Theory?
This is a repository copy of Monetary economics after the global financial crisis: what has happened to the endogenous money theory?. White Rose Research Online URL for this paper: https://eprints.whiterose.ac.uk/156194/ Version: Accepted Version Article: Fontana, G orcid.org/0000-0002-8055-5326, Realfonzo, R and Veronese Passarella, M orcid.org/0000-0001-7652-5952 (2020) Monetary economics after the global financial crisis: what has happened to the endogenous money theory? European Journal of Economics and Economic Policies: Intervention, 17 (3). pp. 339-355. ISSN 2052-7764 https://doi.org/10.4337/ejeep.2020.0056 © 2020, the authors. The definitive, peer reviewed and edited version of this article is published in Fontana, G , Realfonzo, R and Veronese Passarella, M (2020) Monetary economics after the global financial crisis: what has happened to the endogenous money theory? European Journal of Economics and Economic Policies: Intervention. ISSN 2052- 7764. Uploaded in accordance with the publisher's self-archiving policy. Reuse Items deposited in White Rose Research Online are protected by copyright, with all rights reserved unless indicated otherwise. They may be downloaded and/or printed for private study, or other acts as permitted by national copyright laws. The publisher or other rights holders may allow further reproduction and re-use of the full text version. This is indicated by the licence information on the White Rose Research Online record for the item. Takedown If you consider content in White Rose Research Online to be in breach of UK law, please notify us by emailing [email protected] including the URL of the record and the reason for the withdrawal request.