My view is that it is incredibly easy to run off the rails in macroeconomics unless you start by firmly grounding yourself in John Stuart Mill's (1829) insight: A general glut is an excess demand for financial assets at … [...]
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A New York Times op-ed, Incredible Shrinking Country (NY Times, 4/28/2012) presents a thoroughly negative view of the rapid deflation of Japan's population now underway. The Japanese birthrate hovers around just 1.3 … [...] So the, the very critical difference between the Japanese situation 15 years ago and the U.S. situation today is that, Japan was in deflation and clearly, when you're in deflation and in recession, then both sides of your … [...] McCulley also points out that human nature is inherently pro-cyclical, meaning, in Minsky's words, that “from time to time, capitalist economies exhibit inflations and debt deflations which seem to have the potential to spin out of control. In such … [...] Economy and Finance Minister of Japan Furukawa yuan for a long time (Motohisa Furukawa), Fri (427 days), said he expected the Bank of Japan will adopt a flexible and bold monetary policy measures to achieve the inflation … [...] By trying to forestall an imagined deflation , the Federal Reserve comes perilously close to instigating the real thing. The economist Hyman Minsky laid down the paradox that stability is itself destabilizing. I say that the pledge … [...] message China 427 days, according to Japan to meet the demand, the Bank of Japan monetary policy meeting held on the 27th on the introduction [...] I made two points at that time to the Bank of Japan . The first was that I believe that a determined central bank could and should work to eliminate deflation , that is, falling prices. The second point that I made was that when … [...] From that debt deflation (Fisher-style), the liquidity trap and the Keynesian multiplier emerge. And this provides a “rationale for expansionary fiscal policy”. Krugman called it a Fisher- Minsky ,Koo approach to the crisis, although … [...] Deflation pressure. Unlike other economies in the region such as China and India where consumer prices have been rising, Japan has seen consumer prices falling in recent years. Falling prices hurt the economy as … [...] |
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