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Recent Posts

NAKED KEYNESIANISM: Palley on The Limits of Minsky's Financial …

Aside from Keynes, no economist seems to have benefited so much from the financial crisis of 2007-08 as the late Hyman Minsky . The collapse of the sub-prime market in August 2007 has been widely labeled a “ Minsky   … [...]

NAKED KEYNESIANISM: Ramblings on 21st century macroeconomics

The interpretation of what the “new” macro for the 21st century should be is basically New Keynesian price/wage rigidities models cum debt- deflation (the finance and Minsky part). But even the understanding of debt- deflation … [...]

NAKED KEYNESIANISM: This time is different, after all

It is well known, and it has been discussed in this blog, that the crisis has been to a great extent associated to the fact that wage stagnation has led to the accumulation of increasingly more unsustainable levels of private debt (echoes of both Godley and Minsky , from the Levy Institute). … The main difference between the current Great Recession with the previous two recessions is that private debt falls (below the zero line) as a result of deleveraging (debt- deflation [...]

Hyper Deflation for some people seems to be on the horizon

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