Japan reported on Friday that its consumer prices excluding fresh food fell 0.5 percent in March from the previous year, signalling continued deflation . There was no immediate reaction from the Bank of Japan . Its latest … [...]
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The deflationary exit strategy from the crisis advocated by the European elites can only lead to a long, painful recession. In the wake … Here, Minsky identifies two anti-unemployment strategies that are richly instructive [...] The new Bank of Japan (BoJ) Governor, Haruhiko Kuroda, started work on Thursday and his first day on the job disappointed investors. At a press conference, Kuroda pledged to do whatever it takes to defeat deflation and … [...] As long as the Greek debt is considered unsustainable, liquidity and solvency problems will arise, rapidly multiply, and spread to the entire economy, which will continue to evolve through a “debt- deflation ” process with catastrophic … My answer is affirmative, and this institution is Hyman Minsky's “Employer of Last Resort” (ELR) programs (see e.g. Minsky 1986, Papadimitriou and Minsky 1994) that are unique countercyclical government initiatives that show evidence … [...] Since starting in 2008, Shirakawa has continued the policy of monetary easing, but failed to solve Japan's long-term issues with deflation . (Read More: What Will Fix Japan's Economy?) “There is a seismic shift in terms of the … [...] “The Macrodynamics of Debt Deflation ,” in Riccardo Bellofiore and Piero Ferri (eds.), Financial Fragility and Investment in the Capitalist Economy: The Economic Legacy of Hyman Minsky , Volume II. Edward Elgar, Cheltenham … [...] Steve Keen on Schumpeter, Minsky and Endogenous Money. A great audio talk here by Steve Keen, recently given in New Zealand (in Wellington on 10th September, 2012, if I am not mistaken), on debt deflation , Schumpeter … [...] But the bubble-bust cycle that history has allowed us to see is not the only reason I'm so certain we're heading for deflation and a great crash ahead. I have other …. Discussing Minsky & Jubilee with Alpha to Omega … [...] |
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The Economics Forum 21: The Minsky Moment: How Paul Krugman …
A ” Minsky Moment” in which both the lender (“patient capitalist”) and the borrower (“impatient capitalist”) finally realise that theirs is sheer “speculation” and that the “profits” they anticipated from production are not going to materialise …. But Krugman simply “has” to confront this problem – and he does, as we saw, when he acknowledges that “debt-deleveraging” (or Fisherian debt- deflationary ) “shocks” occur when our dear “patient and impatient” capitalists “suddenly … [...]