February 2020
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Recent Posts

Japan – In Thrall to Quackery |

According to Takenaka, “ Japan has the best opportunity to beat deflation in more than a decade.”, which sure sounds like he's threatening Japan's aging consumers with an imminent loss of real income. They have already … [...]

Shinzo Abe: I Come to Bury the Yen |

But in recent weeks he has called for the Bank of Japan to achieve 3 percent inflation, three times higher than the current target, after years of deflation pressures. […] “The BOJ must set a (new) inflation target and print … [...]

WHY MINSKY MATTERS: Part One | The Bagehot Post

WHY MINSKY MATTERS: Part One: My friend Steve Keen recently presented a “primer” on Hyman Minsky ; you can read it here: http://www.economonitor.com/blog/2012/03/a-primer-on- minsky / In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky . In particular Krugman's equilibrium approach and … dynamics was contrasted to Minsky's rich analysis. Finally, Krugman's model of debt deflation … [...]

Economics without a blind-spot on debt | The Bagehot Post

Ben Bernanke rejected Irving Fisher's “Debt Deflation ” explanation for the Great Depression on this basis; after noting that Fisher did influence Roosevelt's policies, Bernanke added that: 'Fisher's idea was less influential in academic circles, though, because of the … It also is the primary way in which speculation on asset prices is financed, as Minsky emphasised ( Minsky 1982, p. 24). The crisis we are in suddenly becomes entirely explicable—and predictable before … [...]