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Thursday, June 5, 2014 – The Real News Matters

The Federal Reserve Versus Hyman Minsky (and Deflation ) By Yves Smith June 5, 2014. Yves here. Ilargi at Automatic Earth provided a good rant of something that I had similarly seen as astonishingly cheeky, which was [...]

Imported Deflation and a New Currency War? | Marc to Market

Deflation pressures in the euro zone are also being driven by the monetary policy elsewhere, not least in Japan .” This sounds reasonable. The yen has depreciated by about 29% against the euro since the start of [...]

Minsky's crises | NAKED KEYNESIANISM

Lance Taylor's paper (with Stephen O'Connell; subscription required) is probably one of the few discussions of Minsky in a mainstream journal (in the Quarterly Journal of Economics, the working paper series of Harvard and MIT), and one of the last heterodox papers …. And if you believe in a Phillips curve and some sort of central bank monetary rule, a negative output gap suggests a deflationary pressure (and yes RBC authors do believe in endogenous money). Yes  … [...]

Japan deflation persists, industrial output falls | Business …

Japan deflation persists, industrial output falls. Japan's core consumer price index fell 0.4 percent in April from a year earlier, while industrial production also weakened, the government reported Friday. By ELAINE … [...]

Japan's central bank chief vows to end deflation | Business …

The newly installed governor of Japan's central bank said Thursday that he plans to do whatever he can to end deflation and break the economy out of the doldrums. The Associated Press … [...]

Japan deflation persists, business spending down – The Seattle Times

Japan said Friday that its chronic deflation persisted in January, with consumer prices falling 0.2 percent from a year earlier, though the employment situation showed a modest improvement. The Associated Press … [...]

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: 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 … [...]