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Recent Posts

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  … [...]