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Home / Tag Archives: Economics – macro, micro etc

Tag Archives: Economics – macro, micro etc

What Happens When Economics Doesn’t Reflect the Real World?

Prof Anwar Shaikh in this INET video talks about the shortcomings of neoclassical economics. More importantly, he discusses the alternative frameworks as discussed in his book Capitalism: Competition, Conflict, Crises. This entry was posted on January 22, 2020 at 3:13 pm and is filed under Economics - macro, micro etc, Financial Markets/ Finance. You can follow any responses to this entry through the RSS 2.0 feed. You...

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Seigniorage through periodic recoinage: When the validity of money was restricted in time

Roger Svensson and Andreas Westermark have this superb piece on monetary history. Call it demonetisation of coins: For almost 200 years, old coins were frequently declared invalid in large part of medieval Europe and had to be exchanged for new ones for an exchange fee. This column shows that frequent recoinage generates incomes for the minting authority when the tax level is low enough and the punishment for using invalid coins is high enough, and when there is a limited coin volume in...

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The Green Swan: Central banking and financial stability in the age of climate change

Kudos to BIS for bringing a report with such an innovative title. Taleb made his point about financial risks via his boo titled Black Swan and BIS is doing the same highlighting climate risks with the title Green swan! The report is written by 4 scholars – Patrick Bolton, Morgan Després, Luiz Awazu Pereira da Silva, Frédéric Samama and Romain Svartzman: Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks...

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When Climate Activism and Nationalism Collide

Kemal Dervis sums up one of the key battles of 2020s decade: There is an overwhelming consensus among scientists that this decade will be the last window for humanity to change the current global trajectory of carbon dioxide emissions so that the world can get close to zero net emissions by around 2050, and thus avoid potentially catastrophic climate risks. But although the massive technological and economic changes required to achieve this goal are well understood, their political...

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From reforms to stagnation – 20 years of economic policies in Putin’s Russia

Laura Solanko of Bank of Finland in this research note tracks Putin era. This paper gives a concise overview of the economic difficulties and policy responses in Putin’s Russia from the late 1990s to present. The discussion concludes with thoughts on future challenges facing Russia. This entry was posted on January 15, 2020 at 1:55 pm and is filed under Academic research & research papers, Economics - macro, micro etc. You...

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A network analysis of economic history: how economic historians are interconnected through their research

Gregori Galofré Vilà of Universitat Pompeu Fabra in this voxeu piece: Economic history is a thriving subset of the field. This column uses network analysis to review the development of the discipline over the last 40 years. It illustrates how economic historians are interconnected through their research, identifies which scholars are the most cited by their peers, and reveals the central debates enlivening the discipline. It also shows that the rapid increase in the number of economic...

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The origins of microfinance

Marvin Suesse and Nikolaus Wolf in this article: There was a rapid spread of credit cooperatives in rural 19th-century Germany providing small-scale savings and loan services to previously unbanked people. This column shows how these cooperatives helped shift farm investment from grains to potentially profitable but more capital-intensive products, such as the production of meat and dairy. In cases like this, changes in the sector of economic activity are a better metric for the impact...

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A monetary policy framework for all seasons?

Mark Carney of Bank of England in this speech argues that Inflation targeting has been a framework for all seasons in UK: To set the stage for today’s discussions, I would like to do two things. First, I will review the conduct and performance of inflation targeting during my time as Governor. This period, which roughly coincides with the post-crisis recovery and which has seen more than its share of shocks and structural developments,provides some insights to the ability of inflation...

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The Dilemma of Central Banking: To follow Keynesian, Fisherian or Neo Fisherian

Nice Proj Synd piece by Miao Yangling: Neoclassical thinkers in the tradition of Alfred Marshall, Knut Wicksell, and Irving Fisher believe that real interest rates are determined by real economic forces. Money (or monetary policy) is neutral, and the rate of interest is that which equilibrates saving and investment, as determined by time preference and returns, respectively. (Hence, the title of Fisher’s 1930 book on the topic is: The Theory of Interest, as Determined by Impatience to...

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Researching on history of Central Bank of Spain sitting anywhere

The Governor of Central Bank of Spain had earlier announced that it wants to promote research in economic history. To take this further, the central bank has launched a new portal containing the digital collection of the Banco de España’s Library: The Banco de España makes its institutional repository, a new portal containing the Library’s collection in digital format, available to researchers and users in general. When launched, the repository will provide access to 2,182 documents,...

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