Russia Leaves Neoliberal West to Join World Majority
The sanctions against Russia and Russia’s kinetic war in Ukraine have produced great changes in and outside. But what are their implications?
Read more...Category Archives: Macroeconomic policy
The Asymmetric Federal Reserve Objective
The Fed’s objective is asymmetric, with inflation overshoots being more costly than undershoots. Using data from the Summary of Economic Projections it shows that the Bernanke Fed was too hawkish, the Yellen Fed was too dovish, and the Fed under Jerome Powell has at times been too hawkish and too dovish.
Read more...The Fiscal Side of Europe’s Energy Crisis: The Facts, Problems and Prospects
A deep dive into the costs and impact of the recent, large-scale European energy subsidies.
Read more...Michael Hudson and Radhika Desai on Dollar Imperialism
A deep dive on the development of the dollar system.
Read more...‘Absolute Hypocrisy’: GOP Unveils Bill to Make Trump Tax Cuts Permanent While Howling About Debt
The point of the debt ceiling melodrama is to give fiscal hawks another whack at budget-cutting. Tax increase are therefore off the table.
Read more...The Gold Standard
A primer on the gold standard, including a discussion of its implications.
Read more...Russia’s Budget Deficit Jumps Amid Plunging Oil Revenues
Russia had a budget shortfall due to a fall in energy-related tax receipts. How serious a problem is this development?
Read more...Scarring, Hysteresis, and Investment in Europe
Fiscal policy can play an important role in limiting hysteresis – a term coined in the 1980s – particularly by promoting government and private investment. However, the political economy of fiscal policymaking typically trades off long-term benefits for short-term gains
Read more...James Galbraith: The Quasi-Inflation of 2021-2022 – A Case of Bad Analysis and Worse Response
Galbraith explains why conventional views of inflation are a particularly poor fit for recent price increases and produced bad policy
Read more...Radhika Desai and Michael Hudson Discuss the Causes and Politicization of Inflation
Desai and Hudson debunk widely-believed, finance-and-elite-serving myths about inflation.
Read more...Debt Ceiling Arm Wrestling Targets Ukraine Spending
The upcoming debt ceiling fight has an unusual feature: Republican opposition to military pork, or at least the Ukraine variety.
Read more...The Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy
A new analysis finds our inflation comes first from Covid/sanctions supply shocks and second, spending by the rich, not government spending.
Read more...Ukraine: When Will It Reach the End of Its Propaganda Line?
Is Ukraine’s spin getting threadbare?
Read more...MMT Answers
A short MMT refresher course in the form of a Q&A.
Read more...Bloomberg Describes Europe’s Severe and Sustained Energy Crisis Due to Loss of Russian Gas
Bloomberg is countering the prevaiing cheery narrative that Europe can muddle through its ongoing energy crunch.
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