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Explaining the US labour force participation problem
Falling activity rates are often blamed on the long-term unemployed giving up the quest for work. And indeed the US does have a long-term unemployment problem at the moment. Research by Alicia Munnell, director of the Center for Retirement…
Some brief thoughts on releveraging and wage growth
As I mentioned last week, I am on a winter break. So I haven’t been able to post over the past several days. But I have been following the news flow and wanted to make a few comments on what I am seeing regarding the US.
Hyman Minsky’s Early Work on Banking and Endogenous Money
From Minsky’s earliest work, he adopted what became known as the “endogenous money” approach that was revived by Post Keynesians in the 1980s. It is useful to return to Krugman’s critique of Minsky to compare Minsky’s early view of banking…
Three reasons for the Russian ruble’s decline to record lows
The Russian economy is barely growing. The Russian central bank has no intention of supporting the ruble. We are also seeing some spillover from the Ukrainian mess.
FOMC Minutes and Thoughts on Forward Guidance
As high income economies improve and the financial sectors stabilize, central bankers understandably and rightly, want to move away from the unorthodox policies that were necessary to avoid an even larger collapse and more suffering.
Italy: The King is Dead, Long Live the King
Italian stocks and bonds have rallied strongly on ideas that the Italian situation can only get better. It is exactly such time, when so many observers are nearly euphoric, that the smart money may want to take some profits.
Two for Tuesday: Asian central banks, European inflation
There have been two central bank actions in Asia to note. In Europe, two countries reported lower than expected inflation.