nicholas kaldor

IMF’s World Economic Outlook On Global Imbalances

30 September 2014

The IMF has released a couple of chapters from its upcoming World Economic Outlook. There is one chapter Are Global Imbalances At A Turning Point, which talks of not just “flow imbalances” (current account deficits/surpluses) but also “stock imbalances” (international investment positions). There is a nice table with a lot of information (although it is interested […]

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Nicholas Kaldor On Rational Expectations

29 March 2014

I was recently re-reading an article by Nicholas Kaldor and J. Trevithick [1] and I came across this fine description of rational expectations: The main plank of the monetarist school has hitherto been that inflation is invariably ‘demand induced': it can result only from an excessive demand for goods which, however, can manifest itself in […]

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Bank Of England On Money Creation

12 March 2014

In the natural sciences, controversies are settled in a few months, or at a time of crisis, in a year or two, but in the social so-called sciences, absurd misunderstandings can continue for sixty or a hundred years without being cleared up. – Joan Robinson, 1981 (1979), What Are The Questions And Other Essays – Further Contributions To […]

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Nicholas Kaldor’s Collected Economic Essays

6 February 2014

A lot of commenters on this blog have asked me about a list of papers of Nicholas Kaldor. I have scanned the covers and the table of contents of his Collected Economic Essays (Volumes 1-9) for the list. These papers are of course not exhaustive but the most important. The volumes are out of print […]

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Goodbye Global Imbalances?

13 January 2014

In an article A Requiem for Global Imbalances for Project Syndicate, Barry Eichengreen writes as if global imbalances are a thing of the past and international trade in one less thing to worry about for the world economy. This follows some articles a few months back charting Euro Area current account balances which claimed Euro Area imbalances […]

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Interest Rates And Investment

11 January 2014

There is a new interesting Federal Reserve paper The insensitivity of investment to interest rates: Evidence from a survey of CFOs. Abstract: A fundamental tenet of investment theory and the traditional theory of monetary policy transmission is that investment expenditures by businesses are negatively affected by interest rates. Yet, a large body of empirical research offer […]

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Happy Diwali

2 November 2013

picture via bluemountain.com James Tobin’s papers are very interesting. I have a special liking for him even though he sometimes said strange things and used a lot of neoclassical analysis. His asset allocation theory is one of the most interesting things in monetary economics. I came across this paper from his book Essays In Economics – […]

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Flow Of Funds And Keynesian Macroeconomics

15 September 2013

The subject of money, credit and moneyflows is a highly technical one, but it is also one that has a wide popular appeal. For centuries it has attracted quacks as well as serious students, and there has too often been difficulty in distinguishing a widely held popular belief from a completely formulated and tested scientific […]

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Holier Than Tobin?

24 August 2013

It sometimes happens that important insights of great contributors to an academic field are missed. One of the most important things in Monetary Economics is Tobin’s asset allocation theory which although is well known is sometimes poorly understood. James Tobin (Source: Econometric Theory) But sometimes a holier-than-thou attitude can lead one to miss an important and […]

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Manmohan Violet Singh

3 August 2013

In a short recent speech, the Indian Prime Minister – the great man who steered the direction of the Indian economy in the early 1990s – says: The purpose of the study of economics is not to provide settled answers to unsettled and difficult questions, but sometimes to warn economists and the world-at-large, how not to […]

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