Main menu:

History of RPE Thought

Posts by Tag

RSS New from the CCPA

  • CED in Manitoba - The Video January 29, 2018
    Community Economic Development in Manitoba - nudging capitalism out of the way?
    Canadian Centre for Policy Alternatives
  • With regional management BC’s iconic forest industry can benefit British Columbians rather than multinational corporations January 17, 2018
    Forests are one of the iconic symbols of British Columbia, and successive governments and companies operating here have largely focussed on the cheap, commodity lumber business that benefits industry. Former provincial forestry minister Bob Williams, who has been involved with the industry for five decades, proposes regional management of this valuable natural resource to benefit […]
    Canadian Centre for Policy Alternatives
  • Community Economic Development in Manitoba - a new film January 16, 2018
    Cinameteque, Jan 23.  7:00 pm - Free event Film Trailer CCEDNET-MB, CCPA-MB, The Manitoba Research Alliance and Rebel Sky Media presents: The Inclusive Economy:  Stories of Community Economic Development in Manitoba
    Canadian Centre for Policy Alternatives
  • Winnipeg's State of the Inner City 2018 January 3, 2018
    Winnipeg's community-based organizations are standing on shakey ground and confused about how to proceed with current provincial governement measurements.  Read the 2018 State of the Inner City Report.
    Canadian Centre for Policy Alternatives
  • Our Schools/Our Selves: Winter 2018 is online now! December 18, 2017
    For the first time, this winter we are making Our Schools/Our Selves available in its entirety online. This issue of Our Schools/Our Selves focuses on a number of key issues that education workers, parents, students, and public education advocates are confronting in schools and communities, and offers on-the-ground commentary and analysis of what needs to […]
    Canadian Centre for Policy Alternatives
Progressive Bloggers

Meta

Recent Blog Posts

Posts by Author

Recent Blog Comments

The Progressive Economics Forum

Levy Institute on sub-prime and US developments

Randall Wray, in a paper for the Levy Institute, provides a nice history of the sub-prime debacle, and connects it to the economics of Hyman Minsky (whose name has resurfaced in the wake of the current connundrum) in Lessons from the Sub-prime Meltdown:

This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the U.S. real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This paper identifies the causes and consequences of the financial innovations that created the real estate boom and bust. It examines the role played by each of the key players—including brokers, appraisers, borrowers, securitizers, insurers, and regulators—in creating the crisis. Finally, it proposes short-run solutions to the current crisis, as well as longer-run policy to prevent “it” (a debt deflation) from happening again.

And Wynne Godley and company use their Keynesian macro model to review the US economy and where things might be headed, in The U.S. Economy: Is There a Way Out of the Woods?:

This Strategic Analysis provides a retrospective view of U.S. growth in the last 10 years, showing that the authors’ previous work, grounded in the linkages between growth and the financial balances of the private, public, and foreign sectors of the economy, has proven a useful contribution to the public discussion. The analysis reviews recent events in the U.S. housing and financial markets to obtain a likely scenario for the evolution of household spending. It argues that a significant drop in borrowing is likely to take place in the coming quarters, with severe consequences for growth and unemployment, unless (1) the U.S. dollar is allowed to continue its fall and thus complete the recovery in the U.S. external imbalance, and (2) fiscal policy shifts its course—as it did in the 2001 recession.

Enjoy and share:

Write a comment





Related articles