Overview: Financialization as financial neoliberalism -- Financialization: what it is and why it matters -- The macroeconomics of financialization: stages of development approach -- The simple analytics of debt-driven business cycles -- Deflation and inflation dynamics with debt -- Herd...

The short-run macroeconomic effectiveness of fiscal policy depends on the effect of policy on AD and the effect of AD on output. This paper examines how macroeconomic perspectives (Keynesian, Post Keynesian, monetarist, classical, new classical, and new Keynesian) describe the effect of AD on...

The Federal Reserve is a hugely powerful institution whose policies ramify with enormous effect throughout the economy. In the wake of the Great Recession, monetary policy focused on quantitative easing. Now, there is talk of normalizing monetary policy and interest rates. That conversation is...

According to Research Associate Thomas I. Palley, global outsourcing represents a new economic challenge that calls for a new set of institutions. In this brief, he expands upon the problems of offshore outsourcing as outlined in Public Policy Brief no. 86 and focuses on the microeconomic...

Finanzialisierung ist ein Prozess, in dessen Verlauf Finanzmärkte, -institutionen und -eliten zunehmend Einfluss auf Wirtschaftspolitik und ökonomische Ergebnisse gewinnen. Finanzialisierung transformiert die Funktionsweise des ökonomischen Systems sowohl auf der Makro- als auch auf der...

Federal Reserve Chairman William McChesney Martin famously declared that the Federal Reserve "is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up." This paper uses the punch bowl metaphor to analyze how the Federal Reserve can...