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The Financial Instability Hypothesis
The Financial Instability HypothesisBy Felipe Rezende Janet Yellen, President of the San Francisco Federal Reserve, pointed out at the 18th annual conference honoring the work of Hyman P. Minsky that:...
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The Congressional Budget Office’s long-term budget outlook
The Congressional Budget Office’s long-term budget outlookby Felipe Rezende and Stephanie Kelton The Congressional Budget Office (CBO) has just released its long-term budget outlook. The dismal report...
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A note on Automatic Stabilizers
A note on Automatic StabilizersBy Felipe Rezende What has so far prevented a deep depression in 2009? The answer, as Paul Krugman explained yesterday, are automatic stabilizers. Indeed, as Hyman Minsky...
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Another Great Depression?
Another Great Depression?By Felipe Rezende In a previous post, I explained that automatic stabilizers- i.e. the fact that the federal government’s budget moves counter-cyclically and in an automatic...
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Another Embarrassing Blunder by Chairman Bernanke
Another Embarrassing Blunder by Chairman BernankeBy Felipe Rezende The Fed chairman Ben Bernanke in his recent op-ed piece argued that “given the current economic conditions, banks have generally held...
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Keynes’s Relevance and Krugman’s Economics
Keynes’s Relevance and Krugman’s EconomicsBy Felipe C. Rezende It is true that Krugman considered himself a saltwater economist. But he is closer to Post Keynesian economics than he imagined. In his...
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S&P threatened to downgrade Brazil to junk
S&P threatened to downgrade Brazil to junk By Felipe Rezende Hobart and William Smith Colleges S&P has issued a negative outlook regarding Brazilian sovereign debt. The S&P’s announcement...
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Credit Rating Agencies and Brazil: Why The S&P’s Rating About Brazil...
Credit Rating Agencies and Brazil: Why The S&P’s Rating About Brazil Sovereign Debt Is Nonsense Felipe Rezende So S&P has downgraded Brazil’s rating on long-term foreign currency debt to junk...
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Reactions to S&P Downgrade: S&P analyst confirms there is no solvency issue
Reactions to S&P Downgrade: S&P analyst confirms there is no solvency issue By Felipe Rezende In previous posts (see here and here), I discussed Standard & Poor’s (S&P) downgrade of...
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Endogenous financial fragility in Brazil: Does Brazil’s National Development...
Endogenous financial fragility in Brazil: Does Brazil’s National Development Bank reduce external fragility? By Felipe Rezende Introduction The creation of new sources of financing and funding are at...
View ArticleIs there a solution to Brazil’s crises?
Is there a solution to Brazil’s crises? By Felipe Rezende This is the first of a series of posts on the Brazilian crises. There are two major crises Brazil’s president Dilma Rousseff is facing: one is...
View ArticleMinsky Meets Brazil
Minsky Meets Brazil By Felipe Rezende Part I This series will discuss at length the underlying forces behind Brazil’s current crisis. A consensus has emerged in Brazil (and elsewhere) blaming...
View ArticleMinsky Meets Brazil Part II
Minsky Meets Brazil Part II By Felipe Rezende This series will discuss at length the underlying forces behind Brazil’s current crisis. Building on Keynes’ investment theory of the cycle, Minsky’s work...
View ArticleMinsky Meets Brazil Part III
Minsky Meets Brazil Part III By Felipe Rezende This part of the series (see Part I and II, here and here) will focus on macroeconomic and microeconomic aspects to financial fragility and provision for...
View ArticleMinsky Meets Brazil Part IV
Minsky Meets Brazil Part IV By Felipe Rezende Part IV This last part of the series (see Part I, II, and III here, here and here) will focus on the Brazilian response to the crisis. What Should Brazil...
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