An interview from Rethinking Economics:
Andrea, what is your experience with using textbooks when teaching macro and monetary economics?
I have long been teaching undergraduate courses in macro and monetary economics, and I always found the most popular textbooks only partially helpful. Hence, in those courses where I still have a textbook, I always complement the main text with a reading list and my own lecture notes.
Do you feel this position is shared by other economics instructors?
Presentation at the Anniversary Conference of the Macroeconomics and Macroeconomic Policies (FMM) Research Network “Towards Pluralism in Macroeconomics?”
Berlin, October 20-22, 2016
In his piece on helicopter money, Lord Adair Turner seemed to argue that:
1) The money multiplier provides the needed boost to expansionary fiscal policy, yet this boost could generate inflation.
2) The risk of inflation could be managed by raising reserve requirements as needed.
Both statements are incorrect.
And this is the slightly expanded version of my Letter to the Financial Times (FT.COM published an abridged version)
In ‘The helicopter money drop demands balance’ (May 22), Lord Adair Turner defends the notion that bigger fiscal deficits are needed to end the current stagnation, but leaves one question unanswered: Why should a money-financed deficit be more powerful than a traditional debt-financed deficit?
As the ECB begins this week its Public Sector Purchase Programme (PSPP), also known as QE, banks in the Eurozone begin selling a variety of sovereign bonds and securities from European institutions and national agencies to their National Central Banks. The sales will be settled in “central bank money“. So the question today is: Do we know what central bank money is?