Economist @lewisandclark @LevyEcon (Macroeconomics, Money, Finance, Political Economy). (MOSTLY INACTIVE AND RARELY CHECKED, Email for Qs: [email protected])
Portland, OR
Joined April 2015
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The CBO is at it again with its new Primer on the Federal Debt cbo.gov/system/files/2020-03…
Below is a thread but for a fully developed counter argument see this: tandfonline.com/eprint/RBIF3…
Eric Tymoigne retweeted
We're joined by the acclaimed economist Isabella Weber, author of the new book "Anti-Fascist Economics: In Defense of Affordability, Dignity, and Democracy."
Relentless push by SEC to spread Ponzi finance to retail investors continues: sec.gov/newsroom/speeches-st…
Eric Tymoigne retweeted
I recently completed a trip to four central banks in Europe and learned a lot from them. Here is my write up of this amazing opportunity I had to learn from others. (1/2) macroeconomicpolicynexus.sub… @RobinWigg @robin_j_brooks @ChrisGiles_ @MaryDalyEcon @Austan_Goolsbee @paulwinfree @annap_2013
Eric Tymoigne retweeted
We continue the @LevyEcon speaker series on economic (in)stability, and this time, we focus on the rise of private credit. This is a webinar by @tymoignee. Register to join us tomorrow.
Join us for "Money Managers and the Rise of Financial Fragility" w/ @tymoignee. Learn how today’s financial practices contribute to instability + risk.
📆 10/22/26 @ 4:30pm ET
Register: tinyurl.com/Moneymrff
#privatedebt #privateequity #moneymanagers @ptcherneva @BardCollege
And this: Retailization of private markets and the rise of Ponzi finance: levyinstitute.org/publicatio…
No!! Stop it!!! We're not doing this
crisesnotes.com/sigh-no-ed-z…
Eric Tymoigne retweeted
Those who are interested in the PK views on expectations and consumption, there is of course a huge literature, including the discussion of expectations in SFC models, which is usually introduced right after the baseline model discussed in this survey paper.
This is wrong on so many level but strictly on the theory side have a look at this thread (and the discussion linked to it)
xitter.cf/oktayozdn/status/21126…
The fatal challenge to heterodox economics is that there isn't actually orthodox economics.
Just take a few recent Nobels: behavioral, information failure, institutions, bubbles, financial fragility, labor monopsony (sort of), Schumpeterian creative destruction, etc.
Not to mention RCTs which are emblematic of how much economic research is empirical and only lightly if at all structural.
The real difference is methods. Heterodox economics is an avowedly political project not a social scientific effort to better understand the world. And I have nothing against political projects just shouldn't confuse the two.
Eric Tymoigne retweeted
Folks, @PeteButtigieg is right: we've been running a generation long natural experiment on minimum wages and the results are clear.
20 states have no MW to speak of.
30 do, and sometimes as high as European levels (60% of median wage).
What do we find? Sharp growth in low pay, little effect on jobs.
A Charlotte student to @PeteButtigieg on corporate abuse of the minimum wage.
How will the Democratic platform structure a wage increase to actively protect small businesses from being forced to close or cut hours?
Yes and a broader indictment of the role of money in education. The rise of student debt has reinforced this focus on monetary gain (ROI etc) from education across all institutions. Detrimental impact on curriculum, level of preparation and motivation of students,…
A sticking indictment of university business schools and the MBA, by @Chris_Marquis_. The continuing frustration of workers in US, UK and EU economies can be traced to a post-1980s obsession with teaching management as a science. It isn't. #Showmethemoney
nytimes.com/2026/10/18/opini…
Eric Tymoigne retweeted
The idea that you can steer the economy with budget deficit rules and an interest rate is clearly dead.
It is a fair weather framework that fails once the going gets rough. There is neither full employment nor price stability, and both climate and distribution are a disaster.
Eric Tymoigne retweeted
Policymakers the world over will use this to shape their affordability agendas. Congratulations to my friend @IsabellaMWeber on another important book! penguinrandomhouse.com/books…
Eric Tymoigne retweeted
🧵 We just concluded our @LevyEcon Capitol Hill Series on the AI buildout. While no two crises are alike, our job was not to predict the next one but to outline the anatomy of a crisis. Hyman Minsky continues to be a guide for our analysis. 1/x
Financial side of the AI boom is tied to private markets: Synthetic PIK, level 3 valuation, credit & liquidity “enhancement”, bypassing of leverage reg via “innovations”, embedded leverage, regulatory apathy,… are all growing. We are in for a replay of 2008 if we let this go on.
This is the first of several conversations on the topic.
Next week we host a virtual talk by @tymoignee on the role of private credit in the proliferation of ponzi finance.
Register to watch: levyinstitute.org/events/eve…
and sign up for Levy news: levyinstitute.org/newsletter…
/end
The problem is much bigger than the empirics (although this is important). There are theoretical and methodological aspects
1- Theory: the whole framework is based on neoclassical premises that have been debunked a long time ago via Keynes, Cambridge controversy, Humbug.
(big ones are finance and banks, the “dark corners” as they are called), confound household with gov, etc.
Modern analysis that takes macro seriously(big umbrella from Shaik to Lavoie to Wray to Setterfield to Hein to Kelton to Keen …)starts from detailed institutional analysis