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July/August 2017 Newsletter

Working Paper: Do Negative Interest Rates Live Up to the Hype? 

In a new Working Paper entitled "Do Negative Interest Rates Lives Up to the Hype?," Rohan Grey, Research Fellow at the Binzagr Institute, and co-author Ayowande A McCunn, explore the future of negative interest rates, and consider a number of economic, legal, and institutional objections to the normalization of negative interest rates as part of the monetary policy toolkit. First, the paper contextualizes contemporary monetary policy debates over negative nominal rates against the background of the modern monetary system and macroeconomic theory. Then, it sets out concerns about the economic effectiveness of the transmission of monetary policy, before turning to legal and institutional objections associated with negative interest rate regimes. Read full paper here.

Binzagr Vlog (Spanish translation)

We are delighted to share our two new Vlog episodes with Spanish subtitles (PATRÓN TRABAJO). The Binzagr Institute’s Vlog series “Jobs, Money, Debt: Economic Common Sense” by Mathew Forstater, Research Director at the Binzagr Institute and Professor of Economics at UMKC, is designed to debunk myths about unemployment, deficits, the national debt, and the monetary system, and to articulate how we can create sustainable prosperity for the 21st century. 

The sixth episode on "Labor Standard" explains how a Job Guarantee program works. Watch, comment, share, subscribe to our YouTube channel, and stay tuned for more videos in the coming weeks and months. Watch the 6th episode here.
 The seventh episode on "Inflation" refutes the trade-off between full employment and price stability and demonstrates how we can bring about zero involuntary unemployment as well as price and currency stability.  Watch, comment, share, subscribe to our YouTube channel, and stay tuned for more videos in the coming weeks and months. Watch the 7th episode here.
First International MMT Conference
The Binzagr Institute is thrilled to co-sponsor the First International Modern Monetary Theory Conference in Kansas City, MO; featuring the following keynote speakers: Warren Mosler, Robert Skidelsky, Jamie Galbraith, Jan Kregel, and Randall Wray. Mark you calendars and join the Binzagr Institute's research team on September 21-24, 2017. This event welcomes academics, journalists, policymakers, activists, and engaged citizens from all walks of life.

Conference program, registration, lodging, and additional details are available on the conference website.

Updates from our Team

Levy Economics Institute
Jan Kregel, Advisory Board member at the Binzagr Institute, published a new paper entitled "
The Concert of Interests in the Age of Trump" (July 2017).

Vísir
Olafur Margeirsson, Research Scholar at the Binzagr Institute, was interviewed (in Icelandic) about the state of the economy and the need for a more realistic economics: "
Sprengisandur: Hægt að festa lága vexti" (July 9, 2017).

The Routledge Handbook of Heterodox Economics
This new
edited volume features four chapter by our Research Scholars: "Society and its Institutions," by John Henry, "Money and Monetary Regimes," by Pavlina Tcherneva, "The Heterodox Reconstruction of Trade Theory," by Yan Liang. and "Achieving Full Employment: History, Theory, and Policy," by Timothy Sharpe (co-authored with John Marsh and Bruce Philip).

Renegade Inc.
Steven Hail, Research Scholar at the Binzagr Institute, published an op-ed article entitled "
Neoliberalism Doesn't Work. And We Can Prove It" (July 15, 2017).

New Economics Perspectives
Rohan Grey and Raúl Carrillo, Research Fellows at the Binzagr Institute, co-authored an article entitled
"A Memo From MMT’s Legal Department" (July 15, 2017).

Conatus News
Alexander Douglas, Research Scholar at the Binzagr Institute, was featured in "
Q&A with Dr. Alexander Douglas about behavioral economics" (July 15, 2017).

Bloomberg
Robert Hockett, Research Scholar at the Binzagr Institute, was featured in several interviews, including: "
FX Cartel Arrives in US After Avoiding UK Charges" (July 18, 2017), "Shkreli Has Days to Decide Whether to Take Stand at Trial" (July 22, 2017), "Shkreli Decries ‘Witch Hunt’ After Being Convicted of Securities Fraud" (August 5, 2017), "Martin Shkreli Struts to Prison" (August 8, 2017),  "SEC Drops Claims against Traders in London Whale Case" (August 21, 2017), "Denied Appeal for ex SAC Capital Manager" (August 24, 2017), and "After Arpaio, Trump Lobbied to Pardon Michael Milken" (August 31, 2017).

Teen Vogue
Raúl Carrillo, Research Fellow at the Binzagr Institute, co-authored "
The Immorality of Trump's Boarder Wall, Explained" (August 23, 2017).

Medium
Steven Hail, Research Scholar at the Binzagr Institute, was interviewed for an article entitled "
How to survive another financial crisis" (June 27, 2017).

Yonkers Tribune
Oren M. Levin-Waldman, Research Scholar at the Binzagr Institute, published: "
Does Technology Make a Universal Basic Income Inevitable?" (July 31, 2017), "An Economic Theory of Justice?" (August 14, 2017), and "What Happens When there is No Longer a Middle Class?"(August 29, 2017).

Arcade
Scott Ferguson, Research Scholar at the Binzagr Institute, authored a blog post entitled "
Money's Law of Motion" (July 31, 2017).

Patreon
Ólafur Margeirsson, Research Scholar at the Binzagr Institute, authored an article entitled "
Bank Loans and the Exchange Rate" (August 6, 2017).

Bank for International Settlements
Charles Goodhart, Advisory Board member at the Binzagr Institute, co-authored a paper entitled "
Demographics will reverse three multi-decade global trends" on for the Bank for International Settlement (August 2017). You can download the paper here.

Cornell Law Review
Robert Hockett, Research Scholar at the Binzagr Institute, published an article entitled "
The Finance Franchise" (August 2017).

Bloomberg TV
Pavlina Tcherneva, Research Scholar at the Binzagr Institute, was interviewed by Bloomberg TV in Bulgaria. You can watch the full interview here "
Идеите на Тръмп за икономиката – когато намеренията се сблъскат с реалността" (August 09, 2017).

Los Angeles Times
Robert Hockett, Research Scholar at the Binzagr Institute, was quoted in article "
Wells Fargo chairman, two directors to step down amid continuing fallout from sham accounts scandal" (August 15, 2017).

Levy Economics Institute
Pavlina Tcherneva, Research Scholar at the Binzagr Institute, published a new paper entitled "
Unemployment: The Silent Epidemic" (August 2017).

Marketplace
Robert Hockett, Research Scholar at the Binzagr Institute, was interviewed by Marketplace in "
Changes at the top for Wells Fargo" (August 17, 2017).

Radio Express FM
Fadhel Kaboub, President of the Binzagr Institute, was interviewed by Radio Express FM about the challenges facing the Tunisian economy. You can watch the interview
here in Arabic/French. Here is the brief summary of his comments (in French).

Financial Times
Robert Hockett, Research Scholar at the Binzagr Institute, was interviewed by the Financial Times for an articles entitled "
The ‘finance franchise’ and fin-tech" (August 18, 2017). You can read Part 1 and Part 2 here.

Medium
Alexander Douglas, Research Scholar at the Binzagr Institute, published two blog posts, namely "
Debt and Time: A Puzzle" (August 28, 2017) and "Debt and Time: Another Puzzle" (August 30, 2017).

Forbes.com
Sara Hsu, Research Scholar at the Binzagr Institute, published several new op-ed articles on the state of the Chinese economy: "
China is Investing Heavily in Artificial Intelligence, and could soon Catch up to the U.S." (July 3, 2017), "The Lean, Clean And Green' AIIB Is Ready For More Ambitious, Independent Projects" (July 10, 2017), "This Chinese Company Is Trying To Build The World's Leading Blockchain Platform" (July 25, 2017), "This Chinese Credit Card Company Plans On Outsmarting Tencent And Alipay With A More Secure Product" (July 25, 2017), "China's IPO 'Glut' And The Case For Stock Market Reform" (July 27, 2017), "China's Poor Are Finally Getting A Fair Shot At Borrowing Money" (August 2, 2017), "New Regulations May Help China's Bike Sharing Companies To Thrive" (August 7, 2017), "China Has Nothing to Gain From Sanctioning North Korea" (August 13, 2017), "China Cracks Down On Money Laundering" (August 22, 2017) and "China's New Capital Controls Expected To Slow Real Estate, But Improve Country's Economic Health" (August 28, 2017).  You can follow Sara's columns on Forbes.com here.

Call for Proposals: Binzagr Palgrave-Macmillan Book Series

We are delighted to announce a partnership between the Binzagr Institute and Palgrave Macmillan to publish a new book series on Sustainable Prosperity. This series is co-edited by Mathew Forstater, Fadhel Kaboub, and Michael J. Murray. Please contact the co-editor to submit your book proposals.

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