Households Deleveraging from FRBNY

FRBNY has just released its Quarterly Report on Household Debt and Credit for Q2 2012 with a follow up update from FRBNY Liberty Street Economics.

In the update to their earlier report, FRBNY economists confirm continued overall deleveraging trend of the US households.

While on relative scale trends appear in somewhat opposite directions (e.g. credit cards vs. student loans chart vs. mortgage debt), on aggregate households are reducing their debt positions, primarily by a) reducing the volumes of new mortgage liabilities; b) paying out existing mortgage; and c) due to foreclosures/default. Continue reading

Central banks

I’m attending a two day 21st annual H. Minsky Conference organized by the Levy Economics Institute.

Really good presentations and interesting discussions. I’ll try to share more detailed impressions later on (most likely in the classroom), for now though a brief remark.

One of the speakers suggested that Central Banks’ focus is primarily stability of the financial system, causing a mixed reaction in the audience. Continue reading

Managed capitalism?

Great news! AngloHigher publishes my piece on Innovative Fiscal Policy and Social Totality. Follow the link for more

Following up on the topic [rather quickly], some newer discussions seem to reconfirm the earlier view: of pragmatic fiscal policy aimed at sustainable development. There’s been talk on problems of access to education (and quality) and manufacturing jobs drain. Continue reading

Lecturing in Taganrog

In December 2011, I had an opportunity to conduct a series of academic / public lectures on Urban Economics and Financial Economics at the Taganrog Management and Economics Institute in Taganrog, Russia.

Lecturing @ Taganrog Mgmnt & Econ Inst., Dec. 2011

It was encouraging to meet all faculty, students, and staff who attended the lectures and contributed immensely with their point sharp questions. Happy New Year!

UPDATE: Jan 26, 2012 – a pleasant surprise from the NasheVremya newspaper in Rostov-Don, Russia – a brief coverage of the December lectures. Available here.