Saturday, February 27, 2010

Bank for International Settlements (BIS) - Receptive to Heterodoxy?

I never even heard of the Bank for International Settlements (BIS) before a couple years ago. I am vaguely aware of the Basel accords, which I guess they have something to do with.

I have come across two papers - a ridiculously small number of data points - which make me wonder if they are receptive to heterodox economics. William White, the former chief economist of the BIS, criticized last December the direction of research in modern macroeconomics. He thinks macroeconomists should pay more attention to Hyman Minsky and also Austrian Business Cycle Theory. In a current BIS working paper (H/T to D-Squared), Piti Disyatat rejects the loanable funds theory and argues for the theory of an endogenous money supply, if I understand correctly. This paper references, among others, Basil Moore, Thomas Palley, and Randy Wray.


Anonymous said...

Robert, Check-out Claudio Borio´s papers at BIS. Those pieces seem heterodox stuff to me


Robert Vienneau said...

Gualra, thanks for the reading suggestions.