Assistant Professor at Illinois College. MMT and heterodox macro & political economy. Mobilization economics. Mastodon: @samhlevey@econtwitter.net
Kansas City
Joined September 2019
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I posted a new video! It's the first in a series of videos that will explain the concept of "Degrees of Freedom" from statistics, in a way that actually makes sense.
I'm really excited about this one - check it out! youtube.com/watch?v=VDlnuO96…
My Stock-Flow Consistent (SFC) model solver is really coming along! Added a bunch of new features, although still not yet on pip. Give it a try, feedback welcome :) github.com/slevey087/SFCmode…
Awful news, Mehrling was one of those giants whose shoulders we are standing on.
We are deeply saddened to share the news that Perry Mehrling passed away this morning at the age of 67.
Perry was the father of the Young Scholars Initiative. He believed profoundly in young scholars, in their ideas, and in the importance of creating a community in which they could learn from one another and find their own voices.
Perry, you leave an enormous hole in our midst. Our hearts are aching, and we will miss you dearly.
The YSI community will carry your legacy forward. Your ideas, your generosity, and your commitment to generations of young scholars will remain with us.
Thank you for everything, Perry.
For people doing SFC models in Python, I'm building a solver. The main advantage is that it's easy to use and very fast.
Still a draft, not yet on pip, but check it out here: github.com/slevey087/SFCmode…
Sam Levey retweeted
Another angle to this is that dogs effectively stumbled onto what is for them the equivalent of artificial superintelligence 20,000 years ago. The Singularity already happened for dogs. They live in a world they cannot understand, surrounded by miraculous wonders they take entirely for granted, their every need seen to by entities whose thoughts they cannot begin to fathom.
The result is that there are about a billion dogs on the planet now. Most of them are pretty happy. Almost none of them need to work. It worked out pretty well for them.
I do not think there are ethical "AI consciousness" implications for general chatbot usage, but there could be from this kind of thing. Something about being forced to exist with no purpose or partners seems off-putting.
Is this machine playing? 🏀🪁🛝
We left Eko, an embodied coding agent, on an island for 30 hours with no task or goal, studying it like ethologists study a new species
Eko explored, built, climbed, made games, and learned completely new techniques (1/9)
machineplaying.org
And then there's the chapter that just lists **every** **single** local newspaper that published the notice about the new continental currency.....
Sam Levey retweeted
This is right. Ultimately I can't see the ECB allowing a member state to default since that would threaten the very survival of the Euro.
Which is exactly why the "political theory of the business cycle" as the justification for central bank independence was always a load of crap. Voters hate inflation! Voters hate policies that look even vaguely inflationary!!
IMO 'ECB independence' is a paper tiger here. A country about to default on its debt realistically is also about to leave the Euro, which probably means the end of the Euro. Instead we'd be hearing "whatever it takes" again from the ECB, making their preemptive demands ignorable.
Une réaction à chaud et un message a tous ceux qui sont en campagne présidentielle. Ne mettez pas de l’huile sur le feu.
Des propositions irresponsables, au cours des dernières semaines, ont fait augmente les taux sur les obligations françaises, de 0.75% par rapport a l’Allemagne. Une augmentation du taux d’interet de 0.75% implique de trouver 20 milliards de plus d’économies ou d’impots supplémentaires pour stabiliser la dette par rapport au PIB.
Le budget propose par le gouvernement est loin d’etre parfait. Mais je pense que vous le préférerez à un budget exigé par la BCE pour aider la France a faire face à ses obligations tout en respectant son mandat. Celui-là sera beaucoup plus dur. Choisissez.
Sam Levey retweeted
[1/2] New paper - my first in the Journal of Post Keynesian Economics (open access). Make the IS-LM model dynamic and stock-flow consistent, and its textbook conclusions start to look shaky, e.g., tight money can either raise or reduce output. 🧵
FINALLY got to the point where the model actually runs properly, and now I get to learn unexpected things from it!
Sam Levey retweeted
Posting about econ feels like a waste of time, a futile effort to hide, compared to the moral obligation to support Ukraine, oppose Russia, and oppose the slide of the US into nazi-fascism. >
Sam Levey retweeted
This paper finds that 90% of the observed rise in the 10-year US Treasury since August 2020 has occurred in the three-day window around US payroll reports or speeches by top Fed officials (the chair, vice chair, or Waller), which accounts for just 24% of trading days
The paper finds those days are responsible for 81% of the rise in markets' expected average short-term rate over the next 10 years, which means this isn't about investors getting nervous about holding long-term debt and is instead about markets revising their view of short-term rates.
Anatomy of a rise: Monetary policy and the post-Covid surge in long-term interest rates
Paul Beaudry @ubcVSE @UBC, Paolo Cavallino @BIS_org, Tim Willems @timwillems85 @bankofengland
ow.ly/hVw350ZPyBH
