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Recovering Keynesian Phillips Curve Theory: Hysteresis of Ideas and the Natural Rate of Unemployment
Palley, Thomas - 2018
Economic theory is prone to hysteresis. Once an idea is adopted, it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman's natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky...
Persistent link: https://www.econbiz.de/10011891354
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The economics of Basil Moore: slow progress toward horizontalism
Rochon, Louis-Philippe - In: European Journal of Economics and Economic Policies: … 17 (2020) 3, pp. 313-324
, and explains how Moore's views are rooted in a traditional Keynesian Tobin approach. But Moore's sabbatical at the …
Persistent link: https://www.econbiz.de/10014363394
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Inflation, Investment and Growth: a Money and Banking Approach
Gillman, Max; Kejak, Michal - 2009
Output growth, investment and the real interest rate in long run evidence tend to be negatively affected by inflation. Theoretically, inflation acts as a human capital tax that decreases output growth and the real interest rate, but increases the investment rate, opposite of evidence. The paper...
Persistent link: https://www.econbiz.de/10010494408
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Inflation, investment and growth: A money and banking approach
Gillman, Max; Kejak, Michal - 2008
. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when … investment falls and a positive Tobin effect when the real interest rate rises. We define inflation's Tobin effect more …
Persistent link: https://www.econbiz.de/10010288827
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Recovering Keynesian Phillips curve theory : hysteresis of ideas and the natural rate of unemployment
Palley, Thomas I. - 2018
Economic theory is prone to hysteresis. Once an idea is adopted, it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman's natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky...
Persistent link: https://www.econbiz.de/10011926941
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Politics, Inflation, and the Mundell-Tobin Effect
Edwards, Jeffrey A. - Volkswirtschaftliche Fakultät, … - 2006
This paper addresses the possibility of a correlation between inflation and investment for countries with inflation below 20%. The existing literature typically finds no correlation below this level of inflation. By instrumenting with an extensive set of political stability and regime variables...
Persistent link: https://www.econbiz.de/10009647388
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New Solutions to Old Debates: A New Transaction Tax Proposal
Esener, S. Cagri; Binis, Mine - In: Business and Economics Research Journal 3 (2012) 4, pp. 123-123
From 1980s to today social welfare idea was changed and a neoliberal economic thought takes its place. In 1989, Berlin Wall and then Soviet Union was collapsed which is also the reason for free market system and privatization in transition economies of Eastern Europe. Developing countries in...
Persistent link: https://www.econbiz.de/10010840099
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Inflation, Investment and Growth: a Money and Banking Approach
Gillman, Max; Kejak, Michal - Közgazdaság-tudományi Intézet, Közgazdaság- és … - 2009
Output growth, investment and the real interest rate in long run evidence tend to be negatively affected by inflation. Theoretically, inflation acts as a human capital tax that decreases output growth and the real interest rate, but increases the investment rate, opposite of evidence. The paper...
Persistent link: https://www.econbiz.de/10004964186
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An Outline of the Existing Literature on Monetary Economics in India
Das, Rituparna - Volkswirtschaftliche Fakultät, … - 2010
As per the researchers on monetary economics, a detailed account of the changing role of money from Walrasian and Non-Walrasian settings to the more recent theories on the dynamics of the relationships between money, inflation and growth with reference to their historical evolution are available...
Persistent link: https://www.econbiz.de/10008533251
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James Tobin : an appreciation of his contribution to economics
Buiter, Willem H. - London School of Economics (LSE) - 2003
contributions, made over a period of more than 50 years. Tobin received the 1981 Nobel Memorial Prize “for his analysis of financial …Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the … twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive …
Persistent link: https://www.econbiz.de/10011071326