Showing 1 - 5 of 5
This paper outlines a theory of what might be going wrong in the monetary SVAR (structural vector autoregression) literature and provides supporting empirical evidence. The theory is that macroeconomists may be attempting to identify structural forms that do not exist, given the true...
Persistent link: https://www.econbiz.de/10010976369
Given one parameter restriction, an output-stabilization rule for the provision of public services turns a Kaldor–Kalecki–Steindl growth model with unstable, catastrophe-prone dynamics into one with a stable limit cycle. In contrast, using a budget-balancing rule produces a saddle point,...
Persistent link: https://www.econbiz.de/10010946168
The advent of representative agent, microfounded macroeconomics brought with it new techniques for analyzing the welfare effects of macroeconomic policy. The agent's utility function becomes a measuring rod for the costs and benefits of policies that alter the path of consumption over time....
Persistent link: https://www.econbiz.de/10005314773
The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics, and, according to George Akerlof, it 'set the agenda' for modern neoclassical macroeconomics. This paper focuses on the relationship of housing wealth to neoclassical...
Persistent link: https://www.econbiz.de/10005484644
This major Handbook consists of 29 contributions that explore the full range of exciting and interesting work on money and finance currently taking place within heterodox economics. There are many themes and facets of alternative monetary and financial economics but two major ones can be identified.
Persistent link: https://www.econbiz.de/10011169342