This paper develops a model of the trade cycle based on the ideas if Nicholas Kaldor. The model is shown to generate an endogenous cycle in which the economy recovers from recession automatically even elthough the money wage is fixed.out technology.

In this paper I look in some detail at one specific aspect of macro distribution theories, namely Keynes's Macro theory of profits.

This paper critically analyses Bateman's interpretation of Keynes's thought as presented in his 1996 book, Keynes's Uncertain Revolution. The book has two main aims. One is to present a 'thick' history of the evolution of Keynes's thinking on probability and uncertainty, by which is meant a...

Only 19 per cent of academic staff in the Economics Department at Macquarie University are women, a proportion that has not improved over the last decade. We investigate the reasons for this gender imbalance, focusing particularly on why it is that few qualified women have applied for positions....

How have views on Australia's current account deficit evolved over the past two decades? What factors have shaped and altered policy and market perceptions of the current account? This paper examines these questions within the framework of the intellectual underpinnings of the debate on the...

The dynamic properties of macroeconomic models are typically characterised by having a combination of stable and unstable eigenvalues. In a seminal paper, Blanchard and Kahn showed that, for linear models, in order to ensure a unique solution, the number of discontinuous or “jump” variables...

Inflation targeting needs to be supplemented by an economic growth target so that central banks will not adopt monetary policy which results in stagnation. There is no guarantee that the economy will move towards full employment by itself when the inflation rate is kept between two to three per...

This paper examines the operation of fiscal policy under incomplete information when the central bank sets the stance of monetary policy so as to achieve a zero inflation target. The fiscal authority is assumed to aim to achieve a target level for output and a zero level of public debt. The best...

India has a long history of running fiscal deficits. Two broad considerations motivate a government to run a deficit: tax smoothing and tax tilting. This paper tests a version of Barro's tax smoothing model, using Indian data for the period 1951-52 to 1966-97. The empirical results indicate that...

A large number of empirical studies exist now for Australia reporting evidence consistent with the endogeneity of the participation rate. None of these models examine the possibility that the elasticity of the workforce with respect to employment might vary systematically over the business...