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Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany After the War
Bibow, Jörg - EconWPA - 2004
Europe in the 1990s. Key words: central banking, central bank independence, Ordoliberalism, Keynesianism, monetarism JEL …
Persistent link: https://www.econbiz.de/10005561053
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Keynesian Theorizing During Hard Times: SStock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics'
Santos, Claudio Dos - EconWPA - 2004
This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony....
Persistent link: https://www.econbiz.de/10005076781
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Liquidity Preference Theory Revisited—To Ditch or to Build on It?
Bibow, Joerg - EconWPA - 2005
This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory … and thrift. His point was that it is money, not saving, which is the necessary prerequisite for economic activity in … well beyond both heterodox endogenous money approaches and modern Wicksellian orthodoxy, which remains trapped in the …
Persistent link: https://www.econbiz.de/10005126066
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Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics
Santos, Claudio H. Dos - EconWPA - 2004
This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony....
Persistent link: https://www.econbiz.de/10005126074
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KALECKI'S THEORY OF INCOME DETERMINATION: A RECONSTRUCTION AND AN ASSESSMENT
Chilosi, Alberto - EconWPA - 2003
The paper considers the legacy for modern macroeconomics of Kalecki’s theory of income determination. The latter is reconstructed in its analytical constituent parts referring in detail to the original sources. The critical appraisal of its historical relevance is made from the vantage point...
Persistent link: https://www.econbiz.de/10005126093
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Wage Regimes, Accumulation and Finance Constraints: Keynesian Unemployment Revisited
Saraceno, Francesco - EconWPA - 2003
This paper presents a sequential model suited to analyze transitions between equilibria. Disequilibrium dynamics are … Keynes’ arguments on wages and unemployment. …
Persistent link: https://www.econbiz.de/10005126351
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A Possibility of Protracted Output Gaps in an Economy without Any Rigidity
Harashima, Taiji - EconWPA - 2004
The paper examines a new possibility of output gaps in an economy without any rigidity. The driving force behind the new possibility is non-cooperative behavior of consumers. The paper shows that there is a possibility that when a fundamental shock hits an economy this non- cooperative nature...
Persistent link: https://www.econbiz.de/10005135128
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The meaning of gainful trade
Gani, Mohammad - EconWPA - 2004
paradigm makes macroeconomics obsolete. The key element is the treatment of money as a means of payment to allow indirect …
Persistent link: https://www.econbiz.de/10005119309
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The Bad Government: A Source of Uncertainty and Business Fluctuations
Harashima, Taiji - EconWPA - 2004
Uncertainty represented by volatilities in equity markets has been observed to be time-variable and lead output fluctuations. In the rational expectation framework, uncertainty with this nature needs exogenous variables with time-varying volatilities, but technology, tastes and fiscal and...
Persistent link: https://www.econbiz.de/10005077043
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Keynes’ Metaphor of the Newspaper Competition: A Model
Sanyal, Amal - EconWPA - 2005
market and the speculative demand for money are closely related to this vision of asset markets. Our paper develops a class … Keynesian features: (i) demand for money develops infinite elasticity as interest rate approaches a low critical value; (ii) a … shock to expected interest rate when the current rate is small, can lead to mass flight into money; and (iii) the more …
Persistent link: https://www.econbiz.de/10005126429