An imperative need has arisen to provide a Constructive push to the President Bush. American population, Corporate units, Expatriates and all nations with their currency related to US $, are not happy in the current $ dipping situation. Even the currencies of poor nations are galloping upward in...

This paper investigates the (re-) establishment of central banking in West Germany after 1945 and the history of the Bundesbank Act of 1957. The main focus is on the early emphasis on the ‘independence’ of the central bank, which, together with a ‘stability-orientation’ in monetary...

Uno de los temas que se trabaja en macroeconomía esta relacionado con el efecto que tiene las variables nominales, en particular el dinero, sobre las reales. En este artículo se presenta una revisión teórica del punto de vista que tiene cada una de las escuelas en macroeconomía con respecto...

The multiplier theory is still an important analytical tool in many macroeconomic textbooks. For example, a number of textbook authors use the theory to explain the process of growth in goods market by expanding the multiplier process into a geometric series, and thus obtain the route of...

This paper revisits Keynes’s liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory’s ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical “special...

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....

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...

Turkey has experienced high and persistent inflation for more than twenty years. This chapter attempts firstly to survey the extremely broad literature on theories of inflation, in order to be able to classify, understand and discuss the dynamics of inflation more carefully. In this chapter, it...

Keynes’ General Theory provides an interesting metaphor for asset markets: they are like newspaper competitions where contestants have to pick up the six prettiest faces from a hundred photographs, and the prize would go to one whose choice is closest to the average preferences. Keynes did not...

Regarding the trade-off between the depth and the duration of recessions, there exists a mounting empirical evidence of the idiosyncratic and non-synchronized behavior of the business cycle over time within and across countries. In this paper, I propose a stochastic dynamic general equilibrium...