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Keynesian Macroeconomics without the LM Curve
Romer, David - 2000
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10012471315
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Keynesian, New Keynesian, and New Classical Economics
Greenwald, Bruce C. - 1987
Much of the new theory of macro-economics that has been built upon micro-economic models of imperfect information leads … to conclusions which are surprisingly close in spirit to Keynes' original analysis. This paper summarizes the macro … the phenomena identified by Keynes in qualitative terms which were largely lost in subsequent formalizations of the …
Persistent link: https://www.econbiz.de/10012476909
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The General Theory of Tax Avoidance
Stiglitz, Joseph E. - 1986
This paper outlines a general set of principles for tax avoidance. Most of at least the common tax avoidance schemes can be reinterpreted as making use of one or more of these principles. Four such methods are described. In a perfect capital market, these methods would enable the astute taxpayer...
Persistent link: https://www.econbiz.de/10012477208
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Is Optimism Good in a Keynesian Economy?
Persson, Torsten - 1983
Assume that an economy is in a state of Keynesian unemployment. Since production is demand-determined there are bootstraps (multiple) equilibria. Then, the more optimist agents are about the future the higher will be theur demand today and hence current production. In that limited sense optimism...
Persistent link: https://www.econbiz.de/10012478032
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On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory : A Rejoinder
Buiter, Willem H. - 1982
expansion appears to be the source of Kuska's erroneous indictment of "Keynesian" balance-of-payments theory.We also establish …
Persistent link: https://www.econbiz.de/10012478073
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A Synthesis of Keynesian, Monetary, and Portfolio Approaches to FlexibleExchange Rates
Gylfason, Thorvaldur - 1982
This paper presents a simple synthesis of Keynesian, monetary, and portfolio approaches to macroeconomic theory under …
Persistent link: https://www.econbiz.de/10012478158
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Inventories in the Keynesian Macro Model
Blinder, Alan S. - 1980
An otherwise conventional Keynesian macro model is modified to include inventories of final goods by (1) drawing a distinction between production and final sales, and (2) allowing for a negative effect of the level of inventories on production. Two models are presented: one in which the labor...
Persistent link: https://www.econbiz.de/10012478685
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Towards A Reconstruction of Keynesian Economics : Expectations and Constrained Equilibria
Neary, J. Peter - 1979
A two-period model of temporary equilibrium with rationing is presented, paying particular attention to agents' expectations of future constraints. it is shown that with arbitrary constraint expectations many different types of current equilibria may be consistent with the same set of (current...
Persistent link: https://www.econbiz.de/10012478772
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The Four Equation New Keynesian Model
Sims, Eric R. - 2019
This paper develops a New Keynesian model featuring financial intermediation, short and long term bonds, credit shocks, and scope for unconventional monetary policy. The log-linearized model reduces to four key equations - a Phillips curve, an IS equation, and policy rules for the short term...
Persistent link: https://www.econbiz.de/10012480015
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The Intertemporal Keynesian Cross
Auclert, Adrien - 2018
We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs) in disciplining general equilibrium models with heterogeneous agents and nominal rigidities. In a benchmark case, the dynamic response of output to a change in the path of government spending or taxes is...
Persistent link: https://www.econbiz.de/10012480673