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The Freedom Budget at 45: Functional finance and full employment
Forstater, Mathew - 2011
Forty-five years ago, the A. Philip Randolph Institute issued The Freedom Budget, in which a program for economic transformation was proposed that included a job guarantee for everyone ready and willing to work, a guaranteed income for those unable to work or those who should not be working, and...
Persistent link: https://www.econbiz.de/10010286508
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Keynes's employment function and the gratuitous Phillips curve disaster
Kakarot-Handtke, Egmont - 2013
Keynes had many plausible things to say about unemployment and its causes. His "mercurial mind", though, relied on intuition, which means that he could not strictly prove his hypotheses. This explains why Keynes's ideas immediately invited bastardizations. One of them, the Phillips curve...
Persistent link: https://www.econbiz.de/10010513068
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Public debt and full employment in a stockflow consistent model of a corporate economy
Ryoo, Soon; Skott, Peter - 2011
This paper examines the fiscal requirements for continuous full employment. We find that (i) changes in the financial behavior of households and firms require adjustments in tax rates and public debt, (ii) the stability of the steady-state solution for public debt depends on the fiscal...
Persistent link: https://www.econbiz.de/10010287810
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The return of fiscal policy: Can the new developments in the new economic consensus be reconciled with the Post-Keynesian view?
Tcherneva, Pavlina R. - 2008
The monetarist counterrevolution and the stagflation period of the 1970s were among the theoretical and practical developments that led to the rejection of fiscal policy as a useful tool for macroeconomic stabilization and full employment determination. Recent mainstream contributions, however,...
Persistent link: https://www.econbiz.de/10010266483
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Keynes's approach to full employment: aggregate or targeted demand?
Tcherneva, Pavlina R. - 2008
This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to close the demand gap," are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends to...
Persistent link: https://www.econbiz.de/10010266604
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The case for a job guarantee policy in Germany: A political-economic analysis of the potential benefits and obstacles
Landwehr, Jannik J. - 2020
As a bottom-up approach, a Job Guarantee policy can tackle the issue of unemployment on the macroeconomic, socioeconomic, and individual level in a unique way and promote the social inclusion of the unemployed. This paper aims at analysing the potential obstacles - namely inflationary pressure...
Persistent link: https://www.econbiz.de/10012307675
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Reorienting fiscal policy: A critical assessment of fiscal fine-tuning
Tcherneva, Pavlina R. - 2013
The present paper offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the New Consensus...
Persistent link: https://www.econbiz.de/10010513074
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A cross-country database of fiscal space
Kose, M. Ayhan; Kurlat, Sergio; Ohnsorge, Franziska; … - 2017
This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal...
Persistent link: https://www.econbiz.de/10012060231
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Austerity
Dellas, Harris; Niepelt, Dirk - 2014
We shed light on the function, properties and optimal size of austerity using the standard sovereign debt model … augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the … level desired by a country and supported by its repayment capacity. We find that austerity serves as a tool for securing a …
Persistent link: https://www.econbiz.de/10011430112
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De facto fiscal space and fiscal stimulus: Definition and assessment
Aizenman, Joshua; Jinjarak, Yothin - 2010
cycle fluctuations. We apply this concept to account for the cross-country variation in the fiscal stimulus associated with …/capita, higher financial exposure to the US, and higher inflation were associated with a higher fiscal stimulus/GDP during 2009 …-2010. Intriguingly, higher trade openness has been associated with lower fiscal stimulus. …
Persistent link: https://www.econbiz.de/10010287767