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Overconsumption, credit rationing and bailout monetary policy : a Minskyan perspective

Charpe, Matthieu; Flaschel, Peter; Proano, Christian; … - 2009

We consider a Keynes-Goodwin model of effective demand and the distributive cycle where workers purchase goods and houses with marginal propensity significantly larger than one. They therefore need credit, supplied from asset holders, and have to pay interest on their outstanding debt. In this...

Persistent link: https://www.econbiz.de/10003861624

Hysteresis and NAIRU in the Euro area

Logeay, Camille; Tober, Silke - 2005 - This version: July 2005

In diesem Arbeitspapier wird die NAIRU für den Euroraum und für Deutschland geschätzt. Dabei wird insbesondere der … Arbeitslosigkeit bzw. der Langzeitarbeitslosigkeit für den Euroraum und für Deutschland signifikant geschätzt wird. Das Vorliegen von …

Persistent link: https://www.econbiz.de/10003744523

Asset price bubbles and monetary policy : why central banks have been wrong and what should be done

Palley, Thomas - 2008

In den letzten Jahren drehte sich die geldpolitische Debatte vorrangig um Inflationssteuerung (inflation targeting) und Vermögenspreisblasen. Der vorliegende Text untersucht, wie solchen Blasen direkt begegnet werden kann, was die US-amerikanische Zentralbank, die Fed, bislang immer abgelehnt...

Persistent link: https://www.econbiz.de/10003744542

The golden rule of public investment : a necessary and sufficient reform of the EU fiscal framework?

Truger, Achim - 2016

It is by now a widely shared insight that fiscal policy needs to be re-strengthened as a macroeconomic policy instrument within European macroeconomic policies: Recent experiences with austerity policies, new research regarding the size of the fiscal multiplier and the fact that monetary policy...

Persistent link: https://www.econbiz.de/10011477456

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proano, Christian - 2016

Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard...

Persistent link: https://www.econbiz.de/10011414652

Risk sharing revisited : empirics and concepts

Harms, Patrick Christian - 2021

The paper adds to the literature as follows: starting from the benchmark model of Asdrubali et al. (1996), we reproduce the original specification with a data set obtained from the authors as well as possible. In a second step, this specification is brought to euro area data. Again, the results...

Persistent link: https://www.econbiz.de/10012436572

Public debt in the "new normal" : a Schumpeterian perspective on fiscal policy

Bofinger, Peter - 2022

's growth theory shows that credit-financed investment, which leads to an innovative use of existing resources, plays a decisive … neoclassical theory, which assigns the state merely the role of a capital destroyer. But it also offers a broader perspective than … that of monetary Keynesian theory, including MMT, in which government debt is seen to serve only to produce full employment …

Persistent link: https://www.econbiz.de/10013466735

News and views on public finances : a survey experiment

Behringer, Jan; Dräger, Lena; Dullien, Sebastian; … - 2024

We use novel German survey data to investigate how perceptions and information about public finances influence attitudes towards public debt and fiscal rules. On average, people strongly underestimate the debt-to-GDP ratio, overestimate the interest-to-tax-revenue ratio and favor a tighter...

Persistent link: https://www.econbiz.de/10014450790

The return of black box economics : a critique of Keen on effective demand and changes in debt

Reissl, Severin - 2015

In a paper for the Review of Keynesian Economics, Steve Keen recently provided a restatement of his claim that "effective demand equals income plus the change in debt". The aim of the present article is to provide a detailed critique of Keen's argument using an analytical framework pioneered by...

Persistent link: https://www.econbiz.de/10010503977

The simple macroeconomics of fiscal austerity, public sector debt and deflation

Palley, Thomas - 2010

This paper explores the macroeconomics of fiscal austerity and deflation in an economy with public debt. A binding budget deficit cap destabilizes the economy by turning the government budget into an automatic destabilizer. Public debt helps maintain AD in the presence of deflation because...

Persistent link: https://www.econbiz.de/10009306638