Der Artikel greift die Debatte um "fully-adjusted positions" in der postkeynesianischen Literatur auf. Diese sind durch eine Übereinstimmung von normaler und tatsächlicher Kapazitätsauslastung in der langen Frist gekennzeichnet. Im Text wird argumentiert, dass hierin nicht die einzig...

This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT's construction of monetary macroeconomics that warrants the...

Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...

In a controversial policy paper, Bachmann et al. (2022) argued back in March 2022 that the economic effects for Germany of a complete immediate stop of energy imports from Russia would be small, between 0.5% and 3% of GDP. Baqaee et al. (2022) even presented 0.3% GDP loss in the case of an...

Germany entered the euro with a current account deficit but over theentire past decade has run large and persistent current account surpluses. Besides joining the common currency, the increase of Germany's current account since the late 1990s has been accompanied by strong shifts in thepersonal...

The German minimum wage was introduced in January 2015. This paper investigates the short-term macroeconomic impacts of its introduction. Therefore, an estimated VAR/VECM is used to perform forecasts that are interpreted as counterfactual to the introduction of the minimum wage and compared to...

In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki's original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation,...

Im Rahmen eines monetären kaleckianischen Verteilungs- und Wachstumsmodells mit Konflikt-Inflation wird in dieser Arbeit die Rolle einer Non-Accelerating-Inflation-Rate-of-Unemployment (NAIRU) analysiert. Die kurzfristige Stabilität der NAIRU wird untersucht, indem die Effekte von steigenden...

In Kaleckian models of distribution and growth the equilibrium rate of capacity utilisation may persistently diverge from the "normal rate" of utilisation. We assess this problem following the approach by Dumenil/Levy (1999) who consider the "normal rate" of utilisation in a monetary production...

In dem Aufsatz wird der Zusammenhang zwischen funktionaler Einkommensverteilung und Wirtschaftswachstum in Österreich, Frankreich, Deutschland, den Niederlanden, Großbritannien und den USA für den Zeitraum von 1960 bis 2005 untersucht. In Anlehnung an Bhaduri/Marglin (1990) legt die Analyse...