James Ahiakpor's critique of our 2002 work on the relationship between a certain 1932 Harvard Memorandum on anti-depression policies and the 1932 Harris Foundation Manifesto dealing with the same issues misses the significance of these documents, and of the relationships between them, both for...

The cyclical situation at the beginning of the European Monetary Union (EMU) is favorable: The upswing in Euroland has firmed, unemployment is going down, and inflation is low. However, economic growth outside the new currency area has weakened significantly during 1998, and fears are mounting...

Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are...

Macedonia's economy was not left behind by the global economic crisis as the country's macroeconomic policymakers had hoped! Certainly, an economy open at all and with a high degree of direct dependence on European and global economies in general should not be saved by the crisis in financial...

In this study we examine the impact on Hungary of a possible correction of global imbalances. We distinguished four different channels of the global adjustment process, which are widely referred to in the literature (fiscal tightening in the U.S.; housing price correction in the US; an increase...

The Independence of Namibia came about in 1990 as the result of a negotiated decolonisation process. The controlled change implied a perpetuation of the existing socio-economic inequalities under the former liberation movement as the new government. The country’s constitution endorsed the...

Recent economic developments highlight Latin America`s vulnerability to economic and financial turmoil that is triggered by events in distant corners of the globe. The Asian financial crisis that began in 1997 and the more recent Russian crisis have left the region profoundly shaken, and living...

In the last years, a number of contributions has argued that monetary - and, more generally, economic - policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New Neoclassical...

The key dynamics of the transatlantic banking crisis are analyzed - with emphasis on the fact that the banking disaster of 2007/08 was not really a surprise -, and the five key requirements for restoring stability and efficiency in the EU/OECD banking sector are highlighted. Most important,...

In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in the 1990s and find that the stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the stagnation of household consumption during the 1990s...