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The Simple Macroeconomics of Fiscal Austerity, Public Sector Debt and Deflation
Palley, Thomas I. - 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/10010460486
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After the Bust: The Outlook for Macroeconomics & Macroeconomic Policy
Palley, Thomas I. - 2008
The current economic crisis offers an historic opportunity for change. The depth of the crisis means there will likely be a policy turn in a Keynesian and even Post Keynesian direction. However, there are profound political, intellectual and sociological obstacles blocking change in underlying...
Persistent link: https://www.econbiz.de/10010460471
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Europe´s crisis without end: The consequences of neoliberalism run amok
Palley, Thomas I. - 2013
This paper argues the euro zone crisis is the product of a toxic neoliberal economic policy cocktail. The mixing of that cocktail traces all the way back to the early 1980s when Europe embraced the neoliberal economic model that undermined the income and demand generation process via wage...
Persistent link: https://www.econbiz.de/10010460539
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After the bust: The outlook for macroeconomics and macroeconomic policy
Palley, Thomas I. - 2009
Change was the buzzword of the Obama campaign, in response to a political agenda precipitated by financial turmoil and a global economic crisis. According to Research Associate Thomas Palley, the neoliberal economic policy paradigm underlying that agenda must itself change if there is to be a...
Persistent link: https://www.econbiz.de/10010280363
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Keynes' denial of conflict: Why The General Theory is a misleading guide to capitalism and stagnation
Palley, Thomas I. - 2023
its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding … preeminent monetary theorist. However, owing to his denial of conflict, he had a flawed view of capitalism which is why … Democracy. Contrary to conventional wisdom, his view of capitalism is supportive of Neoliberalism and Keynes can be viewed as a …
Persistent link: https://www.econbiz.de/10014329437
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The Simple Macroeconomics of Fiscal Austerity, Public Sector Debt and Deflation
Palley, Thomas I. - Institut für Makroökonomie und Konjunkturforschung … - 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/10008584599
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The simple macroeconomics of fiscal austerity: Public debt,deficits and deficit caps
Palley, Thomas I. - In: European Journal of Economics and Economic Policies: … 9 (2012) 1, pp. 91-108
This paper explores the macroeconomics of fiscal austerity. A binding budget deficit cap makes the economy more volatile by turning the government budget into an automatic destabilizer. Public debt helps maintain aggregate demand (AD) in the presence of a lower price level because a lower price...
Persistent link: https://www.econbiz.de/10010711794
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The simple macroeconomics of fiscal austerity: Public debt,deficits and deficit caps
Palley, Thomas I. - In: Intervention. European Journal of Economics and … 09 (2012) 1, pp. 91-108
This paper explores the macroeconomics of fiscal austerity. A binding budget deficit cap makes the economy more volatile by turning the government budget into an automatic destabilizer. Public debt helps maintain aggregate demand (AD) in the presence of a lower price level because a lower price...
Persistent link: https://www.econbiz.de/10014363141