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The Euro Crisis and contradictions of Neoliberalism in Europe
Stockhammer, Engelbert - Post Keynesian Economics Study Group - PKSG - 2014
Neoliberalism has not given rise to a sustained profit-led growth process, but to a finance-dominated accumulation regime in which growth relies either on financial bubbles and rising household debt (‘debt-driven growth’) or on net exports (‘export-driven growth’). The financial crisis...
Persistent link: https://www.econbiz.de/10010732202
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The non-monotonic relationship between seigniorage and inequality
Bhattacharya, Joydeep; Bunzel, Helle; Haslag, Joseph - In: Canadian Journal of Economics 38 (2005) 2, pp. 500-519
We present an analysis of how political factors may come into play in the equilibrium determination of inflation. We employ a standard overlapping generations model with heterogenous young-age endowments, and a government that funds an exogenous spending via a combination of non-distortionary...
Persistent link: https://www.econbiz.de/10005608868
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The Crisis and After: There Is No Alternative?
Gür, Timur Han; Canpolat, Naci; Özel, Hüseyin - In: Panoeconomicus 58 (2011) 1, pp. 113-133
The present paper devises an account of the possibilities that the recent crisis opens up for capitalism, which dwells upon its history. The paper takes three propositions as its starting point: First, capitalism, which must solve the problem of coordination of the decisions of different agents...
Persistent link: https://www.econbiz.de/10008871924
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"The Socialization of Investment, from Keynes to Minsky and Beyond"
Bellofiore, Riccardo - Levy Economics Institute - 2014
An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...
Persistent link: https://www.econbiz.de/10011100492
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Central Bank Reform, Liberalization and Inflation in Transition Economies : An International Perspective
Cukierman, A.; Miller, G.P.; Neyapti, B. - Tilburg University, Center for Economic Research - 2000
This paper develops extensive new data on the legal independence of new central banks in 26 former socialist economies (FSE).This data is constructed using the codification system for measuring legal independence developed in Cukierman, Webb and Neyapti (1992) and in chapter 19 of Cukierman...
Persistent link: https://www.econbiz.de/10011091664
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Seigniorage in continuous time
Mach, Petr; Hanzák, Tomáš - In: Politická ekonomie 2004 (2004) 4, pp. 513-518
printing money, this revenue, the seigniorage, is at the expense of the public, as the purchasing power of monetary units … model, the authors develop the formula for seigniorage in continuous time. The seigniorage calculated in this way is lower … than the seigniorage calculated upon the assumption of discrete changes in economic variables. …
Persistent link: https://www.econbiz.de/10005036705
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The Distributional Effects of Redistributional Tax Policy
DeBacker, Jason; Evans, Richard W.; Magnusson, Evan; … - Department of Economics, Brigham Young University - 2014
This paper constructs a large scale overlapping generations model with heterogeneity across the lifecycle and over earnings ability types. The model is calibrated to the U.S. economy and includes realistic demographics, earnings distribution, taxes, and mortality risk. We consider the effects of...
Persistent link: https://www.econbiz.de/10011273947
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Taxing capital is a good idea: the role of idiosyncratic risk in an OLG model
Hiraguchi, Ryoji; Shibata, Akihisa - Institute of Economic Research, Kyoto University - 2013
We investigate an overlapping generations model (OLG) model in which agents who live for two periods receive idiosyncratic productivity shocks when they are old. We show that a combination of lump-sum and linear capital taxes can always Pareto-improve the allocation, that is, it can raise the...
Persistent link: https://www.econbiz.de/10010860068
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Taxing capital is a good idea: The role of idiosyncratic risk in an OLG model
Hiraguchi, Ryoji; Shibata, Akihisa - In: Journal of Economic Dynamics and Control 52 (2015) C, pp. 258-269
We investigate an overlapping generations (OLG) model in which agents who live for two periods receive idiosyncratic productivity shocks when they are old. We show that, around zero tax equilibria, we can always construct a combination of a small capital tax and a lump-sum transfer that are...
Persistent link: https://www.econbiz.de/10011209209
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Taylor rules and the effects of debt-financed fiscal policy in a monetary growth model
Kudoh, Noritaka; Nguyen, Hong Thang - In: Economics Bulletin 31 (2011) 3, pp. 2480-2490
We explore the long-run implications of adopting a Taylor-type interest-rate rule in a simple monetary growth model in which budget deficits are financed partly by unbacked government debt. Because monetary policy is accommodative only when it is passive, the Taylor principle, which requires...
Persistent link: https://www.econbiz.de/10009283213