Showing 1 - 10 of 136
The paper describes boom-and-bust cycles within Hayek’s framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in...
Persistent link: https://www.econbiz.de/10009547157
It is still insufficiently realised, even now, that the US and therefore the rest of the world may be on the brink of a severe and intractable recession. As recently as September 2000, it was commonly held that the US business cycle had been abolished for ever, while the “consensus” forecast...
Persistent link: https://www.econbiz.de/10013106735
Dopo la seconda guerra mondiale ci sono stati il regolamento degli aiuti concessi sulla base del Lend-lease, l'istituzione del sistema di Bretton Woods, il prestito alla Gran Bretagna e, infine, il piano Marshall. Riflettendo su quel periodo ho proposto una mia legge delle politiche economiche...
Persistent link: https://www.econbiz.de/10013091034
The strategic outlook of the U.S. can be assessed by analyzing the balance sheets of its main sectors, which are mutually linked by a coherent system of accounting. The expansion of the period 1992-2000 was greeted by a wave of complacency in the United States and it was thought that it could...
Persistent link: https://www.econbiz.de/10013066110
Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...
Persistent link: https://www.econbiz.de/10012969983
The possibility of crisis in the years ahead, as in the years that followed the first half of 1930, lies in private revulsion against the dollar − e.g. by Japanese insurance companies with their vast savings and limited investment opportunities at home, unmatched by public governmental efforts...
Persistent link: https://www.econbiz.de/10012925230
In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky's financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky's definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the...
Persistent link: https://www.econbiz.de/10011599096
The interaction between income distribution, accumulation, employment and the utilization of capital is central to macroeconomic models in the 'heterodox' tradition. This paper examines the stylized pattern of these variables using US data for the period after 1948. We look at the trends and...
Persistent link: https://www.econbiz.de/10003989579
Fiscal policy has become quite controversial in the post-Keynesian era, the debate over the Obama stimulus package being a contentious recent example. Some pundits go so far as to take the position that macroeconomic theory has failed to meaningfully progress in terms of providing useful...
Persistent link: https://www.econbiz.de/10008653412
This paper investigates the relationship between asset markets and business cycles with regard to the United States economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of financial balances. By means of a small econometric model we find that asset market...
Persistent link: https://www.econbiz.de/10003943021