As country after country in the European Union is called to respond to the current challenge of our time - high inflation and declining real wages - governments must engage in a transformative agenda and go beyond emergency energy vouchers and income support cashtransfers. And if the goal is to...

Sidney Weintraub (1914 - 1983) was an American economist who spent most of his career at the University of Pennsylvania. A distinguished economic theorist (and the author’s father), he was a co‐founder of the Journal of Post Keynesian Economics, and the leading figure in the US in the early...

Asset inflation, as distinguished from ordinary inflation, the latter referring to rising prices of consumer goods, wholesale commodities, or the national-income deflator, is a phrase not in use in the west, but current in Japan. There are times when assets rise in price in an inflationary way,...

As country after country in the European Union is called to respond to the current challenge of our time - high inflation and declining real wages - governments must engage in a transformative agenda and go beyond emergency energy vouchers and income support cashtransfers. And if the goal is to...

This paper extends Galí and Gertler’s (1999) new hybrid KeynesianPhillips curve to the open economy context. We hypothesise that pricing decisionsdepend on both labour costs and intermediate imported input prices. The results forHong Kong are consistent with the theory if import prices are...

The early stages of recovery from the recession induced by the COVID-19 pandemic have been accompanied by a marked increase in inflation in the US and elsewhere. Much has been made of this outcomes, and the economic distress associated with it, in popular discussion of the economy. This paper...

The post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such as "profit-led inflation" or "sellers' inflation." The present paper discusses the extent to which profit-led...

Using the model proposed in Krugman and Taylor's "Contractionary effects of devaluation" (1978), we examine what macroeconomic effects of shocks to foreign prices. We show that these shocks can be contractionary for two reasons: (i) because they imply a loss of income if an economy has a trade...

In this paper, we analyze the relationship between nominal and real GDP growth for G7 countries for the period 1971 - 2018. A visual inspection of the data indicates the presence of a threshold, above which the structure of the relationship between nominal and real GDP growth rates changes from...