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market regularities and (ii) macroeconomic dynamics (long-term rates of growth, GDP uctuations, unemployment rates … relations are conducive to coordination successes with higher and smoother growth. …
Persistent link: https://www.econbiz.de/10011433466
Using a dynamic efficiency wage model, where a Phillips curve appears because worker morale depends on the unemployment … on unemployment in two steady states. In one steady state, only structural unemployment occurs. In the other, not only … structural unemployment but also Keynesian unemployment arises. We find that the effects obtained in the former steady state …
Persistent link: https://www.econbiz.de/10014158418
coordination hurdles. In his analysis Joe is in many respects a "closet evolutionist" who in fact highlighted and explored many … properties e.g. coordination failures and the possibility of path-dependent multiplicity of growth trajectories which are far and … major themes, namely, the consequences of learning and dynamic increasing returns, and "Keynesian" coordination failures …
Persistent link: https://www.econbiz.de/10011458677
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...
Persistent link: https://www.econbiz.de/10008906576
Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...
Persistent link: https://www.econbiz.de/10010412398
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile." While many economists and policymakers have argued that "no one saw it coming," Minsky and...
Persistent link: https://www.econbiz.de/10013128523
We should learn from Keynes to focus on the macroproblems of our day. Today's problem is the financial crisis and the resulting great recession. Neither the standard Keynesian policies of decades past nor the monetary policy doctrine of recent years provides useful solutions. Dynamic stochastic...
Persistent link: https://www.econbiz.de/10013152292
Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...
Persistent link: https://www.econbiz.de/10013045724
This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different “theories” of business fluctuations. With different...
Persistent link: https://www.econbiz.de/10013238254
This paper traces the evolution of John Maynard Keynes's theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different "theories" of business fluctuations. With different theoretical...
Persistent link: https://www.econbiz.de/10012487521