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The dismal state of macroeconomics and the opportunity for a new beginning
Wray, L. Randall - 2011
) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …
Persistent link: https://www.econbiz.de/10008906589
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The economics of money, banking, and financial markets
Mishkin, Frederic S. - 2022 - Thirteenth edition, global edition
Persistent link: https://www.econbiz.de/10014343169
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Is the price level determined by the needs of fiscal solvency?
Canzoneri, Matthew B.; Cumby, Robert; Diba, Behzad - 1998
Persistent link: https://www.econbiz.de/10000660993
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Is the price level determined by the needs of fiscal solvency?
Canzoneri, Matthew B.; Cumby, Robert; Diba, Behzad - In: The American economic review 91 (2001) 5, pp. 1221-1238
Persistent link: https://www.econbiz.de/10001631625
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Fiskalische Dominanz : Preisniveaustabilität und langfristige Tragfähigkeit der öffentlichen Finanzen nach der Coronakrise
Petersen, Thieß - Bertelsmann Stiftung - 2022
Persistent link: https://www.econbiz.de/10013187790
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Is the price level determined by the needs of fiscal solvency?
Canzoneri, Matthew B. - 1998
Persistent link: https://www.econbiz.de/10013422415
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Effective demand in the recent evolution of the US economy
López Gallardo, Julio; Reyes-Ortiz, Luis - 2011
We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR model constructed on a quarterly basis from 1980 to 2008. US output is our variable of interest, and it...
Persistent link: https://www.econbiz.de/10009153006
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Some unpleasant properties of log-linearized solutions when the nominal rate is zero
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2012 - Rev.
Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear stochastic New Keynesian model and compare the true and loglinearized equilibria. Using the loglinearized equilibrium conditions, the answer to the above question is yes. However,...
Persistent link: https://www.econbiz.de/10009513278
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Banking, finance, and money : a socioeconomics approach
Wray, L. Randall (contributor) - 2006
This paper briefly summarizes the orthodox approach to banking, finance, and money, and then points the way toward an alternative based on socioeconomics. It argues that the alternative approach is better fitted to not only the historical record, but also sheds more light on the nature of money...
Persistent link: https://www.econbiz.de/10003720491
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Policy risk and the business cycle
Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010
The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining business cycle fluctuations by using an estimated New...
Persistent link: https://www.econbiz.de/10009772961