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The dismal state of macroeconomics and the opportunity for a new beginning
Wray, L. Randall - 2011
postwar period - from the "Age of Keynes" through the Friedmanian era and the return of Neoclassical economics in a … earlier Keynesian tradition to see what was left out of postwar macro. For example, the synthesis version of Keynes never … incorporated true uncertainty or "unknowledge" and thus deviated substantially from Keynes's treatment of expectations in chapters …
Persistent link: https://www.econbiz.de/10008906589
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Is there room for bulls, bears, and states in the circuit?
Wray, L. Randall - 2011
John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and …. -- Circuit Approach ; Liquidity Preference ; Banks as Ephor of Capitalism ; J. M. Keynes ; J. A. Schumpeter ; A. Parguez ; J. A …
Persistent link: https://www.econbiz.de/10009523597
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Macroeconomic effects of personal and functional income inequality : theory and empirical evidence for the US and Germany
Prante, Franz J. - 2017
This paper presents a simple illustrative post-Kaleckian model of distribution and growth that incorporates personal income inequality and interdependent social norms. The model shows in an easily accessible manner how personal and functional income inequality can potentially have contrary...
Persistent link: https://www.econbiz.de/10011606907
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Distribution, wealth and demand regimes in historical perspective : USA, UK, France and Germany, 1855-2010
Stockhammer, Engelbert; Rabinovich, Joel; Reddy, Niall - 2018
Most empirical macroeconomic research limited to the period since World War II. This paper analyses the effects of changes in income distribution and in private wealth on consumption and investment covering a period from as early as 1855 until 2010 for the UK, France, Germany and USA, based on...
Persistent link: https://www.econbiz.de/10011924602
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Appropriate fiscal policy over the business cycle : proper stimulus policies can work
Graves, Philip E. - 2010
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
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Orthodox versus heterodox (Minskyan) perspectivesof financial crises : explosion in the 1990s versus implosion in the 2000s
Muñoz, Jesús - 2011
John Maynard Keynes's vision, since it is related to a modern financial world. The result of this theoretical exercise is … section are outlined in section 5. References are listed at the end of the paper. -- John Maynard Keynes ; Hyman P. Minsky …
Persistent link: https://www.econbiz.de/10009380295
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Phillips Curve for Advanced Economies on Period 1996-2007 - United States and Euro Area Case
Manuel, Eduardo Gando - 2007
This paper explains and shows us the Phillips Curve for advanced economies on period 1996-2007 for specially for the United States and Euro area case. The informations for 2006 and 2007 was considered being in attention the forecasting of International Monetary Fund (IMF) for these years. We...
Persistent link: https://www.econbiz.de/10014057264
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Explaining the Historic Rise in Financial Profits in the U.S. Economy
Mendieta-Muñoz, Ivan; Lapabitsas, Kōstas - 2017
The ratio of financial to non-financial profits in the US economy has increased sharply since the 1970s, the period that is often called the financialisation of capitalism. By developing a two-sector theoretical model the ratio of financial to non-financial profits is shown to depend positively...
Persistent link: https://www.econbiz.de/10011756019
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US volatility cycles of output and inflation, 1919 - 2004 : a money and banking approach to a puzzle
Benk, Szilárd (contributor); Gillman, Max (contributor);  … - 2008
The post-1983 moderation coincided with an ahistorical divergence in the money aggregate growth and velocity volatilities away from the downward trending GDP and inflation volatilities. Using an endogenous growth monetary DSGE model, with micro-based banking production, enables a contrasting...
Persistent link: https://www.econbiz.de/10003785301