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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 … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …
Persistent link: https://www.econbiz.de/10009523597
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Revisiting (and connecting) Marglin-Bhaduri and Minsky : an SFC look at financialization and profit-led growth
Santos, Claudio Hamilton Matos dos; Silva, Antonio … - 2009
Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...
Persistent link: https://www.econbiz.de/10003859971
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Revisiting "New Cambridge" : the three financial balances in a general stock-flow consistent applied modeling strategy
Santos, Claudio Hamilton Matos dos; Silva, Antonio … - 2010
This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the “vision” underlying modern Post-Keynesian stock-flow consistent...
Persistent link: https://www.econbiz.de/10003974894
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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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Macroeconomic vulnerability and disagreement in expectations
Badarinza, Cristian; Buchmann, Marco - 2011
In this paper we discuss the role of the cross-sectional heterogeneity of beliefs in the context of understanding and assessing macroeconomic vulnerability. Emphasis lies on the potential of changing levels of disagreement in expectations to influence the propensity of the economy to switch...
Persistent link: https://www.econbiz.de/10009405595
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Some comments on the Sraffian supermultiplier approach to growth and distribution
Nikiforos, Michalis - 2018
The paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within a standard post-Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and...
Persistent link: https://www.econbiz.de/10011856786
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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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Families in macroeconomics
Doepke, Matthias; Tertilt, Michele - 2016
Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision-making in families) is...
Persistent link: https://www.econbiz.de/10011454407
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U.S. Evolving Macroeconomic Dynamics : A Structural Investigation
Benati, Luca; Mumtaz, Haroon - 2021
We fit a Bayesian time-varying parameters structural VAR with stochastic volatility to the Federal Funds rate, GDP deflator inflation, real GDP growth, and the rate of growth of M2. We identify 4 shocks-monetary policy, demand non-policy, supply, and money demand-by imposing sign restrictions on...
Persistent link: https://www.econbiz.de/10013317172
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Profits and markups during the post-COVID-19 inflation shock in the U.S. economy : a firm-level lens
Davis, Leila - In: European journal of economics and economic policies : … 21 (2024) 2, pp. 309-330
Persistent link: https://www.econbiz.de/10015057219