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When more flexibility yields more fragility : the microfoundations of Keynesian aggregate unemployment

Dosi, Giovanni; Pereira, Marcelo de Carvalho; … - 2016

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

The "Schumpeterian" and the "Keynesian" Stiglitz : learning, coordination hurdles and growth trajectories

Dosi, Giovanni; Virgillito, Maria Enrica - 2016

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

A theory of non-Coasean labor markets

Blanco, Andrés; Drenik, Andres; Moser, Christian; … - 2023

We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...

Persistent link: https://www.econbiz.de/10014278008

Endogenous money and the natural rate of interest : the reemergence of liquidity preference and animal spirits in the post-Keynesian theory of capital markets

Pilkington, Philip - 2014

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

Financial Keynesianism and market instability

Wray, L. Randall - 2011

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

The socialization of investment, from Keynes to Minsky and beyond

Bellofiore, Riccardo - 2014

An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which...

Persistent link: https://www.econbiz.de/10010457216

"Financialisation" in post-Keynesian models of distribution and growth : a systematic review

Hein, Eckhard; Treeck, Till van - 2008

We review recent attempts to integrate 'financialisation' processes into Post-Keynesian distribution and growth models and distinguish three principal channels of influence: 1. objectives and finance restrictions of firms, 2. new opportunities for households' wealth-based and debt-financed...

Persistent link: https://www.econbiz.de/10003744547

Keynes's theories of the business cycle: evolution and contemporary relevance

Bortz, Pablo G. - 2021

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

Economic theory and the New-Keynesian school

Josheski, Dushko; Magdinceva-Sopova, Marija - 2014

In this paper it is described the school of neo-Keynesians (Akerlof and Stiglitz are in the group of "Hard" New-Keynesians, that don't accept New neo-classical synthesis, i.e. Dynamic Stochastic General equilibrium models-DSGE),that as a basic source of instability in the economies view the...

Persistent link: https://www.econbiz.de/10010372694

Zero lower bound (ZLB) economics : the fallacy of New Keynesian explanations of stagnation

Palley, Thomas - 2016 - Revised January 2016

This paper explores zero lower bound (ZLB) economics. The ZLB is widely invoked to explain stagnation and it fits with the long tradition that argues Keynesian economics is a special case based on nominal rigidities. The ZLB represents the newest rigidity. Contrary to ZLB economics, not only...

Persistent link: https://www.econbiz.de/10011433395