This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...

Since 2014 the Spanish economy has recovered positive GDP growth, and the country has been growing well above the Eurozone average. This recovery has sparked an academic and political debate concerning the role that structural reforms, prescribed by the 'Troika', have played in peripheral...

In diesem Beitrag geht es darum, den Postkeynesianismus als paradigmatische Alternative zum herrschenden neoklassischen Mainstream etwas näher kennenzulernen. Es zeigt sich sehr schnell, dass der Postkeynesianismus keine einheitliche Denkschule darstellt, sondern vielmehr eine Vielzahl von...

The aim of our contribution is to present an innovative instrument to teach macroeconomics at the undergraduate and master level. We develop a digital learning platform to present and explore some controversies at the very foundations of macroeconomic theory. For this purpose, we explicitly...

Although the global financial crisis of 2008-2009 was the worst economic crisis in over 60 years for many industrial countries, most Asian and Pacific developing countries weathered it quite successfully. The resilience of the region is somewhat puzzling at first sight. In an increasingly...

This article underlines the restrictive perspective of the neo-keynesian research program of "microdoundations of unemployment", compared to the keynesian project of a general theory which would marginalize the classical cases. This neo-keynesian program has first restricted the interpretation...

This paper presents an econometric analysis of 65 episodes of fiscal adjustment in the OECD from 1960 through 1992. The episodes are the ones that Perotti (1995) has identified as entailing major reductions of previous deficits. The paper estimates the effect on the growth of GDP and of...

La tesis central de este trabajo es que un proceso exitoso de desarrollo capitalistanacional, en el contexto de un mercado mundial caracterizado por la existenciade múltiples monedas nacionales y dividido en países desarrollados hegemónicosdel Primer Mundo y países subdesarrollados...

After 10 years of abstinence from the European Monetary Union, should the UK be seriously thinking about joining the Eurozone? Especially in view of the European Central Bank's improved reputation as a crisis manager in the wake of the financial crisis, could EMU represent a safe haven for the...

Orthodox and heterodox theories of financial crises are hereby compared from a theoretical viewpoint, with emphasis on their genesis. The former view (represented by the fourth-generation models of Paul Krugman) reflects the neoclassical vision whereby turbulence is an exception; the latter...