This paper examines several mainstream explanations of the financial crisis and stagnation and the role they attribute to income inequality. Those explanations are contrasted with a structural Keynesian explanation. The role of income inequality differs substantially, giving rise to different...

The transition to an economy that operates on market principles represents a period of profound changes based on redefining the paradigms of development. After more than 20 years from the 1989 events, Romania has already completed some important steps towards an open market economy. The path to...

Economic theory is prone to hysteresis. Once an idea is adopted, it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman's natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky...

In this paper, the model used by financial analysts to describe, explain and forecast the economic performance of business entities is used to represent the economic and financial effects of the transactions conducted between the main actors of a national economy: households, government,...

В работе проведен анализ понятия резервных валют и их роли в современной мировой платежной системе. Последовательно рассмотрены определение резервных валют,...

Hence the crises of great depression affected US economy. Keynes, Minsky, and Kalecki showed the economic approaching of speculative and practical solutionsthat have reviewed for the case of fluctuations. Following the trajectory ofgreat Depression we obtain the thesis for Keynes and Minsky,...

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

We implement a new approach for the identification of news shocks about future technology. In a VAR featuring a measure of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to technology innovations that best explains future variation...

The current recession is poorly understood. It is a combination of a very rare consumer debt limit recession and a very rare balance sheet recession. That makes it unique, dangerous and long lasting. It is leading to an extended period of low double digit unemployment that will be very hard to...

In the United States, the level of concern over 401(k) fees is steadily increasing. However, very few employers understand the nature and scope of the retirement plan industry's business model. Not even the Federal Government fully grasps the issue. Understanding how hidden fees came about, and...