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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

The Recycling Problem in a Currency Union

Krimpas, G. E. - 2010

The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units — that is, everywhere — adjustment in real terms can be either upward or downward. The question is, Which? An attempt is made to formulate the problem in terms of...

Persistent link: https://www.econbiz.de/10013143551

Markups and Markdowns

Syverson, Chad - National Bureau of Economic Research - 2024

Interest in market power has recently surged among economists in many fields, well beyond its traditional home in industrial organization. This has focused empirical attention on markups, the ratios of price to marginal cost in product markets, and markdowns, the ratios of inputs' marginal...

Persistent link: https://www.econbiz.de/10015056198

Whither new consensus macroeconomics? : The role of government and fiscal policy in modern macroeconomics

Fontana, Giuseppe - 2009

In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the subject of several criticisms. This paper considers one of the main criticisms lodged against the NCM model,...

Persistent link: https://www.econbiz.de/10003859884

New consensus macroeconomics : a critical appraisal

Arestis, Philip - 2009

This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems...

Persistent link: https://www.econbiz.de/10003859900

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

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

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

An analytical framework for the Post-Keynesian macroeconomic paradigm

Herr, Hansjörg - 2013

The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...

Persistent link: https://www.econbiz.de/10009756278

The New Keynesian approach to dynamic general equilibrium modeling : models, methods, and macroeconomic policy evaluation

Schmidt, Sebastian; Wieland, Volker - 2012

This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic...

Persistent link: https://www.econbiz.de/10010391304