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Transcending the New Macroeconomic Orthodoxy in the Eurozone : A Post-Keynesian View

Kotarski, Kristijan - 2017

The main aim of this paper is to empirically test the endogenous money hypothesis for the Eurozone. Based on data on loans to private sector, deposits, monetary aggregates, prices and GDP we use three empirical approaches to test the hypothesis: (i) moving correlation; (ii) Granger causality...

Persistent link: https://www.econbiz.de/10012965084

The Hahn-Solow Macro Model

Frisch, Helmut - 1999

The Hahn-Solow macromodel is characterized by fixed nominal wages, increasing returns on capital and pricesetting under an imperfect competitive environment. It proposes that a fall in unemployment is always accompanied by a rise in real wages. The two authors demonstrate that involuntary...

Persistent link: https://www.econbiz.de/10014193114

Aggregate Demand and Micro Behavior : A New Perspective on Keynesian Macroeconomics

Fazzari, Steven M.; Ferri, Piero; Greenberg, Edward - 2007

We analyze the microfoundations for Keynesian aggregate demand effects by considering the link between aggregate demand and firm production decisions under monopolistic competition. Macroeconomic equilibrium is characterized in a simple graphical framework that facilitates comparison of several...

Persistent link: https://www.econbiz.de/10014215857

Keynes's Approach to Full Employment : Aggregate or Targeted Demand?

Tcherneva, Pavlina R. - 2008

This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to close the demand gap, are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends to...

Persistent link: https://www.econbiz.de/10014215947

The Keynesian Cross : Graphical Interpretations of Effective Demand

Heller, Claudia; Dessotti, Marina - 2007

The General Theory of Employment, Interest and Money by John Maynard Keynes led up to three cross-shaped graphical … Keynes's original 1936 book. The three models are graphical (and algebraical) formalizations of Keynes's theory, but the last … effective demand, as they were presented by Keynes in the General Theory. The purpose of the paper is to identify which original …

Persistent link: https://www.econbiz.de/10014223846

Aggregate Demand and Micro Behavior : A New Perspective on Keynesian Macroeconomics

Fazzari, Steven M.; Ferri, Piero; Greenberg, Edward - 2007

Persistent link: https://www.econbiz.de/10014225547

Capital and Macroeconomic Instabilty in a Discrete-Time Model with Forward-Looking Interest Rate Rules

Huang, Kevin X. D.; Meng, Qinglai - 2019

The authors establish the necessary and sufficient conditions for local real determinacy in a discrete-time production economy with monopolistic competition and a quadratic price adjustment cost under forward-looking policy rules, for the case where capital is in exogenously fixed supply and the...

Persistent link: https://www.econbiz.de/10014053031

The Macroeconomics of William Vickrey

Canova, Timothy A. - 2009

Vickrey's fundamental contributions to the economic theory of incentives, which he applied to the areas of taxation, auction … theory, and pricing. His work focused on the economics of asymmetric and private information. Critics of Vickrey's full …

Persistent link: https://www.econbiz.de/10014055933

Keynesian Theorizing During Hard Times : Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics

Dos Santos, Claudio H. - 2004

This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony....

Persistent link: https://www.econbiz.de/10014071545

Estimated DSGE Model for Macroeconomic Analysis in a Small-Open Economy : A Ghanaian Perspective

Akosah, Nana Kwame - 2020

The study develops a standard representative-agents’ New Keynesian model for macroeconomic analysis in a developing African economy. Using Bayesian estimation techniques and Ghanaian dataset, the core objective of the paper is to determine the best suited monetary policy rule for Ghana. After...

Persistent link: https://www.econbiz.de/10014092518