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Budget Deficit and ‘The World’s Smallest Macroeconomic Model’ by Paul Krugman

Tanaka, Yasuhito - 2023

In his "The World’s smallest macroeconomic model” (Krugman(1999)), Paul Krugman argued that under the assumption of price rigidity, a shortage of money supply leads to underemployment or recession, so increasing money supply can eliminate underemployment and restore full employment. But, how...

Persistent link: https://www.econbiz.de/10014343779

Monetary economy and budget deficit in endogenous growth model

Tanaka, Yasuhito - In: International studies of economics 18 (2023) 4, pp. 454-467

By an endogenous growth model with two-period overlapping generations structure and money holding of consumers, we examine the existence of budget deficit in an economy which endogenously grows by investments of firms. The main results are as follows. (1) Budget deficit is necessary for full...

Persistent link: https://www.econbiz.de/10014465992

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

Chapter 22. The New Keynesian Approach to Dynamic General Equilibrium Modeling: Models, Methods and Macroeconomic Policy Evaluation

Schmidt, Sebastian; Wieland, Volker - In: Handbook of computable general equilibrium modeling : …, (pp. 1439-1512). 2013

Persistent link: https://www.econbiz.de/10014025269

J M Keynes’s 1937 Refutation of the Claim That Hicks–Hansen (and Others) Saved Keynes’s General Theory by the Development of the IS-LM Model in His ‘Professor Pigou on Money Wage R...

Brady, Michael Emmett - 2018

. Keynes correctly showed in the General Theory that you could not specify the rate of interest just from the supply of savings … from error by combining the IS and LM curves together to provide a consistent and coherent theory of the rate of interest … lectures in December, 1933, and included them in the 1934 draft copy of the General Theory, he refused to present this formal …

Persistent link: https://www.econbiz.de/10012928661

On Heterodox Attempts to Cover Up Joan Robinson’s Failure to Comprehend Keynes’s Liquidity Preference Theory of the Rate of Interest and Keynes’s IS-LM Model in Their Correspondenc...

Brady, Michael Emmett - 2020

Persistent link: https://www.econbiz.de/10012828188

Macroeconomic theory and macroeconomic pedagogy

Fontana, Giuseppe (ed.) - 2009

This book aims to showcase and advance recent debates over the extent to which undergraduate macroeconomics teaching models adequately reflect the latest developments in the field. It contains 16 essays on topics including the 3-equation New Consensus model, extensions and alternatives to this...

Persistent link: https://www.econbiz.de/10014484794

Macroeconomic theory and macroeconomic pedagogy

Fontana, Giuseppe (ed.) - 2009

Persistent link: https://www.econbiz.de/10003826225

Education, Economics and the Philosophy of Frédéric Bastiat

McGee, Robert W. - 2014

Frédéric Bastiat (1801-1850) was an economist and journalist. A member of the French Liberal School, he is best known for his free trade ideas and his philosophy of law. Mark Blaug ranks him as one of the 100 greatest economists before Keynes. Schumpeter called him a brilliant economic...

Persistent link: https://www.econbiz.de/10013054150

Is new always better than old? : on the treatment of fiscal policy in Keynesian models

Dullien, Sebastian - In: Review of Keynesian economics (2012), pp. 5-23

Persistent link: https://www.econbiz.de/10009703858