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Prosperity and stagnation in capitalist economies

Asada, Tōichirō; Flaschel, Peter; Skott, Peter - 2005

The KMG growth dynamics in Chiarella and Flaschel (2000) assume that wages, prices and quantities adjust sluggishly to disequilibria in labor and goods markets. This paper modifies the KMG model by introducing Steindlian features of capital accumulation and income distribution. The resulting...

Persistent link: https://www.econbiz.de/10011527466

Keynesian Macrodynamics and the Phillips Curve : An Estimated Baseline Macromodel for the U.S. Economy

Chen, Pu - 2006

In this paper we formulate a baseline disequilibrium AS-AD model and empirically estimate it with time series data for the U.S.-economy. The version of the model used here exhibits a Phillips-curve, a dynamic IS curve and a Taylor interest rate rule. It is based on sticky wages and prices,...

Persistent link: https://www.econbiz.de/10012734101

The Two Triangles : What Did Wicksell and Keynes Know About Macroeconomics that Modern Economists Do Not (Consider)?

Mazzocchi, Ronny; Tamborini, Roberto; Trautwein, … - 2010

The current consensus in macroeconomics, as represented by the New Neoclassical Synthesis, is to work within frameworks that combine intertemporal optimization, imperfect competition and sticky prices. We contrast this “NNS triangle” with a model in the spirit of Wicksell and Keynes that...

Persistent link: https://www.econbiz.de/10014199834

Disequilibrium Dynamics of the Monetary Economy : A Micro-Founded Synthesis of the Wicksellian Theory of Cumulative Process and the Keynesian Theory of Effective Demand

Iwai, Katsuhito - 2019

The present article is an attempt to reconstruct a macro-dynamic theory of the monetary economy on the basis of the … theory of monopolistically competitive firms formulated as a micro-foundation for the decentralized price mechanism. It shows …

Persistent link: https://www.econbiz.de/10012899318

Keynes, Bastiat and the Multiplier

McGee, Robert W. - 2014

recession. It is an application of the Keynesian multiplier theory, which was expounded in Keynes' 1936 economic treatise, The … General Theory of Employment, Interest and Money. Post-1936 economic history has given the multiplier theory mixed reviews … economist and journalist. He discussed the multiplier theory in the 1840s, more than a generation before John Maynard Keynes …

Persistent link: https://www.econbiz.de/10013054153

Income Distribution, Macroeconomic Analysis and Barriers to Full Employment

Sawyer, Malcolm C. - 1998

Discussion of the distribution of income is noticeable by its absence from most mainstream macroeconomic analysis, though it does, of course, make an appearance in post Keynesian economics, particularly as derived from the work of Kalecki. This lack of attention to the distribution of income...

Persistent link: https://www.econbiz.de/10014059453

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 Triumph of Keynesian Economics

Bartlett, Bruce - 2016

This essay explains Keynesian economics as essentially an ex post rationale for policies Keynes thought were necessary to deal with deflation. In essence, he wanted inflation to compensate for deflation, but contrary to conservative dogma, Keynes was not a crude inflationist -- he wanted stable...

Persistent link: https://www.econbiz.de/10012983222

Liquidity Trap and Excessive Leverage

Korinek, Anton - 2014

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....

Persistent link: https://www.econbiz.de/10013049165

Liquidity trap and excessive leverage

Korinek, Anton; Şimşek, Alp - 2014

Persistent link: https://www.econbiz.de/10010255368