Showing 531 - 540 of 645
This paper provides a reappraisal of the monetarist counter-revolution. The paper introduces a novel distinction between "theoretical" and "empirical" monetarism. Theoretical monetarism is identified as a critique of the IS/LM transmission mechanism. However, the IS/LM can be readily modified to...
Persistent link: https://www.econbiz.de/10005641821
Many argue that the current recession is the product of a temporary stock market wobble. This paper argues that the U.S. economy confronts deeper-seated problems concerning the aggregate demand generation process. For two decades, these problems have been obscured by a range of demand...
Persistent link: https://www.econbiz.de/10005750028
There is widespread agreement that monetary policy matters, but there is disagreement about how policy should be conducted. Behind this disagreement lies differences in theoretical understandings. The paper contrasts the new classical, neo-Keynesian, and Post Keynesian frameworks, thereby...
Persistent link: https://www.econbiz.de/10005750151
Persistent link: https://www.econbiz.de/10005751823
Persistent link: https://www.econbiz.de/10005751827
It is widely believed that the current economic slowdown will be mild and temporary in nature, the result of a momentary wobble in the stock market. This paper argues that the slowdown stands to be more deep- seated, owing to contradictions in the existing process of aggregate demand generation....
Persistent link: https://www.econbiz.de/10005561281
This Working Paper reexamines the issue of international financial capital mobility, which has become today’s economic orthodoxy. The policy discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal...
Persistent link: https://www.econbiz.de/10008500868
Endogenous money represents a mainstay of Post Keynesian (PK) macroeconomics. Analytically, it provides a critical linkage between the financial and real sectors, with the link running predominantly from credit to money to economic activity. The important feature is credit is placed at the...
Persistent link: https://www.econbiz.de/10008500876
This paper explores the economics of debt-driven business cycles, distinguishing between Keynesian and new Keynesian approaches. Keynesians emphasize the impact of borrowing and debt on aggregate demand (AD), whereas new Keynesians emphasize the impact on aggregate supply (AS). A unique...
Persistent link: https://www.econbiz.de/10008500880
David Romer (2000) provides an alternative model to the AS/AD and IS/LM models that abandons the LM schedule by having the short-term interest rate set by the central bank. His framework acknowledges the critical role of the central bank in determining short-term interest rates, which moves...
Persistent link: https://www.econbiz.de/10008500889