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The article develops a stylized medium-run post-Kaleckian open economy model with conflict inflation and combines two … demand, growth, trade balance, and inflation are generally ambiguous and highly contingent on the parameter constellation of …
Persistent link: https://www.econbiz.de/10015051013
June, inflation has continued to accelerate, reflecting the ongoing expansionary fiscal stance, but also the lengthy nature …
Persistent link: https://www.econbiz.de/10015065597
In this paper, I show that the income-autonomous demand multiplier of Keynesian-Kaleckian models is endogenous to changes in income distribution. This effect gives rise to non-linearity of distributional effects, even in basic models. Under certain conditions, an important consequence from the...
Persistent link: https://www.econbiz.de/10012060676
The paper employs a post-Kaleckian model to address the question of how currency devaluations affect aggregate demand, capital accumulation, and debt in an economy with foreign currency liabilities. In benchmark post-Kaleckian open economy models currency devaluations have two key effects....
Persistent link: https://www.econbiz.de/10011567969
This paper develops a model of inflation in an open economy. The model permits analysis of the susceptibility of open … paper arrives at a “structuralist inflation targeting agenda”. Based on a proper conception of inflation dynamics, this … involves “getting inflation targeting right” rather than either accepting mainstream inflation targeting prescriptions or …
Persistent link: https://www.econbiz.de/10012954770
than the prices of nontradables/higher-priced varieties. These relative price changes may lead to inflation inequality when …, we show that inflation of poor households in Brazil was at least 11 percentage points higher than of the rich in the … aftermath of the 2002 large devaluation. A detailed case study of the City of São Paulo estimates an inflation inequality …
Persistent link: https://www.econbiz.de/10012239519
This paper is focused on modern monetary theory's (MMT) treatment of inflation from an open-economy perspective. It … analyses how the inflation process is explained within the MMT framework and provides empirical evidence in support of this … facing an inflation-unemployment trade-off. …
Persistent link: https://www.econbiz.de/10014433719
This paper explores the relationship between devaluing the dollar and inflation, examining both the theoretical … inflation by reducing demand or increasing the supply of goods and services, others suggest that devaluation can actually lead … to an increase in inflation by making imports more expensive and increasing demand for domestically produced goods and …
Persistent link: https://www.econbiz.de/10014358356
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and...
Persistent link: https://www.econbiz.de/10010197674
economies, we find that the main driver of consumer price inflation is the global demand shock. A negative global demand shock …
Persistent link: https://www.econbiz.de/10012176017