The stock market crash of 2008 caused the Great
... labor market failure. Unlike the new-Keynesian version of The General Theory, my explanation of recessions does not rely on the assumption that prices are sticky.1 The paper is organized as follows. Section 2 presents a brief review of the related literature. Sections 3–5 present empirical evidence ...
... labor market failure. Unlike the new-Keynesian version of The General Theory, my explanation of recessions does not rely on the assumption that prices are sticky.1 The paper is organized as follows. Section 2 presents a brief review of the related literature. Sections 3–5 present empirical evidence ...
economists occupational outlook
... Economists study how society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest ...
... Economists study how society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest ...
LERNER, Abba Ptachya (1903-1982) by Mathew Forstater* Working
... scientific prose’), Lerner clarified, extended, elaborated, and graphically depicted a number of concepts and proofs in Marshallian neoclassical theory and general equilibrium welfare economics. Many of these demonstrations would eventually become the standard textbook presentations of these concept ...
... scientific prose’), Lerner clarified, extended, elaborated, and graphically depicted a number of concepts and proofs in Marshallian neoclassical theory and general equilibrium welfare economics. Many of these demonstrations would eventually become the standard textbook presentations of these concept ...
IS-LM and Monetarism
... was wage rigidity, which leads to a less-than-full-employment equilibrium. He viewed absolute liquidity preference as a curiosity and not the true hallmark of the Keynesian model. The Hicks-Modigliani model was then popularized by Alvin Hansen (1953). The simplest textbook version of the 1950s assum ...
... was wage rigidity, which leads to a less-than-full-employment equilibrium. He viewed absolute liquidity preference as a curiosity and not the true hallmark of the Keynesian model. The Hicks-Modigliani model was then popularized by Alvin Hansen (1953). The simplest textbook version of the 1950s assum ...
The New Cambridge School - Cambridge Political Economy Society
... Cycle’ and DSGE3 models. A similar criticism was levelled by Sims (1980) who questioned the basis of the identification restrictions typically imposed in time series econometrics models with the result that single equation models would be replaced by vector autoregressions (VARs) in which complete s ...
... Cycle’ and DSGE3 models. A similar criticism was levelled by Sims (1980) who questioned the basis of the identification restrictions typically imposed in time series econometrics models with the result that single equation models would be replaced by vector autoregressions (VARs) in which complete s ...
Personal Finance and Economics in the Writings of Larry Burkett
... Keynes, an avowed socialist, had long advocated the use of government control over banking and business to ensure prosperity for all. The philosophy was not new. Karl Marx had advocated essentially the same doctrine...(1991, p. 27). The General Theory of Employment, Interest and Money, published in ...
... Keynes, an avowed socialist, had long advocated the use of government control over banking and business to ensure prosperity for all. The philosophy was not new. Karl Marx had advocated essentially the same doctrine...(1991, p. 27). The General Theory of Employment, Interest and Money, published in ...
2. Keynes and the failure of self-correction
... and this would bring prices down again. In the end, profits would return to its normal level, meaning that consumers would be paying the lowest possible price for the good. The price system would therefore coordinate the re-allocation of available resources to where they are needed, all this achieve ...
... and this would bring prices down again. In the end, profits would return to its normal level, meaning that consumers would be paying the lowest possible price for the good. The price system would therefore coordinate the re-allocation of available resources to where they are needed, all this achieve ...
Modern Perspectives on Keynesian Stabilization Policies
... concepts that have been developed and adopted in recent years. In the present paper I provide a non-technical description of some of my own research on both topics. In section 2 I describe my work with Mark Gertler and J. David López-Salido on business cycles and the inefficiency of aggregate alloca ...
... concepts that have been developed and adopted in recent years. In the present paper I provide a non-technical description of some of my own research on both topics. In section 2 I describe my work with Mark Gertler and J. David López-Salido on business cycles and the inefficiency of aggregate alloca ...
The Theory of Monetary Degradation as the Development of Post
... below the definition of monetary economy itself). Such case can take place during the transition from planned economy to the market one (or during other big systemic transformations), when rupture in institutional system appears (ñinstitutional hiatusò, see Kozul-Wright and Rayment, 1997) and/or ñr ...
... below the definition of monetary economy itself). Such case can take place during the transition from planned economy to the market one (or during other big systemic transformations), when rupture in institutional system appears (ñinstitutional hiatusò, see Kozul-Wright and Rayment, 1997) and/or ñr ...
Microfoundational Programs
... microfoundations remain a steady topic of special interest, hence the level path when the base is all articles. To get a further handle on the filiation of microfoundational ideas, Table 1 displays the number of articles that use terms in the microfoundational family and various economists, some ...
... microfoundations remain a steady topic of special interest, hence the level path when the base is all articles. To get a further handle on the filiation of microfoundational ideas, Table 1 displays the number of articles that use terms in the microfoundational family and various economists, some ...
Macroeconomic Model Database (MODELBASE)
... Although a permanent increase in government purchases of goods and services is a good way to understand the properties of a model, it is not a realistic description of the fiscal policy packages under consideration in the United States and other countries recently nor of the final $787 billion fisca ...
... Although a permanent increase in government purchases of goods and services is a good way to understand the properties of a model, it is not a realistic description of the fiscal policy packages under consideration in the United States and other countries recently nor of the final $787 billion fisca ...
Behavioral economics and macroeconomic models1
... Excellence funding scheme, project number 179552. The views expressed in this paper are those of the author and do not necessarily reflect the views of Hans Böckler Foundation. ...
... Excellence funding scheme, project number 179552. The views expressed in this paper are those of the author and do not necessarily reflect the views of Hans Böckler Foundation. ...
Intermediate Macroeconomics
... long term, there has not been much opportunity for a test. Moreover, if such a situation were to arise, it would mean that the public authority itself could borrow through the banking system on an unlimited scale at a nominal rate of interest.” - Keynes, General Theory, p. 207 ...
... long term, there has not been much opportunity for a test. Moreover, if such a situation were to arise, it would mean that the public authority itself could borrow through the banking system on an unlimited scale at a nominal rate of interest.” - Keynes, General Theory, p. 207 ...
Free Full Text ( Final Version , 264kb )
... citizen, encouraged by a surge of academic proposals usually dubbed as ‘social dividends’ or ‘State Bonuses’. Before that, the BI was a model idea present in some academic debates but never in the political one (Busilacchi, 2004, p.437). This surge in importance was reliant on the so-called ‘Keynesi ...
... citizen, encouraged by a surge of academic proposals usually dubbed as ‘social dividends’ or ‘State Bonuses’. Before that, the BI was a model idea present in some academic debates but never in the political one (Busilacchi, 2004, p.437). This surge in importance was reliant on the so-called ‘Keynesi ...
Employment in Europe - EPS – Economics Political Science – Milano
... • The post-Great Recession European crisis started as a debt crisis • Policies to reduce public debts have exposed weaknesses in European labour markets • For this reason, the crisis is often presented as a crisis of competitiveness and flexibility • But it is not: it is a crisis of managing a commo ...
... • The post-Great Recession European crisis started as a debt crisis • Policies to reduce public debts have exposed weaknesses in European labour markets • For this reason, the crisis is often presented as a crisis of competitiveness and flexibility • But it is not: it is a crisis of managing a commo ...
Keynes` Theory of Money and His Attack on the Classical Model
... removal of these linchpins can, therefore, be said to represent the analytical preconditions for the theory of money contained in The General Theory [Johnson and Cate, 2000]. The first of these preconditions was Keynes' rejection of the loanable funds theory of interest rate determination. In the Ge ...
... removal of these linchpins can, therefore, be said to represent the analytical preconditions for the theory of money contained in The General Theory [Johnson and Cate, 2000]. The first of these preconditions was Keynes' rejection of the loanable funds theory of interest rate determination. In the Ge ...
Y i - IES
... – Refuses the construction of the labor supply • Workers do not adjust to real, but to nominal wage • Nominal wage much less flexible: – general political reasons after WWI (workers not ready to accept wage cuts) – during Great Depression it was possible to hire labor even without increasing nominal ...
... – Refuses the construction of the labor supply • Workers do not adjust to real, but to nominal wage • Nominal wage much less flexible: – general political reasons after WWI (workers not ready to accept wage cuts) – during Great Depression it was possible to hire labor even without increasing nominal ...
Economics - talcher autonomous college
... Macroeconomics. Macroeconomics deals with the aggregate economy. This course discusses thepreliminary concepts associated with the determination and measurement of aggregatemacroeconomic variable like savings, investment, GDP, money and inflation. Module I: Basic Concepts Macro vs. Micro Economics; ...
... Macroeconomics. Macroeconomics deals with the aggregate economy. This course discusses thepreliminary concepts associated with the determination and measurement of aggregatemacroeconomic variable like savings, investment, GDP, money and inflation. Module I: Basic Concepts Macro vs. Micro Economics; ...
Australia and the Keynesian Revolution - ANU Press
... and political turbulence. The necessity to divert resources into defence as the security environment grew darker was jeopardised by the federal structure of government and traditional ideas about public finance. By the end of 1939 there came, however, a moment of economic revelation. As Copland late ...
... and political turbulence. The necessity to divert resources into defence as the security environment grew darker was jeopardised by the federal structure of government and traditional ideas about public finance. By the end of 1939 there came, however, a moment of economic revelation. As Copland late ...
Geoff Tily, Another “Useful Fiction”?
... with Hicks (1937), and policy conclusions were confined to fiscal policy. The dominance of this approach is unquestionable, yet there have always been a number of individual scholars––initially those most closely associated with Keynes when he was alive––who challenged its validity as an interpretat ...
... with Hicks (1937), and policy conclusions were confined to fiscal policy. The dominance of this approach is unquestionable, yet there have always been a number of individual scholars––initially those most closely associated with Keynes when he was alive––who challenged its validity as an interpretat ...
Schumpeter Meeting Keynes: A Policy-Friendly Model of
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
Keynesian foundations of modern macroeconomics
... • This flat range is referred to as the Keynesian range. Output here is entirely dependent on the level of aggregate demand. Jump to first page ...
... • This flat range is referred to as the Keynesian range. Output here is entirely dependent on the level of aggregate demand. Jump to first page ...
pdf,402KB - Iowa State University Department of Economics
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
Schumpeter Meeting Keynes: A Policy
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
... sensitivity to the choice of parameters, possibly arising in ABMs7 , we look for policy implications that: (i) are robust to reasonable changes in the parameters of the model; (ii) refer to model setups and parametrizations wherein the output of the model is empirically validated (i.e., simulated mi ...
Post-war displacement of Keynesianism
The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world. Similarly, the allied discipline known as Development economics was largely displaced as the guiding influence on economic policies adopted by developing nations. The displacement of Keynesian thinking was driven by those who leaned towards purer free market policies, rather than the mixed economy which require a significant role for government intervention. Their motivations included a dislike of large governments which they saw as prone to interfere excessively in the lives of their citizens; an intellectual preference for Classical or Neoclassical economics and related schools; or in some cases a belief that their individual interests were best served by promoting a limited role for government. Efforts against Keynesianism took place on three fronts – in the academic world, in politics, and in the wider world of business and public opinion.