Results 1 to 10 of about 13,464 (272)

Modigliani and Keynes

PSL Quarterly Review, 2005
The first article published by Franco Modigliani has become one of the basic texts of the modern Keynesian economics. It formalized the model (or at least one model) implicit in the General Theory.
Robert M. Solow
doaj  

Output Gap Uncertainty, Sovereign Risk Premia and the Contingent Importance of the Bond Vigilantes

Metroeconomica, EarlyView.
ABSTRACT This paper investigates the implications of output gap uncertainty for the conduct of fiscal policy using a small‐scale macroeconomic model with boundedly rational agents. Specifically, agents use an adaptive updating mechanism to approximate the unobservable potential output that suffers, similarly to the Hodrick and Prescott (1997) filter ...
Christian R. Proaño, Jonas Dix
wiley   +1 more source

Pseudo, or Not? Neo‐Goodwinian Growth Cycles With Financial Linkages

Metroeconomica, EarlyView.
ABSTRACT A profit‐led Goodwin mechanism generates the observed counterclockwise activity–labor share cycle. Introducing a financial linkage can reproduce this pattern even when demand is not profit‐led. This paper extends neo‐Goodwinian theory by incorporating the valuation ratio into a four‐dimensional model.
Rudiger von Arnim, Luis Felipe Eick
wiley   +1 more source

Tax Progressivity, Public Debt, and Growth in a Neo‐Kaleckian Model

Metroeconomica, EarlyView.
ABSTRACT We develop a neo‐Kaleckian growth‐and‐distribution model featuring two classes of workers and a progressive income tax. Two fiscal closures are considered: balanced budgets and deficit financing via public debt. We study the responses to shocks, including changes in functional income distribution, and assess how tax progressivity alters demand
Tailiny Ventura, Fabrício J. Missio, Júlio Fernando Costa Santos   +2 more
wiley   +1 more source

Key Ideas of Keynesianism, Historical Context, and Contemporary Influence

Кібернетика та комп'ютерні технології
Introduction. In 1936, John Maynard Keynes published his work “The General Theory of Employment, Interest and Money”, which was a response to the challenges of the Great Depression.
Olena Volovyk
doaj   +1 more source

Racial Inequality, Growth and Distribution

Metroeconomica, EarlyView.
ABSTRACT A post‐Keynesian‐Kaleckian model along structuralist lines is developed to incorporate the issue of racial inequality into the analysis of growth and distribution. It draws on ideas presented in the literature about the relationship between class inequality between capitalists and workers, and racial inequality between White and Black workers,
Amitava Krishna Dutt
wiley   +1 more source

Contractionary Effects of Devaluation and the Balance Sheet Effect in a Macroeconomic Model With Heterogeneous Firms

Metroeconomica, EarlyView.
ABSTRACT We propose a demand‐led heterogeneous firm macroeconomic model to study the impact of an exchange rate devaluation on output and financial stability. We simulate the model and find that, in the presence of foreign debt, a devaluation can have contractionary effects.
Lucca Gustafson Rodrigues, Lílian Rolim, Laura Carvalho   +2 more
wiley   +1 more source

Philosophy of economics: the analysis of alternative directions

Studia Humanitatis
Alternative directions in modern economic theory assume philosophical justification. The paper provides methodological analysis of the following alternative directions in economics: the new Austrian school, modern institutionalism, radical political ...
Gerashchenko Igor Germanovich
doaj  

Revising Structuralism in Times of Crisis: Lance Taylor and the Neo‐Structuralist Synthesis in the 1980s

Metroeconomica, EarlyView.
ABSTRACT This article places the work of Lance Taylor in the broader context of efforts in the 1980s to renew the structuralist tradition of development economics, into what was then newly coined as neo‐structuralism. These efforts centred around three groups: CEPAL, Lance Taylor and his team at MIT, and a group of economists based at the Institute of ...
Andrew M. Fischer
wiley   +1 more source

Disagreement About Fiscal Policy

Oxford Bulletin of Economics and Statistics, EarlyView.
ABSTRACT Politicians disagree about fiscal policy. This disagreement should have economic effects beyond the effects of government spending and taxation. We use the full set of speeches in the German Bundestag since 1960 and apply state‐of‐the art natural language processing techniques to construct two series of fiscal disagreement starting in 1970 ...
Albina Latifi, Viktoriia Naboka‐Krell, Peter Tillmann, Peter Winker   +3 more
wiley   +1 more source