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Review of Keynesian Economics, 2019 This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market ...
T. Palley
semanticscholar +1 more source
Monetary Policy and Government Debt
Journal of Money, Credit and Banking, EarlyView.Abstract We study how the level of government debt affects the effectiveness of monetary policy, that is, the elasticity of economic aggregates to interest rate changes. We build a New Keynesian model where fiscal policy is non‐Ricardian and government debt is risk‐free.
NICOLAS CARAMP, ETHAN FEILICH
wiley +1 more source
The new, new economics and monetary policy [PDF]
Monetary policy - United States ; Economics ; Keynesian ...
Darryl R. Francis
core
Financial Fragility and the Fiscal Multiplier
Journal of Money, Credit and Banking, EarlyView.Abstract We show that undercapitalized banks with large holdings of government bonds subject to sovereign default risk lead to a new crowding‐out channel: deficit‐financed fiscal stimuli lead to higher bond yields, triggering capital losses for the banks. Banks then cut back loans, which reduces fiscal multipliers.
CHRISTIAAN VAN DER KWAAK +1 more
wiley +1 more source
How much of John Maynard Keynes can we find in Franco Modigliani?
PSL Quarterly Review, 2012 Franco Modigliani's first published paper became one of the basic documents of modern Keynesian economics. In it he formalized the model (or at least one model) implicit in The General Theory.
Luigi L. Pasinetti
doaj +1 more source
Aggregate Demand and Supply [PDF]
This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea that to make ...
Roger E. A. Farmer
core
The eclipse of the goal of zero inflation [PDF]
, 1997 William J. Barber's study of Alvin H. Hansen (1887-1975) emphasized the importance of the intellectual transformation that led to the "'Keynes-Hansen intellectual system that appeared to have compelling diagnostic and prescriptive power" (Barber 19X7 ...
Leeson, R.
core +2 more sources
Social Policy and Polanyi's Double Movement across Time
Development and Change, EarlyView.
Diego Sánchez‐Ancochea
wiley +1 more source
Monetary Policy When Preferences Are Quasi‐Hyperbolic
Journal of Money, Credit and Banking, EarlyView.Abstract We study discretionary monetary policy in an economy where economic agents have quasi‐hyperbolic discounting. We demonstrate that a benevolent central bank is able to keep inflation under control for a wide range of discount factors. If the central bank, however, does not adopt the household's time preferences and tries to discourage early ...
RICHARD DENNIS, OLEG KIRSANOV
wiley +1 more source