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The New Keynesian Phillips Curve: Some Counterfactual Evidence [PDF]
New Keynesian models of the business cycle have become the new paradigm of monetary economics, often used for policy analysis. This paper shows that this class of models fail in one crucial respect: they imply a strong negative contemporaneous ...
Juan Paez-Farrell
core
Keynesian Issues and Economic Theory [PDF]
The Scandinavian Journal of Economics, 1989 Recent research helped in clarifying the nature of short-run price and quantity adjustments in Keynesian macroeconomic models and the possible causes of a persistent excess labour supply. It is argued, however, that theories involving imperfect competition and real wage "rigidities" generate "Classical" unemployment, where multipliers act through ...
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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
New Keynesian economics : a monetary perspective [PDF]
In this article we construct a simple analytically tractable model to explore and evaluate New Keynesian ideas. First, we show that a New Keynesian model need not exhibit Phillips curve correlations in the absence of strategic price setting by firms ...
Stephen D. Williamson
core
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
PSL Quarterly Review, 2013 The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the ...
I. MAES
doaj +1 more source
Behavioral Macroeconomics and the New Keynesian Model [PDF]
The contribution of this paper is twofold. First, a thorough presentation of the state of the art of the New Keynesian Macroeconomic model is provided.
Jan-Oliver Menz
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.
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The ecological crisis and post-Keynesian economics – bridging the gap? [PDF]
, 2022 Vera Huwe, Miriam Rehm
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Post-Keynesianism meets feminist economics [PDF]
Cambridge Journal of Economics, 2008 This article explores the relationships between post-Keynesian economics and feminist economics. It distinguishes three key concepts in each tradition that recommend serious attention in the other tradition: gender, the household and unpaid work and caring as key concepts in feminist economics; uncertainty, market power and endogenous dynamics as core ...
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