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1972
Eisner and Strotz [16] in a paper in 1963 provided one of the earliest rigorous formulations of the flexible accelerator. Unlike earlier approaches which were ad hoc, they show that a firm chooses an optimal adjustment path for the capital stock. As we saw above (pp.
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Eisner and Strotz [16] in a paper in 1963 provided one of the earliest rigorous formulations of the flexible accelerator. Unlike earlier approaches which were ad hoc, they show that a firm chooses an optimal adjustment path for the capital stock. As we saw above (pp.
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Devaluation in a neo-Keynesian temporary equilibrium
Economics Letters, 1982Abstract We analyse a two sector open economy model in which prices are rigid and markets clear by quantity adjustments. We consider the case of Keynesian unemployment (excess supplies of labour and of the non-traded good), and derive conditions under which devaluation will be expansionary and will improve the balance of trade.
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A Neo-Keynesian Theory of Inflation
1974The greatest changes in post-war national economic policies occurred in measures to achieve full employment, economic growth and a welfare state. The policies have been successful to a considerable extent in attaining these goals. Although the business cycle which periodically disturbs capitalistic economies has not yet disappeared from the economic ...
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Neo-Keynesian Quantity-Constrained Models
1982Neo-Keynesian quantity-constrained models1 show the implications for output and employment of trading at non-market-clearing prices. They share with the post-Keynesian approach the rejection of Walrasian equilibrium, though unlike the latter they do not reject the other features of neoclassical methodology.
Rosalind Levačić, Alexander Rebmann
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Stability and efficiency from a Neo-Keynesian viewpoint
Journal of Economic Dynamics and Control, 1984Abstract This paper raises once more the Keynesian challenge of the classical doctrine that an unguided market economy has a natural tendency towards optimal employment of resources. By means of a simple macromodel, we show that if quantity expectations are incorporated into the Walrasian model, then it is no longer generally true that the ‘invisible
Lars-Gunnar Svensson, W. Jörgen Weibull
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The Neo-Keynesian Analysis of Income Distribution
1979For at least the last twenty-five years neo-Keynesian economists have been conducting economic analysis in general, and of income distribution in particular, on principles which they regard as fundamentally different from those underlying neoclassical economics.1 The leading economists of this school now regard the approach as having developed to such ...
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Estimates of the fisher effect: A neo-Keynesian approach
Atlantic Economic Journal, 1978This paper has presented estimates of a structural model designed to study the processes by which inflationary expectations affect nominal interest rates. The theoretical framework expands upon previous analyses of the effects of expected inflation primarily by analyzing a wider range of resulting substitution effects both among financial assets as a ...
Richard T. Froyen, Lawrence S. Davidson
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A Neo-Keynesian Theory of Monetary Growth
1974On explaining the process of growth cycle in terms of changes in the expected marginal productivity of capital, we have assumed in Chapter 3 that the cyclical limits of the output-capital ratio are constant over all growth cycles, If this assumption is true, the ratio would virtually remain constant over a long period of cyclical economic growth.
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Expectations and Stability in Neo-Keynesian Growth Theory
The Quarterly Journal of Economics, 1963I. Introduction, 71. — II. Investment and profits, 73. — III. Flexible expectations, 79. — IV. Elastic expectations, 88. — V. Adaptiveness and flexibility combined, 91.
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Basic Relations of a Neo-Keynesian Theory
1974After World War II, various fields of economic theory have been remarkablely developed. Among them we could single out the theory of economic growth and monetary theory has having Important achievements, Numerous studies on economic growth which have been published during the post-war period form one of the main fields in economic theory.
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