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You are looking at 1-10 of 11 items for:

Macroeconomics: Consumption, Saving, Production, Employment, and Investment x History of Economic Thought x clear all

A ‘Walrasian post-Keynesian’ model? Resolving the paradox of Oskar Lange’s 1938 theory of interest

Roberto Lampa.

in Cambridge Journal of Economics

January 2014; p ublished online July 2013 .

Journal Article. Subjects: General Equilibrium and Disequilibrium; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Capitalist Systems; History of Economic Thought (1925 onwards). 11726 words.

This article investigates Oskar Lange’s 1938 article, ‘The rate of interest and the optimum propensity to consume’, with the intention of providing a thorough interpretation of this rather...

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An interdisciplinary model for macroeconomics

A G Haldane and A E Turrell.

in Oxford Review of Economic Policy

January 2018; p ublished online January 2018 .

Journal Article. Subjects: General Economics; History of Economic Thought (1925 onwards); Economic Methodology; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomics and Monetary Economics. 13904 words.

Abstract

Macroeconomic modelling has been under intense scrutiny since the Great Financial Crisis, when serious shortcomings were exposed in the methodology...

Keynes' abominable Z-footnote

Gerhard Michael Ambrosi.

in Cambridge Journal of Economics

May 2011; p ublished online September 2010 .

Journal Article. Subjects: Econometric and Statistical Methods; Special Topics; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; History of Economic Thought (to 1925). 8020 words.

Keynes' concept of a Zw -function relates the value of aggregate supply in wage units to employment. It aroused much controversy until the very recent past. A special bone of...

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Keynes's Z function, heterogeneous output and marginal productivity

MG Hayes.

in Cambridge Journal of Economics

September 2007; p ublished online April 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Individual Economists; Economic Methodology. 6239 words.

Keynes was adamant that the assumption of homogeneous output and capital in macroeconomic theory is inadmissable. His aggregate supply or Z function is a generalisation of Marshall's...

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Lifestyle conformity and lifecycle saving: a Veblenian perspective

Martha A. Starr.

in Cambridge Journal of Economics

January 2009; p ublished online July 2008 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Intertemporal Choice and Growth; Economic Methodology; History of Economic Thought (to 1925). 11079 words.

Since the 1950s, the lifecycle hypothesis has been the dominant explanation for the ‘inverse U’ in household wealth accumulation. This paper advances an alternative explanation, rooted in...

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Liquidity when it matters: QE and Tobin’s q

John Driffill and Marcus Miller.

in Oxford Economic Papers

April 2013; p ublished online January 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Prices, Business Fluctuations, and Cycles; History of Economic Thought (1925 onwards); Money and Interest Rates. 10517 words.

The model of credit-constrained investors developed by Kiyotaki and Moore is used to analyse ‘unconventional monetary policy’ actions taken in the US and UK. We make two contributions. The...

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The loanable funds fallacy: saving, finance and equilibrium

M. G. Hayes.

in Cambridge Journal of Economics

July 2010; p ublished online November 2009 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; History of Economic Thought (1925 onwards); Money and Interest Rates. 7499 words.

The loanable funds controversy cannot be settled without prior agreement on the meanings of income and equilibrium. The essential claim of loanable funds theory is that disequilibrium in...

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On the dynamics of profit-led and wage-led growth

Amit Bhaduri.

in Cambridge Journal of Economics

January 2008; p ublished online August 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; History of Economic Thought (1925 onwards); Microeconomics; Prices, Business Fluctuations, and Cycles; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; General Aggregative Models. 5963 words.

This paper examines how variable output and profit share jointly determine investment and saving, while the difference between investment and saving drives the changes in output and profit...

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Special remedies for special causes: involuntary unemployment in Keynes’ political writings

Sylvie Rivot.

in Cambridge Journal of Economics

July 2011; p ublished online November 2010 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; History of Economic Thought (1925 onwards). 9886 words.

This paper analyses the proposals Keynes’ made in his political writings regarding unemployment, extending arguments made in The General Theory. The first issue is the relevance of...

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Thorstein Veblen on credit and economic crises

Guglielmo Forges Davanzati and Andrea Pacella.

in Cambridge Journal of Economics

September 2014; p ublished online March 2014 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; History of Economic Thought (to 1925). 11590 words.

The aim of this paper is to provide an interpretation of Veblen’s theory of economic crises, based on the view that banking policy is a major factor in generating crises. It will be shown...