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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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Agency Problems and Endogenous Investment Fluctuations

Giovanni Favara.

in The Review of Financial Studies

July 2012; p ublished online March 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Economics; Financial Institutions and Services. 17088 words.

This article proposes a theory of investment fluctuations in which the source of the oscillating dynamics is an agency problem between financiers and entrepreneurs. In the model, investment...

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Aggregate Implications of Corporate Debt Choices

Nicolas Crouzet.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Banking; Bankruptcy. 27798 words.

Abstract

This article studies the transmission of financial shocks in a model where corporate credit is intermediated via both banks and bond markets. In...

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The Agricultural Productivity Gap

Douglas Gollin, David Lagakos and Michael E. Waugh.

in The Quarterly Journal of Economics

May 2014; p ublished online December 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Urban, Rural, and Regional Economics; Economic Development; Economic Growth and Aggregate Productivity; Macroeconomics and Monetary Economics; Mobility, Unemployment, and Vacancies. 17899 words.

According to national accounts data, value added per worker is much higher in the nonagricultural sector than in agriculture in the typical country, particularly in developing countries....

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Agro-Manufactured Export Prices, Wages and Unemployment

Guido G. Porto.

in American Journal of Agricultural Economics

August 2008; p ublished online August 2008 .

Journal Article. Subjects: International Trade; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Agricultural Economics. 10286 words.

This article estimates the impacts of world agricultural trade liberalization on wages and unemployment in Argentina in the presence of individual labor supply responses and adjustment...

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Anomalies

Erica X. N. Li, Dmitry Livdan and Lu Zhang.

in The Review of Financial Studies

November 2009; p ublished online April 2009 .

Journal Article. Subjects: Production and Organizations; Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Economics; Corporate Governance. 14635 words.

We take a simple q-theory model and ask how well it can explain external financing anomalies, both qualitatively and quantitatively. Our central insight is that optimal investment is an...

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Applications and Interviews: Firms’ Recruiting Decisions in a Frictional Labour Market

Ronald Wolthoff.

in The Review of Economic Studies

April 2018; p ublished online August 2017 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Mobility, Unemployment, and Vacancies. 19401 words.

Abstract

I develop a directed search model to study the recruitment decisions of firms competing for workers who ex post differ in two dimensions: (1) their...

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Approximate surrogate production functions

Bertram Schefold.

in Cambridge Journal of Economics

September 2013; p ublished online March 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling. 12883 words.

The Cambridge debate showed that an aggregation of capital is not possible in general. A recent investigation has found one example for reswitching and several for reverse capital...

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Asset Prices and Portfolio Choice with Learning from Experience

Paul Ehling, Alessandro Graniero and Christian Heyerdahl-Larsen.

in The Review of Economic Studies

July 2018; p ublished online December 2017 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economics. 14392 words.

Abstract

We study asset prices and portfolio choice with overlapping generations, where the young disregard history to learn from own experience. Disregarding...

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Asymmetric Cycles

Boyan Jovanovic.

in The Review of Economic Studies

January 2006; p ublished online January 2006 .

Journal Article. Subjects: Technological Change; Research and Development; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Economic Growth and Aggregate Productivity. 5943 words.

I estimate a model in which new technology entails random adjustment needs. Rapid adjustments may cause measured productivity to decline. The slow-downs persist because adjustment is...

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The Baby Boom and World War II: A Macroeconomic Analysis

Matthias Doepke, Moshe Hazan and Yishay D. Maoz.

in The Review of Economic Studies

July 2015; p ublished online March 2015 .

Journal Article. Subjects: Demand and Supply of Labour; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Demographic Economics; General Equilibrium and Disequilibrium. 22540 words.

We argue that one major cause of the U.S. post-war baby boom was the rise in female labour supply during World War II. We develop a quantitative dynamic general equilibrium model with...

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Bayesian Mixed Frequency VARs

Bjørn Eraker, Ching Wai (Jeremy) Chiu, Andrew T. Foerster, Tae Bong Kim and Hernán D. Seoane.

in Journal of Financial Econometrics

June 2015; p ublished online September 2014 .

Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Single Equation Models; Single Variables; Economics; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 7560 words.

Economic data are collected at various frequencies but econometric estimation typically uses the coarsest frequency. This article develops a Gibbs sampler for estimating vector...

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Bubbly Liquidity

Emmanuel Farhi and Jean Tirole.

in The Review of Economic Studies

April 2012; p ublished online November 2011 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates. 13352 words.

This paper analyses the possibility and the consequences of rational bubbles in a dynamic economy where financially constrained firms demand and supply liquidity. Bubbles are more likely to...

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Capital account openness and the labour share of income

Arjun Jayadev.

in Cambridge Journal of Economics

May 2007; p ublished online January 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Labour-Management Relations, Trade Unions, and Collective Bargaining; International Finance. 8695 words.

This paper investigates the relationship between capital account openness and the share of labour in national income. Employing a new index of financial openness and a cross-country panel...

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Capital accumulation and unemployment: new insights on the Nordic experience

Marika Karanassou, Hector Sala and Pablo F. Salvador.

in Cambridge Journal of Economics

November 2008; p ublished online June 2008 .

Journal Article. Subjects: Demand and Supply of Labour; Macroeconomics: Consumption, Saving, Production, Employment, and Investment. 9920 words.

This paper takes a fresh look at the analysis of labour market dynamics and argues that capital accumulation plays a fundamental role in determining unemployment movements. This role has...

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Capital Accumulation in Sub-Saharan Africa: Income-group and Sector Differences

Nihal Bayraktar and Hippolyte Fofack.

in Journal of African Economies

August 2011; p ublished online May 2011 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Economywide Country Studies; Economic Development. 9213 words.

This paper highlights heterogeneity in the process of capital accumulation across different countries by income group in Sub-Saharan Africa, and estimates empirical specifications of...

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Capital accumulation, labour market institutions and unemployment in the medium run

Engelbert Stockhammer and Erik Klär.

in Cambridge Journal of Economics

March 2011; p ublished online July 2010 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 9233 words.

According to the mainstream view, labour market institutions (LMIs) are the key determinants of unemployment in the medium run. The actual empirical explanatory power of measures for labour...

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Characterising deindustrialisation: An analysis of changes in manufacturing employment and output internationally

Fiona Tregenna.

in Cambridge Journal of Economics

May 2009; p ublished online November 2008 .

Journal Article. Subjects: Demand and Supply of Labour; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Manufacturing; Economic Development. 13049 words.

Deindustrialisation is typically conceptualised as a decline in manufacturing as a share of total employment. From a Kaldorian perspective deindustrialisation could have negative...

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Chinese saving dynamics: the impact of GDP growth and the dependent share

Carl Bonham and Calla Wiemer.

in Oxford Economic Papers

January 2013; p ublished online April 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Multiple or Simultaneous Equation Models; Multiple Variables; Economywide Country Studies; Economic Development. 9500 words.

China's national saving rate rose rapidly in the 2000s after declining through the late 1990s. These dynamics are not readily explained by the precautionary motive, the institutional...

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Classical Theory of Investment: Panel Cointegration Evidence From 13 EU Countries

Constantinos Alexiou, Persefoni Tsaliki and Lefteris Tsoulfidis.

in Contributions to Political Economy

June 2016; p ublished online July 2016 .

Journal Article. Subjects: Economic Methodology; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Econometric Modelling. 7076 words.

In the realm of macroeconomic theory, it is well established that investment decisions play an instrumental role in the determination of the level of output and employment; nevertheless,...

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