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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x General Aggregative Models x clear all

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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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Fiscal consolidation after the Great Recession: the role of composition

Iván Kataryniuk and Javier Vallés.

in Oxford Economic Papers

April 2018; p ublished online July 2017 .

Journal Article. Subjects: General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 9014 words.

Abstract

We have examined the fiscal consolidation episodes in a group of OECD countries from 2009 to 2014. The range of the estimated short-term fiscal...

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The four fallacies of contemporary austerity policies: the lost Keynesian legacy

Robert Boyer.

in Cambridge Journal of Economics

January 2012; p ublished online January 2012 .

Journal Article. Subjects: Public Economics; History of Economic Thought (1925 onwards); Economywide Country Studies; Money and Interest Rates; International Finance; National Budget, Deficit, and Debt; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 11726 words.

The contemporary wide-scale austerity measures are likely to fail in most countries. The first fallacy derives from the false diagnosis that the present crisis is the outcome of lax public...

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Functional income distribution and aggregate demand in the Euro area

Engelbert Stockhammer, Özlem Onaran and Stefan Ederer.

in Cambridge Journal of Economics

January 2009; p ublished online July 2008 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 9008 words.

An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are...

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Is the accumulation of international reserves good for development?

Moritz Cruz and Bernard Walters.

in Cambridge Journal of Economics

September 2008; p ublished online June 2008 .

Journal Article. Subjects: General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance; Economic Development. 9028 words.

International reserves accumulation has been the preferred policy recently adopted by developing economies to achieve financial stability. The aim of this policy is to increase liquidity...

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The labour market in a Keynesian economic regime: theoretical debate and empirical findings

Hansjörg Herr.

in Cambridge Journal of Economics

September 2009; p ublished online December 2008 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomics and Monetary Economics. 8394 words.

In a Keynesian mode of thinking wages become the nominal anchor for the price level because unit-labour costs in a closed economy represent the most important factor in determining the...

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Macroeconomics without the LM curve: an alternative view

Mark Setterfield.

in Cambridge Journal of Economics

March 2009; p ublished online September 2008 .

Journal Article. Subjects: General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit. 8484 words.

This paper develops a ‘fully articulated’ post-Keynesian alternative to the ‘New Consensus’ macroeconomic model, based on explicitly post-Keynesian hypotheses about the inflation process,...

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Modelling a complex world: improving macro-models

Warwick J McKibbin and Andrew Stoeckel.

in Oxford Review of Economic Policy

January 2018; p ublished online January 2018 .

Journal Article. Subjects: Econometrics and Mathematical Economics; Econometric Modelling; Mathematical Methods; Programming Methods; Mathematical and Simulation Modelling; General Equilibrium and Disequilibrium; Intertemporal Choice and Growth; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 7587 words.

Abstract

Macro models have come under criticism for their ability to understand or predict major economic events such as the global financial crisis and its...

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Neo-liberalism and New Labour policy: economic performance, historical comparisons and future prospects

Frank Wilkinson.

in Cambridge Journal of Economics

November 2007; p ublished online October 2007 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Mobility, Unemployment, and Vacancies. 11664 words.

The paper analyses19760/70s inflation, the replacement of Keynesian with neo-liberal economic policy, and the post-1979 decline in inflation. It is shown that the fall in inflation is...

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On the future of macroeconomic models

Olivier Blanchard.

in Oxford Review of Economic Policy

January 2018; p ublished online January 2018 .

Journal Article. Subjects: Economic Methodology; Macroeconomics and Monetary Economics; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Education and Teaching of Economics. 5969 words.

Abstract

Macroeconomics has been under scrutiny as a field since the financial crisis, which brought an abrupt end to the optimism of the Great Moderation....

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Out of the corridor: Keynes and the crisis

Axel Leijonhufvud.

in Cambridge Journal of Economics

July 2009; p ublished online May 2009 .

Journal Article. Subjects: General Aggregative Models; Financial Institutions and Services; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards); Money and Interest Rates. 9282 words.

We should learn from Keynes to focus on the macroproblems of our day. Today's problem is the financial crisis and the resulting great recession. Neither the standard Keynesian policies of...

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The rise and fall of money manager capitalism: a Minskian approach

L. Randall Wray.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: Economics; Prices, Business Fluctuations, and Cycles; Money and Interest Rates; Financial Institutions and Services; Monetary Policy, Central Banking, and the Supply of Money and Credit; General Aggregative Models; Capitalist Systems; Macroeconomics and Monetary Economics; Growth and Fluctuations; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 12961 words.

We are in the midst of a global financial crisis accompanied by a deep and probably long-lasting economic downturn; indeed, some analysts are already calling this the first depression of...

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Rising inequality as a cause of the present crisis

Engelbert Stockhammer.

in Cambridge Journal of Economics

May 2015; p ublished online November 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 11521 words.

The article argues that the economic imbalances that caused the present crisis should be thought of as the outcome of the interaction of the effects of financial deregulation with the...

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Tackling the instability of growth: a Kaleckian-Harrodian model with an autonomous expenditure component

Olivier Allain.

in Cambridge Journal of Economics

September 2015; p ublished online October 2014 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 8858 words.

This article presents a basic Kaleckian model, enriched by the simultaneous addition of an Harrodian investment function and an autonomous expenditure component that grows at an exogenous...

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Time to reject the privileging of economic theory over empirical evidence? A reply to Lawson

Katarina Juselius.

in Cambridge Journal of Economics

March 2011; p ublished online August 2010 .

Journal Article. Subjects: General Aggregative Models; General Economics; Economic Methodology; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomics and Monetary Economics; Multiple or Simultaneous Equation Models; Multiple Variables; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Econometric Modelling. 6903 words.

The present financial and economic crisis has revealed a systemic failure of academic economics and emphasised the need to re-think how to model economic phenomena. Tony Lawson seems...

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Towards a Micro-Founded Theory of Aggregate Labour Supply

Andrés Erosa, Luisa Fuster and Gueorgui Kambourov.

in The Review of Economic Studies

July 2016; p ublished online March 2016 .

Journal Article. Subjects: Intertemporal Choice and Growth; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Demand and Supply of Labour. 19279 words.

We build a heterogeneous agents life cycle model that captures a large number of salient features of individual male labour supply over the life cycle, by education, both along the...

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The UK’s Coalition government and heterodox economics

Michael Ellman.

in Cambridge Journal of Economics

September 2015; p ublished online August 2015 .

Journal Article. Subjects: Economic Methodology; Wages, Compensation, and Labour Costs; National Budget, Deficit, and Debt; General Aggregative Models; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Public Economics. 4683 words.

The UK Coalition government’s economic policy was primarily aimed at reducing the large fiscal deficit that it inherited, mainly by cutting expenditure. This was considered irrational by...

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