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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Macroeconomics: Consumption, Saving, Production, Employment, and Investment 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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The consequences of fiscal stimulus on public debt: a historical perspective

W. D. McCausland and I. Theodossiou.

in Cambridge Journal of Economics

July 2016; p ublished online September 2015 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomics and Monetary Economics; Growth and Fluctuations. 6969 words.

The current policy agenda of neoclassical macroeconomics, as expressed within conservative political circles in the UK and European Union, is that fiscal contraction is the lever that can...

Employment and growth in Europe and the US—the role of fiscal policy composition

Tine Dhont and Freddy Heylen.

in Oxford Economic Papers

July 2009; p ublished online October 2008 .

Journal Article. Subjects: Demand and Supply of Labour; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Growth and Aggregate Productivity. 9853 words.

We construct a simple endogenous growth model to analyse the relationship between the composition of fiscal policy, economic growth and employment. The government sets different tax rates...

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Fiscal Policy and Asset Prices with Incomplete Markets

Francisco Gomes, Alexander Michaelides and Valery Polkovnichenko.

in The Review of Financial Studies

February 2013; p ublished online October 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economics. 15431 words.

We study the simultaneous impact of fiscal policy decisions on macroeconomic activity, wealth distribution, and asset prices. We consider a general equilibrium, overlapping generations...

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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House Prices and Consumer Spending

David Berger, Veronica Guerrieri, Guido Lorenzoni and Joseph Vavra.

in The Review of Economic Studies

July 2018; p ublished online October 2017 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Household Behaviour and Family Economics; Intertemporal Choice and Growth; Household Analysis. 19460 words.

Abstract

Recent empirical work shows large consumption responses to house price movements. This is at odds with a prominent theoretical view which, using the...

Instruments, rules, and household debt: the effects of fiscal policy

Javier Andrés, José E. Boscá and Javier Ferri.

in Oxford Economic Papers

April 2016; p ublished online February 2016 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Money and Interest Rates; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10322 words.

We look at the interplay between the level of household debt and fiscal policy. When the fiscal rule is defined in lump-sum transfers, government spending or consumption taxes, the impact...

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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The liquidation of government debt

Carmen M. Reinhart and M. Belen Sbrancia.

in Economic Policy

April 2015; p ublished online March 2015 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Macroeconomics and Monetary Economics; Growth and Fluctuations; International Finance; National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 17204 words.

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression (FR), a tax on bondholders and savers via negative or...

Macroeconomic Effects From Government Purchases and Taxes

Robert J. Barro and Charles J. Redlick.

in The Quarterly Journal of Economics

February 2011; p ublished online February 2011 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; National Government Expenditures and Related Policies; Fiscal Policies and Behaviour of Economic Agents; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Taxation, Subsidies, and Revenue. 17845 words.

For U.S. annual data that include World War II, the estimated multiplier for temporary defense spending is 0.4–0.5 contemporaneously and 0.6–0.7 over 2 years. If the change in defense...

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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Policy Uncertainty and Corporate Investment

Huseyin Gulen and Mihai Ion.

in The Review of Financial Studies

March 2016; p ublished online September 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Financial Regulation; Corporate Governance; Corporate Regulation. 17098 words.

Using a news-based index of policy uncertainty, we document a strong negative relationship between firm-level capital investment and the aggregate level of uncertainty associated with...

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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Risk-averse firms and employment dynamics

M. Ali Choudhary and Paul Levine.

in Oxford Economic Papers

July 2010; p ublished online November 2009 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Corporate Governance. 7426 words.

In a turnover-training model, where firms fix high wages to lower worker turnover, we find that high risk-aversion in firms speeds up the adjustment process of unemployment to its natural...

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The Short-run Impact of Oil Windfalls in Low-income Countries: A DSGE Approach

Jihad Dagher, Jan Gottschalk and Rafael Portillo.

in Journal of African Economies

June 2012; p ublished online March 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 7435 words.

We use a multi-sector dynamic stochastic general equilibrium (DSGE) model—calibrated to the Ghanaian economy—to analyse the short-term impact of oil windfalls in low-income countries (LICs)...

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...

Taxation of Human Capital and Wage Inequality: A Cross-Country Analysis

Fatih Guvenen, Burhanettin Kuruscu and Serdar Ozkan.

in The Review of Economic Studies

April 2014; p ublished online November 2013 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 16125 words.

Wage inequality has been significantly higher in the U.S. than in continental European countries (CEU) since the 1970s. Moreover, this inequality gap has further widened during this period...

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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...

Wages, economic development and the customary standard of life

Frank Wilkinson.

in Cambridge Journal of Economics

November 2012; p ublished online December 2012 .

Journal Article. Subjects: Macroeconomics: Consumption, Saving, Production, Employment, and Investment; Prices, Business Fluctuations, and Cycles; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Labour-Management Relations, Trade Unions, and Collective Bargaining; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 18754 words.

This paper examines empirically the evolution of the customary standard of life and how this relates to real wages and economic development. Its starting point is Sraffa’s reintroduction of...

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