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Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook x Money and Interest Rates x clear all

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The Cyclical Nature of Fiscal Policy in Sub-Saharan Africa

César Calderón and Ha Nguyen.

in Journal of African Economies

August 2016; p ublished online August 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 14440 words.

Historically, fiscal policy in Sub-Saharan Africa (SSA) has been procyclical. Governments have raised taxes and cut spending in bad times and have expanded the size of the government in...

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The euro crisis: undetected by conventional economics, favoured by nationally focused polity

Robert Boyer.

in Cambridge Journal of Economics

May 2013; p ublished online May 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Methodology; Money and Interest Rates. 15851 words.

This article interprets the initial success of the launch of the euro and its ‘muddling through’ since the outbreak of the Greek sovereign debt crisis. Two interrelated processes interacted...

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Financial Firm Bankruptcy and Contagion

Jean Helwege and Gaiyan Zhang.

in Review of Finance

July 2016; p ublished online October 2015 .

Journal Article. Subjects: Banking; Investment Banking; Financial Regulation; Corporate Governance; Bankruptcy; Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 18538 words.

The Lehman bankruptcy highlights the potential for interconnectedness to cause negative externalities through counterparty contagion, but the externalities may also arise from information...

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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From global imbalances to global reorganisations

Robert Wade.

in Cambridge Journal of Economics

July 2009; p ublished online July 2009 .

Journal Article. Subjects: International Economics; Microeconomics; Money and Interest Rates; International Relations and International Political Economy; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; International Financial Markets; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 13352 words.

The world feels itself to be in transition, but to what is unclear. Will the liberal market model retain its normative primacy once some semblance of normality is restored, or will other...

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Full Reserve Banking: More ‘Cranks’ Than ‘Brave Heretics’

Giuseppe Fontana and Malcolm Sawyer.

in Cambridge Journal of Economics

September 2016; p ublished online June 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 10082 words.

This paper analyses the main features and policy implications of full reserve banking (FRB) proposals. It argues that whilst FRB advocates recognize the essential endogeneity of the money...

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Government monetary and fiscal operations: generalising the endogenous money approach

Eric Tymoigne.

in Cambridge Journal of Economics

September 2016; p ublished online May 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 8325 words.

The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary...

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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...

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Liquidity preference in a portfolio framework and the monetary theory of Kahn

Theodore T. Koutsobinas.

in Cambridge Journal of Economics

July 2011; p ublished online November 2010 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; History of Economic Thought (1925 onwards); Money and Interest Rates. 10623 words.

This paper examines the relation between variations in the propensity towards liquidity preference, price-adjustment and shifts in portfolio allocation by expanding Kahn's idea of marginal...

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Money, housing and world market: the dialectic of globalised production

Maria N. Ivanova.

in Cambridge Journal of Economics

September 2011; p ublished online February 2011 .

Journal Article. Subjects: Money and Interest Rates; International Relations and International Political Economy; Monetary Policy, Central Banking, and the Supply of Money and Credit; International Finance; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Macroeconomic Aspects of International Trade and Finance. 10060 words.

This article offers an interpretation of the domestic and global dimensions of the US housing, financial and economic crisis in a Marxian framework. My key argument is that the origins of...

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Origins and Ways Out of the Euro Crisis: Supranational Institution Building in the Era of Global Finance

Robert Boyer.

in Contributions to Political Economy

June 2013; p ublished online June 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economic Methodology; Money and Interest Rates. 10478 words.

The article describes the complex process of emergence of the Euro, led by a rather functionalist conception of supranational institution building, in interaction with financial innovation...

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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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Public debt sustainability and alternative theories of interest

Tony Aspromourgos, Daniel Rees and Graham White.

in Cambridge Journal of Economics

May 2010; p ublished online April 2009 .

Journal Article. Subjects: National Budget, Deficit, and Debt; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 8146 words.

This paper reappraises sustainable trajectories of public debt and fiscal balance, with particular reference to the possible relations between the interest rate on debt and the growth rate...

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The relevance of Keynes

Robert Skidelsky.

in Cambridge Journal of Economics

January 2011; p ublished online November 2010 .

Journal Article. Subjects: International Relations and International Political Economy; Individual Economists; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Money and Interest Rates. 7546 words.

This paper argues that the thinking of John Maynard Keynes remains highly relevant to an understanding of the financial collapse of 2007–8 and for policy measures to enable the world to...

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A response to critiques of ‘full reserve banking’

Ben Dyson, Graham Hodgson and Frank van Lerven.

in Cambridge Journal of Economics

September 2016; p ublished online July 2016 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook. 5727 words.

In this response to critiques of ‘full reserve banking’ or ‘sovereign money’ proposals, we challenge four of the main criticisms made by Fontana and Sawyer (this issue): (i) the impact 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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The Safety Trap

Ricardo J Caballero and Emmanuel Farhi.

in The Review of Economic Studies

January 2018; p ublished online February 2017 .

Journal Article. Subjects: Money and Interest Rates; Monetary Policy, Central Banking, and the Supply of Money and Credit; Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Economics; Financial Institutions and Services. 27585 words.

Abstract

In this article, we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a...

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The ties that bind: monetary policy and government debt management

Jagjit S. Chadha, Philip Turner and Fabrizio Zampolli.

in Oxford Review of Economic Policy

January 2013; p ublished online December 2013 .

Journal Article. Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook; Monetary Policy, Central Banking, and the Supply of Money and Credit; Money and Interest Rates. 15806 words.

The financial crisis and subsequent economic recession led to a rapid increase in the issuance of public debt. But large-scale purchases of bonds by the Federal Reserve, and other major...

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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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