Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Flexible Exchange Rates: Old Vinegar in New Wine?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 467-478
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Title: A Test of the Monetarist "Puzzle"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 479-490
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Obrinsky
Author-X-Name-First: Mark 
Author-X-Name-Last: Obrinsky
Title: The Profit Prophets
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Journal: Journal of Post Keynesian Economics 
Pages: 491-502
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. M. Ambrosi
Author-X-Name-First: G. M.
Author-X-Name-Last: Ambrosi
Title: Keynes and the 45 degrees Cross
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 503-509
Issue: 4
Volume: 3
Year: 1981
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: William S. Brown
Author-X-Name-First: William S.
Author-X-Name-Last: Brown
Title: Market Adjustment and Catastrophe Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 510-518
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Weise
Author-X-Name-First: Peter 
Author-X-Name-Last: Weise
Author-Name: Manfred Kraft
Author-X-Name-First: Manfred
Author-X-Name-Last: Kraft
Title: Minsky's View of Fragility: A Game Theoretic Interpretation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 519-527
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Chapman Findlay. III
Author-X-Name-First: M. Chapman
Author-X-Name-Last: Findlay, III
Author-Name: Edward E. Williams
Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Title: Financial Theory and Political Reality under Fundamental Uncertainty
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 528-544
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: Real Time and the Choice-Decision Point: A Comment on Findlay and Williams' "Financial Theory"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 545-551
Issue: 4
Volume: 3
Year: 1981
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: John M. Blatt
Author-X-Name-First: John M.
Author-X-Name-Last: Blatt
Title: Classical Economics of Involuntary Unemployment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 552-559
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas W. Mitchell
Author-X-Name-First: Douglas W.
Author-X-Name-Last: Mitchell
Title: Deficit and Inflation in a Post Keynesian Model
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 560-567
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Keynes' Monetary Theory of Value (1933)
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 568-585
Issue: 4
Volume: 3
Year: 1981
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Wells
Author-X-Name-First: Paul
Author-X-Name-Last: Wells
Title: Keynes' Demand for Finance
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 586-589
Issue: 4
Volume: 3
Year: 1981
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Josef Steindl
Author-X-Name-First: Josef
Author-X-Name-Last: Steindl
Title: A Personal Portrait of Michal Kalecki
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 590-596
Issue: 4
Volume: 3
Year: 1981
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Milton D. Lower
Author-X-Name-First: Milton D.
Author-X-Name-Last: Lower
Title: Decontrol Deja Vu
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 597-601
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D.
Author-X-Name-First: P.
Author-X-Name-Last: D.
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: Jacob and Paul Samuelson, Post-Keynesian
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 602-604
Issue: 4
Volume: 3
Year: 1981
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur I. Bloomfield
Author-X-Name-First: Arthur I.
Author-X-Name-Last: Bloomfield
Author-Name: Richard C. Marston
Author-X-Name-First: Richard C.
Author-X-Name-Last: Marston
Title: Policies for an OPEC Dollar Run
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 299-311
Issue: 3
Volume: 3
Year: 1981
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. H. Haralz
Author-X-Name-First: J. H.
Author-X-Name-Last: Haralz
Title: Inflation Experience in Iceland
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 312-324
Issue: 3
Volume: 3
Year: 1981
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Weintraub and Wiles: The Methodological Basis of Policy Conflict
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 325-339
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Author-Name: Peter Wiles
Author-X-Name-First: Peter
Author-X-Name-Last: Wiles
Title: Wiles' Wily "Weltanschauung" [with Rejoinder]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 340-358
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald J. Harris
Author-X-Name-First: Donald J.
Author-X-Name-Last: Harris
Title: Profits, Productivity, and Thrift: The Neoclassical Theory of Capital and Distribution Revisited
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 359-382
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: A Model of Distribution
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 383-402
Issue: 3
Volume: 3
Year: 1981
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. G. Gregory
Author-X-Name-First: R. G.
Author-X-Name-Last: Gregory
Author-Name: R. C. Duncan
Author-X-Name-First: R. C.
Author-X-Name-Last: Duncan
Title: Segmented Labor Market Theories and the Australian Experience of Equal Pay for Women
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 403-428
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser, Jr.
Author-X-Name-First: J. Barkley
Author-X-Name-Last: Rosser, Jr.
Title: The Emergence of the Megacorpstate and the Acceleration of Global Inflation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 429-439
Issue: 3
Volume: 3
Year: 1981
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucile S. Keyes
Author-X-Name-First: Lucile S.
Author-X-Name-Last: Keyes
Title: A Non-Paretian Approach to Market Regulation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 440-451
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicos A. Yannacopoulos
Author-X-Name-First: Nicos A.
Author-X-Name-Last: Yannacopoulos
Title: Rosa Luxemburg's Theory of Capitalist Catastrophe
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 452-456
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Wolf, Jr.
Author-X-Name-First: Charles
Author-X-Name-Last: Wolf, Jr.
Title: A Non-Paretian Approach to Market Regulation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 457-458
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: S. W.
Author-X-Name-First: S. 
Author-X-Name-Last: W.
Title: The Carter Economic Council's Thalidomide TIP
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 459-462
Issue: 3
Volume: 3
Year: 1981
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: John Hicks
Author-X-Name-First: John
Author-X-Name-Last: Hicks
Title: "IS-LM": An Explanation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 139-154
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Introduction
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 155-157
Issue: 2
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Year: 1981
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Themes in a Post Keynesian Theory of Income Distribution
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 158-169
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Luigi L. Pasinetti
Author-X-Name-First: Luigi L.
Author-X-Name-Last: Pasinetti
Title: The Rate of Interest and the Distribution of Income in a Pure Labor Economy
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 170-182
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Lester C. Thurow
Author-X-Name-First: Lester C.
Author-X-Name-Last: Thurow
Title: Psychic Income: A Market Failure
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 183-193
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: A. B. Atkinson
Author-X-Name-First: A. B.
Author-X-Name-Last: Atkinson
Title: On Intergenerational Income Mobility in Britain
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 194-218
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: David C. Colander
Author-X-Name-First: David C.
Author-X-Name-Last: Colander
Author-Name: Robert S. Guthrie
Author-X-Name-First: Robert S.
Author-X-Name-Last: Guthrie
Title: Great Expectations: What the Dickens Do "Rational Expectations" Mean?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 219-234
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Will E. Mason
Author-X-Name-First: Will E.
Author-X-Name-Last: Mason
Title: Some Negative Thoughts on Friedman's Positive Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 235-255
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Robert Brazelton
Author-X-Name-First: W. Robert
Author-X-Name-Last: Brazelton
Title: A Survey of Some Textbook Misinterpretations of Keynes
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 256-270
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz D. Kurz
Author-X-Name-First: Heinz D.
Author-X-Name-Last: Kurz
Title: Smithian Themes in Piero Sraffa's Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 271-280
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: John McCallum
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Author-X-Name-Last: McCallum
Author-Name: Paul Wells
Author-X-Name-First: Paul
Author-X-Name-Last: Wells
Title: Modigliani on Flexible Wages and Prices [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 281-286
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce M. LaBombard
Author-X-Name-First: Bruce M.
Author-X-Name-Last: LaBombard
Title: Correction: On the Existence of X-Efficiency
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 286
Issue: 2
Volume: 3
Year: 1981
Month: 1
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Rueter
Author-X-Name-First: Theodore
Author-X-Name-Last: Rueter
Author-Name: Gregory Enholm
Author-X-Name-First: Gregory
Author-X-Name-Last: Enholm
Title: A Proposal for Gasoline Rationing
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Journal: Journal of Post Keynesian Economics 
Pages: 287-293
Issue: 2
Volume: 3
Year: 1981
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Erdös
Author-X-Name-First: Peter 
Author-X-Name-Last: Erdös
Author-Name: Ferenc Molnár
Author-X-Name-First: Ferenc
Author-X-Name-Last: Molnár
Title: Profit and Paper Profit: Some Kaleckian Evolution
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Journal: Journal of Post Keynesian Economics 
Pages: 3-18
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Introduction
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Journal: Journal of Post Keynesian Economics 
Pages: 19-20
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyman P. Minsky
Author-X-Name-First: Hyman P.
Author-X-Name-Last: Minsky
Title: Money, Financial Markets, and the Coherence of a Market Economy
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 21-31
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Markets and Institutions as Features of a Capitalistic Production System
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 32-48
Issue: 1
Volume: 3
Year: 1980
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Public Pensions and Economic Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 49-62
Issue: 1
Volume: 3
Year: 1980
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Parrinello
Author-X-Name-First: Sergio 
Author-X-Name-Last: Parrinello
Title: The Price Level Implicit in Keynes' Effective Demand
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 63-78
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Comment on Aggregate Demand and Price Level Diagrammatics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 79-87
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: David P. Levine
Author-X-Name-First: David P.
Author-X-Name-Last: Levine
Title: Production Prices and the Theory of the Firm
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 88-99
Issue: 1
Volume: 3
Year: 1980
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Roncaglia
Author-X-Name-First: Alessandro
Author-X-Name-Last: Roncaglia
Author-Name: David P. Levine
Author-X-Name-First: David P.
Author-X-Name-Last: Levine
Title: Production Prices and the Theory of the Firm: A Comment [with Rejoinder]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 100-104
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Inflation and Its Acceleration: Evidence from the Postwar United States
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 105-115
Issue: 1
Volume: 3
Year: 1980
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Cicarelli
Author-X-Name-First: James
Author-X-Name-Last: Cicarelli
Author-Name: John Stuck
Author-X-Name-First: John 
Author-X-Name-Last: Stuck
Title: Economics: The Next Twenty Years
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 116-122
Issue: 1
Volume: 3
Year: 1980
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: John Bates Clark and A. Piatt Andrew: Some Modest Anticipations of Keynes
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 123-125
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: John F. Henry
Author-X-Name-First: John F.
Author-X-Name-Last: Henry
Author-Name: Abel Beltran-Del-Rio
Author-X-Name-First: Abel 
Author-X-Name-Last: Beltran-Del-Rio
Author-Name: Robert D. Hamrin
Author-X-Name-First: Robert D.
Author-X-Name-Last: Hamrin
Author-Name: Stuart M. Speiser
Author-X-Name-First: Stuart M.
Author-X-Name-Last: Speiser
Title: Increasing Capitalism's Capitalists [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 126-129
Issue: 1
Volume: 3
Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy J. Brennan
Author-X-Name-First: Timothy J.
Author-X-Name-Last: Brennan
Author-Name: John M. Blatt
Author-X-Name-First: John M.
Author-X-Name-Last: Blatt
Title: The Utility of Being Hanged on the Gallows [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 129-134
Issue: 1
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Year: 1980
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: Corporate Bureaucracy, Productivity Gain, and Distribution of Revenue in U.S. Manufacturing, 1947-77
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 483-496
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grant
Author-X-Name-First: Arthur
Author-X-Name-Last: Grant
Title: Reproduction Crisis
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 497-515
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Ward
Author-X-Name-First: Terry 
Author-X-Name-Last: Ward
Title: Mrs. Thatcher's Economic Strategy in Practice
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 516-530
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Riese
Author-X-Name-First: Martin 
Author-X-Name-Last: Riese
Title: Raw Material Prices and Kalecki's Wage Share Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 531-545
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Eileen Appelbaum
Author-X-Name-First: Eileen
Author-X-Name-Last: Appelbaum
Title: The Incomplete Incomes Policy Vision
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Journal: Journal of Post Keynesian Economics 
Pages: 546-557
Issue: 4
Volume: 4
Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: Jagdish Handa
Author-X-Name-First: Jagdish
Author-X-Name-Last: Handa
Title: Rational Expectations: What Do They Mean? Another View
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 558-564
Issue: 4
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Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: A. L. Levine
Author-X-Name-First: A. L.
Author-X-Name-Last: Levine
Title: Marshall and the Classical Tradition
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 565-573
Issue: 4
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Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Sutcliffe
Author-X-Name-First: Charles
Author-X-Name-Last: Sutcliffe
Title: Inflation and Prisoner's Dilemmas
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 574-585
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter J. W. N. Bird
Author-X-Name-First: Peter J. W.
Author-X-Name-Last: Bird
Title: Neoclassical and Post Keynesian Environmental Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 586-593
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Rider
Author-X-Name-First: Christine
Author-X-Name-Last: Rider
Title: Trade Theory Irrelevance
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 594-601
Issue: 4
Volume: 4
Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Lindbeck on Global Inflation: A Review Article
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 602-608
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: An Early Post Keynesian: Lorie Tarshis (Or: Tarshis on Tarshis by Harcourt)
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 609-619
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur I. Bloomfield
Author-X-Name-First: Arthur I.
Author-X-Name-Last: Bloomfield
Title: Haskell P. Wald September 6, 1916-November 20, 1981
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 620-622
Issue: 4
Volume: 4
Year: 1982
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eliakim Katz
Author-X-Name-First: Eliakim
Author-X-Name-Last: Katz
Author-Name: Moshe Syrquin
Author-X-Name-First: Moshe
Author-X-Name-Last: Syrquin
Author-Name: Lester C. Thurow
Author-X-Name-First: Lester C.
Author-X-Name-Last: Thurow
Title: The Failure of Psychic Income as a Source of Market Failure [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 623-628
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Title: On Keynes' Finance Motive
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 629-633
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Smith
Author-X-Name-First: Peter
Author-X-Name-Last: Smith
Title: "On Keynes' Finance Motive": A Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 634-636
Issue: 4
Volume: 4
Year: 1982
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonard Silk
Author-X-Name-First: Leonard
Author-X-Name-Last: Silk
Title: Economic Plonking
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 637-639
Issue: 4
Volume: 4
Year: 1982
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Roncaglia
Author-X-Name-First: Alessandro
Author-X-Name-Last: Roncaglia
Author-Name: Samuel Hollander
Author-X-Name-First: Samuel
Author-X-Name-Last: Hollander
Title: Hollander's Ricardo [with Reply] [with Rejoinder]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 339-375
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: John F. Brothwell
Author-X-Name-First: John F.
Author-X-Name-Last: Brothwell
Title: Monetarism, Wages, and Employment Policy in the United Kingdom
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 376-387
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: James K. Galbraith
Author-X-Name-First: James K.
Author-X-Name-Last: Galbraith
Title: Monetary Policy in France
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 388-403
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert R. Keller
Author-X-Name-First: Robert R.
Author-X-Name-Last: Keller
Author-Name: J. Lon Carlson
Author-X-Name-First: J. Lon
Author-X-Name-Last: Carlson
Title: A Neglected Chapter in Keynes' "General Theory"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 404-412
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Alan Garner
Author-X-Name-First: C. Alan
Author-X-Name-Last: Garner
Title: Uncertainty, Human Judgment, and Economic Decisions
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 413-424
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace Peterson
Author-X-Name-First: Wallace 
Author-X-Name-Last: Peterson
Title: Growth, Profits, and Property: A Review Article
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 425-434
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. L. S. Shackle
Author-X-Name-First: G. L. S.
Author-X-Name-Last: Shackle
Title: Sir John Hicks' "IS-LM: An Explanation": A Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 435-438
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Chick
Author-X-Name-First: Victoria
Author-X-Name-Last: Chick
Title: A Comment on "IS-LM: An Explanation"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 439-444
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Hicks on "IS-LM: More Explanation"?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 445-453
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Pasour, Jr.
Author-X-Name-First: E. C.
Author-X-Name-Last: Pasour, Jr.
Title: Economic Efficiency and Inefficient Economics: Another View
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 454-459
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Harvey Leibenstein
Author-X-Name-First: Harvey
Author-X-Name-Last: Leibenstein
Title: On Bull's-Eye: Painting Economics
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Journal: Journal of Post Keynesian Economics 
Pages: 460-465
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Wolf, Jr.
Author-X-Name-First: Charles
Author-X-Name-Last: Wolf, Jr.
Title: Economic Efficiency and Inefficient Economics: A Rejoinder
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 466-467
Issue: 3
Volume: 4
Year: 1982
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris P. Pesek
Author-X-Name-First: Boris P.
Author-X-Name-Last: Pesek
Title: There Is Another Bank Reform in the Wings
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 468-473
Issue: 3
Volume: 4
Year: 1982
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Darity, Jr.
Author-X-Name-First: William
Author-X-Name-Last: Darity, Jr.
Title: Beveridge and the New Search Unemployment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 171-180
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Keynesian Demand Serendipity in Supply-Side Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 181-191
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: The Poverty of Wealth
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 192-213
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Cherry
Author-X-Name-First: Robert
Author-X-Name-Last: Cherry
Author-Name: Patrick Clawson
Author-X-Name-First: Patrick
Author-X-Name-Last: Clawson
Author-Name: James W. Dean
Author-X-Name-First: James W.
Author-X-Name-Last: Dean
Title: Microfoundations of Macrorational Expectations Models
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 214-230
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierluigi Ciocca
Author-X-Name-First: Pierluigi
Author-X-Name-Last: Ciocca
Title: Disproportionalities, Allocative Mechanisms, and Stagflation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 231-239
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: David R. Richardson
Author-X-Name-First: David R.
Author-X-Name-Last: Richardson
Title: Foreign Investment: A Host Country Perspective Using Australian Experience
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 240-252
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Weinblatt
Author-X-Name-First: J.
Author-X-Name-Last: Weinblatt
Author-Name: R. Nathanson
Author-X-Name-First: R.
Author-X-Name-Last: Nathanson
Title: Export Restrictions: A Device to Redistribute World Income: An Appraisal
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 253-259
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: The Money Capital "Factor"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 260-265
Issue: 2
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Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Walt Schubert
Author-X-Name-First: Walt 
Author-X-Name-Last: Schubert
Title: The Draft, the Volunteer Military, and Peace Defense: A Contention
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 266-270
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Wages and Stagflation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 271-276
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert M. Costrell
Author-X-Name-First: Robert M.
Author-X-Name-Last: Costrell
Title: Overhead Labor and the Cyclical Behavior of Productivity and Real Wages
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 277-290
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur I. Bloomfield
Author-X-Name-First: Arthur I.
Author-X-Name-Last: Bloomfield
Title: Sidney Weintraub: A Profile
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 291-300
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: James Beaver
Author-X-Name-First: James 
Author-X-Name-Last: Beaver
Title: The Endogenous Money Stock: A Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 301-305
Issue: 2
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Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: The Endogenous Money Stock: A Reply
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 306-309
Issue: 2
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Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Kathleen Brook
Author-X-Name-First: Kathleen 
Author-X-Name-Last: Brook
Author-Name: James T. Peach
Author-X-Name-First: James T.
Author-X-Name-Last: Peach
Title: The Games People Play: A Comment on the Utility of Being Hanged on the Gallows
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 310-313
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard H. Bernhard
Author-X-Name-First: Richard H.
Author-X-Name-Last: Bernhard
Title: The Utility of Being Hanged on the Gallows: Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 314-318
Issue: 2
Volume: 4
Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: Alistair Ulph
Author-X-Name-First: Alistair
Author-X-Name-Last: Ulph
Title: The Utility of Being Hanged on the Gallows: Further Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 319-322
Issue: 2
Volume: 4
Year: 1982
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Template-Type: ReDIF-Article 1.0
Author-Name: John M. Blatt
Author-X-Name-First: John M.
Author-X-Name-Last: Blatt
Title: The Utility of Being Hanged on the Gallows: Some Replies
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 323-329
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodney Maddock
Author-X-Name-First: Rodney
Author-X-Name-Last: Maddock
Author-Name: Michael Carter
Author-X-Name-First: Michael
Author-X-Name-Last: Carter
Title: Inflation as a Prisoner's Dilemma: A Comment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 330-331
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Shlomo Maital
Author-X-Name-First: Shlomo
Author-X-Name-Last: Maital
Author-Name: Yael Benjamini
Author-X-Name-First: Yael
Author-X-Name-Last: Benjamini
Title: Inflation as a Prisoner's Dilemma: Response to Maddock and Carter
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 332
Issue: 2
Volume: 4
Year: 1982
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: The Wage Share and Capital Accumulation
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 3-9
Issue: 1
Volume: 4
Year: 1981
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: An Electic Theory of Income Shares
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 10-24
Issue: 1
Volume: 4
Year: 1981
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Tuchscherer
Author-X-Name-First: Thomas 
Author-X-Name-Last: Tuchscherer
Title: The Unnatural "Natural" Rate of Unemployment
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 25-31
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Jarsulic
Author-X-Name-First: Marc
Author-X-Name-Last: Jarsulic
Title: Unemployment in a Flexible Price Competitive Model
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 32-43
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard W. Lindholm
Author-X-Name-First: Richard W.
Author-X-Name-Last: Lindholm
Title: VAT, the Third Way
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 44-50
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Author-Name: Richard W. Lindholm
Author-X-Name-First: Richard W.
Author-X-Name-Last: Lindholm
Title: Can VAT Resolve the Shortage of Savings (SOS) Distress? [with Rejoinder]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 51-62
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillip E. Giffin
Author-X-Name-First: Phillip E.
Author-X-Name-Last: Giffin
Author-Name: James H. Macomber
Author-X-Name-First: James H.
Author-X-Name-Last: Macomber
Author-Name: Robert E. Berry
Author-X-Name-First: Robert E.
Author-X-Name-Last: Berry
Title: An Empirical Examination of Current Inflation and Deficit Spending
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 63-67
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Eileen L. Collins
Author-X-Name-First: Eileen L.
Author-X-Name-Last: Collins
Title: Tax Incentives for Innovation: Productivity Miracle or Media Hype?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 68-74
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: David J. Smyth
Author-X-Name-First: David J.
Author-X-Name-Last: Smyth
Author-Name: James M. Holmes
Author-X-Name-First: James M.
Author-X-Name-Last: Holmes
Title: The Employment Ratio and the Potential Labor Surplus in Phillips-Type Relationships: A Note
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 75-80
Issue: 1
Volume: 4
Year: 1981
Month: 10
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: Introduction
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 81-84
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Nina Shapiro
Author-X-Name-First: Nina 
Author-X-Name-Last: Shapiro
Title: Pricing and the Growth of the Firm
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Journal: Journal of Post Keynesian Economics 
Pages: 85-100
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Nai-Pew Ong
Author-X-Name-First: Nai-Pew 
Author-X-Name-Last: Ong
Title: Target Pricing, Competition, and Growth
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 101-116
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonard Forman
Author-X-Name-First: Leonard
Author-X-Name-Last: Forman
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: A Post Keynesian Short-Period Model: Some Preliminary Econometric Results
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Journal: Journal of Post Keynesian Economics 
Pages: 117-135
Issue: 1
Volume: 4
Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Notes on an Economic Querist: G. L. S. Shackle
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 136-144
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary McNally
Author-X-Name-First: Mary 
Author-X-Name-Last: McNally
Title: On X-Efficiency
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 145-148
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger S. Frantz
Author-X-Name-First: Roger S.
Author-X-Name-Last: Frantz
Title: On the Existence of X-Efficiency: A Reply
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 149-151
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelos O. Simos
Author-X-Name-First: Evangelos O.
Author-X-Name-Last: Simos
Author-Name: John Triantis
Author-X-Name-First: John 
Author-X-Name-Last: Triantis
Author-Name: Boris P. Pesek
Author-X-Name-First: Boris P.
Author-X-Name-Last: Pesek
Title: The Theory of Permanent Income [with Reply]
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Journal: Journal of Post Keynesian Economics 
Pages: 152-158
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroya Akiba
Author-X-Name-First: Hiroya
Author-X-Name-Last: Akiba
Author-Name: Peter J. W. N. Bird
Author-X-Name-First: Peter J. W. N.
Author-X-Name-Last: Bird
Title: Beggar Thy Neighbor, Better Thy Neighbor? [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 159-162
Issue: 1
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Year: 1981
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: Growth and Survival in a Capitalist System
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Journal: Journal of Post Keynesian Economics 
Pages: 443-458
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Shlomo Maital
Author-X-Name-First: Shlomo
Author-X-Name-Last: Maital
Author-Name: Yael Benjamini
Author-X-Name-First: Yael
Author-X-Name-Last: Benjamini
Title: Inflation as Prisoner's Dilemma
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 459-481
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael G. Phelps
Author-X-Name-First: Michael G.
Author-X-Name-Last: Phelps
Title: Laments, Ancient and Modern: Keynes on Mathematical and Econometric Methodology
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 482-493
Issue: 4
Volume: 2
Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: E. J. Nell
Author-X-Name-First: E. J.
Author-X-Name-Last: Nell
Title: Capital and the Firm in Neoclassical Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 494-508
Issue: 4
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Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger S. Frantz
Author-X-Name-First: Roger S.
Author-X-Name-Last: Frantz
Title: On the Existence of X-Efficiency
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 509-527
Issue: 4
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Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: Survival and Pareto Optimality in Public Utility Rate Making
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 528-540
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul P. Christensen
Author-X-Name-First: Paul P.
Author-X-Name-Last: Christensen
Title: Note: Corn into Canons: Samuelson's Classical Model
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 541-548
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: John W. Sutherland
Author-X-Name-First: John W.
Author-X-Name-Last: Sutherland
Title: Corporate Autonomy and X-Inefficiency
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 549-565
Issue: 4
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Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Money Supply and Demand Interdependence
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 566-575
Issue: 4
Volume: 2
Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Causality in Economics: A Review
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 576-584
Issue: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Akhtar
Author-X-Name-First: M. A.
Author-X-Name-Last: Akhtar
Title: Recent Experience with Monetary Growth and Inflation in Germany, Japan, and the United States
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 585-592
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
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Author-X-Name-First: P.
Author-X-Name-Last: D.
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: Editors' Corner
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 593
Issue: 4
Volume: 2
Year: 1980
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The Dual-Faceted Nature of the Keynesian Revolution: Money and Money Wages in Unemployment and Production Flow Prices
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 291-307
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Bronfenbrenner
Author-X-Name-First: Martin
Author-X-Name-Last: Bronfenbrenner
Title: Davidson on Keynes on Money
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 308-313
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: On Bronfenbrenner and Mainstream Views of the "Essential Properties" of Money: A Reply
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 314-318
Issue: 3
Volume: 2
Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard M. Goodwin
Author-X-Name-First: Richard M.
Author-X-Name-Last: Goodwin
Title: World Trade Multipliers
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 319-344
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray L. Weidenbaum
Author-X-Name-First: Murray L.
Author-X-Name-Last: Weidenbaum
Title: The Changing Nature of Government Regulation of Business
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 345-357
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Melville J. Ulmer
Author-X-Name-First: Melville J.
Author-X-Name-Last: Ulmer
Title: The Swelling Spectre of Government
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 358-363
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel R. Fusfeld
Author-X-Name-First: Daniel R.
Author-X-Name-Last: Fusfeld
Author-Name: Murray L. Weidenbaum
Author-X-Name-First: Murray L.
Author-X-Name-Last: Weidenbaum
Title: Some Notes on the Opposition to Regulation [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 364-367
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Methodological Morality in the Cambridge Controversies
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 368-380
Issue: 3
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Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary McNally
Author-X-Name-First: Mary 
Author-X-Name-Last: McNally
Title: Consumption, Utility, and Social Process
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 381-391
Issue: 3
Volume: 2
Year: 1980
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Asch
Author-X-Name-First: Peter
Author-X-Name-Last: Asch
Author-Name: Rosalind S. Seneca
Author-X-Name-First: Rosalind S.
Author-X-Name-Last: Seneca
Title: The Demand Curve and Welfare Change: A Reconsideration
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 392-404
Issue: 3
Volume: 2
Year: 1980
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: James E. Annable, Jr.
Author-X-Name-First: James E.
Author-X-Name-Last: Annable, Jr.
Title: Money Wage Determination in Post Keynesian Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 405-419
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Deena R. Khatkhate
Author-X-Name-First: Deena R.
Author-X-Name-Last: Khatkhate
Title: Capital Scarcity and Factor Proportions in Less Developed Countries
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 420-429
Issue: 3
Volume: 2
Year: 1980
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Skouras
Author-X-Name-First: A.
Author-X-Name-Last: Skouras
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Kalecki's Theory of Profits [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 430-431
Issue: 3
Volume: 2
Year: 1980
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Eisner
Author-X-Name-First: Robert
Author-X-Name-Last: Eisner
Title: Stopping Inflation, Reducing Unemployment, and Solving the Oil Problem
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 432-435
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: A Liberal for All Seasons
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 436-437
Issue: 3
Volume: 2
Year: 1980
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Wiles
Author-X-Name-First: Peter
Author-X-Name-Last: Wiles
Title: Ideology, Methodology, and Neoclassical Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 155-180
Issue: 2
Volume: 2
Year: 1980
Month: 1
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: Relative Wages and Employment Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 181-192
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter J. W. N. Bird
Author-X-Name-First: Peter J. W. N.
Author-X-Name-Last: Bird
Title: Beggar Thy Neighbor, Better Thy Neighbor?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 193-200
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura S. Rubin
Author-X-Name-First: Laura S.
Author-X-Name-Last: Rubin
Title: Aggregate Inventory Behavior: Response to Uncertainty and Interest Rates
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 201-211
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: John E. Roemer
Author-X-Name-First: John E.
Author-X-Name-Last: Roemer
Title: The Real Distribution of Current Goods and Services
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Journal: Journal of Post Keynesian Economics 
Pages: 212-222
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: William A. Darity, Jr.
Author-X-Name-First: William A.
Author-X-Name-Last: Darity, Jr.
Title: Kalecki, Luxemburg, and Imperialism
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 223-230
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: John M. Blatt
Author-X-Name-First: John M.
Author-X-Name-Last: Blatt
Title: The Utility of Being Hanged on the Gallows
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Journal: Journal of Post Keynesian Economics 
Pages: 231-239
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: Uncertainty, Choice, and the Marginal Efficiencies
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 240-254
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Cohen
Author-X-Name-First: Jacob
Author-X-Name-Last: Cohen
Author-Name: James L. Kenkel
Author-X-Name-First: James L.
Author-X-Name-Last: Kenkel
Title: A Credit Model Featuring External Finance and Scale Economies
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 255-266
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy J. Brennan
Author-X-Name-First: Timothy J.
Author-X-Name-Last: Brennan
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: On Not Quantifying the Nonquantifiable [with Reply]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 267-273
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Author-Name: V. Kerry Smith
Author-X-Name-First: V. Kerry
Author-X-Name-Last: Smith
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Money as a Factor of Production: Ultimate Neoclassical Heresy or Keynesian Insight? [with Rejoinder]
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 273-282
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: Comment on "Relative Wages and Employment Theory"
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Journal: Journal of Post Keynesian Economics 
Pages: 283-284
Issue: 2
Volume: 2
Year: 1980
Month: 1
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Sylos-Labini
Author-X-Name-First: Paolo
Author-X-Name-Last: Sylos-Labini
Title: Prices and Income Distribution in Manufacturing Industry
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 3-25
Issue: 1
Volume: 2
Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Jerome L. Stein
Author-X-Name-First: Jerome L.
Author-X-Name-Last: Stein
Title: The Acceleration of Inflation
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Journal: Journal of Post Keynesian Economics 
Pages: 26-42
Issue: 1
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Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Comment on "The Acceleration of Inflation"
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Journal: Journal of Post Keynesian Economics 
Pages: 43-48
Issue: 1
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Year: 1979
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: The Endogenous Money Stock
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Journal: Journal of Post Keynesian Economics 
Pages: 49-70
Issue: 1
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Year: 1979
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Wolf, Jr.
Author-X-Name-First: Charles
Author-X-Name-Last: Wolf, Jr.
Title: Economic Efficiency and Inefficient Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 71-82
Issue: 1
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Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Wells
Author-X-Name-First: Paul
Author-X-Name-Last: Wells
Title: Modigliani on Flexible Wages and Prices
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 83-93
Issue: 1
Volume: 2
Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul P. Christensen
Author-X-Name-First: Paul P.
Author-X-Name-Last: Christensen
Title: Sraffian Themes in Adam Smith's Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 94-109
Issue: 1
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Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: John W. Nevile
Author-X-Name-First: John W.
Author-X-Name-Last: Nevile
Title: How Voluntary Is Unemployment? Two Views of the Phillips Curve
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 110-119
Issue: 1
Volume: 2
Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grant
Author-X-Name-First: Arthur
Author-X-Name-Last: Grant
Title: Mergers, Monopoly Power, and Relative Shares
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 120-134
Issue: 1
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Year: 1979
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas W. Schrock
Author-X-Name-First: Nicholas W.
Author-X-Name-Last: Schrock
Author-Name: W. James Smith
Author-X-Name-First: W. James
Author-X-Name-Last: Smith
Title: Keynes, the Keynesians, and Friedman: Three Views of Money in the Trap
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 135-138
Issue: 1
Volume: 2
Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Robinson
Author-X-Name-First: Joan
Author-X-Name-Last: Robinson
Author-Name: Francis Cripps
Author-X-Name-First: Francis
Author-X-Name-Last: Cripps
Title: Keynes Today
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Journal: Journal of Post Keynesian Economics 
Pages: 139-144
Issue: 1
Volume: 2
Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D.
Author-X-Name-First: P.
Author-X-Name-Last: D.
Title: Oil Conservation: Theory vs. Policy
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Journal: Journal of Post Keynesian Economics 
Pages: 145-149
Issue: 1
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Year: 1979
Month: 10
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: Rosa Luxemburg and the Origins of Capitalist Catastrophe Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 3-23
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurence S. Seidman
Author-X-Name-First: Laurence S.
Author-X-Name-Last: Seidman
Title: TIP: Feasibility and Equity
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 24-37
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: A Post-Keynesian Short-Period Model
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 38-63
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris P. Pesek
Author-X-Name-First: Boris P.
Author-X-Name-Last: Pesek
Title: A Note on the Theory of Permanent Income
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 64-69
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Weir M. Brown
Author-X-Name-First: Weir M.
Author-X-Name-Last: Brown
Title: Employment vs. Unemployment Data as Macro-Policy Guides
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 70-82
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: John H. G. Pierson
Author-X-Name-First: John H. G.
Author-X-Name-Last: Pierson
Title: EPI: Economic Performance Insurance
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 83-95
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Tuchscherer
Author-X-Name-First: Thomas 
Author-X-Name-Last: Tuchscherer
Title: Keynes' Model and the Keynesians: A Synthesis
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 96-109
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard E. Moody
Author-X-Name-First: Richard E.
Author-X-Name-Last: Moody
Title: Economists and Economic Change
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 110-119
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: On the Nature of Production and Contracts in an Arrow-Debreu Economy
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 120-126
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Walt Schubert
Author-X-Name-First: Walt 
Author-X-Name-Last: Schubert
Title: On the Proper Role of Government in the Dual Economy
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 127-130
Issue: 4
Volume: 1
Year: 1979
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Van Order
Author-X-Name-First: Robert
Author-X-Name-Last: Van Order
Title: On the Monetarist Money Income Model
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 131-135
Issue: 4
Volume: 1
Year: 1979
Month: 7
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D.
Author-X-Name-First: P.
Author-X-Name-Last: D.
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: Notes on Current Issues
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 136-137
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: W.
Title: The Naked and the Nude: Professor Brems on Post Keynesians
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 138-139
Issue: 4
Volume: 1
Year: 1979
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Kaldor
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Author-X-Name-Last: Kaldor
Title: An Introduction to "A Note on the 'General Theory'"
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Journal: Journal of Post Keynesian Economics 
Pages: 3-5
Issue: 3
Volume: 1
Year: 1979
Month: 4
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean De Largentaye
Author-X-Name-First: Jean 
Author-X-Name-Last: De Largentaye
Title: A Note on the "General Theory of Employment, Interest and Money"
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 6-15
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronald G. Bodkin
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Author-X-Name-Last: Bodkin
Author-Name: Victoria Cano-Lamy
Author-X-Name-First: Victoria 
Author-X-Name-Last: Cano-Lamy
Author-Name: Edward Chow
Author-X-Name-First: Edward
Author-X-Name-Last: Chow
Author-Name: Jean Fortin
Author-X-Name-First: Jean 
Author-X-Name-Last: Fortin
Author-Name: Leslie Gunaratne
Author-X-Name-First: Leslie 
Author-X-Name-Last: Gunaratne
Author-Name: John Kuiper
Author-X-Name-First: John
Author-X-Name-Last: Kuiper
Author-Name: Christine Serrurier
Author-X-Name-First: Christine 
Author-X-Name-Last: Serrurier
Title: Ex ante Forecasting with Several Econometric Models of the Canadian Economy
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 16-40
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537481?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:16-40




Template-Type: ReDIF-Article 1.0
Author-Name: Abel Beltran-Del-Rio
Author-X-Name-First: Abel 
Author-X-Name-Last: Beltran-Del-Rio
Author-Name: Robert D. Hamrin
Author-X-Name-First: Robert D.
Author-X-Name-Last: Hamrin
Author-Name: Stuart M. Speiser
Author-X-Name-First: Stuart M.
Author-X-Name-Last: Speiser
Title: Increasing Capitalism's Capitalists: A Challenge for Economists
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 41-54
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537482?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:41-54




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Smith
Author-X-Name-First: Peter
Author-X-Name-Last: Smith
Title: Keynes' Finance Motive: Some Empirical Evidence
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 55-68
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537483?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:55-68




Template-Type: ReDIF-Article 1.0
Author-Name: John Cornwall
Author-X-Name-First: John
Author-X-Name-Last: Cornwall
Title: Economic Growth: Two Paradigms
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 69-90
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537484?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:69-90




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander
Author-X-Name-First: David
Author-X-Name-Last: Colander
Title: Incomes Policies: MIP, WIPP, and TIP
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 91-100
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537485?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:91-100




Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: Generalizing Kalecki and Simplifying Macroeconomics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 101-106
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537486?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:101-106




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Masoner
Author-X-Name-First: Michael
Author-X-Name-Last: Masoner
Title: The Allocation of Time: An Extension
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 107-122
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537487?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:107-122




Template-Type: ReDIF-Article 1.0
Author-Name: Eileen Appelbaum
Author-X-Name-First: Eileen
Author-X-Name-Last: Appelbaum
Title: Ronald L. Meek, July 27, 1917-August 18, 1978
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 123-125
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537488?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:123-125




Template-Type: ReDIF-Article 1.0
Author-Name: Haskell P. Wald
Author-X-Name-First: Haskell P.
Author-X-Name-Last: Wald
Title: Comment: Normative Premises in Regulatory Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 126-129
Issue: 3
Volume: 1
Year: 1979
Month: 4
Keywords: 
File-URL: http://www.jstor.org/stable/4537489?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:3:p:126-129




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Issawi
Author-X-Name-First: Charles
Author-X-Name-Last: Issawi
Title: The 1973 Oil Crisis and After
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 3-26
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537467?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:3-26




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Balogh
Author-X-Name-First: Thomas
Author-X-Name-Last: Balogh
Title: Monetarism and the Oil Price Crisis
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 27-46
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537468?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:27-46




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The United States Internal Revenue Service: Fourteenth Member of OPEC?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 47-58
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537469?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:47-58




Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: The Missing Theory of Money Wages
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 59-78
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537470?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:59-78




Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Life-Cycle Saving and Bequest Behavior
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 79-99
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537471?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:79-99




Template-Type: ReDIF-Article 1.0
Author-Name: Francis Seton
Author-X-Name-First: Francis
Author-X-Name-Last: Seton
Title: Devaluation Packages in Small Countries
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 100-112
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537472?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:100-112




Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: On Not Quantifying the Nonquantifiable
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 113-128
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537473?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:113-128




Template-Type: ReDIF-Article 1.0
Author-Name: Aron Katsenelinboigen
Author-X-Name-First: Aron
Author-X-Name-Last: Katsenelinboigen
Title: L. V. Kantorovich: The Political Dilemma in Scientific Creativity
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 129-147
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537474?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:129-147




Template-Type: ReDIF-Article 1.0
Author-Name: John E. Elliott
Author-X-Name-First: John E.
Author-X-Name-Last: Elliott
Title: Marx's "Grundrisse": Vision of Capitalism's Creative Destruction
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 148-169
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537475?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:148-169




Template-Type: ReDIF-Article 1.0
Author-Name: S. W.
Author-X-Name-First: S.
Author-X-Name-Last: S.
Title: Samuel Johnson: A Closet Post Keynesian?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 170-171
Issue: 2
Volume: 1
Year: 1979
Month: 1
Keywords: 
File-URL: http://www.jstor.org/stable/4537476?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1979:i:2:p:170-171




Template-Type: ReDIF-Article 1.0
Author-Name: John Kenneth Galbraith
Author-X-Name-First: John Kenneth
Author-X-Name-Last: Galbraith
Title: On Post Keynesian Economics
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 8-11
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537456?origin=pubexport
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X-Bibl:       
Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:8-11




Template-Type: ReDIF-Article 1.0
Author-Name: Joan Robinson
Author-X-Name-First: Joan
Author-X-Name-Last: Robinson
Title: Keynes and Ricardo
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 12-18
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537457?origin=pubexport
File-Format: text/html
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X-Bibl:       
Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:12-18




Template-Type: ReDIF-Article 1.0
Author-Name: James Tobin
Author-X-Name-First: James
Author-X-Name-Last: Tobin
Author-Name: Lester C. Thurow
Author-X-Name-First: Lester C.
Author-X-Name-Last: Thurow
Author-Name: Robert Ortner
Author-X-Name-First: Robert
Author-X-Name-Last: Ortner
Author-Name: Bernard E. Anderson
Author-X-Name-First: Bernard E.
Author-X-Name-Last: Anderson
Author-Name: A. Gilbert Heebner
Author-X-Name-First: A. Gilbert
Author-X-Name-Last: Heebner
Author-Name: Melville J. Ulmer
Author-X-Name-First: Melville J.
Author-X-Name-Last: Ulmer
Author-Name: Robert Lekachman
Author-X-Name-First: Robert
Author-X-Name-Last: Lekachman
Author-Name: Hyman P. Minsky
Author-X-Name-First: Hyman P.
Author-X-Name-Last: Minsky
Title: The Carter Economics: A Symposium
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 19-45
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537458?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:19-45




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Why Money Matters: Lessons from a Half-Century of Monetary Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 46-70
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537459?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:46-70




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno S. Frey
Author-X-Name-First: Bruno S.
Author-X-Name-Last: Frey
Title: Keynesian Thinking in Politico-Economic Models
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 71-81
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537460?origin=pubexport
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X-Bibl:       
Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:71-81




Template-Type: ReDIF-Article 1.0
Author-Name: Edward M. Graham
Author-X-Name-First: Edward M.
Author-X-Name-Last: Graham
Title: Transatlantic Investment by Multinational Firms: A Rivalistic Phenomenon?
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 82-99
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537461?origin=pubexport
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X-Bibl:       
Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:82-99




Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: Normative Premises in Regulatory Theory
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 100-114
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537462?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:100-114




Template-Type: ReDIF-Article 1.0
Author-Name: Abba P. Lerner
Author-X-Name-First: Abba P.
Author-X-Name-Last: Lerner
Title: The Scramble for Keynes' Mantle
Abstract: 
Journal: Journal of Post Keynesian Economics 
Pages: 115-123
Issue: 1
Volume: 1
Year: 1978
Month: 10
Keywords: 
File-URL: http://www.jstor.org/stable/4537463?origin=pubexport
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Handle: RePEc:mes:postke:v:1:y:1978:i:1:p:115-123




Template-Type: ReDIF-Article 1.0
Author-Name: SCOTT T. FULLWILER
Author-X-Name-First: SCOTT T.
Author-X-Name-Last: FULLWILER
Title: Setting interest rates in the modern money era
Abstract: 
 Financial innovations have reduced banks' reserve holdings significantly. Some argue the Fed's ability to set interest rates might eventually be compromised as a result. This concern arises from a misunderstanding of Fed operations. Regardless of the quantity of reserve balances, the Fed can always set its federal funds rate target. The quantity of reserve balances circulating, or the relative size of the Fed's operations, is also unrelated to its influence on other interest rates. That banks must settle their customers' tax liabilities using reserve balances is sufficient for the Fed's interest rate target to influence other interest rates.
Journal: Journal of Post Keynesian Economics
Pages: 496-525
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280307
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280307
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:496-525




Template-Type: ReDIF-Article 1.0
Author-Name: GIUSEPPE FONTANA
Author-X-Name-First: GIUSEPPE
Author-X-Name-Last: FONTANA
Title: The Federal Reserve and the European Central Bank: a theoretical comparison of their legislative mandates
Abstract: 
 In academic and policy circles, the assumption is often made that the Fed and the European Central Bank (ECB) have a perfectly identical understanding of what monetary policy can achieve and they follow the same policy strategy. This assumption seats uncomfortably with the different legislative mandates of the Fed and the ECB. Drawing on a critical analysis of the "new con-sensus" view in macroeconomics and its policy recommendations, this paper argues that the dual mandate of the Fed allows for a less restrictive set of theoretical assumptions than the single mandate of the ECB, and, for this reason, has to be preferred.
Journal: Journal of Post Keynesian Economics
Pages: 433-450
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280304
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280304
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:433-450




Template-Type: ReDIF-Article 1.0
Author-Name: MARK G. HAYES
Author-X-Name-First: MARK G.
Author-X-Name-Last: HAYES
Title: Value and probability
Abstract: 
 This paper expresses the Post Keynesian critique of "fundamental value" and the efficient markets hypothesis using the symbols of Keynes's Treatise on Probability. A distinction is drawn between ex ante and ex post fundamental value, which coincide in the case of fixed annuities but not for financial assets in general, except in an ergodic system. Keynes's symbols allow expression of the general form of the probability relation represented by ex ante fundamental value, highlighting its dependence on unreliable propositions about future events, and also of the conventional basis of valuation, which it is only rational to adopt in such circumstances.
Journal: Journal of Post Keynesian Economics
Pages: 527-538
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280308
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280308
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:527-538




Template-Type: ReDIF-Article 1.0
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Author-Name: WARREN MOSLER
Author-X-Name-First: WARREN
Author-X-Name-Last: MOSLER
Title: Innocent frauds in Greenspan's last testimony
Abstract: 
 This paper engages the last testimony of the Chairman of the Federal Reserve System, Alan Greenspan, before a joint session of Congress in July 2005. It identifies nine areas we relate to the arguments of John Kenneth Galbraith, summarized in his recent contribution, The Economics of Innocent Fraud, regarding the divergence between the innocent fraud of conventional wisdom in regard to economic and accounting realities.
Journal: Journal of Post Keynesian Economics
Pages: 539-547
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280309
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280309
File-Format: text/html
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:539-547




Template-Type: ReDIF-Article 1.0
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Author-Name: GEORGIOS CHORTAREAS
Author-X-Name-First: GEORGIOS
Author-X-Name-Last: CHORTAREAS
Title: Monetary policy in the euro area
Abstract: 
 We examine the conduct of monetary policy as implemented by the European Central Bank (ECB) throughout the euro area. Two distinct but closely related approaches are utilized, both of which rely on the assumption that monetary policy can be usefully characterized in terms of a simple Taylor rule-type of reaction function. First, the ECB policy is assessed against the benchmark of the Bundesbank's reaction function and, second, we impose ad hoc Taylor rules. The policy maker's perception about the equilibrium real interest rate is important. Our analysis suggests that such perceptions may have changed over the period of the ECB's short life.
Journal: Journal of Post Keynesian Economics
Pages: 371-394
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280301
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280301
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:371-394




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: The declining dollar, global economic growth, and macro stability
Abstract: 
 Despite a significant decline in the value of the dollar, the U.S. trade imbalance has almost doubled in the past three years indicating that the Marshall-Lerner condition is not applicable. Continued political pressure to devalue the dollar may result in the end of the de facto dollar standard that historians will call "bursting the dollar bubble." The result will be a regression to the flexible exchange rates that exacerbated economic problems in the Great Depression. An alternative is presented in this paper.
Journal: Journal of Post Keynesian Economics
Pages: 473-493
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280306
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280306
File-Format: text/html
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:473-493




Template-Type: ReDIF-Article 1.0
Author-Name: ALEXANDER MIHAILOV
Author-X-Name-First: ALEXANDER
Author-X-Name-Last: MIHAILOV
Title: Operational independence, inflation targeting, and UK monetary policy
Abstract: 
 This paper evaluates empirically the feedback and stance of monetary policy in the United Kingdom under inflation targeting, implemented since October 1992. Its principal contribution is in comparing two subsamples, before the Bank of England was granted operational independence in May 1997 and after that. We find that the operational independence subperiod has differed from the preindependence one in terms of a weaker response to inflation but stronger sensitivity to the output gap and a less restrictive stance of monetary policy. Such behavior appears justified given the Bank's mandate and the evolution of the business cycle.
Journal: Journal of Post Keynesian Economics
Pages: 395-421
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280302
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280302
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Template-Type: ReDIF-Article 1.0
Author-Name: C. SARDONI
Author-X-Name-First: C.
Author-X-Name-Last: SARDONI
Author-Name: L.R. WRAY
Author-X-Name-First: L.R.
Author-X-Name-Last: WRAY
Title: Monetary policy strategies of the European Central Bank and the Federal Reserve bank of the United States
Abstract: 
 In the debate on monetary policy strategies on the two sides of the Atlantic, it is now almost commonplace to contrast the Fed and the European Central Bank (ECB) by pointing out the flexibility and capacity to adjust of the former and the rigidity and extreme caution of the latter, and its obsession with low inflation. In looking at the foundations of the two banks' strategies, however, we do not find differences that can provide a simple explanation for their divergent behavior, nor, above all, for the very different economic performance in the United States and Euroland in recent years. Not surprisingly, both central banks share the same conviction that money is neutral in the long run, and even their short-term policies are based on similar fundamental principles. The two policy approaches really differ only in terms of implementation, timing, competence, and so on, but not in terms of the underlying theoretical orientation. We then draw the conclusion that monetary policy cannot represent a significant variable in the explanation of the different economic performances of Euroland and the United States. The two economic areas' differences must be explained by considering other factors, among which the most important is fiscal policy.
Journal: Journal of Post Keynesian Economics
Pages: 451-472
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280305
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:451-472




Template-Type: ReDIF-Article 1.0
Author-Name: JAMES K. GALBRAITH
Author-X-Name-First: JAMES K.
Author-X-Name-Last: GALBRAITH
Title: Endogenous doctrine, or, why is monetary policy in America so much better than in Europe?
Abstract: 
 This paper briefly examines the evolution of economic doctrine used to justify monetary policies at the Federal Reserve since World War II. The main finding is that while individual doctrines rarely withstand close scrutiny, they do change with some regularity and in evident response to circumstance. The ability to shift the public face (and perhaps the private basis) of monetary decision making gives the Federal Reserve, for all its faults, an advantage over the European Central Bank, which is constitutionally committed to its "line"--and therefore unable to accommodate itself to new evidence, new theory, or new states of the world.
Journal: Journal of Post Keynesian Economics
Pages: 423-432
Issue: 3
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280303
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280303
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Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:423-432




Template-Type: ReDIF-Article 1.0
Author-Name: Angel GarcÃ­a Banchs 
Author-X-Name-First: Angel GarcÃ­a 
Author-X-Name-Last: Banchs 
Author-Name: Luis Mata Mollejas 
Author-X-Name-First: Luis Mata 
Author-X-Name-Last: Mollejas 
Title: International monetary asymmetries and the central bank 
Abstract:
 In this paper, we argue that the current international monetary system is
 fully asymmetric, as it divides the world among reserve issuing economies
 (RIEs) and reserve earning economies (REEs). Thus, monetary theory, we
 argue, should take into account whether or not the central bank issues an
 international reserve currency, as that would largely determine its
 balance sheet structure, interest rate-targeting procedure, and the
 elasticity of monetary policy and of the exchange rate regime. The reason
 is plain: as opposed to RIEs, the central bank in REEs must target a
 minimum stock of foreign currency assets, as the local currency does not
 circulate abroad.
Journal: Journal of Post Keynesian Economics 
Pages: 467-496 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: central banks, international monetary asymmetries, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0551427833490588 
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X-Bibl:
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 Post-Keynesian Approach to Economics: An Alternative Analysis of Economic
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 <BIBTEXT> Fontana, G., and Palacio-Vera, A. "Is There an Active Role for
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 <BIBTEXT> Gnos, C., and Rochon, L.-P. "The New Consensus and
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 General Theory of Employment, Interest and Money.>/i> London: Macmillan,
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	     
 <BIBTEXT> Knapp, G. F. >i>Staatliche Theorie des Geldes>/i> [State Theory
 of Money]. Leipzig: Duncker & Humblot, 1905.</BIBTEXT>      </REF>	
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 1992.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	     
 <BIBTEXT> Lavoie, M. "A Post-Keynesian Amendment to the New Consensus
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 165-192.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>	
 <BIBTEXT> Lavoie, M., and Seccareccia, M. "Interest Rate: Fair." In P.
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 <BIBL>18</BIBL>	<BIBTEXT> Lerner, A. P. "Functional Finance and the
 Federal Debt." >i>Social Research>/i>, 1943, >i>10>/i> (1),
 38-51.</BIBTEXT>      </REF>	   <REF>	<BIBL>19</BIBL>       
 <BIBTEXT> Minsky, H. P. "Central Banking and Money Market Changes."
 >i>Quarterly Journal of Economics>/i>, âMayâ 1957, >i>71>/i>,
 171-187.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Monvoisin, V., and Rochon, L.-P. "The Post-Keynesian Consensus,
 the New Consensus, and Endogenous Money." In C. Gnos and L.-P. Rochon
 (eds.), >i>Post-Keynesian Principles of Economic Policy.>/i> Cheltenham,
 UK: Edward Elgar, 2006, pp. 57-77.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>21</BIBL>	<BIBTEXT> Moore, B. J. >i>Horizontalists and
 Verticalists: The Macroeconomics of Credit-Money.>/i> Cambridge: Cambridge
 University Press, 1988.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>22</BIBL>	<BIBTEXT> Mosler, W., and Forstater, M. "The
 Natural Rate of Interest Is Zero." Working Paper no. 37, University of
 Missouri, Kansas City, 2004.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>23</BIBL>	<BIBTEXT> Nell, E. >i>The General Theory of
 Transformational Growth: Keynes After Sraffa.>/i> Cambridge: Cambridge
 University Press, 1998.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>24</BIBL>	<BIBTEXT> Palley, T. I. "A Post-Keynesian Framework
 for Monetary Policy: Why Interest Rate Operating Procedures Are Not
 Enough." In C. Gnos and L.-P. Rochon (eds.), >i>Post-Keynesian Principles
 of Economic Policy.>/i> Cheltenham, UK: Edward Elgar, 2006, pp.
 78-98.</BIBTEXT>      </REF>	   <REF>	<BIBL>25</BIBL>       
 <BIBTEXT> Robertson, D. H. >i>Money.>/i> New York: Pitman, 1948.
 [Originally published in 1922.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>26</BIBL>	<BIBTEXT> Rochon, L.-P. "Cambridge's Contribution
 to Endogenous Money: Robinson and Kahn on Credit and Money." >i>Review of
 Political Economy>/i>, âJulyâ 2001, >i>13>/i> (3), 287-307.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>27</BIBL>	     <BIBTEXT> Rochon,
 L.-P., and Setterfield, M. "Interest Rates, Income Distribution, and
 Monetary Policy Dominance: Post Keynesians and the âFair Rateâ of
 Interest." >i>Journal of Post Keynesian Economics>/i>, âFallâ 2007,
 >i>30>/i> (1), 13-42.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>28</BIBL>	<BIBTEXT> Screpanti, E. "Banks, Increasing Risk,
 and the Endogenous Money Supply." >i>Economic Notes by Banca Monte dei
 Paschi di Siena>/i>, 1997, >i>26>/i> (3), 567-588.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>29</BIBL>	<BIBTEXT> Seccareccia, M.
 "Wicksellian Norm, Central Bank Real Interest Rate Targeting and
 Macroeconomic Performance." In P. Arestis and M. Sawyer (eds.), >i>The
 Political Economy of Central Banking.>/i> Cheltenham, UK: Edward Elgar,
 1998, pp. 180-198.</BIBTEXT>	   </REF>      <REF>	    <BIBL>30</BIBL>
	<BIBTEXT> Setterfield, M. "Central Banking, Stability and
 Macroeconomic Outcomes." In M. Lavoie and M. Seccareccia (eds.),
 >i>Central Banking in the Modern World: Alternative Perspectives.>/i>
 Cheltenham, UK: Edward Elgar, 2004, pp. 35-56.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>31</BIBL>	     <BIBTEXT> Smithin, J. >i>Controversies
 in Monetary Economics: Ideas, Issues, and Policy.>/i> Aldershot, UK:
 Edward Elgar, 1994.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>32</BIBL>	<BIBTEXT> Smithin, J. "Interest Rate Operating
 Procedures and Income Distribution." In M. Lavoie and M. Seccareccia
 (eds.), >i>Central Banking in the Modern World: Alternative
 Perspectives.>/i> Aldershot, UK: Edward Elgar, 2004, pp. 57-69.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>33</BIBL>	     <BIBTEXT> Thirlwall,
 A. P. "The Balance of Payments Constraint as an Explanation of
 International Growth Rate Differences." >i>Banca Nazionale del Lavoro
 Quarterly Review>/i>, âMarchâ 1979, >i>128>/i>, 45-53.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>34</BIBL>	 <BIBTEXT> Weber, A. "The
 Role of Interest Rates in Theory and Practice: How Useful Is the Concept
 of the Natural Real Rate of Interest for Monetary Policy?" Speech
 delivered as the Inaugural G. L. S. Shackle Biennial Memorial Lecture, St.
 Edmund's College, Cambridge, 2006.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>35</BIBL>	<BIBTEXT> Wicksell, K. >i>Interest and Prices>/i>,
 London: Macmillan, 1934.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>36</BIBL>	<BIBTEXT> Woodford, M. >i>Interest and Prices:
 Foundations of a Theory of Monetary Policy.>/i> Princeton: Princeton
 University Press, 2003.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>37</BIBL>	<BIBTEXT> Wray, R. "When Are Interest Rates
 Exogenous?" Center for Full Employment and Price Stability, Working Paper
 no. 30, University of Missouri, Kansas City, 2004.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>38</BIBL>	<BIBTEXT> Wray, R. "A Post
 Keynesian View of Central Bank Independence, Policy Targets, and the Rules
 Versus Discretion Debate." >i>Journal of Post Keynesian Economics>/i>,
 âFallâ 2007, >i>30>/i> (1), 119-141.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:467-496




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen P. Dunn
Author-X-Name-First: Stephen P.
Author-X-Name-Last: Dunn
Title: The Origins of the Galbraithian System: Stephen P. Dunn in Conversation with J.K. Galbraith
Abstract: 
 On June 22, 2001 I interviewed Professor J.K. Galbraith and his wife and constant companion, Kitty, at their most agreeable home in Cambridge, Massachusetts. We talked at length about his own intellectual history and origins of his contribution to the theory of the firm and their interconnecting relationships and experiences with the two Cambridges and Post Keynesianism. This interview is an edited and abridged version of that discussion.
Journal: Journal of Post Keynesian Economics
Pages: 347-365
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490330
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490330
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt
Author-X-Name-First: Amitava Krishna
Author-X-Name-Last: Dutt
Title: Thirlwall’s Law and Uneven Development
Abstract: 
 Thirlwall’s analysis of balance-of-payments–constrained growth, and what has come to be called Thirlwall’s Law, have usually been used to understand the determinants of growth for individual countries. This paper argues that another important use of Thirlwall’s Law is to understand the mechanics of uneven development between rich and poor countries. To contribute to such an analysis the paper incorporates Thirlwall’s analysis into a model of North–South trade to show how it explains uneven development. The paper also points to the needfor empirical work necessary for relating Thirlwall’s Law to uneven development, which is different from the work related to the law that has proliferated in recent years.
Journal: Journal of Post Keynesian Economics
Pages: 367-390
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490331
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490331
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian E. Weller
Author-X-Name-First: Christian E.
Author-X-Name-Last: Weller
Title: What Drives the Fed to Act?
Abstract: 
 This paper studies the determinants of monetary policy since 1980 to see whether the Fed has truly followed an ad hoc approach, or whether some variables playa more important role in determining monetary policy than others. The results suggest that the Fed consistently responds to the unemployment rate, and that changes in the unemployment are the most important determinant of monetary policy. The results also indicate that the Fed responded, for some periods, to the real rate of return in the stock market, especially to lower the risk offinancial instabilities, rather than to control asset price inflation.
Journal: Journal of Post Keynesian Economics
Pages: 391-417
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490332
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490332
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:391-417




Template-Type: ReDIF-Article 1.0
Author-Name: Warren Mosler
Author-X-Name-First: Warren
Author-X-Name-Last: Mosler
Title: A Critique of John B. Taylor’s “Expectations, Open Market Operations, and Changes in the Federal Funds Rate”
Abstract: 
 This article critiques John B. Taylor’s proposal that the Fed use a reaction function to attempt to predict bank demand for reserves. I argue that the Fed does not need to predict the demand for reserves because all the information it requires for hitting its targets is contained in the federal funds rate itself. If the federal funds rate rises above target, the Fed must supply reserves; when it falls below target, the Fed must drain them. Further, although Taylor sometimes seems to recognize that the overnight interest rate is necessarily an exogenous variable, set by the Fed, and that reserves are a nondiscretionary variable, he appears to believe that this is due to particular accounting rules now in place. I argue that whether the Fed operates with lagged reserve accounting or contemporaneous reserve accounting, reserves are never discretionary and the federal funds rate need always be exogenously administered.
Journal: Journal of Post Keynesian Economics
Pages: 419-422
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490333
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490333
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Template-Type: ReDIF-Article 1.0
Author-Name: Wynne Godley
Author-X-Name-First: Wynne
Author-X-Name-Last: Godley
Author-Name: Anwar Shaikh
Author-X-Name-First: Anwar
Author-X-Name-Last: Shaikh
Title: An Important Inconsistency at the Heart of the Standard Macroeconomic Model
Abstract: 
 The neoclassical macroeconomic dichotomy between real and nominal variables is shown to be generally false, even within the standard structure of the model. The model implicitly assumes that disbursements via interest payments on bonds somehow ensure that all profits are disbursed. But the two are generally different. Forcing them to match renders the model mathematically inconsistent. Alternately, distinguishing the two rectifies the inconsistency but destroys the dichotomy between real and nominal variables and dramatically alter the model’s outcomes. One striking consequence is that a rise in the money supply can lead to a fall in prices.
Journal: Journal of Post Keynesian Economics
Pages: 423-441
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490334
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490334
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:423-441




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: A Test of the Post Keynesian Hypothesis on Expectation Formation in the Foreign Exchange Market
Abstract: 
 This paper presents structural time series evidence supporting the Post Keynesian hypothesis on the role of expectations in the foreign exchange market. For all of the four exchange rates examined, the hypothesis that exchange rates are driven primarily by expectations is strongly supported. The results, however, do not preclude a role for non-expectational variables. This evidence is taken to be detrimental to the rational expectations hypothesis, which implies that expectations do not affect the objective variable.
Journal: Journal of Post Keynesian Economics
Pages: 443-457
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490335
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:443-457




Template-Type: ReDIF-Article 1.0
Author-Name: James J. Gapinski
Author-X-Name-First: James J.
Author-X-Name-Last: Gapinski
Title: Phillips Curves and Expectation Adjustments for Maturing Nations in the Asia Pacific Region
Abstract: 
 After visually inspecting Phillips curves for maturing countries in the Asia Pacific region, this paper rigorously tests various features deduced from the images. More specifically, it asks three questions: Do trade-off Phillips curves characterize maturing nations in the region? Do the curves shift downward through time because of productivity increases? Do expectation adjustments follow an adaptively rational rule rather than the rational expectations hypothesis? Relying on data that cover nine nations and appealing to a nonlinear estimation method, the paper answers each question in the affirmative. Throughout, the implications for macroeconomic philosophies and their policy prescriptions are noted.
Journal: Journal of Post Keynesian Economics
Pages: 459-473
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490336
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490336
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:459-473




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Globalization
Abstract: 
 This paper expands Keynes’s closed economy model of The General Theory to an open global entrepreneurial system. Orthodox open economy models assume that economic problems are always due to some supply-side impeifection or rigidity. This paper explores the difference between Keynes’s open system and the classical system and demonstrates why the policies adopted since 1973 have resulted in poor economic peiformance for the global economy.
Journal: Journal of Post Keynesian Economics
Pages: 475-492
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490337
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:475-492




Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Stock Prices and Employment
Abstract: 
 In this article, effects of stock price developments on employment are examined. For this purpose, the reduced-form equation of the Keynes-Weintraub-Davidson model for employment is augmented with stock prices. Estimation of the reduced-form equation, employing cointegration methodology and quarterly data for the 1991: 1–2000:4 period, reveals that while stock prices have a positive effect on employment, this effect is marginal compared to that of autonomous expenditures in wage units in determining the path of employment.
Journal: Journal of Post Keynesian Economics
Pages: 493-498
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490338
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:493-498




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander
Author-X-Name-First: David
Author-X-Name-Last: Colander
Title: George Brockway: A Remembrance
Journal: Journal of Post Keynesian Economics
Pages: 499-502
Issue: 3
Volume: 24
Year: 2002
Month: 3
X-DOI: 10.1080/01603477.2002.11490339
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490339
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Handle: RePEc:mes:postke:v:24:y:2002:i:3:p:499-502




Template-Type: ReDIF-Article 1.0
Author-Name: Leonard A. Rapping
Author-X-Name-First: Leonard A.
Author-X-Name-Last: Rapping
Title: Buŕeaucracy, the Corporation, and Economic Policy
Journal: Journal of Post Keynesian Economics
Pages: 337-354
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489444
File-URL: http://hdl.handle.net/10.1080/01603477.1984.11489444
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucile Keyes
Author-X-Name-First: Lucile
Author-X-Name-Last: Keyes
Title: Armentano’s : A Review Article
Journal: Journal of Post Keynesian Economics
Pages: 354-360
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489445
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Template-Type: ReDIF-Article 1.0
Author-Name: Randall Bausor
Author-X-Name-First: Randall
Author-X-Name-Last: Bausor
Title: Toward a Historically Dynamic Economics: Examples and Illustrations
Journal: Journal of Post Keynesian Economics
Pages: 360-377
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489446
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Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Rutherford
Author-X-Name-First: Malcolm
Author-X-Name-Last: Rutherford
Title: Rational Expectations and Keynesian Uncertainty: A Critique
Journal: Journal of Post Keynesian Economics
Pages: 377-388
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489447
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Author-Name: G. L. S. Shackle
Author-X-Name-First: G. L. S.
Author-X-Name-Last: Shackle
Title: Comment on the Papers by Randall Bausor and Malcolm Rutherford
Journal: Journal of Post Keynesian Economics
Pages: 388-394
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489448
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Template-Type: ReDIF-Article 1.0
Author-Name: B. J. Loasby
Author-X-Name-First: B. J.
Author-X-Name-Last: Loasby
Title: On Scientific Method
Journal: Journal of Post Keynesian Economics
Pages: 394-411
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489449
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis L. Weisman
Author-X-Name-First: Dennis L.
Author-X-Name-Last: Weisman
Title: Tobin on Keynes: A Suggested Interpretation
Journal: Journal of Post Keynesian Economics
Pages: 411-421
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489450
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Template-Type: ReDIF-Article 1.0
Author-Name: Dudley Dillard
Author-X-Name-First: Dudley
Author-X-Name-Last: Dillard
Title: Keynes and Marx: A Centennial Appraisal
Journal: Journal of Post Keynesian Economics
Pages: 421-433
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489451
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Template-Type: ReDIF-Article 1.0
Author-Name: Shernaz Choksi
Author-X-Name-First: Shernaz
Author-X-Name-Last: Choksi
Title: Spot and Futures Prices in Copper: The Speculative Link
Journal: Journal of Post Keynesian Economics
Pages: 433-449
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489452
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyman P. Minsky
Author-X-Name-First: Hyman P.
Author-X-Name-Last: Minsky
Title: Frank Hahn’s : A Review Article
Journal: Journal of Post Keynesian Economics
Pages: 449-458
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489453
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Author-Name: Claudio Sardoni
Author-X-Name-First: Claudio
Author-X-Name-Last: Sardoni
Title: Some Ties of Kalecki to the 1926 “Sraffian Manifesto”
Journal: Journal of Post Keynesian Economics
Pages: 458-466
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489454
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: The End of an Era: Joan Robinson (1903-83) and Piero Sraffa (1898-1983)
Journal: Journal of Post Keynesian Economics
Pages: 446-470
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489455
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Zannoni Diane C.
Author-X-Name-First: Zannoni
Author-X-Name-Last: Diane C.
Title: Comment on Stein and Weintraub: “The Acceleration of Inflation”
Journal: Journal of Post Keynesian Economics
Pages: 470-479
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489456
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Template-Type: ReDIF-Article 1.0
Author-Name: Jerome L. Stein
Author-X-Name-First: Jerome L.
Author-X-Name-Last: Stein
Title: Reply to McKenna and Zannoni
Journal: Journal of Post Keynesian Economics
Pages: 479-481
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489457
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Kaldor’s “best” choice
Journal: Journal of Post Keynesian Economics
Pages: 481-483
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489458
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonard Silk
Author-X-Name-First: Leonard
Author-X-Name-Last: Silk
Title: Getting Back to the Real World
Journal: Journal of Post Keynesian Economics
Pages: 483-485
Issue: 3
Volume: 6
Year: 1984
Month: 3
X-DOI: 10.1080/01603477.1984.11489459
File-URL: http://hdl.handle.net/10.1080/01603477.1984.11489459
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Ferrari-Filho 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Ferrari-Filho 
Author-Name: FÃ¡bio Henrique Bittes Terra 
Author-X-Name-First: FÃ¡bio Henrique Bittes 
Author-X-Name-Last: Terra 
Author-Name: Octavio A. C. ConceiÃ§Ã£o 
Author-X-Name-First: Octavio A. C. 
Author-X-Name-Last: ConceiÃ§Ã£o 
Title: The financial fragility hypothesis applied to the public sector: an analysis for Brazil's economy from 2000 to 2008 
Abstract:
 This paper builds on Hyman Minsky's financial fragility hypothesis to
 develop a financial fragility index for the public-sector financial
 structure. It applies the financial fragility index for the public-sector
 financial structure to analyze Brazil's public-sector financial structure
 from 2000 to 2008. The paper concludes that Brazil's financial structure
 was speculative during the 2000s. As a result, public debt increased
 during this period, and the public sector was unable to adopt
 countercyclical fiscal policies.
Journal: Journal of Post Keynesian Economics 
Pages: 151-168 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: Brazilian economy, financial fragility hypothesis, public-sector economy, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B52764094280H168 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> AlÃ©m, A. C., and
 Giambiagi, F. >i>FinanÃ§as PÃºblicas: teoria e prÃ¡tica no Brasil>/i>
 [Public Finance: Theory and the Brazilian Experience]. Rio de Janeiro:
 Campus, 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>2</BIBL>	   
  <BIBTEXT> Atkinson, A. B., and Stiglitz, J. E. >i>Lectures on Public
 Economics.>/i> New York: McGraw-Hill, 1980.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Bahry, T. R., and Gabriel, L.
 F. "A hipÃ³tese de instabilidade financeira e suas implicaÃ§Ãµes para
 ocorrÄncia de ciclos econÃ´micos" [The Financial Fragility Hypothesis and
 Its Consequences to the Economic Cycles]. In >i>Anais do XIII Encontro
 Nacional de Economia PolÃ­tica>/i> [Proceedings of the XIII Meeting of the
 Brazilian Political Economy Society]. JoÃ£o Pessoa/PB: Nacional de
 Economia PolÃ­tica, 2008 (available at >a target="_blank"
 href='http://www.sep.org.br/artigo/1019_53968bbc6fa0bee442ead2355d917061.p
 df'>www.sep.org.br/artigo/1019_53968bbc6fa0bee442ead2355d917061.pdf>/a></B
 IBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	     <BIBTEXT>
 Banco Central do Brasil. "RelatÃ³rio de InflaÃ§Ã£o, SeÃ§Ã£o 3, PolÃ­ticas
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 Finance, Monetary, and Fiscal Policies]. BrasÃ­lia, December
 2006a.</BIBTEXT>      </REF>	   <REF>	<BIBL>5</BIBL>	     
 <BIBTEXT> Bahry, T. R., and Gabriel, L. F. "RelatÃ³rio de InflaÃ§Ã£o,
 EvoluÃ§Ã£o dos Indicadores de Sustentabilidade Externa" [Report on
 Inflation, Evolution of the Foreign Account]. BrasÃ­lia, March
 2006b.</BIBTEXT>      </REF>	   <REF>	<BIBL>6</BIBL>	     
 <BIBTEXT> Bahry, T. R., and Gabriel, L. F. "SÃ©ries Temporais de Economia
 e FinanÃ§as" [Time Series in Economics and Finance], BrasÃ­lia, 2009
 (available at >a target="_blank"
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 <REF>	      <BIBL>7</BIBL>	    <BIBTEXT> Barro, R. J. "Are
 Governments' Bonds Net Wealth?" >i>Journal of Political Economy>/i>, 1974,
 81 (November-December), 1095-1117.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>8</BIBL>        <BIBTEXT> Biage, M.; CorrÄa, V. P.; Neder, H. D.;
 and Val Munhoz, V. C. "Risco paÃ­s, fluxos de capitais e determinaÃ§Ã£o da
 taxa de juros no Brasil: uma anÃ¡lise de impactos por meio da metodologia
 VAR" [Country Risk, Capital Flows and Interest Rate in Brazil: An Analysis
 Based on the VAR Model]. In >i>Anais do XI Encontro Nacional de Economia
 PolÃ­tica>/i> [Proceedings of the XI Meeting of the Brazilian Political
 Society]. VitÃ³ria/ES: Nacional de Economia PolÃ­tica, 2006 (available at
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 IBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	     <BIBTEXT>
 Carvalho, F. J. C. "Stabilizing an Unstable EconomyâResenha
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 >i>17>/i> (1), 257-264.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>10</BIBL>	<BIBTEXT> Carvalho, F. J. C. "Entendendo a recente
 Crise financeira global" [Understanding the Global Financial Crisis]. In
 F. Ferrari Filho and L. F. Paula (eds.), >i>DossiÄ da Crise>/i> [Crisis
 Dossier]. Curitiba: FIEP/AssociaÃ§Ã£o Keynesiana Brasileira, 2008, pp.
 16-22.</BIBTEXT>      </REF>	   <REF>	<BIBL>11</BIBL>       
 <BIBTEXT> Davidson, P. >i>The Keynes Solution: The Path to Global Economic
 Prosperity.>/i> Basingstock, UK: Palgrave Macmillan, 2009.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Departamento de
 PolÃ­tica EconÃ´mica, Banco Central do Brasil (DEPEC/BCB). >i>Manual de
 estatÃ­sticas fiscais divulgadas pelo Departamento EconÃ´mico do Banco
 Central>/i> [Fiscal Statistics Manual of the Economic Department of the
 Brazilian Central Bank]. BrasÃ­lia: BCB, 2006.</BIBTEXT>      </REF>	  
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 Responses to the Crisis." University of California, Berkeley,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	     
 <BIBTEXT> Galbraith, J. "The Generalized Minsky Moment." In >i>Proceedings
 of the 17th Annual Minsky Conference on the State of the U. S. and World
 Economies: Credit, Markets and the Real EconomyâIs the Financial System
 Working?>/i> Annandale-on-Hudson, NY: Levy Economics Institute of Bard
 College, 2008 (available at >a target="_blank"
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 org/pubs/pro_Apr_08.pdf>/a></BIBTEXT>	    </REF>	<REF>	    
 <BIBL>15</BIBL>	<BIBTEXT> Giambiagi, F. "A polÃ­tica fiscal do
 governo Lula em perspective histÃ³rica: qual o limite para o aumento dos
 gastos pÃºblicos?" [Lula's Governmental Fiscal Policy: What Is the Limit
 for the Fiscal Expenditures?]. IPEA Discussion paper no. 1169, Rio de
 Janeiro, 2006.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>    
    <BIBTEXT> Hermann, J. "A macroeconomia da dÃ­vida pÃºblica: notas sobre
 o debate teÃ³rico e a experiÄncia brasileira recente (1999-2002)" [The
 Macroeconomics of the Public Debt: Some Reflections on the Theoretical
 Debate and the Brazilian Experience]. Discussion paper, 2002 (available at
 >a target="_blank"
 href='http://www.ie.ufrj.br/moeda'>www.ie.ufrj.br/moeda>/a></BIBTEXT>	   
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> Keynes, J. M.
 >i>The General Theory of Employment, Interest and Money.>/i> New York:
 Harcourt Brace Jovanovich, 1964.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>18</BIBL>	<BIBTEXT> Minsky, H. P. >i>Stabilizing an Unstable
 Economy.>/i> New Haven: Yale University Press, 1986.</BIBTEXT>      </REF>
      <REF>	   <BIBL>19</BIBL>	  <BIBTEXT> Minsky, H. P. "The
 Financial Instability Hypothesis." Working Paper no. 74, Jerome Levy
 Economics Institute, Annandale-on-Hudson, NY, 1992.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Modenesi, A. de M.
 >i>Regimes MonetÃ¡rios: teoria e experiÄncia do Real>/i> [Monetary
 Regimes: Theory and the Real Experience]. SÃ£o Paulo: Manole,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> Paula, L. F., and Alves, A. J., Jr. "External Financial
 Fragility and the 1998-1999 Brazilian Currency Crisis." >i>Journal of Post
 Keynesian Economics>/i>, Summer 2000, >i>22>/i> (4), 589-617.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>22</BIBL>	   <BIBTEXT> Paula, L. F.,
 and Alves, A. J., Jr. "Comportamento dos bancos, percepÃ§Ã£o de risco e
 margem de seguranÃ§a no ciclo minskyano" [Banks Performance, Risk
 Perception and Cushions of Safety in the Minskyan Cycle]. >i>AnÃ¡lise
 EconÃ´mica>/i>, 2003, >i>21>/i> (39), 137-160.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>23</BIBL>	     <BIBTEXT> Secretaria do Tesouro
 Nacional. Informe DÃ­vida [Report on Debt]. BrasÃ­lia, April 2006
 (available at >a target="_blank"
 href='http://www.tesouro.fazenda.gov.br/hp/downloads/Informes_da_Divida/Ca
 ll_dos_Bradies.pdf'>www.tesouro.fazenda.gov.br/hp/downloads/Informes_da_Di
 vida/Call_dos_Bradies.pdf>/a></BIBTEXT>      </REF>	  <REF>       
 <BIBL>24</BIBL>	<BIBTEXT> Paula, L. F., and Alves, A. J., Jr.
 ConsolidaÃ§Ã£o das Contas PÃºblicas [Public Accounting Consolidation].
 BrasÃ­lia, 2009 (available at >a target="_blank"
 href='http://www.tesouro.fazenda.gov.br/contabilidade_governamental/execuc
 ao_orcamentaria_do_GF/Consolidacao_Contas_Publicas.xls'>www.tesouro.fazend
 a.gov.br/contabilidade_governamental/execucao_orcamentaria_do_GF/Consolida
 cao_Contas_Publicas.xls>/a></BIBTEXT>	    </REF>	<REF>	    
 <BIBL>25</BIBL>	<BIBTEXT> Silva, T. F. M. R. "Uma anÃ¡lise
 sistÄmica para o papel dos bancos e das firmas no desenvolvimento do
 ciclo minskyano" [A Systemic Analysis Related to the Banks and Firm
 Performance in the Minskyan Cycle]. In >i>Anais do XIII Encontro Nacional
 de Economia PolÃ­tica>/i> [Proceedings of the XIII Meeting of the
 Brazilian Political Economy Society]. JoÃ£o Pessoa/PB: Nacional de
 Economia PolÃ­tica, 2008 (available at >a target="_blank"
 href='http://www.sep.org.br/artigo/1057_bf47e4b5eba5e01c943b0276cf696f52.p
 df'>www.sep.org.br/artigo/1057_bf47e4b5eba5e01c943b0276cf696f52.pdf>/a></B
 IBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:151-168




Template-Type: ReDIF-Article 1.0
Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: Monopoly Power in the United States Manufacturing Sector, 1899 to 1994
Journal: Journal of Post Keynesian Economics
Pages: 323-335
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490157
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490157
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Restoring Prosperity: Why the U.S. Model Is Not the Answer for the United States or Europe
Journal: Journal of Post Keynesian Economics
Pages: 337-353
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490158
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490158
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Keynes and the Marginalist Theory of Distribution
Journal: Journal of Post Keynesian Economics
Pages: 355-388
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490159
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490159
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Handle: RePEc:mes:postke:v:20:y:1998:i:3:p:355-388




Template-Type: ReDIF-Article 1.0
Author-Name: David Bunting
Author-X-Name-First: David
Author-X-Name-Last: Bunting
Title: Distributional Basis of Aggregate Consumption
Journal: Journal of Post Keynesian Economics
Pages: 389-413
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490160
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490160
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Handle: RePEc:mes:postke:v:20:y:1998:i:3:p:389-413




Template-Type: ReDIF-Article 1.0
Author-Name: Lucia C. Hanmer
Author-X-Name-First: Lucia C.
Author-X-Name-Last: Hanmer
Author-Name: A. Haroon Akram-Lodhi
Author-X-Name-First: A. Haroon
Author-X-Name-Last: Akram-Lodhi
Title: In“The House of the Spirits”: Toward a Post Keynesian Theory of the Household?
Journal: Journal of Post Keynesian Economics
Pages: 415-433
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490161
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490161
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Handle: RePEc:mes:postke:v:20:y:1998:i:3:p:415-433




Template-Type: ReDIF-Article 1.0
Author-Name: Dipendra Sinha
Author-X-Name-First: Dipendra
Author-X-Name-Last: Sinha
Author-Name: Tapen Sinha
Author-X-Name-First: Tapen
Author-X-Name-Last: Sinha
Title: An Exploration of the Long-Run Relationship between Saving and Investment in the Developing Economies: A Tale of Latin American Countries
Journal: Journal of Post Keynesian Economics
Pages: 435-443
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490162
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490162
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas J. Carter
Author-X-Name-First: Thomas J.
Author-X-Name-Last: Carter
Title: Policy in a Two-Sector Efficiency Wage Model: Substituting Good Jobs for Bad
Journal: Journal of Post Keynesian Economics
Pages: 445-461
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490163
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490163
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Handle: RePEc:mes:postke:v:20:y:1998:i:3:p:445-461




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe
Author-X-Name-First: Jesus
Author-X-Name-Last: Felipe
Title: The Role of the Manufacturing Sector in Southeast Asian Development: A Test of Kaldor’s First Law
Journal: Journal of Post Keynesian Economics
Pages: 463-485
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490164
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490164
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Inflation and Real Income
Journal: Journal of Post Keynesian Economics
Pages: 487-492
Issue: 3
Volume: 20
Year: 1998
Month: 3
X-DOI: 10.1080/01603477.1998.11490165
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490165
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian  Dullien 
Author-X-Name-First: Sebastian  
Author-X-Name-Last: Dullien 
Author-Name: Ulrich  Fritsche 
Author-X-Name-First: Ulrich  
Author-X-Name-Last: Fritsche 
Title: How bad is divergence in the euro zone? Lessons from the United States and Germany 
Abstract:
 This paper compares relative unit labor cost developments in the countries
 of the euro area since the beginning of the European Monetary Union (EMU)
 both with historical developments and with intraregional developments in
 the United States and Germany. Unit labor cost indices for the U.S. states
 and census regions from 1977 to 1997 as well as for the German LÃ¤nder
 from 1970 to 2004 have been constructed. It is found that unit labor cost
 increases since 1999 in Portugal, and to a lesser extent, in Spain and
 Greece can be judged as excessive, which might impair a smooth working of
 the EMU in the future.
Journal: Journal of Post Keynesian Economics 
Pages: 431-457 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: divergences, European Monetary Union, labor costs, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L07465233732712X 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Aghion, P., and Howitt,
 P. "Appropriate Growth Policy: A Unifying Framework." Joseph Schumpeter
 Lecture delivered to the Twentieth Annual Congress of the European
 Economic Association, Amsterdam, August 25, 2005.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>2</BIBL>	      <BIBTEXT> Arnold, I.J.M., and Kool,
 C.J.M. "The Role of Inflation Differentials in Regional Adjustment:
 Evidence from the United States." Tjalling C. Koopmans Research Institute
 Discussion Paper Series no. 04-13, Utrecht School of Economics, Utrecht
 University, Netherlands, 2003 (available at >a target="_blank"
 href='http://www.uu.nl/content/04-13.pdf'>www.uu.nl/content/04-13.pdf>/a><
 /BIBTEXT>	</REF>	    <REF>	 <BIBL>3</BIBL>        <BIBTEXT>
 Blanchard, O., and Summers, L.H. "Hysteresis and the European Unemployment
 Problem." In S. Fischer (ed.), >i>NBER Macroeconomics Annual>/i>, vol.
 >b>1>/b>. Cambridge, MA: MIT Press, 1986, pp. 15-78.</BIBTEXT>      </REF>
      <REF>	   <BIBL>4</BIBL>	 <BIBTEXT> Dullien, S., and
 Schwarzer, D. "The Eurozone Under Serious Pressure: Regional Economic
 Cycles in the Monetary Union Need to Be Stabilised." Stiftung Wissenschaft
 und Politik (SWP) comment, Berlin, May 2005.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Dullien, S., and Schwarzer,
 D. "Bringing Macro-Economics into the EU Budget Debate: Why and How?"
 >i>Journal of Common Market Studies>/i>, 2009, >b>47>/b> (1),
 153-174.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Enderlein, H. >i>Nationale Wirtschaftspolitik in der
 EuropÃ¤ischen WÃ¤hrungsunion>/i> [National Economic Policy in the European
 Monetary Union]. Frankfurt: Campus, 2004.</BIBTEXT>	  </REF>      <REF>
	<BIBL>7</BIBL>	      <BIBTEXT> European Central Bank (ECB).
 "Inflation Differentials in the Euro Area: Potential Causes and Policy
 Implications." Frankfurt, 2003 (available at >a target="_blank"
 href='http://www.ecb.int/pub/pdf/other/inflationdifferentialreporten.pdf'>
 www.ecb.int/pub/pdf/other/inflationdifferentialreporten.pdf>/a></BIBTEXT> 
     </REF>	 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Gros, D.
 "Will EMU Survive 2010?" Centre for European Policy Studies (CEPS)
 Commentary, Brussels, January 17, 2006 (available at >a target="_blank"
 href='http://www.ceps.be/Article.php?article_id=503'>www.ceps.be/Article.p
 hp?article_id=503>/a></BIBTEXT>      </REF>	  <REF>       
 <BIBL>9</BIBL>        <BIBTEXT> Hayo, B. "Is European Monetary Policy
 Appropriate for the EMU Member Countries? A Counterfactual Analysis."
 Marburg Papers on Economics no. 10-2006, Marburg, Germany, 2006.</BIBTEXT>
      </REF>	  <REF>        <BIBL>10</BIBL>	      <BIBTEXT> Krugman, P.
 "Lessons of Massachusetts for EMU." In F. Torres and F. Giavazzi (eds.),
 >i>Adjustment and Growth in the European Monetary Union.>/i> Cambridge:
 Cambridge University Press, 1993, pp. 241-261.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Lane, P.R. "The Real Effects
 of EMU." Centre for Economic Policy Research (CEPR) Discussion Paper no.
 5536, London, 2006.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>12</BIBL>	<BIBTEXT> Lucas, R.E. "Macroeconomic Priorities."
 >i>American Economic Review>/i>, 2003, >b>93>/b> (1), 1-14.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>13</BIBL>	 <BIBTEXT> MacDougall, D.
 "Report on the Study Group on the Role of Public Finance in European
 Integration." Chaired by Sir Donald MacDougall, Commission of the European
 Communities, Economic and Financial Series no. A13, Brussels,
 1977.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	     
 <BIBTEXT> Munchau, W. "Spain Has Reason to Quit the Euro." >i>Financial
 Times>/i>, February 19, 2006, 11.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>15</BIBL>	<BIBTEXT> Riches-Flores, V. "Off the Cuff: Might
 the Euro Unravel?" Cross Asset Research, SociÃ©tÃ© GÃ©nÃ©rale Economics
 Research, London, May 19, 2006.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>16</BIBL>	<BIBTEXT> Roubini, N. "Macroeconomics and the Clash
 of Civilizations." >i>Globalist>/i>, Friday 17, 2006 (available at >a
 target="_blank"
 href='http://www.theglobalist.com/storyid.aspx?StoryId=5106'>www.theglobal
 ist.com/storyid.aspx?StoryId=5106>/a></BIBTEXT>      </REF>	  <REF>    
    <BIBL>17</BIBL>	   <BIBTEXT> Saint-Paul, G. "Business Cycles and
 Long-Run Growth." >i>Oxford Review of Economic Policy>/i>, Autumn 1997,
 >b>13>/b> (3), 145-153.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>18</BIBL>	<BIBTEXT> Sievert, O. "Geld, das man nicht selbst
 herstellen kann-ein ordnungspolitisches PlÃ¤doyer fÃ¼r die EuropÃ¤ische
 WÃ¤hrungsunion [Money That One Cannot Produce OneselfâA Regulative Plea
 for the European Monetary Union]. In P. Bofinger, S. Collignon, and E.-M.
 Lipp (eds.), >i>WÃ¤hrungsunion oder WÃ¤hrungschaos>/i> [Monetary Union of
 Monetary Chaos], Wiesbaden, Germany: Gabler, 1993, pp. 13-24.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>19</BIBL>	   <BIBTEXT> Snower, D.J.,
 and Merkl, C. "The Caring Hand That Cripples: The East German Labor Market
 After Reunification." Kiel Institute Working Paper no. 1263, Kiel,
 Germany, 2006.</BIBTEXT>      </REF>	   <REF>	<BIBL>20</BIBL>    
    <BIBTEXT> Wolf, M. "EMU's Second 10 Years May Be Tougher." >i>Financial
 Times>/i>, May 27, 2008, 11.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>21</BIBL>	<BIBTEXT> Yellen, J.L., and Akerlof, G.A.
 "Stabilization Policy: A Reconsideration." >i>Economic Inquiry>/i>, 2006,
 >b>44>/b> (1), 1-22.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:431-457




Template-Type: ReDIF-Article 1.0
Author-Name: Noemi Levy-Orlik
Author-X-Name-First: Noemi
Author-X-Name-Last: Levy-Orlik
Title: Effects of financialization on the structure of production and nonfinancial private enterprises: the case of Mexico
Abstract: 
 This article analyzes the social relations of production under conditions of financialization, emphasizing the changes taking place in the productive sector and the enterprises leading this process. The central theme of the analysis is that maximization of shareholder value has downsized and redistributed the production process, creating global supply chains and increasing financial activities in nonfinancial private firms that are independent of the financial process of production. The process of financialization has modified the relationship between developed and developing economies. The former have specialized in financial services, while the latter have deepened their industrialization process in high-technology manufacturing sectors, creating winner and loser economies.
Journal: Journal of Post Keynesian Economics
Pages: 235-254
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350204
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugenia Correa
Author-X-Name-First: Eugenia
Author-X-Name-Last: Correa
Author-Name: Gregorio Vidal
Author-X-Name-First: Gregorio
Author-X-Name-Last: Vidal
Author-Name: Wesley Marshall
Author-X-Name-First: Wesley
Author-X-Name-Last: Marshall
Title: Financialization in Mexico: trajectory and limits
Abstract: 
 This article seeks to contribute to the academic debate regarding financialization, through an analysis of its evolution in Mexico. As we argue, Mexico has been at the forefront of the tendencies and historical events that have defined financialization at the global level. Moreover, Mexico is alone among the world's largest economies in its continual application of public policies that serve the needs of a financialized economy. The degree to which such policies have been applied and their corresponding results have made Mexico one of the more interesting case studies in the causes and consequences of financialization.
Journal: Journal of Post Keynesian Economics
Pages: 255-275
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350205
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Financialization, neo-liberalism, and securitization
Abstract: 
 The financial crisis can be explained as the ultimate result of the gradual move towards neoliberal policies and the acceptance of neoliberal economic theories. The purchasing power of ordinary workers and consumers has been constrained by the evolution of six economic features: environmental issues, globalization, sound finance, the focus of central banks on inflation, and the new views on corporate governance, based on shareholder value and money manager capitalism. The generalization of securitization also played a large negative role—a role that was not well identified by heterodox economists.
Journal: Journal of Post Keynesian Economics
Pages: 215-233
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350203
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Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Author-Name: Achim Truger
Author-X-Name-First: Achim
Author-X-Name-Last: Truger
Title: Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal
Abstract: 
 We analyze the long-run imbalances of finance-dominated capitalism underlying the present crisis, which began in 2007, with a focus on developments in the United States and Germany. We argue that beyond inefficient regulation of the financial sector, the severeness of the present crisis has been mainly caused by increasing inequalities of income distribution and rising imbalances in the world economy associated with finance-dominated capitalism. From this it follows that in the near and not so near future, the United States will no longer be able to act as the driving force for world demand. In order to avoid a period of deflationary stagnation in major parts of the world economy, we finally propose the policy package of a global Keynesian New Deal that should consist of (1) reregulation of the financial sector, (2) reorientation of macroeconomic policies along (post) Keynesian lines, and (3) reconstruction of international macroeconomic policy coordination, in particular on the European level, and a new world financial order.
Journal: Journal of Post Keynesian Economics
Pages: 187-213
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350202
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Is risk management a science?
Abstract: 
 Risk management computer models developed by the "quants" of Wall Street and used by investment bankers did not predict the financial derivative crisis that almost sunk the global financial community in 2007. This article explains why these complex models were wrong and why models like Taleb's black swan approach are all based on nonapplicable axioms. It then explains how Soros's concept of reflexivity is similar to Keynes's liquidity theory of financial markets—an analytical framework that explains what caused the financial crash of 2007-8.
Journal: Journal of Post Keynesian Economics
Pages: 301-312
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350207
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Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: Financialization and the theory of the monetary circuit: fiscal and monetary policies reconsidered
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 167-169
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350200
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350200
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Handle: RePEc:mes:postke:v:35:y:2012:i:2:p:167-169




Template-Type: ReDIF-Article 1.0
Author-Name: Alicia Girón
Author-X-Name-First: Alicia
Author-X-Name-Last: Girón
Author-Name: Alma Chapoy
Author-X-Name-First: Alma
Author-X-Name-Last: Chapoy
Title: Securitization and financialization
Abstract: 
 Securitization and financialization are the main causes of the financial crisis. These two concepts explain not only Minsky's financial instability hypothesis but also the off-balance-sheet operations represented by derivative products, which are closely related to mortgage loans. Financial intermediaries in need of liquidity did everything in their power so that the securitization of assets could have a life of its own in financial operations. This is a process that is endogenous to the development of financialization. Because said process was a violation of the monetary economy, it was necessary for central banks to intervene as "lenders of last resort" as well as to nationalize and restructure all the financial intermediaries.
Journal: Journal of Post Keynesian Economics
Pages: 171-186
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350201
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Handle: RePEc:mes:postke:v:35:y:2012:i:2:p:171-186




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Seccareccia
Author-X-Name-First: Mario
Author-X-Name-Last: Seccareccia
Title: Financialization and the transformation of commercial banking: understanding the recent Canadian experience before and during the international financial crisis
Abstract: 
 As creators of credit money, commercial banks prevent the nonfinancial private sector from being constrained by its prior savings in accordance with the theory of the monetary circuit. Commercial banking provides the means for a private economy to break away from its financial constraint. Commercial banks are a blend of private/public institutions at the foundation of an economy's payment system, with the accompanying critical externalities. As the economy has moved historically from the prefinancialization era toward a hyperfinancialized economy, there has been a shift away from its traditional role of financing production. The activity of commercial banking has evolved, especially as a result of securitization. Commercial banks are now found at the center of one large profit-making transactions machine that largely denies their original role in the productive sphere. It is their new activities, together with all the associated perverse incentives that this transformation has created, that brought about the financial crisis. The article analyzes this evolution by studying more carefully the Canadian experience prior to and following the financial crisis.
Journal: Journal of Post Keynesian Economics
Pages: 277-300
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350206
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Handle: RePEc:mes:postke:v:35:y:2012:i:2:p:277-300




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: In Memory of Albert Hirschman
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 313-313
Issue: 2
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350208
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Handle: RePEc:mes:postke:v:35:y:2012:i:2:p:313-313




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Interest rates, income distribution, and monetary policy dominance: Post Keynesians and the "fair rate" of interest
Abstract: 
         In light of the growing interest in "new consensus" models, this paper examines Post Keynesian alternatives to the Taylor rule. It identifies two distinctive approaches to Post Keynesian interest rate policy, which we label the activist and the parking-it rules. The first approach advocates the use of nominal (or real) interest rates as a tool of aggregate demand fine-tuning, whereas the second approach moves away from reaction functions, claiming that monetary policy has become too dominant in economic discourse. It proposes, instead, an interest rate policy whereby the central bank "parks" the interest rate (real or nominal) according to a specific rule. Three possible parking rules are examined—the Smithin rule, the Kansas City rule, and the Pasinetti fair rate rule. The paper then explores the macroeconomic consequences of a genuine Post Keynesian alternative to new consensus monetary policy along the lines of the fair rate rule.
Journal: Journal of Post Keynesian Economics
Pages: 13-42
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300101
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:13-42




Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Title: A real interest rate rule for monetary policy?
Abstract: 
 This paper examines four alternative types of guidelines for monetary policy: (1) stabilizing the real policy rate of interest at a "low" level, (2) pegging the nominal policy rate, (3) employing a standard monetary policy reaction function to target inflation, and (4) invoking the notion of a "fair" rate of interest. The case defended here is that the first of these alternatives, an attempt to stabilize the real policy rate at some "low" level, is the best option for monetary policy. It is also the most consistent with the traditional Keynesian advocacy of cheap money—"we intend to retain control of our domestic rate of interest, and keep it as low as suits our own purposes."
Journal: Journal of Post Keynesian Economics
Pages: 101-118
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300105
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:101-118




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Title: Why money matters: Wicksell, Keynes, and the new consensus view on monetary policy
Abstract: 
 One of the greatest achievements of the modern mainstream approach to monetary policy is to have rejected the old quantity-theoretic framework, and to have replaced it with a Wicksellian two-interest-rate analysis, which closely reflects the actual behavior of central banks around the world. Starting with a presentation of Wicksell's two-interest-rate analysis and its policy implications, this paper evaluates these recent developments in monetary thought and monetary policy in terms of the acceptance or not of the axiom of neutrality of money and monetary policy.
Journal: Journal of Post Keynesian Economics
Pages: 43-60
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300102
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:43-60




Template-Type: ReDIF-Article 1.0
Author-Name: L. Wray
Author-X-Name-First: L.
Author-X-Name-Last: Wray
Title: A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate
Abstract: 
 This paper addresses three monetary policy issues—policy independence, choice of targets, and rules versus discretion. According to the new monetary consensus, the central bank needs policy independence to build credibility, the operating target is the overnight interbank lending rate, and the ultimate goal is price stability. An alternative view is presented, arguing that an effective central bank cannot be independent as conventionally defined, where effectiveness is indicated by the ability to hit an overnight nominal interest rate target. Discretionary policy and conventional views of central bank ability to achieve traditional goals such as robust growth, low inflation, or high employment are rejected. Thus, the paper returns to Keynes's call for low interest rates and euthanasia of the rentier.
Journal: Journal of Post Keynesian Economics
Pages: 119-141
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300106
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:119-141




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley
Author-X-Name-First: Thomas
Author-X-Name-Last: Palley
Title: Macroeconomics and monetary policy: competing theoretical frameworks
Abstract: 
 There is widespread agreement that monetary policy matters, but there is disagreement about how policy should be conducted. Behind this disagreement lies differences in theoretical understandings. The paper contrasts the new classical, neo-Keynesian, and Post Keynesian frameworks, thereby surfacing the differences. The new classical model has policy affecting only long-run inflation. The neo-Keynesian model has policy affecting inflation, unemployment, and real wages. The Post Keynesian model also affects growth, so policy implicitly picks a quadruple. Inflation targeting is a suboptimal policy frame because it biases decisions toward low inflation by obscuring the fact that policy also affects unemployment, real wages, and growth.
Journal: Journal of Post Keynesian Economics
Pages: 61-78
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300103
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:61-78




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Title: The state of Post Keynesian interest rate policy: where are we and where are we going?
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 3-11
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300100
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300100
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:3-11




Template-Type: ReDIF-Article 1.0
Author-Name: Wynne Goldey
Author-X-Name-First: Wynne
Author-X-Name-Last: Goldey
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Fiscal policy in a stock-flow consistent (SFC) model
Abstract: 
 This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashion—that is, at a well-defined level and growth rate—then full employment and low inflation will not be achieved in a sustainable way. We also show that fiscal policy on its own could achieve both full employment and a target rate of inflation. Finally, we arrive at two unconventional conclusions: (1) that an economy (described within an SFC framework) with a real rate of interest net of taxes that exceeds the real growth rate will not generate explosive interest flows, even when the government is not targeting primary surpluses, and (2) that it cannot be assumed that a debtor country requires a trade surplus if interest payments on debt are not to explode.
Journal: Journal of Post Keynesian Economics
Pages: 79-100
Issue: 1
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300104
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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:79-100




Template-Type: ReDIF-Article 1.0
Author-Name: Ana Martínez-Cañete
Author-X-Name-First: Ana
Author-X-Name-Last: Martínez-Cañete
Author-Name: Alfonso Palacio-Vera
Author-X-Name-First: Alfonso
Author-X-Name-Last: Palacio-Vera
Title: Capital stock and unemployment in Canada
Abstract: 
 The purpose of this article is to test the proposition that capital stock relative to aggregate output was an important variable in the determination of the Canadian nonaccelerating inflation unemployment rate (NAIRU) in the period 1976Q1-2003Q4. We present new empirical evidence obtained from the use of Canadian time-series data that lends support to the claim that the aggregate capital-output ratio was a significant determinant of the NAIRU in the period considered. The evidence presented suggests that insofar as the aggregate capital-output ratio may be affected by changes in real interest rates, the stance of monetary policy was one determinant of the NAIRU in the period considered.
Journal: Journal of Post Keynesian Economics
Pages: 113-136
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340105
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:113-136




Template-Type: ReDIF-Article 1.0
Author-Name: John McDermott
Author-X-Name-First: John
Author-X-Name-Last: McDermott
Title: Chamberlin and Robinson: their realism revisited and revised
Abstract: 
 Attempts to give greater realism to a general competitive equilibrium paradigm, such as, famously, by E.H. Chamberlin and Joan Robinson, founder on the excessive inferential potency of its assumptions, as, for example, in the familiar postulate that orders all possible preferences. Either the overtheorization must be restricted by illusory qualifying expressions such as ceteris paribus, which leave the inferential scheme unchanged, or the needed inferential steps are mathematically dubious, sometimes impermissible. A modified set of postulates are proposed for a more empirically sensitive economic science.
Journal: Journal of Post Keynesian Economics
Pages: 159-178
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340107
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340107
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:159-178




Template-Type: ReDIF-Article 1.0
Author-Name: Edward Williams
Author-X-Name-First: Edward
Author-X-Name-Last: Williams
Title: In the land of the blind the one-eyed are king: how financial economics contributed to the collapse of 2008-2009
Abstract: 
 The purpose of this article is to discuss why finance went from being a useful, albeit not all knowing, discipline to a state where its pronouncements presently not only are not useful but can be absolutely harmful. Before the 1950s, research in finance was essentially taxonomic and descriptive. It was assumed that finance as an area of study was supposed to describe practical phenomena (stocks, bonds, credit arrangements, etc.). By the 1950s, however, constructs of questionable value replaced the practical wisdom that had developed earlier, and these constructs put blinders on the discipline. The root cause was the reaction to the Gordon and Howell Report and the Pearson Report on business school education, which concluded that finance and business subjects generally were "backwater" areas of study with little intellectual content. The result was a major change in business school curricula and research methodology. In finance, the consequence has been the development of a façade that has fooled practitioners and helped produce various financial collapses, including the recent collapse of 2008-9.
Journal: Journal of Post Keynesian Economics
Pages: 3-24
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340101
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Template-Type: ReDIF-Article 1.0
Author-Name: Ben Zipperer
Author-X-Name-First: Ben
Author-X-Name-Last: Zipperer
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Title: Cyclical patterns of employment, utilization, and profitability
Abstract: 
 The interaction between income distribution, accumulation, employment, and the utilization of capital is central to macroeconomic models in the "heterodox" tradition. This article examines the stylized pattern of these variables using U.S. data for the period after 1948. We look at the trends and cycles in individual time series and examine the bivariate cyclical patterns among the variables.
Journal: Journal of Post Keynesian Economics
Pages: 25-58
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340102
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:25-58




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa
Author-X-Name-First: Imad
Author-X-Name-Last: Moosa
Title: On the U.S.-Chinese trade dispute
Abstract: 
 This article deals with three propositions pertaining to U.S.-Chinese dispute over the trade imbalance between them: that the Chinese currency is undervalued, that this undervaluation is the cause of the trade imbalance, and that Chinese policies are immoral and illegal according to International Monetary Fund (IMF) and World Trade Organization (WTO) rules. It is argued that the Chinese currency may or may not be undervalued, that China is price-competitive for reasons unrelated to the exchange rate, and that Chinese policies are legitimate and do not violate the IMF or WTO rules. The empirical results show that the trade balance is more closely related to the terms of trade than to either the nominal or the real exchange rate. This means that a major source of correction for the trade imbalance would be the correction of the terms of trade.
Journal: Journal of Post Keynesian Economics
Pages: 85-112
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340104
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:85-112




Template-Type: ReDIF-Article 1.0
Author-Name: Timur Behlul
Author-X-Name-First: Timur
Author-X-Name-Last: Behlul
Title: Was it really a Minsky moment?
Abstract: 
 In a Minskian world, the "moment" occurs after a cumulative process toward financial instability. Minsky argued that during a sustained boom, an upward revision of profit expectations should lead to higher leverage ratios and greater risk taking. In this article, I investigate whether the balance sheet of the nonfinancial corporate sector, which plays a central role in Minsky's theory, exhibited any such patterns. I conclude that the nonfinancial corporate sector did not move toward a more precarious position, hence the properties that must exist for a "Minsky moment" are absent.
Journal: Journal of Post Keynesian Economics
Pages: 137-158
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340106
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:137-158




Template-Type: ReDIF-Article 1.0
Author-Name: Dic Lo
Author-X-Name-First: Dic
Author-X-Name-Last: Lo
Author-Name: Guicai Li
Author-X-Name-First: Guicai
Author-X-Name-Last: Li
Title: China's economic growth, 1978-2007: structural-institutional changes and efficiency attributes
Abstract: 
 China's sustained rapid economic growth over the era of its systemic reform is of general importance for late development under globalization. This article seeks to construct an explanation of the experience, which centers on the notion of an evolving development path that embodies an uneasy mix of the attributes of allocative and productive efficiency. In this light, the analytical findings of the article give rise to two main propositions. First, in contrast to the general direction of market reform in the institutional dimension, China's actual path of industrialization and economic growth has rather tended to contradict the principle of (endowment-determined) comparative advantage. It has been in the direction of capital deepening, especially since the early 1990s. Second, China's reformed economic institutions have encompassed both market-supplanting and market-conforming elements. These are represented by state-owned enterprises and non-state-owned enterprises, respectively, with the former accounting for the improvement in productive efficiency and the latter accounting for the improvement in allocative efficiency. The article concludes with a discussion on the significance and policy implications of the findings.
Journal: Journal of Post Keynesian Economics
Pages: 59-84
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340103
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Publisher's Note
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 179-179
Issue: 1
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340108
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340108
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Handle: RePEc:mes:postke:v:34:y:2011:i:1:p:179-179




Template-Type: ReDIF-Article 1.0
Author-Name: Felipe Serrano 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Serrano 
Title: The Spanish fiscal policy during the recent "great recession" 
Abstract:
 This paper examines the fiscal strategy followed by the Spanish government
 in order to stop the fall of aggregate demand induced by the financial
 crisis. The Spanish economy provides the best example among the countries
 of the European Monetary Union of the contradictions between the
 discretionary fiscal policy in the crisis and the fiscal rules. The
 intensity of the crisis and some initial badly designed fiscal stimulus
 shortened the fiscal space, raising the deficit over the limit established
 in the Stability and Growth Pact. As a consequence of the enforcement of
 the rule, the Spanish administration has to apply a restrictive fiscal
 policy without having left the recession, while keeping one of the lowest
 indebtedness levels in the euro zone countries.
Journal: Journal of Post Keynesian Economics 
Pages: 371-388 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: fiscal policy, fiscal rules, Spain, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2814698373146W17 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P., and
 Fontana, G. "Special Symposium of Discretionary Fiscal Policy: Fiscal
 Policy Is Back." >i>Journal of Post Keynesian Economics>/i>, Summer 2009,
 >i>31>/i> (4), 547-548.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> Arestis, P., and Sawyer, M. "On the
 Effectiveness of Monetary and Fiscal Policy." >i>Review of Social
 Economics>/i>, 2003, >i>62>/i> (4), 441-463.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Auerbach, A. "Implementing
 the New Fiscal Policy Activism." >i>American Economic Review: Papers and
 Proceedings>/i>, 2009, >i>99>/i> (2), 543-549.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>4</BIBL>	    <BIBTEXT> Bank of Spain. >i>Informe
 EcÃ³nomico 2008>/i> [Annual Report 2008]. Madrid: Bank of Spain,
 2009.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Blanchard, O. "Sustaining a Global Recovery." >i>Finance and
 Development>/i>, 2009, >i>46>/i> (3), 8-12.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> De Castro, F. "Una
 evaluaciÃ³n macroeconomÃ©trica de la polÃ­tica Fiscal en EspaÃ±a" [A
 Macroeconomic Evaluation of the Spanish Fiscal Policy]. >i>Estudios
 EconÃ³micos del Banco de EspaÃ±a>/i>, 2005, 76.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>7</BIBL>	    <BIBTEXT> De Castro, F.; Estrada, A.;
 HernÃ¡ndez de Cos, P.; and MartÃ­, F. "Una aproximaciÃ³n al componente
 transitorio del saldo pÃºblico en EspaÃ±a" [An Approximation to Temporary
 Component of the Spanish Public Budget]. >i>BoletÃ­n EconÃ³mico>/i>,
 âJuneâ 2008, 71-81.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>8</BIBL>        <BIBTEXT> European Commission. "Cyclical Adjustment
 of Budget Balances." Brussels: Directorate General Economic and Financial
 Affairs, Spring 2009a.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>9</BIBL>        <BIBTEXT> European Commission. "Economic Forecast:
 Spring 2009." >i>European Economy>/i>, âMayâ 2009b, 3.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Ferreiro, J.;
 GÃ³mez, C.; and Serrano, F. "How Much Room for Expansionary Economic
 Policies in the EMU? The Case of Spain." In E. Hein, J. Priewe, and A.
 Truger (eds.), >i>European Integration in Crisis>/i>. Marburg, Germany:
 Metropolis-Verlag, 2007, pp. 194-219.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>11</BIBL>	   <BIBTEXT> GalÃ­, J.; LÃ³pez-Salido, J.; and
 VallÃ©s Liberal, J. "Understanding the Effects of Government Spending on
 Consumption." >i>Journal of the European Economic Association>/i>, 2007,
 >i>5>/i> (1), 227-270.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>12</BIBL>	<BIBTEXT> International Monetary Fund (IMF).
 "Fiscal Implications of the Global Economic and Financial Crisis" IMF
 Staff Position Note SPN/09/13, Washington, DC, âJune 9â,
 2009.</BIBTEXT>      </REF>	  <REF>        <BIBL>13</BIBL>	     
 <BIBTEXT> Larch, M., and Turrini, A. "The Cyclically-Adjusted Budget
 Balance in EU Fiscal Policy Making: A Love at First Sight Turned into a
 Mature Relationship." >i>European Economy, Economic Papers>/i>,
 âMarchâ 2009, >i>374>/i>, 1-44.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>14</BIBL>	 <BIBTEXT> National Institute of Statistics.
 >i>Quarterly Spanish National Accounts>/i>. Madrid: INE, 2009.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>15</BIBL>	    <BIBTEXT> Organisation
 for Economic Cooperation and Development (OECD). >i>Economic Outlook>/i>,
 no. 84, Paris, âNovemberâ 2008.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>16</BIBL>	 <BIBTEXT> Sawyer, M. "Fiscal and Interest Rate
 Policies in the âNew Consensusâ Framework: A Different Perspective."
 >i>Journal of Post Keynesian Economics>/i>, Summer 2009, >i>31>/i> (4),
 549-565.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>	
 <BIBTEXT> Spanish Ministry of Economics. "ActualizaciÃ³n del Programa de
 Estabilidad (2009-2010)" [Update of the Stability Program]. Madrid:
 Ministry of Economics, 2009.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>18</BIBL>	<BIBTEXT> Spilimbergo, A.; Symansky, S.; and
 Schindler, M. "Fiscal Multipliers." IMF Staff Position Note SPN/09/11,
 Washington, DC, âMayâ 2009.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>19</BIBL>	<BIBTEXT> Spilimbergo, A.; Symansky, S.; Blanchard,
 O.; and Cottarelli, C. "Fiscal Policy for the Crisis." IMF Staff Position
 Note SPN/08/01, Washington, DC, âDecemberâ 2008.</BIBTEXT>      </REF>
      <REF>	   <BIBL>20</BIBL>	  <BIBTEXT> UxÃ³ GonzÃ¡lez, J., and
 Arroyo FernÃ¡ndez, J. "Stabilization Capacity and Fiscal Policy in the
 EMU." In J. Ferreiro, G. Fontana, and F. Serrano (eds.), >i>Fiscal Policy
 in the European Union>/i>. Basingstoke, UK: Palgrave Macmillan, 2008, pp.
 53-83.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:371-388




Template-Type: ReDIF-Article 1.0
Author-Name: Sébastien Charles
Author-X-Name-First: Sébastien
Author-X-Name-Last: Charles
Title: An additional explanation for the variable Keynesian multiplier: The role of the propensity to import
Abstract: 
 This article analyzes the concept of the Keynesian multiplier from a new perspective. Several recent studies have shown that the fiscal multiplier is endogenous to the level of economic activity, increasing during recessions and decreasing during the boom. Here, we provide some evidence, explaining this variability over the business cycle, based on the overreaction of aggregate imports. Then, we apply the concept of endogenous propensity to import, varying with capacity utilization, to a neo-Kaleckian model of growth and distribution. We perform some simple simulations showing that the Keynesian multiplier increases during a recession, which logically does not advocate a reduction in public spending when the economy is in crisis.
Journal: Journal of Post Keynesian Economics
Pages: 187-205
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1127121
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1127121
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Handle: RePEc:mes:postke:v:39:y:2016:i:2:p:187-205




Template-Type: ReDIF-Article 1.0
Author-Name: Javier López Bernardo
Author-X-Name-First: Javier López
Author-X-Name-Last: Bernardo
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Author-Name: Félix López Martínez
Author-X-Name-First: Félix López
Author-X-Name-Last: Martínez
Title: A post Keynesian theory for Tobin’s  in a stock-flow consistent framework
Abstract: 
 The paper proposes a post Keynesian framework to explain Tobin’s q behavior in the long run. The theoretical basis is informed by the Cambridge corporate model originally proposed by Kaldor (1966), which is reinterpreted here as a theory for q. The core of the “Kaldorian q theory” is a negative long-run relation between q and growth rates, a negative relation between q and propensities to consume, and the fact that q can be different from 1 in the long-run equilibrium. We generalize this model through a medium-scale stock-flow consistent (SFC) model, which introduces important post Keynesian aspects missing in the Kaldorian model, such as endogenous money, a financial system, and inflation. We extend the model to include a more realistic treatment of firms’ financial structure decisions and allow the interdependence between these decisions and dividend policy. Numerical simulations confirm that the original Kaldorian relations between q and growth rates and propensities to consume hold, but unlike the original model, in our model, q is not independent of how firms finance their investment. We also confirm the possibility of q being different from 1 in the long run. Finally, we contrast this “post Keynesian q theory” with the Miller–Modigliani dividend irrelevance proposition and the neoclassical investment and financial theory. It is shown that its validity depends crucially on the value taken by q: for q values different from 1 the proposition will not hold and dividend policy will be relevant for equity valuation. Therefore, post Keynesian q theory stands against the main predictions of mainstream finance and constitutes an alternative for developing a macroeconomic theory for equity markets.
Journal: Journal of Post Keynesian Economics
Pages: 256-285
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1145061
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1145061
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Eduardo Drumond
Author-X-Name-First: Carlos Eduardo
Author-X-Name-Last: Drumond
Author-Name: Cleiton Silva De Jesus
Author-X-Name-First: Cleiton Silva
Author-X-Name-Last: De Jesus
Title: Monetary and fiscal policy interactions in a post Keynesian open-economy model
Abstract: 
 Using a post Keynesian model, this study aims to analyze the stabilizing role of fiscal and monetary policies in an open economy with a managed exchange rate regime. The real exchange rate is modeled as an endogenous variable and inflation explained using the conflicting claims approach. The dynamic properties of macroeconomic equilibrium are evaluated in different regimes of fiscal and monetary policies. The main result of this study suggests that the preferred policy regime is the one in which economic authorities are complementary and fiscal policy plays an explicitly active role. In this regime, the fiscal policy must commit to the target for the rate of capacity utilization and the monetary authority must commit to the inflation target.
Journal: Journal of Post Keynesian Economics
Pages: 172-186
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1147332
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1147332
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Damill
Author-X-Name-First: Mario
Author-X-Name-Last: Damill
Author-Name: Roberto Frenkel
Author-X-Name-First: Roberto
Author-X-Name-Last: Frenkel
Author-Name: Lucio Simpson
Author-X-Name-First: Lucio
Author-X-Name-Last: Simpson
Title: An unlikely Phoenix: The recovery of Argentina’s monetary and financial system from its ashes in the 2000s and its lessons
Abstract: 
 The study discusses the recovery of the Argentine financial system after the crisis of the so called convertibility regime of the 1990s. The Argentine macroeconomic regime established in 1991 and based on the hard peg of the peso to the dollar at a 1 to 1 parity ended in a multiple crisis in 2001–2. Beyond the default on the public debt, the crisis also involved the breakdown of the domestic financial system, and an almost complete isolation of the country from the international financial markets as a consequence of the default. Under such a deep crisis and the consequent uncertainty, the recovery of the solvency of the financial institutions was an almost insurmountable enterprise. However, with a gradualist approach (contrary to the advice of the International Monetary Fund) and a degree of “regulatory forbearance,” the financial and monetary authorities were able to recover the health of the financial system, which became much more resilient to shocks, even if its development has been very slow and, as a consequence, the contribution of domestic credit to the economic expansion of the 2000s can be considered almost negligible.
Journal: Journal of Post Keynesian Economics
Pages: 228-255
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1155415
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1155415
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Reis
Author-X-Name-First: Marcos
Author-X-Name-Last: Reis
Author-Name: Daniel Vasconcelos
Author-X-Name-First: Daniel
Author-X-Name-Last: Vasconcelos
Title: The legal theory of finance and the financial instability hypothesis: Convergences and possible integration
Abstract: 
 This article presents the legal theory of finance (LTF) and compares it with the financial instability hypothesis (FIH), identifying points of convergence and divergence. The study aims to contribute to the literature by connecting these theories and provides the following main conclusions. First, the LTF incorporates aspects of the FIH, as the theories share several key elements, particularly the presence of fundamental uncertainty, the constraint of liquidity, and the necessity for governments to act as lenders of last resort. Second, the liquidity concept used in the LTF can be better comprehended with the use of Keynesian and post Keynesian literature on the topic. Third, the LTF aims to advance and update certain aspects of Minsky’s theory, particularly with regard to the globalization of markets, power relations, and the interdependencies of the political economy of finance. The study concludes that the theories are more complementary than divergent and future studies should create an analytical framework that integrates the theories’ most insightful aspects.
Journal: Journal of Post Keynesian Economics
Pages: 206-227
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1165622
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1165622
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Handle: RePEc:mes:postke:v:39:y:2016:i:2:p:206-227




Template-Type: ReDIF-Article 1.0
Author-Name: Rod O'Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O'Donnell
Title: Third contribution to the ergodic/nonergodic critique: Reply to Davidson, part 2
Abstract: 
 This second part of my reply to Davidson (2015) discusses mathematical and statistical matters using a simple model of ergodicity whose properties do not match many of those asserted by ENE. It responds to Davidson's counterarguments against pre-infinity indeterminacy, examines the works of Billingsley, Uffink, and Malinvaud as cited by Davidson, and then turns to important methodological issues. As in Part 1 of my reply, Davidson's rejoinder helps make the critique stronger, deeper, and more relevant.
Journal: Journal of Post Keynesian Economics
Pages: 145-171
Issue: 2
Volume: 39
Year: 2016
Month: 4
X-DOI: 10.1080/01603477.2016.1169431
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1169431
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Handle: RePEc:mes:postke:v:39:y:2016:i:2:p:145-171




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo L. Dos Santos
Author-X-Name-First: Paulo L.
Author-X-Name-Last: Dos Santos
Title: Not “wage-led” versus “profit-led,” but investment-led versus consumption-led growth
Abstract: 
 This paper offers a critique of the concepts of “wage-led” and “profit-led” growth based on an application of the circuit of capital macroeconomic framework. Wages are shares of capital outlays sustaining production and circulation of goods; profits are shares of sales. This ensures that the functional distribution of income and the level of output are jointly conditioned by the measure of aggregate demand relative to capital outlays. It is spurious to attribute causal significance to associations between functional distribution and output. The paper develops a series of comparative exercises to consider the relationships between the real wage, output, and distribution once functional income flows are understood not as a sharing of output but in relation to the expenditures funding them. This generalizes and challenges neo-Kaleckian appreciations of those relationships. Finally, the paper advances a new analytical and policy taxonomy concerning growth and distribution, centered on the distinction between the consumption-led regimes recently experienced by the United States, Britain, and many middle-income economies, and alternative investment-led growth regimes that may support the high-growth, high-wage-share evolutions sought by adherents of “wage-led” growth.
Journal: Journal of Post Keynesian Economics
Pages: 661-686
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1000124
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000124
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Day Haight
Author-X-Name-First: Alan Day
Author-X-Name-Last: Haight
Title: Piketty’s paradox: a comparison to the Keynesian paradox of thrift
Abstract: 
 In Piketty’s model, a fall in the growth rate causes a higher share to be saved and invested. This paradox of growth is interpreted as a dynamic version of Keynes’s paradox of saving. The familiar graph of the Keynesian paradox is modified—simply by changing the labels on the curves and axes— to illustrate both the weak and strong forms of Piketty’s paradox. Side-by-side comparisons focus on the similarities of the Pikettian equations to their somewhat Keynesian antecedents.
Journal: Journal of Post Keynesian Economics
Pages: 533-544
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1049924
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1049924
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniela M. Prates
Author-X-Name-First: Daniela M.
Author-X-Name-Last: Prates
Author-Name: Maryse Farhi
Author-X-Name-First: Maryse
Author-X-Name-Last: Farhi
Title: The shadow banking system and the new phase of the money manager capitalism
Abstract: 
 The conventional definition of the shadow banking system (SBS) put forward by economists of the Federal Reserve and endorsed by the Financial Stability Board and the International Monetary Fund is based on the mainstream view of banks as mere financial intermediaries. On the contrary, this article proposes a post Keynesian approach of the SBS that focuses on the banks’ key role of creating money ex nihilo, highlighted by Schumpeter, Keynes, and their followers, such as Minsky. The hypothesis argued here is that on the threshold of the twenty-first century a new phase of money manager capitalism emerged, in which many money managers along with other nonbanking financial institutions became members of the SBS as they took part in credit risk withdrawals from banks’ balance sheets. This was done through financial innovations (securitization and credit derivatives) that allowed banks to remove these risks from their balance sheets and, in turn, to grant increasing amounts of credit. Yet, by globally multiplying and redistributing the risks present in the system to a variety of financial institutions, they were responsible for the transformation of a classic credit crunch (wherein the sum of potential losses corresponding to loans with low collateral is known), into a systemic financial crisis in the international arena.
Journal: Journal of Post Keynesian Economics
Pages: 568-589
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1049925
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1049925
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeva Nersisyan
Author-X-Name-First: Yeva
Author-X-Name-Last: Nersisyan
Title: The repeal of the Glass–Steagall Act and the Federal Reserve’s extraordinary intervention during the global financial crisis
Abstract: 
 Before the global financial crisis, the assistance of the lender of last resort was thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial paper market, the mortgage-backed securities market, the triparty repo market, and so on. In this paper, we argue that the elimination of specialized banking through the eventual repeal of the Glass–Steagall Act (GSA) has played an important role in the leakage of the public subsidy intended for commercial banks to nonbank financial institutions. In a specialized financial system, which the GSA had helped to create, the use of the lender-of-last-resort safety net could be more comfortably limited to commercial banks. However, the elimination of GSA restrictions on bank-permissible activities has contributed to the rise of a financial system where the lines between regulated and protected banks and the so-called shadow banking system have become blurred. The existence of shadow banking, which is directly or indirectly guaranteed by banks, has made it practically impossible to confine the safety to the regulated banking system. In this context, reforming the lender-of-last-resort institution requires fundamental changes within the financial system itself.
Journal: Journal of Post Keynesian Economics
Pages: 545-567
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1049926
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1049926
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Template-Type: ReDIF-Article 1.0
Author-Name: Zsolt Gilányi
Author-X-Name-First: Zsolt
Author-X-Name-Last: Gilányi
Title: A brief note on Mathias Binswanger’s model
Abstract: 
 An increasing number of economists agree that modern market economies are subject to a growth imperative: zero growth is not a feasible state in the long run. This result is shown differently by various authors. Mathias Binswanger pretends to establish the growth imperative of modern market economies by making the link between money creation and firms’ profits. If Binswanger’s strictly positive minimal steady state growth solution is binding, so is the minimal growth derived from the money creation rule but the reverse is not true. In other words, it is sufficient to consider the money creation rule for the feasible solutions in his model; the link between firms’ profits and money creation is missing. Nevertheless, the basic message of his model is not discredited: there is a growth imperative in capitalist economies regardless of risk considerations.
Journal: Journal of Post Keynesian Economics
Pages: 590-596
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1049927
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1049927
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Template-Type: ReDIF-Article 1.0
Author-Name: Reeves Johnson
Author-X-Name-First: Reeves
Author-X-Name-Last: Johnson
Title: Capitalism’s growth imperative: an examination of Binswanger and Gilányi
Abstract: 
 This paper examines Mathias Binswanger’s (2009) model of a growth imperative and Zsolt Gilányi’s (this issue) note on that model. The growth imperative in Binswanger’s model is established through a profit-loan linkage such that loans, as well as the economy as a whole, must grow at a suficiently high rate so that firms make positive profits. To come to this conclusion, Binswanger derives a particular steady-state rate of growth in which profits are zero, which he refers to as the zero profit growth rate. In his note, Gilányi derives his own minimum growth rate based on a constant money supply. Gilányi then compares the two minimum growth rates—Binswanger’s zero profit growth rate and his monetary growth rate—to determine which one is the binding constraint on the model. Upon comparison, Gilányi shows that his monetary constraint is always the binding constraint implying that the zero profit growth rate is redundant. This paper shows that after reformulating Binswanger’s model in order to make its equations stock-flow consistent, the resulting zero profit rate of growth is always the binding constraint. This zero profit rate of growth is thus not redundant as was the case in Binswanger’s model, and, on the contrary, it is Gilányi’s monetary constraint that is redundant in the reformulated model.
Journal: Journal of Post Keynesian Economics
Pages: 597-622
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1049928
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1049928
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Binswanger
Author-X-Name-First: Mathias
Author-X-Name-Last: Binswanger
Title: The growth imperative revisited: a rejoinder to Gilányi and Johnson
Abstract: 
 In Binswanger (2009) it was shown that in a simple circular flow model of a pure credit economy, positive growth rates are necessary in the long run in order to enable firms to make profits in the aggregate. If the growth rate falls below a certain positive threshold level, firms will make losses. Certain aspects of this model are challenged by the papers of Zsolt Gilányi and Reeves Johnson in this issue of the Journal But nevertheless, both papers confirm the existence of a growth imperative in capitalist economies. This may be taken as evidence that the finding of a growth imperative is quite robust with respect to different model assumptions.
Journal: Journal of Post Keynesian Economics
Pages: 648-660
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1050333
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1050333
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Handle: RePEc:mes:postke:v:37:y:2015:i:4:p:648-660




Template-Type: ReDIF-Article 1.0
Author-Name: Eckehard Rosenbaum
Author-X-Name-First: Eckehard
Author-X-Name-Last: Rosenbaum
Title: Zero growth and structural change in a post Keynesian growth model
Abstract: 
 Continuous albeit oscillating economic growth has become a hallmark of modern economies. Arguing on the basis of theoretical models, some authors maintain that growth is even a systemic requirement of capitalist economies. Thus the latter remain only stable as long as they grow. From an empirical point of view, phases of negative growth (recessions) often go hand in hand with economically and socially detrimental side effects, which policymakers seek to avoid at virtually all costs. This is why a stagnant or even degrowing economy is also anathema to policymakers and arguably to the public at large. Concomitantly, economic research has focused mainly on the drivers of growth rather than the conditions under which stagnant economies can exist. The present paper seeks to contribute to the analysis of stagnant economies by investigating the interrelationship of zero growth and technological progress in the context of a Kaleckian growth model. The analysis starts by showing that a Kaleckian model allows zero growth if depreciation is taken into account and if animal spirits are somewhat (but not too) pessimistic. Combining these conditions with technological progress and wage bargaining, further analysis then indicates that in a profit-driven economy, the overall stability of the system is no longer guaranteed if zero growth is actively imposed, leading to a downward spiral, while in a wage-driven economy, stability can be induced under conditions of zero growth and technological progress but it may not be guaranteed for positive growth.
Journal: Journal of Post Keynesian Economics
Pages: 623-647
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1050334
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1050334
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Template-Type: ReDIF-Article 1.0
Author-Name: John F.M. McDermott
Author-X-Name-First: John F.M.
Author-X-Name-Last: McDermott
Title: Perfect competition, methodologically contemplated
Abstract: 
 The concept of perfect competition embodies a formal contradiction, precisely as would that of “the largest integer.” The ascription of legitimate meaning to the concept, as in George J. Stigler’s well-known 1957 essay, “Perfect Competition, Historically Contemplated,” is demonstrably circular, hence methodologically unacceptable. Mathematical problems arising from the concept are explored and it is these that give rise to the contradiction, as is demonstrated. Paradoxically, the elimination of perfect competition and its supporting canon comes at no cost to a scientific, that is, empirically oriented economics.
Journal: Journal of Post Keynesian Economics
Pages: 687-703
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2015.1050335
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1050335
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Handle: RePEc:mes:postke:v:37:y:2015:i:4:p:687-703




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board EOV
Journal: Journal of Post Keynesian Economics
Pages: ebi-ebi
Issue: 4
Volume: 37
Year: 2015
Month: 5
X-DOI: 10.1080/01603477.2014.1071102
File-URL: http://hdl.handle.net/10.1080/01603477.2014.1071102
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Template-Type: ReDIF-Article 1.0
Author-Name: Arjun Jayadev
Author-X-Name-First: Arjun
Author-X-Name-Last: Jayadev
Author-Name: J. W. Mason
Author-X-Name-First: J. W.
Author-X-Name-Last: Mason
Title: Loose money, high rates: interest rate spreads in historical perspective
Abstract: 
 Over the past fifty years interest rate spreads have widened substantially, both between longer and shorter maturity loans and between loans to riskier and less risky borrowers. In much of economic theory, the determination of interest rate spreads is analytically distinct from the determination of the overall level of interest rates. But from a Keynesian perspective that regards interest as fundamentally the price of liquidity, there is no conceptual basis for picking out the difference in yield between money and a short-term government bond as “the” interest rate; there are many other pairs of asset yields the difference between which is determined on the same principles, and may have equivalent economic significance. In this article, we argue that this Keynesian perspective is particularly useful in explaining the secular rise in interest rate spreads since the 1980s, and that both conventional expectations and stronger liquidity preference appear to have played a role. The rise in the term and credit premiums is important for policy, because they mean that the low policy rates in recent periods of expansionary policy have not been reliably translated into low rates for private borrowers.
Journal: Journal of Post Keynesian Economics
Pages: 93-130
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1065671
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065671
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Handle: RePEc:mes:postke:v:38:y:2015:i:1:p:93-130




Template-Type: ReDIF-Article 1.0
Author-Name: Felipe Rezende
Author-X-Name-First: Felipe
Author-X-Name-Last: Rezende
Title: Demand for financial assets and monetary policy: a restatement of the liquidity preference theory and the speculative demand for money
Abstract: 
 Keynes implicitly used the concept of duration to analyze the impacts of expected changes in the price of a perpetual bond and coupon payments that led to his “square rule.” Keynes’s result (“square rule”), derived from the breakeven condition, was just a simplification to illustrate the importance of expected interest changes on the total return of an investor’s portfolio, constrained to money and consols. Keynes’s world is not one of yield, but one of total return, where price and yield form the returns. This paper aims to show that the same breakeven method can be used, but instead of a simple two-asset model (money and a specific financial asset such as consols) this framework can be generalized to take into account a broad spectrum of financial assets including perpetuals, zero-coupon, coupon bearing securities for different maturities and investment horizons, and risk preferences to analyze the impacts of expected changes in interest rates on total expected return. By using Keynes’s breakeven condition and total return analysis, it is possible to generalize this argument for different types of securities (and not just consols) and it follows the approach of chapter 17 of the General Theory. In this paper, I update and extend Keynes’s analysis to allow for different holding periods (or investment horizons) and different financial instruments. When we take into account duration and convexity effects, and given rising expected changes in interest rate, we get an upward sloping demand for securities with short duration relative to investment horizon rather than a downward sloping speculative money demand schedule. In this framework, duration and breakeven analysis play a crucial role in the demand for financial assets as bank’s expectation on rate changes will generate a demand for short (or long) duration financial assets impacting asset prices.
Journal: Journal of Post Keynesian Economics
Pages: 64-92
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1065672
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065672
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Medlen
Author-X-Name-First: Craig
Author-X-Name-Last: Medlen
Title: Free cash, corporate taxes, and the federal deficit
Abstract: 
 Over seventy years ago, Michal Kalecki noted that budget deficits would “permit profits to increase above the level determined by private investment and capitalists’ consumption.” Kalecki’s insight into the generation of “free cash” (cash in excess of new investment) was formulated at a time when consumer deficit spending and other private deficit spending was minuscule. But it can be shown that his insight can be extended not just to an expansion of public deficits but to private deficits as well. Over the past forty years, the rise of “free cash” and expanded deficits have allowed corporations to cut back on investment growth, funneling the excess cash into mergers, stock buybacks, and expanded dividends to the wealthy. In recent years, this outpouring of cash has accounted for well over fifty percent of corporate fixed investment. I run a simple “what if” exercise on U.S. corporate tax flows utilizing past U.S. tax rates to calculate the possible absorption of free cash and reduction of federal debt that would have been associated with such an exercise.
Journal: Journal of Post Keynesian Economics
Pages: 19-37
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1065674
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065674
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyam Gouri Suresh
Author-X-Name-First: Shyam Gouri
Author-X-Name-Last: Suresh
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Firm performance, macroeconomic conditions, and “animal spirits” in a Post Keynesian model of aggregate fluctuations
Abstract: 
 We construct a multiagent system (MAS) model of cyclical growth in which aggregate fluctuations result from variations in activity at the firm level. The latter, in turn, result from changes in “animal spirits” or the state of long-run expectations (SOLE) and their effect on firms’ investment behavior. We focus on the impact of publicly available information about macroeconomic conditions—analogous to the press releases of national statistical agencies—on changes in the SOLE and hence the amplitude of aggregate fluctuations. Our results suggest that the amplitude of fluctuations is reduced by extremes of attention or inattention to aggregate economic performance, but that this relationship is subject to complicated (and possibly complex) phase transitions exhibiting extreme sensitivity to initial conditions.
Journal: Journal of Post Keynesian Economics
Pages: 38-63
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1065676
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065676
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Template-Type: ReDIF-Article 1.0
Author-Name: André De Melo Modenesi
Author-X-Name-First: André De Melo
Author-X-Name-Last: Modenesi
Author-Name: Rui Lyrio Modenesi
Author-X-Name-First: Rui Lyrio
Author-X-Name-Last: Modenesi
Title: Development conventions: theory and the case of Brazil in the latter half of the twentieth century
Abstract: 
 For Keynes, convention is a device used to circumvent uncertainty. For French conventionalists (FCs), convention coordinates behavior in “complex market situations.” Brazilian economist Fabio Erber contributed to this debate by formulating a concept of development convention (DC) and thus making this subject particularly interesting to economists and policymakers in developing countries. Because development refers to long-term structural changes, DCs are identified over the long term. Further, multiple DCs can coexist in a given society; however, only one can be hegemonic or dominant at any particular point in time. DCs can be revealed by examining the historical evidence pertaining to that society. Accordingly, this paper analyzes the Brazilian development experience during the latter half of the twentieth century. There has been a struggle for hegemony between two types of DCs in Brazil: the pro-growth state-led DC and the pro-stability free-market DC. From World War II until the 1970s, the former DC was hegemonic, but it has since been replaced by the pro-stability free-market DC. The conservative conduct of monetary policy in Brazil since the 1990s has been built on the hegemony of the stability convention. This perspective has created space for a research program based on political economy and devoted to the study of Brazilian contemporary monetary policy, which helps explain why Brazil has consistently maintained the world’s highest interest rates for so long.
Journal: Journal of Post Keynesian Economics
Pages: 131-161
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1065677
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065677
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: A rejoinder to O'Donnell's critique of the ergodic/nonergodic explanation of Keynes's concept of uncertainty
Abstract: 
 O’Donnell’s attack on the ergodic/nonergodic approach to Keynes’s uncertainty concept is erroneous. Keynes’s produced a general theory by imposing fewer restrictive axioms than classical theory. Keynes’s explicitly attacked the classical theory’s axiom that an actuarially certain knowledge regarding the future is available to decision makers; thus Keynes’s analysis rejects the ergodic hypothesis. Keynes’s theory does not substitute the assumption that all economic activity must be nonergodic. Keynes’s theory simply permits an analysis where the payout for some economic decisions (e.g., “animal spirits” investment spending) are made under uncertainty, i.e., without actuarial knowledge of the future payout of such spending decisions. O’Donnell’s epistemological approach implicitly supports the laissez faire view that there should not be any government interference with operation of free product and financial markets for government interference policies may only worsen future outcomes in a world where humans including Keynes, economists, and government officials do not have the capability to understand how the economy works.
Journal: Journal of Post Keynesian Economics
Pages: 1-18
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1078701
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1078701
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Cardim de Carvalho
Author-X-Name-First: Fernando Cardim
Author-X-Name-Last: de Carvalho
Title: Associate Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 162-163
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1078703
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1078703
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Handle: RePEc:mes:postke:v:38:y:2015:i:1:p:162-163




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 164-164
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1091251
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1091251
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Handle: RePEc:mes:postke:v:38:y:2015:i:1:p:164-164




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 165-165
Issue: 1
Volume: 38
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1091265
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Drago
Author-X-Name-First: Robert
Author-X-Name-Last: Drago
Title: A Simple Keynesian Model of Efficiency Wages
Journal: Journal of Post Keynesian Economics
Pages: 171-182
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489790
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Author-Name: Edward E. Williams
Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Author-Name: M.Chapman Findlay
Author-X-Name-First: M.Chapman
Author-X-Name-Last: Findlay
Author-Name: Francis D. Tuggle
Author-X-Name-First: Francis D.
Author-X-Name-Last: Tuggle
Title: A Random Walk Theory of the Firm: Does Management “Matter”?
Journal: Journal of Post Keynesian Economics
Pages: 183-198
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489791
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Author-Name: D. W. K. 
Author-X-Name-First: D. W. K.
Author-X-Name-Last: 
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 201-202
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489792
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Author-Name: Randall Bausor
Author-X-Name-First: Randall
Author-X-Name-Last: Bausor
Title: The Contributions to Economics of Douglas Vickers
Journal: Journal of Post Keynesian Economics
Pages: 203-213
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489793
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Author-Name: Ingrid H. Rima
Author-X-Name-First: Ingrid H.
Author-X-Name-Last: Rima
Title: Beyond : A Tribute to the Scholarship of Douglas Vickers
Journal: Journal of Post Keynesian Economics
Pages: 214-223
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489794
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Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Operational and Financial Leverage, the Firm, and the Cycle: Reflections on Vickers’ Money Capital Constraint
Journal: Journal of Post Keynesian Economics
Pages: 224-236
Issue: 2
Volume: 12
Year: 1989
Month: 12
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: The Shackle–Vickers Approach to Decision-Making in Ignorance
Journal: Journal of Post Keynesian Economics
Pages: 237-259
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489796
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Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: The Determinants of Direct Foreign Investment
Journal: Journal of Post Keynesian Economics
Pages: 260-272
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489797
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Author-Name: Dietrich K. Fausten
Author-X-Name-First: Dietrich K.
Author-X-Name-Last: Fausten
Title: Current and Capital Account Interdependence
Journal: Journal of Post Keynesian Economics
Pages: 273-292
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489798
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Author-Name: Claudio Sardoni
Author-X-Name-First: Claudio
Author-X-Name-Last: Sardoni
Title: Chapter 18 of the : Its Methodological Importance
Journal: Journal of Post Keynesian Economics
Pages: 293-307
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489799
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Template-Type: ReDIF-Article 1.0
Author-Name: J. B. Davis
Author-X-Name-First: J. B.
Author-X-Name-Last: Davis
Title: Keynes and Organicism
Journal: Journal of Post Keynesian Economics
Pages: 308-315
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489800
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Organicism and the Role of the Individual in Keynes’ Thought
Journal: Journal of Post Keynesian Economics
Pages: 316-326
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489801
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Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 327-328
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489802
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: The Second Annual International Conference on Socio-Economics
Journal: Journal of Post Keynesian Economics
Pages: 329-330
Issue: 2
Volume: 12
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489803
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Template-Type: ReDIF-Article 1.0
Author-Name: J. E. King
Author-X-Name-First: J. E.
Author-X-Name-Last: King
Title: Aggregate Supply and Demand Analysis Since Keynes: A Partial History
Journal: Journal of Post Keynesian Economics
Pages: 3-31
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490007
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard M. Dawson
Author-X-Name-First: Richard M.
Author-X-Name-Last: Dawson
Title: The Shacklean Nature of Commons’s Reasonable Value
Journal: Journal of Post Keynesian Economics
Pages: 33-44
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490008
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael R. Montgomery
Author-X-Name-First: Michael R.
Author-X-Name-Last: Montgomery
Title: Fully Inarticulate Model Economics: Or, Does Math Equal Macro?
Journal: Journal of Post Keynesian Economics
Pages: 45-68
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490009
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Circular Causation and the Veblenian Dichotomy in the : An Introduction to Institutionalist Method
Journal: Journal of Post Keynesian Economics
Pages: 69-89
Issue: 1
Volume: 17
Year: 1994
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew B. Trigg
Author-X-Name-First: Andrew B.
Author-X-Name-Last: Trigg
Title: On the Relationship between Kalecki and the Kaleckians
Journal: Journal of Post Keynesian Economics
Pages: 91-109
Issue: 1
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Year: 1994
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Allin Cottrell
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Author-X-Name-Last: Cottrell
Title: Endogenous Money and the Multiplier
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Pages: 111-120
Issue: 1
Volume: 17
Year: 1994
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X-DOI: 10.1080/01603477.1994.11490012
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
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Author-X-Name-Last: Moore
Title: The Demise of the Keynesian Multiplier: A Reply to Cottrell
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Pages: 121-133
Issue: 1
Volume: 17
Year: 1994
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Stutsman
Author-X-Name-First: Douglas
Author-X-Name-Last: Stutsman
Title: Comment on “Why Does Business Invest?”
Journal: Journal of Post Keynesian Economics
Pages: 135-136
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490014
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward A. Downe
Author-X-Name-First: Edward A.
Author-X-Name-Last: Downe
Author-Name: William Pan
Author-X-Name-First: William
Author-X-Name-Last: Pan
Title: Rejoinder to Douglas Stutsman
Journal: Journal of Post Keynesian Economics
Pages: 137-137
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490015
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Template-Type: ReDIF-Article 1.0
Author-Name: Moon Woo-Sik
Author-X-Name-First: Moon
Author-X-Name-Last: Woo-Sik
Title: An Open Economy Model of Wages and Employment with an Application to Korea
Journal: Journal of Post Keynesian Economics
Pages: 139-152
Issue: 1
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Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490016
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Why a Low Interest Rate is the Proper Preventive of Inflation
Journal: Journal of Post Keynesian Economics
Pages: 153-158
Issue: 1
Volume: 17
Year: 1994
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Eisner
Author-X-Name-First: Robert
Author-X-Name-Last: Eisner
Title: Challenge to the Natural Rate Doctrine
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Pages: 159-161
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490018
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 163-163
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490019
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Lawson
Author-X-Name-First: Tony
Author-X-Name-Last: Lawson
Title: The Nature of Post Keynesianism and Its Links to Other Traditions
Journal: Journal of Post Keynesian Economics
Pages: 164-164
Issue: 1
Volume: 17
Year: 1994
Month: 9
X-DOI: 10.1080/01603477.1994.11490020
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Reality and Economic Theory
Journal: Journal of Post Keynesian Economics
Pages: 479-508
Issue: 4
Volume: 18
Year: 1996
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Neville R. Norman
Author-X-Name-First: Neville R.
Author-X-Name-Last: Norman
Title: A General Post Keynesian Theory of Protection
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Pages: 509-531
Issue: 4
Volume: 18
Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490084
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rothschild
Author-X-Name-First: Kurt
Author-X-Name-Last: Rothschild
Title: Keynes’ General Theory: A Look at the Criss-Cross of Reviews
Journal: Journal of Post Keynesian Economics
Pages: 533-545
Issue: 4
Volume: 18
Year: 1996
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Usamah Ramadan
Author-X-Name-First: Usamah
Author-X-Name-Last: Ramadan
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: The Treatment of Post Keynesian Economics in the History of Economic Thought Texts
Journal: Journal of Post Keynesian Economics
Pages: 547-565
Issue: 4
Volume: 18
Year: 1996
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Orthodox Approaches to Exchange Rate Determination: A Survey
Journal: Journal of Post Keynesian Economics
Pages: 567-583
Issue: 4
Volume: 18
Year: 1996
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Accommodationism versus Structuralism: Time for an Accommodation
Journal: Journal of Post Keynesian Economics
Pages: 585-594
Issue: 4
Volume: 18
Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490088
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher G. Fuller
Author-X-Name-First: Christopher G.
Author-X-Name-Last: Fuller
Title: Elements of a Post Keynesian Alternative to “Household Production”
Journal: Journal of Post Keynesian Economics
Pages: 595-607
Issue: 4
Volume: 18
Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490089
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: Source of Stagflation in an Oil-Producing Country: Evidence from Iran
Journal: Journal of Post Keynesian Economics
Pages: 609-620
Issue: 4
Volume: 18
Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490090
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Template-Type: ReDIF-Article 1.0
Author-Name: Amal Sanyal
Author-X-Name-First: Amal
Author-X-Name-Last: Sanyal
Title: Access to Credit and the Inflation Process in a Developing Economy
Journal: Journal of Post Keynesian Economics
Pages: 621-631
Issue: 4
Volume: 18
Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490091
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 18
Journal: Journal of Post Keynesian Economics
Pages: 633-634
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Year: 1996
Month: 7
X-DOI: 10.1080/01603477.1996.11490092
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Handle: RePEc:mes:postke:v:18:y:1996:i:4:p:633-634




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshimichi Murakami
Author-X-Name-First: Yoshimichi
Author-X-Name-Last: Murakami
Author-Name: René A. Hernández
Author-X-Name-First: René A.
Author-X-Name-Last: Hernández
Title: The impacts of China on economic growth: Evidence for Brazil, Chile, and Peru
Abstract: 
 This study empirically analyzes the direct impacts derived from the swift increase in exports to China (referred to as “the impact of China”) on the economic growth of three selected South American countries, Brazil, Chile, and Peru, during the commodity boom between 2001 and 2008. The results stemming from the balance-of-payments-constrained growth model suggest that the magnitude of China’s impact was less than 1 percent, although it ranged from the largest to the second largest impact among all trading partners for the three countries. The estimated balance-of-payments growth rate of domestic income is lower than the real growth rate of domestic income. This is because the growth rates of the export volumes were not sufficient even during the commodity boom, on account of the continued increasing trends of income elasticity of demand for imports. Furthermore, the income elasticities of demand for imports from China were especially high. Therefore, the three countries will continue to face further increase in the income elasticity of demand for imports as well as a stagnant growth rate of export volumes. Thus, the balance-of-payments position will continue to be the main growth constraint for these countries.
Journal: Journal of Post Keynesian Economics
Pages: 430-454
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2016.1136565
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1136565
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:430-454




Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Ali Nasir
Author-X-Name-First: Muhammad Ali
Author-X-Name-Last: Nasir
Author-Name: Jamie Morgan
Author-X-Name-First: Jamie
Author-X-Name-Last: Morgan
Title: The unit root problem: Affinities between ergodicity and stationarity, its practical contradictions for central bank policy, and some consideration of alternatives
Abstract: 
 The initial focus in this article is the problem of mismatch between policy goals and statistical analysis, based on how data is transformed and processed. This intrinsically raises ontological issues regarding the nature of an economy within which policy is made and to which statistical analysis is applied. These are of general significance to post Keynesians irrespective of the position they take on the specifics of the ergodicity debate. However, they involve some issues that overlap with some aspects of that debate. The problem as posed in this article is specific and involves a practical contradiction regarding central bank policy and the problem of unit roots. The authors then consider some additional ways in which one can go beyond common practice based on the example of Forward Guidance in the United Kingdom and a more institutional approach to post Keynesian analysis.
Journal: Journal of Post Keynesian Economics
Pages: 339-363
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2017.1387060
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1387060
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:339-363




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Alcantara Alencar
Author-X-Name-First: Douglas Alcantara
Author-X-Name-Last: Alencar
Author-Name: Frederico G. Jayme
Author-X-Name-First: Frederico G.
Author-X-Name-Last: Jayme
Author-Name: Gustavo Britto
Author-X-Name-First: Gustavo
Author-X-Name-Last: Britto
Title: Productivity, real exchange rate, and aggregate demand: An empirical exercise applied to Brazil from 1960 to 2011
Abstract: 
 This research analyzes, from a post Kaleckian perspective, the interactions among the aggregate demand, the real exchange rate, productivity, and real wages in the Brazilian economy from 1960 to 2011. It adopts the longstanding perspective that demand is the driver of capital accumulation and economic growth. The research comprises the following steps: (a) a critical assessment of the growth regime literature, with a particular emphasis on issues related to productivity and the real exchange rate; (b) understanding the relationship between the real exchange rate and the productivity and growth regimes; (c) proposing a theoretical model that relates the real exchange rate, productivity, and the growth regime; and (d) an empirical test of the interaction between the real exchange rate, productivity, and the growth regime. Theoretically the study develops a model showing the interactions between the aggregate demand, the real exchange rate, productivity, and real wages. Furthermore, this research attempts to address the lack of theoretical and empirical studies about the relationship between the aggregate demand, the real exchange rate, productivity and real wages.
Journal: Journal of Post Keynesian Economics
Pages: 455-477
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2017.1423233
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1423233
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:455-477




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Botta
Author-X-Name-First: Alberto
Author-X-Name-Last: Botta
Author-Name: Daniele Tori
Author-X-Name-First: Daniele
Author-X-Name-Last: Tori
Title: The theoretical and empirical fragilities of the expansionary austerity theory
Abstract: 
 Criticism to expansionary austerity theory has extensively addressed the methodological problems affecting the econometric techniques that underpin it; however, few efforts have formally analyzed its theoretical strictures. In this article, the authors develop a more general and comprehensive critique, both from a theoretical and from an empirical perspective. They first present a short-run model that formally describes the theoretical background of specific policy measures advocated by expansionary austerity supporters. They show how these measures might only have expansionary outcomes under extreme and unrealistic conditions. The authors then move to the data and provide an econometric analysis of the key variables that leave the results of our theoretical model undetermined; their findings reinforce the validity of our theoretical critique. Since 2007, when an important opportunity to test expansionary austerity presented itself with the recession, the core mechanisms of expansionary austerity theory seem to not have been working, to say the least. In fact, austerity measures delivered perverse results precisely in the countries where they were expected to be most effective.
Journal: Journal of Post Keynesian Economics
Pages: 364-398
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2018.1431789
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431789
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:364-398




Template-Type: ReDIF-Article 1.0
Author-Name: Vineet Kohli
Author-X-Name-First: Vineet
Author-X-Name-Last: Kohli
Title: Functional income distribution and effective demand in India: An applied post Keynesian model
Abstract: 
 This article is an attempt to understand the relationship between functional income distribution and aggregate demand in India. To this end, the article (a) highlights trends in growth and class distribution of income in India; (b) constructs a post Keynesian macro model that links short run growth with profit share, where the latter is itself driven by movements in output and real exchange rate; (c) discusses and, wherever required, estimates key parameters relevant to the Indian case; and (d) simulates the model and discusses the effect of shocks to distributive as well as autonomous demand variables on growth performance. The article finds that, although a possibility of wage-led growth in India cannot be ruled out, by and large, distributive shocks do not have a strong impact on output growth. On the other hand, an increase in public expenditure growth, although it has a strong effect on output growth, tilts income distribution toward profit earners. A comprehensive agenda involving greater public expenditure and higher wages to stimulate growth and improve distribution is therefore recommended.
Journal: Journal of Post Keynesian Economics
Pages: 399-429
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2018.1431795
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431795
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:399-429




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Institutions in the economy and some institutions of mainstream economics: From the late 1970s to the 2008 financial and economic crisis
Abstract: 
 This article proposes a conceptual and theoretical institutional approach to the relations between the economy and economics and uses it to examine, through a structured survey of the literature, the relations between institutions in the economy and the institutions of mainstream economics, macroeconomics, and financial economics, highlighting issues related to the financial and macroeconomic crisis and focusing on the United States from the late 1970s to 2008. Institutions are socially shared systems of rules of behavior or of thought. Some systems of mental and behavioral rules are socially shared among economic agents and policymakers in part because they are socially shared among academic economists. They may exert on economic agents and policymakers some of the same types of influence they have on economists. On the other hand, there are important limits to the influence of the institutions of economics outside academia, and institutions in the economy also influence the institutions of economics.
Journal: Journal of Post Keynesian Economics
Pages: 478-506
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2018.1431796
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431796
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:478-506




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 507-507
Issue: 3
Volume: 41
Year: 2018
Month: 7
X-DOI: 10.1080/01603477.2018.1498683
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1498683
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Handle: RePEc:mes:postke:v:41:y:2018:i:3:p:507-507




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Block
Author-X-Name-First: Fred
Author-X-Name-Last: Block
Title: Bad Data Drive Out Good: The Decline of Personal Savings Reexamined
Journal: Journal of Post Keynesian Economics
Pages: 3-19
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489828
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489828
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:3-19




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Scazzieri
Author-X-Name-First: Roberto
Author-X-Name-Last: Scazzieri
Title: Vertical Integration in Economic Theory
Journal: Journal of Post Keynesian Economics
Pages: 20-46
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489829
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489829
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:20-46




Template-Type: ReDIF-Article 1.0
Author-Name: Johan Deprez
Author-X-Name-First: Johan
Author-X-Name-Last: Deprez
Title: Vertical Integration and the Problem of Fixed Capital
Journal: Journal of Post Keynesian Economics
Pages: 47-64
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489830
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489830
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:47-64




Template-Type: ReDIF-Article 1.0
Author-Name: Luigi L. Pasinetti
Author-X-Name-First: Luigi L.
Author-X-Name-Last: Pasinetti
Title: Vertical Integration and Capital Theory: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 65-70
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489831
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489831
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:65-70




Template-Type: ReDIF-Article 1.0
Author-Name: Shady Kholdy
Author-X-Name-First: Shady
Author-X-Name-Last: Kholdy
Author-Name: Ahmad Sohrabian
Author-X-Name-First: Ahmad
Author-X-Name-Last: Sohrabian
Title: Exchange Rates and Prices: Evidence from Granger Causality Tests
Journal: Journal of Post Keynesian Economics
Pages: 71-78
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489832
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489832
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:71-78




Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie Golden
Author-X-Name-First: Lonnie
Author-X-Name-Last: Golden
Title: The Insensitive Workweek: Trends and Determinants of Adjustment in Average Hours
Journal: Journal of Post Keynesian Economics
Pages: 79-110
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489833
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489833
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:79-110




Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Joan Robinson and the Americans
Journal: Journal of Post Keynesian Economics
Pages: 111-124
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489834
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489834
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:111-124




Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: The Firm Under Conditions of Ignorance and Historical Time
Journal: Journal of Post Keynesian Economics
Pages: 125-145
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489835
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489835
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:125-145




Template-Type: ReDIF-Article 1.0
Author-Name: John Carson
Author-X-Name-First: John
Author-X-Name-Last: Carson
Title: Kalecki’s Pricing Theory Revisited
Journal: Journal of Post Keynesian Economics
Pages: 146-152
Issue: 1
Volume: 13
Year: 1990
Month: 9
X-DOI: 10.1080/01603477.1990.11489836
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489836
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Handle: RePEc:mes:postke:v:13:y:1990:i:1:p:146-152




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: William Milberg
Author-X-Name-First: William
Author-X-Name-Last: Milberg
Title: Degree of Monopoly, Pricing, and Flexible Exchange Rates
Journal: Journal of Post Keynesian Economics
Pages: 167-188
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489976
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489976
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:167-188




Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid H. Rima
Author-X-Name-First: Ingrid H.
Author-X-Name-Last: Rima
Title:  a Review
Journal: Journal of Post Keynesian Economics
Pages: 189-195
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489977
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489977
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:189-195




Template-Type: ReDIF-Article 1.0
Author-Name: Clifford B. Hawley
Author-X-Name-First: Clifford B.
Author-X-Name-Last: Hawley
Author-Name: Edwin T. Fujii
Author-X-Name-First: Edwin T.
Author-X-Name-Last: Fujii
Title: An Empirical Analysis of Preferences for Financial Risk: Further Evidence on the Friedman–Savage Model
Journal: Journal of Post Keynesian Economics
Pages: 197-204
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489978
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489978
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:197-204




Template-Type: ReDIF-Article 1.0
Author-Name: Katherine T. McClain
Author-X-Name-First: Katherine T.
Author-X-Name-Last: McClain
Author-Name: Len M. Nichols
Author-X-Name-First: Len M.
Author-X-Name-Last: Nichols
Title: On the Relation between Investment and Inflation: Some Results from Cointegration, Causation, and Sign Tests
Journal: Journal of Post Keynesian Economics
Pages: 205-220
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489979
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489979
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:205-220




Template-Type: ReDIF-Article 1.0
Author-Name: William E. Spriggs
Author-X-Name-First: William E.
Author-X-Name-Last: Spriggs
Title: Changes in the Federal Minimum Wage: A Test of Wage Norms
Journal: Journal of Post Keynesian Economics
Pages: 221-239
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489980
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489980
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:221-239




Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: On the Conclusivity of Certain Lines of Reasoning in Economic Policy Analysis
Journal: Journal of Post Keynesian Economics
Pages: 241-247
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489981
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489981
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:241-247




Template-Type: ReDIF-Article 1.0
Author-Name: T. D. Stanley
Author-X-Name-First: T. D.
Author-X-Name-Last: Stanley
Title: Ain’t Misbehavin’—Capricious Consumption or Permanent Income?
Journal: Journal of Post Keynesian Economics
Pages: 249-268
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489982
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489982
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:249-268




Template-Type: ReDIF-Article 1.0
Author-Name: Luis R. Casillas
Author-X-Name-First: Luis R.
Author-X-Name-Last: Casillas
Title: Kaldor versus Prebisch on Employment and Industrialization
Journal: Journal of Post Keynesian Economics
Pages: 269-288
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489983
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489983
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:269-288




Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Exports, Capital Flows, Relative Prices,and Economic Growth in Canada
Journal: Journal of Post Keynesian Economics
Pages: 289-297
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489984
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489984
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:289-297




Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Krishna Bharadwaj, August 21, 1935 – March 8, 1992: A Memoir
Journal: Journal of Post Keynesian Economics
Pages: 299-311
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489985
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489985
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:299-311




Template-Type: ReDIF-Article 1.0
Author-Name: Ward Theilman
Author-X-Name-First: Ward
Author-X-Name-Last: Theilman
Title: Comment on “Why Does Business Invest? an Analysis of Industry Accounting Data”
Journal: Journal of Post Keynesian Economics
Pages: 313-315
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489986
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489986
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:313-315




Template-Type: ReDIF-Article 1.0
Author-Name: Edward A. Downe
Author-X-Name-First: Edward A.
Author-X-Name-Last: Downe
Author-Name: William Pan
Author-X-Name-First: William
Author-X-Name-Last: Pan
Title: Why Does Business Invest?: Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 317-319
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489987
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489987
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:317-319




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 321-321
Issue: 2
Volume: 16
Year: 1993
Month: 12
X-DOI: 10.1080/01603477.1993.11489988
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489988
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Handle: RePEc:mes:postke:v:16:y:1993:i:2:p:321-321




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 423-423
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489908
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489908
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Handle: RePEc:mes:postke:v:14:y:1992:i:4:p:423-423




Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Gordon
Author-X-Name-First: M. J.
Author-X-Name-Last: Gordon
Title: The Neoclassical and a Post Keynesian Theory of Investment
Journal: Journal of Post Keynesian Economics
Pages: 425-443
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489909
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489909
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: The Investment Function: Five Propositions in Response to Professor Gordon
Journal: Journal of Post Keynesian Economics
Pages: 445-464
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489910
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Author-Name: Joel Fried
Author-X-Name-First: Joel
Author-X-Name-Last: Fried
Title: Financial Theory and the Theory of Investment
Journal: Journal of Post Keynesian Economics
Pages: 465-481
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489911
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Author-Name: James R. Crotty
Author-X-Name-First: James R.
Author-X-Name-Last: Crotty
Title: Neoclassical and Keynesian Approaches to the Theory of Investment
Journal: Journal of Post Keynesian Economics
Pages: 483-496
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489912
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Author-Name: Dale Belman
Author-X-Name-First: Dale
Author-X-Name-Last: Belman
Author-Name: Robert Drago
Author-X-Name-First: Robert
Author-X-Name-Last: Drago
Author-Name: Mark Wooden
Author-X-Name-First: Mark
Author-X-Name-Last: Wooden
Title: Workgroups, Efficiency Wages and Work Effort
Journal: Journal of Post Keynesian Economics
Pages: 497-521
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489913
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Author-Name: Eskander Alvi
Author-X-Name-First: Eskander
Author-X-Name-Last: Alvi
Title: Effort-Inducing Contracts
Journal: Journal of Post Keynesian Economics
Pages: 523-545
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489914
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Author-Name: Paul S. Estenson
Author-X-Name-First: Paul S.
Author-X-Name-Last: Estenson
Title: The Keynesian Theory of the Price Level: An Econometric Evaluation Using a Vector Autoregression Model
Journal: Journal of Post Keynesian Economics
Pages: 547-560
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489915
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Author-Name: Bill Ballard
Author-X-Name-First: Bill
Author-X-Name-Last: Ballard
Title: Comment on “The Keynesian Theory of the Price Level: An Econometric Evaluation Using a Vector Autoregression Model”
Journal: Journal of Post Keynesian Economics
Pages: 561-562
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489916
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul S. Estenson
Author-X-Name-First: Paul S.
Author-X-Name-Last: Estenson
Title: Should I difference?
Journal: Journal of Post Keynesian Economics
Pages: 563-565
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489917
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Author-Name: Albert Rees
Author-X-Name-First: Albert
Author-X-Name-Last: Rees
Title: The Tournament as a Model for Executive Compensation
Journal: Journal of Post Keynesian Economics
Pages: 567-571
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489918
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Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Further Comment on Executive Salaries
Journal: Journal of Post Keynesian Economics
Pages: 573-575
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489919
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Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 577-577
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489920
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 14
Journal: Journal of Post Keynesian Economics
Pages: 578-579
Issue: 4
Volume: 14
Year: 1992
Month: 7
X-DOI: 10.1080/01603477.1992.11489921
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin  Richardson 
Author-X-Name-First: Colin  
Author-X-Name-Last: Richardson 
Author-Name: Peter  Romilly 
Author-X-Name-First: Peter  
Author-X-Name-Last: Romilly 
Title: Investment functions and the profitability gap 
Abstract:
 We examine a variety of fixed asset investment theory approaches and show
 that, despite apparent differences, all contain a common "gene"âthe
 profitability gap. This finding is equally applicable to the paradigms of
 neoclassical general equilibrium in logical time and postclassical fully
 adjusted stationary and steady states in historical time. The generic
 investment function and its characteristic gene appear to be one of the
 universals of economic science, equally at home as explanators of
 investment, inflation/deflation, and related cumulative processes.
Journal: Journal of Post Keynesian Economics 
Pages: 35-56 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: expected rate of profit, investment function, opportunity cost of capital, profitability gap, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E7551J4118X0904H 
File-Format: text/html
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X-Bibl:
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 into the Nature and Causes of the Wealth of Nations.>/i> Edited by R. H.
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary A. Dymski
Author-X-Name-First: Gary A.
Author-X-Name-Last: Dymski
Title: A Keynesian Theory of Bank Behavior
Journal: Journal of Post Keynesian Economics
Pages: 499-526
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489704
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489704
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D. 
Author-X-Name-First: P. D.
Author-X-Name-Last: 
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 527-527
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489705
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489705
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:527-527




Template-Type: ReDIF-Article 1.0
Author-Name: Allan H. Meltzer
Author-X-Name-First: Allan H.
Author-X-Name-Last: Meltzer
Title: Economic Policies and Actions in the Reagan Administration
Journal: Journal of Post Keynesian Economics
Pages: 528-540
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489706
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489706
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: The Reagan Record: A Post Keynesian View
Journal: Journal of Post Keynesian Economics
Pages: 541-556
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489707
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489707
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc A. Miles
Author-X-Name-First: Marc A.
Author-X-Name-Last: Miles
Title: An Evaluation of Reagan’s Economic Policies from an Incentivist (Supply-Side) Perspective
Journal: Journal of Post Keynesian Economics
Pages: 557-566
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489708
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489708
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Template-Type: ReDIF-Article 1.0
Author-Name: James K. Galbraith
Author-X-Name-First: James K.
Author-X-Name-Last: Galbraith
Title: Paradox among the Paradigms: A Comment on Eichner, Meltzer, Bowles and Co-Workers, and Miles
Journal: Journal of Post Keynesian Economics
Pages: 567-571
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489709
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489709
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Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie K. Stevans
Author-X-Name-First: Lonnie K.
Author-X-Name-Last: Stevans
Title: An Empirical Model of Property Crime: Deterrence versus Redistribution
Journal: Journal of Post Keynesian Economics
Pages: 572-584
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489710
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489710
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Parrinello
Author-X-Name-First: Sergio
Author-X-Name-Last: Parrinello
Title: “On Foreign Trade” and the Ricardian Model of Trade
Journal: Journal of Post Keynesian Economics
Pages: 585-601
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489711
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489711
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:585-601




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Mohtadi
Author-X-Name-First: Hamid
Author-X-Name-Last: Mohtadi
Author-Name: Harjit Arora
Author-X-Name-First: Harjit
Author-X-Name-Last: Arora
Title: Stagflation and Monetary Stabilization Policies in a Disequilibrium Framework: The Case of South Korea
Journal: Journal of Post Keynesian Economics
Pages: 602-617
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489712
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Template-Type: ReDIF-Article 1.0
Author-Name: Vernon Renshaw
Author-X-Name-First: Vernon
Author-X-Name-Last: Renshaw
Title: Organizing Work in an Information Age
Journal: Journal of Post Keynesian Economics
Pages: 618-630
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489713
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489713
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Template-Type: ReDIF-Article 1.0
Author-Name: Domingo Castelo Joaquin
Author-X-Name-First: Domingo Castelo
Author-X-Name-Last: Joaquin
Title: A Reconsideration of the Focal Outcomes Approach to Portfolio Selection
Journal: Journal of Post Keynesian Economics
Pages: 631-645
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489714
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489714
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. I. Dore
Author-X-Name-First: M. H. I.
Author-X-Name-Last: Dore
Title: The Optimal Depletion of a Theory of Exhaustible Resources: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 646-650
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489715
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489715
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:646-650




Template-Type: ReDIF-Article 1.0
Author-Name: Vince Eagan
Author-X-Name-First: Vince
Author-X-Name-Last: Eagan
Title: Reply to Dore
Journal: Journal of Post Keynesian Economics
Pages: 651-652
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489716
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489716
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:651-652




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Mayer
Author-X-Name-First: Thomas
Author-X-Name-Last: Mayer
Title: Absolute Liquidity Preference and the Pigou Effect: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 653-654
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489717
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489717
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:653-654




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Rabin
Author-X-Name-First: Alan
Author-X-Name-Last: Rabin
Author-Name: Ziad Keilany
Author-X-Name-First: Ziad
Author-X-Name-Last: Keilany
Title: Absolute Liquidity Preference and the Pigou Effect: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 655-657
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489718
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489718
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 658-658
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489719
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489719
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Handle: RePEc:mes:postke:v:10:y:1988:i:4:p:658-658




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume X
Journal: Journal of Post Keynesian Economics
Pages: 659-661
Issue: 4
Volume: 10
Year: 1988
Month: 7
X-DOI: 10.1080/01603477.1988.11489720
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489720
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Template-Type: ReDIF-Article 1.0
Author-Name: INGRID H. RIMA
Author-X-Name-First: INGRID H.
Author-X-Name-Last: RIMA
Title: China's trade reform: Verdoorn's Law married to Adam Smith's "vent for surplus" principle
Abstract: 
 The premise is that, as a member of the World Trade Organization, China's industrial trade practices are consistent with the principle of specialization in accordance with the principle of comparative advantage. Yet the trade reforms that were undertaken since the end of the Cultural Revolution (1976) have made direct foreign and joint investment primary vehicles for promoting export-centered industries that have become increasingly capital-intensive rather than labor-intensive. This paper argues that these reforms reflect policy initiatives that are more consistent with Verdoorn's Law and Adam Smith's "vent for surplus" principle than with the efficiency principles of conventional Ricardo-Heckscher-Ohlin trade theory.
Journal: Journal of Post Keynesian Economics
Pages: 729-744
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051409
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:729-744




Template-Type: ReDIF-Article 1.0
Author-Name: JOHN WILLIAMSON
Author-X-Name-First: JOHN
Author-X-Name-Last: WILLIAMSON
Title: The future of the global financial system
Abstract: 
 This paper argues that economic growth is fundamentally constrained from the supply side, which is why it is desirable to maintain the constraints on balance-of-payments deficits that are provided by limited reserves. Reform of the international monetary system could lead to more harm than good if it undermines the discipline provided by reserves. The paper nonetheless identifies a number of reforms that it argues would be compatible with the maintenance of a globalized world consisting of market economies and the sovereignty where every country needs to see itself as a net gainer from a reform package. The reforms advocated are: introduction of "reference rates" to provide a guide for the exchange rates that the official sector believes consistent with macroeconomic equilibrium in the medium term; using the World Economic Outlook to assess progress toward the payments objectives that underlie the reference rates; adoption of an actively anti-cyclical stance by the IMF; employment of instruments like unremunerated reserve requirements to repel excessive capital inflows when these threaten emerging markets; and a new allocation of special drawing rights.
Journal: Journal of Post Keynesian Economics
Pages: 607-611
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051410
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:607-611




Template-Type: ReDIF-Article 1.0
Author-Name: HASSAN BOUGRINE
Author-X-Name-First: HASSAN
Author-X-Name-Last: BOUGRINE
Author-Name: MARIO SECCARECCIA
Author-X-Name-First: MARIO
Author-X-Name-Last: SECCARECCIA
Title: Alternative exchange rate arrangements and effective demand: an important missing analysis in the debate over greater North American monetary integration
Abstract: 
 Given the wide swings in the exchange value of the Canadian dollar over the past decade, some would like to see a return to a fixed exchange rate system in North America. In reviewing the debate between supporters of pegged versus floating rates, there is little analysis found of the implications that these alternative currency arrangements could have on effective demand along Keynesian lines. Interestingly, not only is this latter issue completely ignored, as among neoclassical economists, but even among Post Keynesian economists, there is little focused analysis of the implications of the choice of exchange rate regime on domestic effective demand. After a brief theoretical analysis of the role that floating versus pegged exchange rates would have on the ability of a domestic economy to amortize negative international shocks, the paper suggests that a floating rate would generate less recessionary pressures domestically than would a pegged exchange rate. Reviewing the economic performance in terms of gross domestic product per capita growth of some 34 countries for the post-Bretton Woods period, from 1973-97, that had experimented with both pegged and non-pegged arrangements, it was found that the latter fared better than the former.
Journal: Journal of Post Keynesian Economics
Pages: 655-677
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051411
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Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDE GNOS
Author-X-Name-First: CLAUDE
Author-X-Name-Last: GNOS
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Title: Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz
Abstract: 
 With the usual debates trumpeting the usual merits of fixed versus flexible exchange rates, or some various incarnations thereof, the authors draw attention to Keynes's original plan for an international clearing union. The paper takes a close look at Joseph Stiglitz's recent suggestions to deal with financial crises along with Paul Davidson's Keynes-Post Keynesian clearinghouse. In the former case, the analysis is left wanting: the author offers nothing more than simple solutions to a system in need of dramatic changes. On the other hand, Davidson's analysis of the current state of affairs requires more than mere "plumbing" and addresses the root causes of the crises. Finally, with reference to the way Keynes once defended his proposal against criticisms, the authors of this paper conclude that the current Keynes-Post Keynesian proposal is not only relevant but also possible today. They conclude by claiming that it remains the best solution to the current international financial mess.
Journal: Journal of Post Keynesian Economics
Pages: 613-629
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051412
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051412
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:613-629




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: The future of the international financial system
Abstract: 
 In 1989, John Williamson summarized a "Washington Consensus" on what policies developing countries should undertake to stimulate economic growth given the international financial system. Unfortunately, the experience of the 1990s demonstrated that the international financial system is seriously flawed, and this has contributed to the failure of many developing nations to benefit from the Washington Consensus. This paper explains why these failures have occurred and what we should do about it.
Journal: Journal of Post Keynesian Economics
Pages: 591-605
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051413
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051413
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:591-605




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 26
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 751-753
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051414
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051414
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:751-753




Template-Type: ReDIF-Article 1.0
Author-Name: BASIL J. MOORE
Author-X-Name-First: BASIL J.
Author-X-Name-Last: MOORE
Title: A global currency for a global economy
Abstract: 
 When using national currencies in international trade, both flexible and fixed exchange rate systems pose a number of problems. The most important is a large deflationary bias on the global economy, as deficit countries are forced to try to attain a positive current account balance to protect their exchange rate. The author advances a Post Keynesian policy proposal for a common global currency, where exchange rates vanish and countries no longer have an external balance constraint. In order to move toward a common world currency, two approaches are considered: a top-down approach, consisting of a global central bank (or a small number of competitive regional central banks), which is politically unfeasible, and a bottom-up approach, consisting of blocs of countries that chose to dollarize or euroize. The paper proposes a dollarization/euroization plan for the global economy. This would enable economies to pursue expansionary domestic policies since they would no longer face an external balance constraint.
Journal: Journal of Post Keynesian Economics
Pages: 631-653
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051415
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051415
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:631-653




Template-Type: ReDIF-Article 1.0
Author-Name: DONALD W. KATZNER
Author-X-Name-First: DONALD W.
Author-X-Name-Last: KATZNER
Title: Profit maximization and the Japanese firm: a reply to Coffey and Tomlinson
Abstract: 
 The Coffey-Tomlinson challenge to my view that the behavior of the Japanese firm is best understood without reference to profit maximization is met by arguing that (1) the outsourcing of production in Japan is, by itself, insufficient to warrant a claim of profit maximization; (2) behavior that turns out to maximize profits may not actually be motivated by profit maximization; and (3) the Coffey-Tomlinson argument applies to too small a portion of the Japanese economy to draw general conclusions from it.
Journal: Journal of Post Keynesian Economics
Pages: 745-750
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051416
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051416
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:745-750




Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDE GNOS
Author-X-Name-First: CLAUDE
Author-X-Name-Last: GNOS
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Title: Smooth sailing or rough waters ahead: a symposium on reforming the international financial architecture
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 551-555
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051417
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051417
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:551-555




Template-Type: ReDIF-Article 1.0
Author-Name: JAN KREGEL
Author-X-Name-First: JAN
Author-X-Name-Last: KREGEL
Title: Can we create a stable international financial environment that ensures net resource transfers to developing countries?
Abstract: 
 The response to increasingly frequent financial crises has concentrated on the governance of financial institutions and markets through the introduction of best practice norms to make them more robust. However, this approach may simply repeat the financial history of persistent crisis if Hyman Minsky's idea that financial crises are endemic and endogenous to the system is correct. This paper suggests an alternative balance sheet management approach to improve financial stability of developing countries recipient of large capital inflows.
Journal: Journal of Post Keynesian Economics
Pages: 573-590
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051418
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051418
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:573-590




Template-Type: ReDIF-Article 1.0
Author-Name: JANE D'ARISTA
Author-X-Name-First: JANE
Author-X-Name-Last: D'ARISTA
Title: Dollars, debt, and dependence: the case for international monetary reform
Abstract: 
 Proposals for dollarization and for expanding currency blocs implicitly acknowledge that the international monetary system is deeply flawed. The ongoing failures of fixed, floating, and pegged exchange rate regimes and currency boards are signaling that it is the currency regime itself that is collapsing. This paper argues that the current dollar-based system requires policies that favor export-led growth and describes how that paradigm affects the global and U.S. economies. It calls attention to the instability inherent in competing currency blocs, analyzes previous reform efforts, and concludes with an alternative proposal to reinstate public management of the international payments system.
Journal: Journal of Post Keynesian Economics
Pages: 557-572
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051419
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051419
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:557-572




Template-Type: ReDIF-Article 1.0
Author-Name: ERIC KAM
Author-X-Name-First: ERIC
Author-X-Name-Last: KAM
Author-Name: JOHN SMITHIN
Author-X-Name-First: JOHN
Author-X-Name-Last: SMITHIN
Title: Monetary policy and demand management for the small open economy in contemporary conditions with (perfectly) mobile capital
Abstract: 
 This paper provides a theoretical framework within which to examine issues of macroeconomic policy autonomy for the small open economy in an increasingly global international environment. We show that substantial policy leverage continues to exist provided that the jurisdictions concerned maintain separate monetary systems, which ensures that the condition of perfect asset substitutability will fail to apply.
Journal: Journal of Post Keynesian Economics
Pages: 679-694
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051420
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051420
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:679-694




Template-Type: ReDIF-Article 1.0
Author-Name: JESUS FERREIRO
Author-X-Name-First: JESUS
Author-X-Name-Last: FERREIRO
Title: Decentralized versus centralized collective bargaining: is the collective bargaining structure in Spain efficient?
Abstract: 
 Recently, a number of proposals have claimed a decentralization of the collective bargaining structure in Spain. These proposals start from the premise that the current procedures for collective bargaining are inefficient, given the predominance of intermediate-level collective bargaining, leading to persistently bad outcomes in terms of inflation and unemployment. This paper tests the validity of these proposals, analyzing whether, first, the coverage and, second, the collective bargaining structure in Spain are a determinant factor of the rates of unemployment and inflation.
Journal: Journal of Post Keynesian Economics
Pages: 695-728
Issue: 4
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051421
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051421
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Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:695-728




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Author-Name: Ted Lovejoy
Author-X-Name-First: Ted
Author-X-Name-Last: Lovejoy
Title: Aspirations, bargaining power, and macroeconomic performance
Abstract: 
 A model of aggregate wage and price setting is developed that nests competing hypotheses concerning the role of worker' aspirations and bargaining power in the wage bargain. It is shown that although aspirations and bargaining power always affect inflation in the short run, there is disagreement as to whether or not they influence macroeconomic performance in the long run. Empirical results suggest that a model in which aspirations and bargaining power affect the long-run rate of unemployment best fits the data and most accurately forecasts the rate of inflation. The implications of this result for the potential future performance of the U.S. economy and for macroeconomic policy are explored.
Journal: Journal of Post Keynesian Economics
Pages: 117-148
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290106
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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:117-148




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Fung
Author-X-Name-First: Matthew
Author-X-Name-Last: Fung
Title: Developments in behavioral finance and experimental economics and Post Keynesian finance theory
Abstract: 
 Keynes drew upon psychology in developing his economic theories, and researchers in behavioral finance have integrated psychology into the study of how investors make financial decisions. Another group of researchers, experimental economists, tested some remarks of Keynes on the psychology of economic actors in specifically designed experiments. Some research in these fields, however, has been misguided because of an inadequate understanding of Keynes's original insights. Researchers in these fields can benefit from comments by Post Keynesian economists. At the same time, they have a lot to offer Post Keynesians in developing a Post Keynesian theory of finance.
Journal: Journal of Post Keynesian Economics
Pages: 19-39
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290102
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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:19-39




Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Alexiadis
Author-X-Name-First: Stilianos
Author-X-Name-Last: Alexiadis
Author-Name: Dimitrios Tsagdis
Author-X-Name-First: Dimitrios
Author-X-Name-Last: Tsagdis
Title: Reassessing the validity of Verdoorn's law under conditions of spatial dependence: a case study of the Greek regions
Abstract: 
 Verdoorn's Law implies that the process of growth is a cumulative one with the "manufacturing advanced" economies growing at the expense of their "less-advanced" counterparts. This paper tests a range of conventional and spatial specifications of Verdoorn's Law across the Greek regions. The findings indicate that the law holds in the case of Greece and that the spatial models (and the spatial-error one, in particular) perform better than the conventional ones. The results indicate that, in the long run, the process of "cumulative causation" can and does slow down in favor of the less-advanced regions.
Journal: Journal of Post Keynesian Economics
Pages: 149-170
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290107
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290107
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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:149-170




Template-Type: ReDIF-Article 1.0
Author-Name: Penélope López
Author-X-Name-First: Penélope
Author-X-Name-Last: López
Author-Name: A. Thirlwall
Author-X-Name-First: A.
Author-X-Name-Last: Thirlwall
Title: Trade liberalization, the income elasticity of demand for imports, and growth in Latin America
Abstract: 
 This paper applies the balance-of-payments-constrained growth model to 17 countries of Latin America over the period 1977-2002. The crucial parameter to estimate is the income elasticity of demand for imports, which is done for Latin America as a whole and for individual countries. As well as estimating over the whole period, the technique of rolling regressions is also used to test whether a trend increase can be discerned as a result of trade liberalization. A trend increase is found for Latin America as a whole and for some individual countries, and the balance-of-payments equilibrium growth rate is a good predictor of growth performance in nine of the 17 countries. There is no evidence that the balance-of-payments equilibrium growth rate has increased in Latin America as a result of trade liberalization.
Journal: Journal of Post Keynesian Economics
Pages: 41-61
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290103
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Vera
Author-X-Name-First: Leonardo
Author-X-Name-Last: Vera
Title: The balance-of-payments—constrained growth model: a north—south approach
Abstract: 
 This paper develops a general extended version of the balance-of-payments -constrained growth model that takes into account three often ignored aspects of contemporary growth in open economies—namely, trade imbalances and the importance of net financial flows in the long run, relative price changes caused by idiosyncratic rules of adjustment in prices, and trade and payments interdependence among asymmetric regions. We first present partial solutions for both a northern and a southern region under the key assumption of an exogenous world income growth. We show how, under specific assumptions, the solutions reduce to Thirlwall's rule. After that, we lift the small economy assumption and allow full interdependence among regions and explore the implications, over the terms of trade and the rate of growth of both regions, of changes in the rate of growth of net financial transfers. Contingent on parameters values of each region, we found that an exogenous change in the rate of growth of financial transfers may generate either a mutually reinforcing growth regime or a conflicting growth regime.
Journal: Journal of Post Keynesian Economics
Pages: 67-92
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290104
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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:67-92




Template-Type: ReDIF-Article 1.0
Author-Name: James Thompson
Author-X-Name-First: James
Author-X-Name-Last: Thompson
Author-Name: L. Baggett
Author-X-Name-First: L.
Author-X-Name-Last: Baggett
Author-Name: William Wojciechowski
Author-X-Name-First: William
Author-X-Name-Last: Wojciechowski
Author-Name: Edward Williams
Author-X-Name-First: Edward
Author-X-Name-Last: Williams
Title: Nobels for nonsense
Abstract: 
 We apply exploratory data analysis to some of the basic models of neoclassical computational finance. These include the portfolio selection algorithm of Markowitz, the capital market line of Sharpe, and the option pricing model of Black-Scholes-Merton. We demonstrate that the Markowitzian assumption of positive correlation of expected return and volatility is not supported by the data. The notion that an index fund based on market cap weighting is optimal is also shown to be inconsistent with market data. It is noted that the option pricing model of Black-Scholes-Merton is not supported by market history. The SIMUGRAM™, an empirical data-based paradigm for portfolio selection, is discussed. It is observed that some of the basic contemporary strategies of neoclassical computational finance may be seriously flawed and might profitably be replaced by data-based rules. We conclude that several Nobel Prizes in economics have been awarded for nonsense.
Journal: Journal of Post Keynesian Economics
Pages: 3-18
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290101
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Meirelles
Author-X-Name-First: Antonio
Author-X-Name-Last: Meirelles
Author-Name: Gilberto Lima
Author-X-Name-First: Gilberto
Author-X-Name-Last: Lima
Title: Debt, financial fragility, and economic growth: a Post Keynesian macromodel
Abstract: 
 A Post Keynesian macromodel of capacity utilization and economic growth is developed in which the supply of credit-money by the banking system is endogenous, and firms' financial fragility is explicitly modeled. Both the influence of interest rate and indebtedness on capacity utilization and the rates of profit and economic growth, on the one hand, and the effect of the parameters of the saving and investment functions on firms' financial fragility, on the other hand, are carefully analyzed.
Journal: Journal of Post Keynesian Economics
Pages: 93-115
Issue: 1
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290105
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Handle: RePEc:mes:postke:v:29:y:2006:i:1:p:93-115




Template-Type: ReDIF-Article 1.0
Author-Name: Robert F. Stauffer 
Author-X-Name-First: Robert F. 
Author-X-Name-Last: Stauffer 
Title: Federal Reserve policy and the recession of 1937-1938: let's not ignore Telser's analysis 
Abstract:
 Despite compelling arguments by Lester Telser, the myth continues that the
 recession of 1937-38 was caused by the Federal Reserve's three increases
 in reserve requirements from 1936 to 1937. Telser argued that banks were
 able to significantly increase lending prior to the recession by using
 asset substitutionânamely, switching from government securities to
 loans. This analysis reinforces Telser's position by comparing the
 behavior of member banks, which were subject to reserve requirement
 increases, to the behavior of nonmember banks, which were not constrained
 by such increases.
Journal: Journal of Post Keynesian Economics 
Pages: 591-600 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: Great Depression, monetary policy, reserve requirements, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M367162676827P36 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bernanke, B. S.
 "Nonmonetary Effects of the Financial Crisis in the Propagation of the
 Great Depression." >i>American Economic Review>/i>, June 1983, >i>73>/i>
 (3), 257-276.</BIBTEXT>      </REF>	  <REF>        <BIBL>2</BIBL>	   
  <BIBTEXT> Cargill, T. F., and Mayer, T. "The Effect of Changes in Reserve
 Requirements During the 1930's: The Evidence from Nonmember Banks."
 >i>Journal of Economic History>/i>, June 2006, >i>66>/i> (2),
 417-432.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Federal Deposit Insurance Corporation. "Assets and Liabilities
 of Operating Insured Banks." Report no. 5, Washington DC, June
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Federal Deposit Insurance Corporation. "Assets and Liabilities
 of Operating Insured Banks." Report no. 7, Washington DC, June
 1937.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Friedman, M., and Schwartz, A. J. >i>A Monetary History of the
 United States, 1867-1960.>/i> Princeton: Princeton University Press,
 1963.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Meltzer, A. H. >i>A History of the Federal Reserve, Volume I:
 1913-1951.>/i> Chicago: University of Chicago Press, 2003.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Mishkin, F.
 >i>The Economics of Money, Banking & Financial Markets>/i>, 9th ed.
 Boston: Addison-Wesley, 2010.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>8</BIBL>        <BIBTEXT> Stauffer, R. F. "Another Perspective on
 the Reserve Requirement Increments of 1936 and 1937." >i>Journal of Post
 Keynesian Economics>/i>, Fall 2002, >i>25>/i> (1), 161-179.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Telser, L. G. "On
 the Great Depression." Working Paper no. 130, Center for the Study of the
 Economy and the State, University of Chicago, 1996.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Telser, L. G. "Higher
 Member Bank Reserve Ratios in 1936 and 1937 Did Not Cause the Relapse into
 Depression." >i>Journal of Post Keynesian Economics>/i>, Winter 2001-2,
 >i>24>/i> (2), 205-216.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>11</BIBL>	<BIBTEXT> Telser, L. G. "The Veteran's Bonus of
 1936." >i>Journal of Post Keynesian Economics>/i>, Winter 2003-4,
 >i>26>/i> (2), 227-243.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>12</BIBL>	<BIBTEXT> U. S. Board of Governors. >i>Banking and
 Monetary Statistics.>/i> Washington, DC: National Capital Press,
 1943.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:591-600




Template-Type: ReDIF-Article 1.0
Author-Name: EMILIO DÍAZ
Author-X-Name-First: EMILIO
Author-X-Name-Last: DÍAZ
Author-Name: RUBÉN OSUNA
Author-X-Name-First: RUBÉN
Author-X-Name-Last: OSUNA
Title: Can we trust in cross-sectional price-value correlation measures? some evidence from the case of Spain
Abstract: 
 The literature on price-value relations has frequently used correlation measures in testing the theory of labor value--that is, values are good proxies to prices or, alternatively, they explain, in some sense, prices. However, several authors have detected important problems that affect those measures-- particularly, a problem of spurious correlation that invalidates the statistical results typically obtained in the literature. In this paper, we show, using data from Spain (1986-94), that spurious correlation cannot be empirically treated, due to a more general problem of indeterminacy affecting any correlation measure.
Journal: Journal of Post Keynesian Economics
Pages: 345-363
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280209
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280209
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Template-Type: ReDIF-Article 1.0
Author-Name: ENGELBERT STOCKHAMMER
Author-X-Name-First: ENGELBERT
Author-X-Name-Last: STOCKHAMMER
Title: Shareholder value orientation and the investment-profit puzzle
Abstract: 
 Shareholders have increased their ability to influence management decisions significantly over the past two decades. This paper proposes an extension of the Post Keynesian theory of the firm proposed by Lavoie (1992) to analyze the effects of this change in shareholder power on investment decisions. This microeconomic analysis is complemented by a Kaleckian macroeconomic model. Shareholder power is found to reduce investment and output, while increasing profits, which is consistent with the stylized facts of the neoliberal era.
Journal: Journal of Post Keynesian Economics
Pages: 193-215
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280203
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:193-215




Template-Type: ReDIF-Article 1.0
Author-Name: MARWAN ABDUL-MALIK THANOON
Author-X-Name-First: MARWAN ABDUL-MALIK
Author-X-Name-Last: THANOON
Author-Name: AHMAD ZUBAIDI BAHARUMSHAH
Author-X-Name-First: AHMAD ZUBAIDI
Author-X-Name-Last: BAHARUMSHAH
Author-Name: ABD. AZIZ ABD. RAHMAN
Author-X-Name-First: ABD. AZIZ ABD.
Author-X-Name-Last: RAHMAN
Title: Malaysia: from economic recovery to sustained economic growth
Abstract: 
 This paper presents an internally consistent macroeconomic framework that could be used as a first step toward a more comprehensive quantitative and qualitative assessment of the adjustment alternatives facing Malaysia. An open economy model is developed to identify which of the gaps--savings, foreign exchange, and fiscal--become the binding constraints in the adjustment process of Malaysia as it strives to sustain economic growth in the postcrisis era. Using 1995 as a base year, the model is simulated over the short and medium terms to demonstrate a sharp trade-off between investment (economic growth) and capacity utilization under foreign exchange constraints.
Journal: Journal of Post Keynesian Economics
Pages: 295-315
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280207
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:295-315




Template-Type: ReDIF-Article 1.0
Author-Name: WYNNE GODLEY
Author-X-Name-First: WYNNE
Author-X-Name-Last: GODLEY
Author-Name: MARC LAVOIE
Author-X-Name-First: MARC
Author-X-Name-Last: LAVOIE
Title: Comprehensive accounting in simple open economy macroeconomics with endogenous sterilization or flexible exchange rates
Abstract: 
 This paper presents a stock-flow model of two economies (together comprising the whole world) that trade goods and financial assets with one another. The first part of the paper describes a single economy on a fixed exchange rate, with no private capital flows, in order to obtain simple analytic solutions that display the basic constraints and forces at work--notably, endogenous "sterilization." The second part describes a flexible exchange rate model, with two economies trading financial assets as well as merchandise. A final section adapts the two-country model to describe a fixed exchange rate regime. Our findings challenge established results, such as those of the Mundell- Fleming model.
Journal: Journal of Post Keynesian Economics
Pages: 241-276
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280205
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:241-276




Template-Type: ReDIF-Article 1.0
Author-Name: MARCO CROCCO
Author-X-Name-First: MARCO
Author-X-Name-Last: CROCCO
Author-Name: ANDERSON CAVALCANTE
Author-X-Name-First: ANDERSON
Author-X-Name-Last: CAVALCANTE
Author-Name: CLÁUDIO BARRA
Author-X-Name-First: CLÁUDIO
Author-X-Name-Last: BARRA
Title: The behavior of liquidity preference of banks and public and regional development: the case of Brazil
Abstract: 
 This paper aims at analyzing the role of several monetary variables in the development of different regions based on the concepts of central place and on the Post Keynesian approach to regional economy. The concept of liquidity preference is used to analyze the effect of money behavior on the regional economic performance of regions inside Brazil. The analysis of data is accomplished by using principal component analysis and cluster analysis.
Journal: Journal of Post Keynesian Economics
Pages: 217-240
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280204
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:217-240




Template-Type: ReDIF-Article 1.0
Author-Name: DONALD W. KATZNER
Author-X-Name-First: DONALD W.
Author-X-Name-Last: KATZNER
Title: Cultural variation in the theory of the firm
Abstract: 
 This paper presents a model of the firm that includes the possibility of firm and employee on-the-job decision making based on alternatives to profit and utility maximization. Such alternatives are relevant and significant when explaining firm activity in cultural environments in which self-interest is not considered to be a primary force driving human behavior. Three types of firms are defined and their properties are compared: the Western firm, the Japanese firm, and the clan. The third is a combination of the first two.
Journal: Journal of Post Keynesian Economics
Pages: 277-293
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280206
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:277-293




Template-Type: ReDIF-Article 1.0
Author-Name: H. SONMEZ ATESOGLU
Author-X-Name-First: H. SONMEZ
Author-X-Name-Last: ATESOGLU
Title: Economic consequences of a rise in defense spending after September 11, 2001
Abstract: 
 The purpose of this paper is to discuss the effects of a rise in defense spending on key macroeconomic variables since September 11, 2001. For examining the effects of the rise in defense spending, empirical models were developed for GDP, employment, trade deficit, and budget deficit. In addition to estimation results, simulations were made to assess the effect of defense spending employing the empirical models. Findings reveal that the rise in defense spending had a favorable impact on GDP and employment but led to larger trade and budget deficits.
Journal: Journal of Post Keynesian Economics
Pages: 181-191
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280202
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:181-191




Template-Type: ReDIF-Article 1.0
Author-Name: JOSÉ LUÍS OREIRO
Author-X-Name-First: JOSÉ LUÍS
Author-X-Name-Last: OREIRO
Title: Capital mobility, real exchange rate appreciation, and asset price bubbles in emerging economies: a Post Keynesian macroeconomic model for a small open economy
Abstract: 
 The objective of this paper is to show that open economies that have (1) a high degree of capital mobility, (2) a low degree of organization in financial markets, and (3) a high sensibility of net exports to changes in the level of economic activity may have bubbles in asset prices if there is an exogenous shock to these economies that produces a real exchange rate appreciation. These are common features of emerging/developing economies such as Brazil and South Korea. In order to accomplish the objective of this paper, we will present a Post Keynesian macroeconomic model for small open economies that will take as a starting point, Taylor and O'Connell's (1985) model. After discussing the shortcomings of the original version of their model as an analytical framework for emerging economies, we will present a more general and relevant model that (1) has a broader list of assets (nine assets) than the original model (three assets); (2) assumes the existence of trade between the domestic economy and the rest of the world in order to introduce the crucial variable for our analysis--the real exchange rate; and (3) has high (although imperfect) capital mobility--in the sense of Mundell and Fleming--so that interest rate differential is a major factor determining capital inflows to emerging countries.
Journal: Journal of Post Keynesian Economics
Pages: 317-344
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280208
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:317-344




Template-Type: ReDIF-Article 1.0
Author-Name: JOHN T. HARVEY
Author-X-Name-First: JOHN T.
Author-X-Name-Last: HARVEY
Title: Post Keynesian versus neoclassical explanations of exchange rate movements: a short look at the long run
Abstract: 
 In this paper, a series of empirical tests are conducted comparing the explanatory power of the neoclassical approach (in particular, purchasing power parity and the monetary model) with that of a long-run exchange rate model based on Post Keynesian premises (the tests use annual data for the dollar- deutsche mark and the dollar-yen from 1975 through 1998). It is shown that, despite the shift in time horizon and the biasing of the tests in favor of the neoclassical approach, the Post Keynesian approach still shows a much tighter fit to the historical facts.
Journal: Journal of Post Keynesian Economics
Pages: 161-179
Issue: 2
Volume: 28
Year: 2005
X-DOI: 10.2753/PKE0160-3477280201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280201
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Handle: RePEc:mes:postke:v:28:y:2005:i:2:p:161-179




Template-Type: ReDIF-Article 1.0
Author-Name: Robert W. Dimand
Author-X-Name-First: Robert W.
Author-X-Name-Last: Dimand
Author-Name: Mohammed H.I. Dore
Author-X-Name-First: Mohammed H.I.
Author-X-Name-Last: Dore
Title: Keynes’s Casino Capitalism, Bagehot’s International Currency, and the Tobin Tax: Historical Notes on Preventing Currency Fires
Journal: Journal of Post Keynesian Economics
Pages: 515-528
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490256
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490256
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Handle: RePEc:mes:postke:v:22:y:2000:i:4:p:515-528




Template-Type: ReDIF-Article 1.0
Author-Name: George I. Evdoridis
Author-X-Name-First: George I.
Author-X-Name-Last: Evdoridis
Title: Public Sector Deficits as the Foundation of Economic Growth
Journal: Journal of Post Keynesian Economics
Pages: 529-547
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490257
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490257
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Handle: RePEc:mes:postke:v:22:y:2000:i:4:p:529-547




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Lopez-Gallardo
Author-X-Name-First: Julio
Author-X-Name-Last: Lopez-Gallardo
Title: Budget Deficit and Full Employment
Journal: Journal of Post Keynesian Economics
Pages: 549-563
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490258
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490258
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Handle: RePEc:mes:postke:v:22:y:2000:i:4:p:549-563




Template-Type: ReDIF-Article 1.0
Author-Name: Robert F. Stauffer
Author-X-Name-First: Robert F.
Author-X-Name-Last: Stauffer
Title: A Comment on the M1 Velocity Puzzle
Journal: Journal of Post Keynesian Economics
Pages: 565-571
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490259
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490259
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Handle: RePEc:mes:postke:v:22:y:2000:i:4:p:565-571




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ansari
Author-X-Name-First: M.
Author-X-Name-Last: Ansari
Author-Name: N. Hashemzadeh
Author-X-Name-First: N.
Author-X-Name-Last: Hashemzadeh
Author-Name: Y. Xi
Author-X-Name-First: Y.
Author-X-Name-Last: Xi
Title: The Chronicle of Economic Growth in Southeast Asian Countries: Does Thirlwall’s Law Provide an Adequate Explanation?
Journal: Journal of Post Keynesian Economics
Pages: 573-588
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490260
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Fernando R. De Paula
Author-X-Name-First: Luiz Fernando R.
Author-X-Name-Last: De Paula
Author-Name: Antonio José Alves
Author-X-Name-First: Antonio José
Author-X-Name-Last: Alves
Title: External Financial Fragility and the 1998-1999 Brazilian Currency Crisis
Journal: Journal of Post Keynesian Economics
Pages: 589-617
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490261
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Author-Name: Michael P. Barry
Author-X-Name-First: Michael P.
Author-X-Name-Last: Barry
Title: Stability of the Demand for Money in an Unstable Country: Russia
Journal: Journal of Post Keynesian Economics
Pages: 619-629
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490262
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Title: Modern Macroeconomics: Theory, Policy, and Events
Journal: Journal of Post Keynesian Economics
Pages: 631-638
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490263
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Title: Income, Employment, Inflation, and Money in the United States
Journal: Journal of Post Keynesian Economics
Pages: 639-646
Issue: 4
Volume: 22
Year: 2000
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X-DOI: 10.1080/01603477.2000.11490264
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Title: A Comment on Katzner’s “Western Economics and the Economy of Japan”
Journal: Journal of Post Keynesian Economics
Pages: 647-651
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490265
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Author-Name: Donald W. Katzner
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Author-X-Name-Last: Katzner
Title: Reply to Thiruvadanthai
Journal: Journal of Post Keynesian Economics
Pages: 653-658
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490266
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Author-Name: The Editors
Title: Author Index to Volume 22
Journal: Journal of Post Keynesian Economics
Pages: 659-661
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490267
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Errata
Journal: Journal of Post Keynesian Economics
Pages: 662-662
Issue: 4
Volume: 22
Year: 2000
Month: 7
X-DOI: 10.1080/01603477.2000.11490268
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow 
Author-X-Name-First: Sheila C. 
Author-X-Name-Last: Dow 
Author-Name: Dipak  Ghosh 
Author-X-Name-First: Dipak  
Author-X-Name-Last: Ghosh 
Author-Name: Kobil  Ruziev 
Author-X-Name-First: Kobil  
Author-X-Name-Last: Ruziev 
Title: A stages approach to banking development in transition economies 
Abstract:
 Credit shortages are widely thought to explain the output contraction in
 former Soviet Union (FSU) countries during the 1990s. It is argued here
 that these shortages were the result of an ahistorical approach to
 policymaking which ignored the time needed for the establishment and
 further development of money, banking, and nonbanking financial
 institutions. Starting from Chick's stages-of-banking-development
 framework, we examine the experience of the FSU economies in transition
 from central planning. We then develop a fivephase framework to
 characterize the process of banking development required for them to reach
 stage two of Chick's framework, where bank liabilities are accepted as
 money.
Journal: Journal of Post Keynesian Economics 
Pages: 3-33 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: banking development, FSU countries, money, trust, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=50207K126W238674 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 London: Macmillan, 1979.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:3-33




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Sylos-Labini
Author-X-Name-First: Paolo
Author-X-Name-Last: Sylos-Labini
Title: Factors Affecting Changes in Productivity
Journal: Journal of Post Keynesian Economics
Pages: 161-179
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489428
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489428
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Template-Type: ReDIF-Article 1.0
Author-Name: Walter Adams
Author-X-Name-First: Walter
Author-X-Name-Last: Adams
Author-Name: James W. Brock
Author-X-Name-First: James W.
Author-X-Name-Last: Brock
Title: Countervailing or Coalescing Power? The Problem of Labor/Management Coalitions
Journal: Journal of Post Keynesian Economics
Pages: 180-197
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489429
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489429
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Author-Name: Julian L. Simon
Author-X-Name-First: Julian L.
Author-X-Name-Last: Simon
Author-Name: Edward M. Rice
Author-X-Name-First: Edward M.
Author-X-Name-Last: Rice
Title: The Theory of Price-Changing and Monopoly Power
Journal: Journal of Post Keynesian Economics
Pages: 198-213
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489430
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Template-Type: ReDIF-Article 1.0
Author-Name: John F. Henry
Author-X-Name-First: John F.
Author-X-Name-Last: Henry
Title: On Equilibrium
Journal: Journal of Post Keynesian Economics
Pages: 214-229
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489431
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Author-Name: J. R. Presley
Author-X-Name-First: J. R.
Author-X-Name-Last: Presley
Title: D. H. Robertson: Some Restoration
Journal: Journal of Post Keynesian Economics
Pages: 230-240
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489432
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Author-Name: G. L. S. Shackle
Author-X-Name-First: G. L. S.
Author-X-Name-Last: Shackle
Title: The Romantic Mountain and the Classic Lake: Alan Coddington’s 
Journal: Journal of Post Keynesian Economics
Pages: 241-251
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489433
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Template-Type: ReDIF-Article 1.0
Author-Name: Jack High
Author-X-Name-First: Jack
Author-X-Name-Last: High
Title: Knowledge, Maximizing, and Conjecture: A Critical Analysis of Search Theory
Journal: Journal of Post Keynesian Economics
Pages: 252-264
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489434
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489434
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Carvalho
Author-X-Name-First: Fernando
Author-X-Name-Last: Carvalho
Title: On the Concept of Time in Shacklean and Sraffian Economics
Journal: Journal of Post Keynesian Economics
Pages: 265-280
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489435
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489435
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Template-Type: ReDIF-Article 1.0
Author-Name: Torben M. Andersen
Author-X-Name-First: Torben M.
Author-X-Name-Last: Andersen
Title: Some Implications of the Efficient Capital Market Hypothesis
Journal: Journal of Post Keynesian Economics
Pages: 281-294
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489436
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489436
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Template-Type: ReDIF-Article 1.0
Author-Name: Myles S. Wallace
Author-X-Name-First: Myles S.
Author-X-Name-Last: Wallace
Title: Economic Stabilization as a Public Good: What Does it Mean?
Journal: Journal of Post Keynesian Economics
Pages: 295-302
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489437
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489437
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis A. Ahlburg
Author-X-Name-First: Dennis A.
Author-X-Name-Last: Ahlburg
Author-Name: Morton Owen Schapiro
Author-X-Name-First: Morton Owen
Author-X-Name-Last: Schapiro
Title: The Social Cost of Economic Decline: Some Earlier Evidence
Journal: Journal of Post Keynesian Economics
Pages: 303-304
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489438
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489438
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Template-Type: ReDIF-Article 1.0
Author-Name: Ludo Cuyvers
Author-X-Name-First: Ludo
Author-X-Name-Last: Cuyvers
Title: Erwin Rothbarth’s Life and Work
Journal: Journal of Post Keynesian Economics
Pages: 305-312
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489439
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489439
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodore P. Lianos
Author-X-Name-First: Theodore P.
Author-X-Name-Last: Lianos
Title: A Graphical Exposition of a Post Keynesian Model
Journal: Journal of Post Keynesian Economics
Pages: 313-323
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489440
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489440
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Plotnick
Author-X-Name-First: Alan
Author-X-Name-Last: Plotnick
Title: Memorial Note: Arthur I. Grant
Journal: Journal of Post Keynesian Economics
Pages: 324-325
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489441
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489441
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Handle: RePEc:mes:postke:v:6:y:1983:i:2:p:324-325




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 326-327
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489442
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489442
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Handle: RePEc:mes:postke:v:6:y:1983:i:2:p:326-327




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrections
Journal: Journal of Post Keynesian Economics
Pages: 328-328
Issue: 2
Volume: 6
Year: 1983
Month: 12
X-DOI: 10.1080/01603477.1983.11489443
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489443
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Template-Type: ReDIF-Article 1.0
Author-Name: L.G. TELSER
Author-X-Name-First: L.G.
Author-X-Name-Last: TELSER
Title: Reply: Another perspective on the reserve requirement increments of 1936 and 1937
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 181-182
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051341
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Template-Type: ReDIF-Article 1.0
Author-Name: GEOFFREY POITRAS
Author-X-Name-First: GEOFFREY
Author-X-Name-Last: POITRAS
Title: The philosophy of investment: a Post Keynesian perspective
Abstract: 
 The role of uncertainty in investment decisions is a central concern of Post Keynesian economics. Despite substantive criticisms of security investment strategies that rely on notions from probability theory, Post Keynesians have not provided a detailed model of an investment strategy that would be consistent with the Post Keynesian approach. Working from the contributions of J.M. Keynes, this paper develops the philosophical basis for such an investment strategy.
Journal: Journal of Post Keynesian Economics
Pages: 105-121
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051342
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Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT F. STAUFFER
Author-X-Name-First: ROBERT F.
Author-X-Name-Last: STAUFFER
Title: Another perspective on the reserve requirement increments of 1936 and 1937
Abstract: 
 The purpose of this analysis is to investigate three issues surrounding the Federal Reserve's doubling of reserve requirements between August 1936 and May 1937. First of all, arguments are offered that strengthen and complement L.G. Telser's analysis of how bank lending was affected by reserve ratio increases. Second, a unique money multiplier model is utilized to measure the impact of these policy changes on excess reserves and the money supply. Finally, the possible relationships between Fed policy changes and the recession of 1937-1938 are discussed, including the Friedman and Schwartz perspective.
Journal: Journal of Post Keynesian Economics
Pages: 161-179
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051343
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:161-179




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: Restating the purpose of the JPKE after 25 years
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 3-7
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051344
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051344
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Template-Type: ReDIF-Article 1.0
Author-Name: THOMAS I. PALLEY
Author-X-Name-First: THOMAS I.
Author-X-Name-Last: PALLEY
Title: Economic contradictions coming home to roost? Does the U.S. economy face a long-term aggregate demand generation problem?
Abstract: 
 Many argue that the current recession is the product of a temporary stock market wobble. This paper argues that the U.S. economy confronts deeper-seated problems concerning the aggregate demand generation process. For two decades, these problems have been obscured by a range of demand compensation mechanisms--rising consumer debt, a stock market boom, and rising profit rates. Now, these mechanisms are exhausted. Fiscal policy adjustments and dollar depreciation are the only stable exits from this impasse, but they must be accompanied by measures rectifying the income distribution imbalances at the root of the problem. Absent this, deficient demand will reassert itself.
Journal: Journal of Post Keynesian Economics
Pages: 9-32
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051345
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Template-Type: ReDIF-Article 1.0
Author-Name: JOHN T. HARVEY
Author-X-Name-First: JOHN T.
Author-X-Name-Last: HARVEY
Title: The determinants of currency market forecasts: an empirical study
Abstract: 
 Empirical studies using surveys of exchange rate expectations have become very popular in the literature. The majority have concluded that short-term currency market activity appears to be inconsistent with the standard neoclassical characterization and that, as a consequence, economists should shift their attention to the long run. This paper, rather than using foreign exchange surveys as an argument for ignoring the short run, treats them as a means of understanding it. To that end, an empirical test is conducted in which the survey results serve as the dependent variable. The results indicate that the expectational variables are not random, but exhibit a pattern. It is further shown that psychological factors play an important role in determining expectations, thus offering support for the Post Keynesian view of currency markets.
Journal: Journal of Post Keynesian Economics
Pages: 33-49
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051346
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Template-Type: ReDIF-Article 1.0
Author-Name: MARCELLA CORSI
Author-X-Name-First: MARCELLA
Author-X-Name-Last: CORSI
Author-Name: ALESSANDRO RONCAGLIA
Author-X-Name-First: ALESSANDRO
Author-X-Name-Last: RONCAGLIA
Title: The employment issue in the European Union
Abstract: 
 The aim of this paper is to look at a basic issue when confronting the mediocrity of the employment situation in the European Union: Which theoretical explanation should be adopted for explaining employment and unemployment levels? We discuss the variant of the "mainstream consensus" attributable to the European Commission, and we present an alternative approach to explaining the employment content of EU growth, based on a Keynesian viewpoint, with some hints concerning policy implications.
Journal: Journal of Post Keynesian Economics
Pages: 141-159
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051347
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051347
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:141-159




Template-Type: ReDIF-Article 1.0
Author-Name: LUIS BÉRTOLA
Author-X-Name-First: LUIS
Author-X-Name-Last: BÉRTOLA
Author-Name: HERMES HIGACHI
Author-X-Name-First: HERMES
Author-X-Name-Last: HIGACHI
Author-Name: GABRIEL PORCILE
Author-X-Name-First: GABRIEL
Author-X-Name-Last: PORCILE
Title: Balance-of-payments-constrained growth in Brazil: a test of Thirlwall's Law, 1890-1973
Abstract: 
 The paper offers a time-series test of Thirlwall's Law for Brazil during the 1890-1973 period. The results confirm the existence of a long-run relationship between Brazilian gross domestic product (GDP), terms-of-trade, and world income, as Thirlwall's Law predicts. In addition, an error correction model is estimated, which shows that adjusting toward Thirlwall's Law equilibrium explains a substantial part of total variation of real GDP in the short run.
Journal: Journal of Post Keynesian Economics
Pages: 123-140
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051348
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051348
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:123-140




Template-Type: ReDIF-Article 1.0
Author-Name: MOHSEN BAHMANI-OSKOOEE
Author-X-Name-First: MOHSEN
Author-X-Name-Last: BAHMANI-OSKOOEE
Author-Name: SOUPHALA CHOMSISENGPHET
Author-X-Name-First: SOUPHALA
Author-X-Name-Last: CHOMSISENGPHET
Author-Name: MAGDA KANDIL
Author-X-Name-First: MAGDA
Author-X-Name-Last: KANDIL
Title: Are devaluations contractionary in Asia?
Abstract: 
 The main purpose of this paper is to determine empirically whether currency depreciation is expansionary or contractionary in Asian countries. It is argued that by disrupting the operation of the financial sector and by introducing uncertainty among consumers and investors, currency depreciation could be contractionary. A reduced-form model is introduced and tested by means of cointegration analysis. The results support our theoretical argument that in many Asian countries depreciation is contractionary.
Journal: Journal of Post Keynesian Economics
Pages: 69-82
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051349
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051349
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:69-82




Template-Type: ReDIF-Article 1.0
Author-Name: SERGIO NISTICÒ
Author-X-Name-First: SERGIO
Author-X-Name-Last: NISTICÒ
Title: Classical-type temporary positions: a "cost-plus" model
Abstract: 
 Within Hicks's temporary equilibrium method, the paper explores the possibility of supporting the Sraffian theory of prices with a cost-plus explanation of pricing. The model proposed assumes that all firms take their investment decisions with reference to an accounting period, constituted by various production periods, within which cost-plus prices tend to converge toward a Sraffian configuration generally characterized, however, by the divergence between expected and actual profit rates. The paper concludes that the abandonment of the long-period method represents the cost that classical-type theories should sustain in order to provide a persuasive explanation of prices and distribution within contemporary capitalism.
Journal: Journal of Post Keynesian Economics
Pages: 83-103
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051350
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051350
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:83-103




Template-Type: ReDIF-Article 1.0
Author-Name: DONALD W. KATZNER
Author-X-Name-First: DONALD W.
Author-X-Name-Last: KATZNER
Title: "What are the questions?"
Abstract: 
 This paper argues that, in attempting to provide accurate explanations of economic behavior, economists have to account, in the structures of their models, for the cultural backgrounds of the agents in question. In particular, utility and profit maximization (or their equivalent) cannot be used universally as motivating forces everywhere because cultural effects can lead to different thought processes, different motivations, and hence different decision rules. Failure to introduce such effects into economists' models can lead to errors in understanding and policy recommendations that do not produce intended results.
Journal: Journal of Post Keynesian Economics
Pages: 51-68
Issue: 1
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051351
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051351
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Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:51-68




Template-Type: ReDIF-Article 1.0
Author-Name: Warren Mosler
Author-X-Name-First: Warren
Author-X-Name-Last: Mosler
Title: Full Employment and Price Stability
Journal: Journal of Post Keynesian Economics
Pages: 167-182
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490146
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490146
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: How Long Can You Run—And Where Are You Running?
Journal: Journal of Post Keynesian Economics
Pages: 183-189
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490147
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490147
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:183-189




Template-Type: ReDIF-Article 1.0
Author-Name: David Felix
Author-X-Name-First: David
Author-X-Name-Last: Felix
Title: On Drawing General Policy Lessons from Recent Latin American Currency Crises
Journal: Journal of Post Keynesian Economics
Pages: 191-221
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490148
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490148
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:191-221




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Pollin
Author-X-Name-First: Robert
Author-X-Name-Last: Pollin
Title: Theory and Policy in Response to “Leaden Age” Financial Instability: Comment on Felix
Journal: Journal of Post Keynesian Economics
Pages: 223-233
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490149
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490149
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:223-233




Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane Zannoni
Author-X-Name-First: Diane
Author-X-Name-Last: Zannoni
Title: Post Keynesian Economics and the Philosophy of Individualism
Journal: Journal of Post Keynesian Economics
Pages: 235-249
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490150
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490150
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray Glickman
Author-X-Name-First: Murray
Author-X-Name-Last: Glickman
Title: A Post Keynesian Refutation of Modigliani–Miller on Capital Structure
Journal: Journal of Post Keynesian Economics
Pages: 251-274
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490151
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490151
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:251-274




Template-Type: ReDIF-Article 1.0
Author-Name: Paul A. Natke
Author-X-Name-First: Paul A.
Author-X-Name-Last: Natke
Title: Keynes’ Finance Motive and Firm Behavior: Empirical Evidence
Journal: Journal of Post Keynesian Economics
Pages: 275-294
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490152
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490152
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:275-294




Template-Type: ReDIF-Article 1.0
Author-Name: Marc O. Lieberman
Author-X-Name-First: Marc O.
Author-X-Name-Last: Lieberman
Author-Name: Geoffrey A. Jehle
Author-X-Name-First: Geoffrey A.
Author-X-Name-Last: Jehle
Title: On Fringe Benefits and Layoffs
Journal: Journal of Post Keynesian Economics
Pages: 295-299
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490153
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490153
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:295-299




Template-Type: ReDIF-Article 1.0
Author-Name: Leon Podkaminer
Author-X-Name-First: Leon
Author-X-Name-Last: Podkaminer
Title: Downward-Sloping Aggregate Supply Functions, Upward-Sloping Aggregate Demand Functions
Journal: Journal of Post Keynesian Economics
Pages: 301-308
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490154
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490154
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:301-308




Template-Type: ReDIF-Article 1.0
Author-Name: Greg Hill
Author-X-Name-First: Greg
Author-X-Name-Last: Hill
Title: The Socialization of Investment: Comment on Meltzer
Journal: Journal of Post Keynesian Economics
Pages: 309-313
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490155
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490155
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Template-Type: ReDIF-Article 1.0
Author-Name: Allan H. Meltzer
Author-X-Name-First: Allan H.
Author-X-Name-Last: Meltzer
Title: Keynes on the Interest Rate and Redistribution: Reply
Journal: Journal of Post Keynesian Economics
Pages: 315-319
Issue: 2
Volume: 20
Year: 1997
Month: 12
X-DOI: 10.1080/01603477.1997.11490156
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490156
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Handle: RePEc:mes:postke:v:20:y:1997:i:2:p:315-319




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Davidson 
Title: Black swans and Knight's epistemological uncertainty: are these concepts also underlying behavioral and post-Walrasian theory? 
Abstract:
 This paper argues that Nassim Taleb's "black swan" argument regarding
 uncertainty is equivalent to Frank Knight's epistemological concept of
 uncertainty. Moreover, both behavioral economists and post-Walrasians use
 an epistemological concept of uncertainty, in part related to Taleb's
 black swans. This black swan approach differs significantly from Keynes's
 idea that uncertainty is an ontological concept. Consequently, these
 different uncertainty concepts have different policy implications.
Journal: Journal of Post Keynesian Economics 
Pages: 567-570 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: behavioral theory, black swans, Keynes, Knight, post-Walrasians, risk, Taleb, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B66243267LM03524 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Brock, W. A., and
 Durlauf, S. N. "Macroeconomics and Model Uncertainty." In D. Colander
 (ed.), >i>Post Walrasian Macroeconomics.>/i> Cambridge: Cambridge
 University Press, 2006, pp. 116-134.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>2</BIBL>	 <BIBTEXT> Colander, D. >i>Post Walrasian
 Macroeconomics.>/i> Cambridge, Cambridge University Press, 2006.</BIBTEXT>
      </REF>	  <REF>        <BIBL>3</BIBL>	     <BIBTEXT> Kirman, A.
 "Forward." In D. Colander (ed.), >i>Post Walrasian Macroeconomics.>/i>
 Cambridge: Cambridge University Press, 2006, pp. xiii-xv.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Hicks, J. R.
 >i>Economic Perspectives.>/i> Oxford: Clarendon Press, 1977.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>5</BIBL>	 <BIBTEXT> Knight, F. H.
 >i>Risk Uncertainty, and Profit.>/i> New York: Houghton Mifflin,
 1921.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Mehrling, P. "The Problem of Time in the DSGE Model and the Post
 Walrasian Alternative." In D. Colander (ed.), >i>Post Walrasian
 Macroeconomics.>/i> Cambridge: Cambridge University Press, 2006, pp.
 70-79.</BIBTEXT>      </REF>	   <REF>	<BIBL>7</BIBL>	     
 <BIBTEXT> Taleb, N. N. >i>The Black Swan: The Impact of the Highly
 Improbable.>/i> New York: Random House, 2007.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Terzi, A. "Keynes's
 Uncertainty Is Not About White or Black Swans." >i>Journal of Post
 Keynesian Economics>/i>, Summer 2010, >i>32>/i> (4), 559-565.</BIBTEXT>   
   </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:567-570




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Peter Howells
Author-X-Name-First: Peter
Author-X-Name-Last: Howells
Title: The 1520-1640 “Great Inflation”: An Early Case of Controversy on the Nature of Money
Abstract: 
 The causes of the “great inflation” of the sixteenth century have long been the subject of controversy. Since some major work in the 1930s, historians have argued over a “monetary” and a “real” interpretation. What we show in this paper is, first, that there was a dissenting opinion even then; second, that recent scholarship shows that the dissenters’ view of events was probably the more accurate as to fact; third, that the monetary interpretation of the day drew intellectual support from aflawed source; andfinally, that the dissenters were mounting the earliest argument for the endogenous origins of money.
Journal: Journal of Post Keynesian Economics
Pages: 181-203
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490322
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490322
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:181-203




Template-Type: ReDIF-Article 1.0
Author-Name: L. G. Telser
Author-X-Name-First: L. G.
Author-X-Name-Last: Telser
Title: Higher Member Bank Reserve Ratios in 1936 and 1937 Did Not Cause the Relapse into Depression
Abstract: 
 Examination of both sides of member banks’ balance sheets reveals evidence that refutes the claim that higher member bank reserve ratios imposed by the Federal Reserve Board of Governors in 1936 and 1937 caused the relapse of the U.S. economy into depression. Member banks responded to higher reserves by selling some of their U.S. Treasury paper and did not reduce their loans to business.
Journal: Journal of Post Keynesian Economics
Pages: 205-216
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490323
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490323
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:205-216




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: The E-Money Revolution: Challenges and Implications for Monetary Policy
Abstract: 
 The e-revolution promises to introduce new e-monies that may ultimately displace existing money. E-money poses a challenge to central banks’ ability to control interest rates, and it may also increase endogenous financial instability. The challenge to interest rate control stems from the possibility that e-money may diminish the financial system’s demand for central bank liabilities, rendering central banks unable to conduct meaningful open market operations. Increasedfinancial instability could emerge from the increased elasticity of private money production, and from periodic runs out of e-money into central bank money that generate liquidity crises.
Journal: Journal of Post Keynesian Economics
Pages: 217-233
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490324
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490324
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:217-233




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Ferrari-Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari-Filho
Title: Why Does It Not Make Sense to Create a Monetary Union in MERCOSUR? A Keynesian Alternative Proposal
Abstract: 
 The article has two objectives. On one hand, it intends to show how inconsistent the proposal of creating a currency union among the countries of MERCOSUR is, as the final step of an integration process in this region. On the other hand, it argues that only a (Post) Keynesian alternative proposal of (1) managing fiscal and monetary policies, and (2) requiring appropriate institutional arrangements can reconcile the full employment with external equilibrium to the MERCOSUR countries in a global world.
Journal: Journal of Post Keynesian Economics
Pages: 235-252
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490325
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490325
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:235-252




Template-Type: ReDIF-Article 1.0
Author-Name: Korkut A. Erturk
Author-X-Name-First: Korkut A.
Author-X-Name-Last: Erturk
Title: Overcapacity and the East Asian Crisis
Abstract: 
 The historic success of East Asian economies prior to the 1997 financial crisis depended on their ability to escape the trap of deteriorating terms through a regional pattern of development known as the flying geese model. However, this pattern of development has come under increasing strain in the second half of 1980s. As competitive pressures intensified, producers throughout the region early-exited their niches of production in a futile attempt to safeguard their competitive position. The investment boom this has caused in the early 1990s led to the creation overcapacity throughout the region and the reemergence of the fallacy of composition inherent in a generalized system of export led growth, paving the way for the financial crisis of 1997.
Journal: Journal of Post Keynesian Economics
Pages: 253-275
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490326
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490326
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:253-275




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Author-Name: Wynne Godley
Author-X-Name-First: Wynne
Author-X-Name-Last: Godley
Title: Kaleckian Models of Growth in a Coherent Stock-Flow Monetary Framework: A Kaldorian View
Abstract: 
 This paper presents a demand-led growth model grounded in a coherent stock-flow monetary accounting framework, where all stocks and flows are accounted for. Wealth is allocated between assets on Tobinesque principles, but no equilibrium condition is necessary to bring the “demand” for money into equivalence with its “supply.” Growth and profit rates, as well as valuation, debt, and capacity utilization ratios are analyzed using simulations in which a growing economy is assumed to be shocked by changes in interest rates, liquidity preference, real wages, and the parameters that determine how firms finance investment.
Journal: Journal of Post Keynesian Economics
Pages: 277-311
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490327
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490327
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:277-311




Template-Type: ReDIF-Article 1.0
Author-Name: Man-Seop Park
Author-X-Name-First: Man-Seop
Author-X-Name-Last: Park
Title: Kaldor’s “Institutional” Theory of Income Distribution Revisited: Different Views on the Nature of the Corporate Economy
Abstract: 
 Kaldor’s one-sector framework of the “institutional” theory of income distribution is extended to a two-sector setting. This extension requires an explicit consideration of the long-period relationships between the two sectors, and thereby brings to more light two different views on the nature of the corporate economy implicitly represented by Kaldor and by his critics. It is claimed that both of these views omit some important aspects of a fully developed capitalist corporate economy. A third alternative view, which incorporates all of these aspects, is suggested.
Journal: Journal of Post Keynesian Economics
Pages: 313-327
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490328
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490328
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:313-327




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Downward
Author-X-Name-First: Paul
Author-X-Name-Last: Downward
Title: Revisiting a Historical Debate on Pricing Dynamics in the United Kingdom: Further Confirmation of Post Keynesian Pricing Theory
Abstract: 
 This paper revisits an early econometric debate on pricing dynamics using modern time-series econometric techniques. This debate is a particularly interesting case because it is the only occasion in which excess demand and nonmainstream pricing hypotheses, emphasized in Post Keynesian economics, involving prices being set as a markup on costs, were directly addressed from the same data set. Coupled with a theoretical reassessment of the neoclassical model, the paper argues that these econometric results provide support Post Keynesian pricing theory, and normal-cost pricing in particular.
Journal: Journal of Post Keynesian Economics
Pages: 329-344
Issue: 2
Volume: 24
Year: 2001
Month: 12
X-DOI: 10.1080/01603477.2001.11490329
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490329
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Handle: RePEc:mes:postke:v:24:y:2001:i:2:p:329-344




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Twenty Years Old and Growing Stronger Every Day
Journal: Journal of Post Keynesian Economics
Pages: 3-10
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490174
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490174
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:3-10




Template-Type: ReDIF-Article 1.0
Author-Name: John Kenneth Galbraith
Author-X-Name-First: John Kenneth
Author-X-Name-Last: Galbraith
Title: John Maynard Keynes: From Retrospect to Prospect
Journal: Journal of Post Keynesian Economics
Pages: 11-13
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490175
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490175
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:11-13




Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: Stock Market Risk in a Post Keynesian World
Journal: Journal of Post Keynesian Economics
Pages: 15-24
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490176
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490176
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:15-24




Template-Type: ReDIF-Article 1.0
Author-Name: Lester C. Thurow
Author-X-Name-First: Lester C.
Author-X-Name-Last: Thurow
Title: Wage Dispersion: “Who Done It?”
Journal: Journal of Post Keynesian Economics
Pages: 25-37
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490177
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490177
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:25-37




Template-Type: ReDIF-Article 1.0
Author-Name: Lord Skidelsky
Author-X-Name-First: Lord
Author-X-Name-Last: Skidelsky
Title: Keynes and Employment Policy in the Second World War
Journal: Journal of Post Keynesian Economics
Pages: 39-50
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490178
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490178
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:39-50




Template-Type: ReDIF-Article 1.0
Author-Name: Robert D. Plotnick
Author-X-Name-First: Robert D.
Author-X-Name-Last: Plotnick
Author-Name: Eugene Smolensky
Author-X-Name-First: Eugene
Author-X-Name-Last: Smolensky
Author-Name: Eirik Evenhouse
Author-X-Name-First: Eirik
Author-X-Name-Last: Evenhouse
Author-Name: Siobhan Reilly
Author-X-Name-First: Siobhan
Author-X-Name-Last: Reilly
Title: Inequality, Poverty, and the Fisc in Twentieth-Century America
Journal: Journal of Post Keynesian Economics
Pages: 51-75
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490179
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490179
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:51-75




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Eisner
Author-X-Name-First: Robert
Author-X-Name-Last: Eisner
Title: Save Social Security from Its Saviors
Journal: Journal of Post Keynesian Economics
Pages: 77-92
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490180
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490180
File-Format: text/html
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:77-92




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: The Economics of Social Security: An Old Keynesian Perspective
Journal: Journal of Post Keynesian Economics
Pages: 93-110
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490181
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490181
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:93-110




Template-Type: ReDIF-Article 1.0
Author-Name: J.A. Kregel
Author-X-Name-First: J.A.
Author-X-Name-Last: Kregel
Title: Aspects of a Post Keynesian Theory of Finance
Journal: Journal of Post Keynesian Economics
Pages: 111-133
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490182
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490182
File-Format: text/html
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:111-133




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Pollin
Author-X-Name-First: Robert
Author-X-Name-Last: Pollin
Author-Name: Mark Schaberg
Author-X-Name-First: Mark
Author-X-Name-Last: Schaberg
Title: Asset Exchanges, Financial Market Trading, and The M1 Income Velocity Puzzle
Journal: Journal of Post Keynesian Economics
Pages: 135-162
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490183
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490183
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:135-162




Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Path Dependency and Animal Spirits
Journal: Journal of Post Keynesian Economics
Pages: 163-165
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490184
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490184
File-Format: text/html
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:163-165




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Path Dependency and Animal Spirits: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 167-170
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490185
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:167-170




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Accommodationism, Structuralism, and Superstructuralism
Journal: Journal of Post Keynesian Economics
Pages: 171-173
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490186
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490186
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:171-173




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Moore
Author-X-Name-First: Basil
Author-X-Name-Last: Moore
Title: Accommodation to Accommodationism: A Note
Journal: Journal of Post Keynesian Economics
Pages: 175-178
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490187
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490187
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:175-178




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 179-179
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490188
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490188
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:179-179




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Answers to Photo Quiz
Journal: Journal of Post Keynesian Economics
Pages: 180-180
Issue: 1
Volume: 21
Year: 1998
Month: 9
X-DOI: 10.1080/01603477.1998.11490189
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490189
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Handle: RePEc:mes:postke:v:21:y:1998:i:1:p:180-180




Template-Type: ReDIF-Article 1.0
Author-Name: Barry Bluestone
Author-X-Name-First: Barry
Author-X-Name-Last: Bluestone
Author-Name: John Havens
Author-X-Name-First: John
Author-X-Name-Last: Havens
Title: The Microeconomic Impacts of Macroeconomic Fiscal Policy 1981–1985
Journal: Journal of Post Keynesian Economics
Pages: 499-514
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489580
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:8:y:1986:i:4:p:499-514




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Walker
Author-X-Name-First: John F.
Author-X-Name-Last: Walker
Author-Name: Harold G. Vatter
Author-X-Name-First: Harold G.
Author-X-Name-Last: Vatter
Title: Stagnation—Performance and Policy: A Comparison of the Depression Decade with 1973–1984
Journal: Journal of Post Keynesian Economics
Pages: 515-530
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489581
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489581
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Handle: RePEc:mes:postke:v:8:y:1986:i:4:p:515-530




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Brothwell
Author-X-Name-First: John F.
Author-X-Name-Last: Brothwell
Title:  after Fifty Years: Why Are We Not All Keynesians Now?
Journal: Journal of Post Keynesian Economics
Pages: 531-547
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489582
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489582
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Handle: RePEc:mes:postke:v:8:y:1986:i:4:p:531-547




Template-Type: ReDIF-Article 1.0
Author-Name: Michael C. Lovell
Author-X-Name-First: Michael C.
Author-X-Name-Last: Lovell
Title: On Forecast Rationality: The Case of Gas Mileage Estimates
Journal: Journal of Post Keynesian Economics
Pages: 548-562
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489583
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489583
File-Format: text/html
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Handle: RePEc:mes:postke:v:8:y:1986:i:4:p:548-562




Template-Type: ReDIF-Article 1.0
Author-Name: Fred M. Gottheil
Author-X-Name-First: Fred M.
Author-X-Name-Last: Gottheil
Title: Marx versus Marxists on the Role of Military Production in Capitalist Economies
Journal: Journal of Post Keynesian Economics
Pages: 563-573
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489584
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489584
File-Format: text/html
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Handle: RePEc:mes:postke:v:8:y:1986:i:4:p:563-573




Template-Type: ReDIF-Article 1.0
Author-Name: Tom Riddell
Author-X-Name-First: Tom
Author-X-Name-Last: Riddell
Title: Marxism and Military Spending
Journal: Journal of Post Keynesian Economics
Pages: 574-580
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489585
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489585
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Template-Type: ReDIF-Article 1.0
Author-Name: Fred M. Gottheil
Author-X-Name-First: Fred M.
Author-X-Name-Last: Gottheil
Title: Marxism and Military Spending: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 581-584
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489586
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: Uncertainty, Unobstructedness, and Power
Journal: Journal of Post Keynesian Economics
Pages: 585-590
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489587
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Template-Type: ReDIF-Article 1.0
Author-Name: James H. Gapinski
Author-X-Name-First: James H.
Author-X-Name-Last: Gapinski
Title: TIP and Tradition as Tools against Inflation
Journal: Journal of Post Keynesian Economics
Pages: 591-606
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489588
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Template-Type: ReDIF-Article 1.0
Author-Name: Constantine Glezakos
Author-X-Name-First: Constantine
Author-X-Name-Last: Glezakos
Author-Name: Jeffrey B. Nugent
Author-X-Name-First: Jeffrey B.
Author-X-Name-Last: Nugent
Title: Inflation and Relative Price Variability Once Again
Journal: Journal of Post Keynesian Economics
Pages: 607-613
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489589
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Template-Type: ReDIF-Article 1.0
Author-Name: Willy Sellekaerts
Author-X-Name-First: Willy
Author-X-Name-Last: Sellekaerts
Author-Name: Brigitte Sellekaerts
Author-X-Name-First: Brigitte
Author-X-Name-Last: Sellekaerts
Title: The Impact of Anticipated and Unanticipated Inflation on Relative Price Variability: Further Results
Journal: Journal of Post Keynesian Economics
Pages: 614-622
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489590
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Burkett
Author-X-Name-First: Paul
Author-X-Name-Last: Burkett
Title: Dillard on Keynes and Marx: Comment
Journal: Journal of Post Keynesian Economics
Pages: 623-631
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489591
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Template-Type: ReDIF-Article 1.0
Author-Name: Dudley Dillard
Author-X-Name-First: Dudley
Author-X-Name-Last: Dillard
Title: Dillard on Keynes and Marx: Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 632-636
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489592
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Template-Type: ReDIF-Article 1.0
Author-Name: Eileen Appelbaum
Author-X-Name-First: Eileen
Author-X-Name-Last: Appelbaum
Title: Speiser’s Superstock Solution: A Dissent
Journal: Journal of Post Keynesian Economics
Pages: 637-641
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489593
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Template-Type: ReDIF-Article 1.0
Author-Name: Stuart M. Speiser
Author-X-Name-First: Stuart M.
Author-X-Name-Last: Speiser
Title: “Speiser’s Superstock Solution”: Reply
Journal: Journal of Post Keynesian Economics
Pages: 642-646
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489594
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume VIII
Journal: Journal of Post Keynesian Economics
Pages: 647-649
Issue: 4
Volume: 8
Year: 1986
Month: 7
X-DOI: 10.1080/01603477.1986.11489595
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Ray Canterbery
Author-X-Name-First: E. Ray
Author-X-Name-Last: Canterbery
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 3-6
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489478
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Schlesinger
Author-X-Name-First: Arthur
Author-X-Name-Last: Schlesinger
Title: The Political Galbraith
Journal: Journal of Post Keynesian Economics
Pages: 7-17
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489479
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Template-Type: ReDIF-Article 1.0
Author-Name: William Breit
Author-X-Name-First: William
Author-X-Name-Last: Breit
Title: Galbraith and Friedman: Two Versions of Economic Reality
Journal: Journal of Post Keynesian Economics
Pages: 18-29
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489480
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Template-Type: ReDIF-Article 1.0
Author-Name: David Colander
Author-X-Name-First: David
Author-X-Name-Last: Colander
Title: Galbraith and the Theory of Price Control
Journal: Journal of Post Keynesian Economics
Pages: 30-42
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489481
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Template-Type: ReDIF-Article 1.0
Author-Name: James K. Galbraith
Author-X-Name-First: James K.
Author-X-Name-Last: Galbraith
Title: Galbraith and the Theory of the Corporation
Journal: Journal of Post Keynesian Economics
Pages: 43-60
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489482
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: Galbraith on Economics as a System of Professional Belief
Journal: Journal of Post Keynesian Economics
Pages: 61-76
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489483
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Ray Canterbery
Author-X-Name-First: E. Ray
Author-X-Name-Last: Canterbery
Title: Galbraith, Sraffa, Kalecki and Supra-Surplus Capitalism
Journal: Journal of Post Keynesian Economics
Pages: 77-90
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489484
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Template-Type: ReDIF-Article 1.0
Author-Name: John Adams
Author-X-Name-First: John
Author-X-Name-Last: Adams
Title: Galbraith on Economic Development
Journal: Journal of Post Keynesian Economics
Pages: 91-102
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489485
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Contemporaneous Reserve Accounting: Can Reserves be Quantity-Constrained?
Journal: Journal of Post Keynesian Economics
Pages: 103-113
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489486
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles B. Garrison
Author-X-Name-First: Charles B.
Author-X-Name-Last: Garrison
Title: Friedman versus Keynes on the Theory of Employment
Journal: Journal of Post Keynesian Economics
Pages: 114-127
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489487
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chong Lai
Author-X-Name-First: Ching-Chong
Author-X-Name-Last: Lai
Author-Name: Chau-Nan Chen
Author-X-Name-First: Chau-Nan
Author-X-Name-Last: Chen
Title: Flexible Exchange Rates, Tight Money Effects, and Macroeconomic Policy
Journal: Journal of Post Keynesian Economics
Pages: 128-133
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489488
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillip E. Giffin
Author-X-Name-First: Phillip E.
Author-X-Name-Last: Giffin
Author-Name: E. Bruce Hutchinson
Author-X-Name-First: E. Bruce
Author-X-Name-Last: Hutchinson
Title: A Metaphysical Notion: The Symmetry between Consumer and Producer Demand
Journal: Journal of Post Keynesian Economics
Pages: 134-136
Issue: 1
Volume: 7
Year: 1984
Month: 9
X-DOI: 10.1080/01603477.1984.11489489
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias  Binswanger 
Author-X-Name-First: Mathias  
Author-X-Name-Last: Binswanger 
Title: Is there a growth imperative in capitalist economies? a circular flow perspective 
Abstract:
 This paper postulates the existence of a growth imperative in capitalist
 economies. The argument is based on a simple circular flow model of a pure
 credit economy, where production takes time. In this economy, positive
 growth rates are necessary in the long run in order to enable firms to
 make profits in the aggregate. If the growth rate falls below a certain
 positive threshold level, firms will make losses. Under these
 circumstances, they will go out of business, which moves the whole economy
 into a downward spiral. According to the model presented, capitalist
 economies can either grow (at a sufficiently high rate) or shrink if the
 growth rate falls below the positive threshold level. Therefore, a zero
 growth economy is not feasible in the long run.
Journal: Journal of Post Keynesian Economics 
Pages: 707-727 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: bank money, credit, growth, profits, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M025558361146707 
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File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Asimakopulos, A.
 "Finance, Liquidity, Saving, and Investment." >i>Journal of Post Keynesian
 Economics>/i>, Fall 1986, >i>9>/i> (1), 79-90.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Beltrani, G. "MonetÃ¤re
 Aspekte des Wirtschaftswachstums" [Monetary Aspects of Economic Growth].
 Ph.D. dissertation, University of St. Gallen, St. Gallen, Switzerland,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Bertocco, G. "The Characteristics of a Monetary Economy: A
 Keynes-Schumpeter Approach." >i>Cambridge Journal of Economics>/i>,
 January 2007, >i>31>/i>, 101-122.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>4</BIBL>        <BIBTEXT> Binswanger, H.C. >i>Die
 Wachstumsspirale>/i> [The Growth Spiral]. Marburg, Germany: Metropolis,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Binswanger, M. "Money Creation, Profits and Growth: Monetary
 Aspects of Economic Evolution." In E. HelmstÃ¤dter and M. Perlman (eds.),
 >i>Behavioral Norms, Technological Progress and Economic Dynamics: Studies
 in Schumpeterian Economics.>/i> Ann Arbor: University of Michigan Press,
 1996, pp. 413-437.</BIBTEXT>	   </REF>      <REF>	    <BIBL>6</BIBL> 
       <BIBTEXT> Blanchflower, D.G., and Oswald, A.J. "Well-Being Over Time
 in Britain and the USA." >i>Journal of Public Economics>/i>, July 2004,
 >i>88>/i>, 1359-1386.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>7</BIBL>        <BIBTEXT> Chick, V. "Money and Effective Demand." In
 J. Smithin (ed.), >i>What Is Money?>/i> London: Routledge, 2000, pp.
 124-138.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>       
 <BIBTEXT> Daly, H. >i>Beyond Growth: The Economics of Sustainable
 Development.>/i> Boston: Beacon Press, 1996.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Davidson, P. "Finance,
 Funding, Saving and Investment." >i>Journal of Post Keynesian
 Economics>/i>, Fall 1986, >i>9>/i> (1), 101-110.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>10</BIBL>	      <BIBTEXT> Domar, E. >i>Essays in the
 Theory of Economic Growth.>/i> New York: Oxford University Press,
 1957.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> DosSantos, C. "Keynesian Theorising During Hard Times:
 Stock-Flow Consistent Models as an Unexplored âFrontierâ of Keynesian
 Macroeconomics." >i>Cambridge Journal of Economics>/i>, July 2006,
 >i>30>/i>, 541-565.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>12</BIBL>	<BIBTEXT> Douthwaite, R. >i>The Ecology of
 Money.>/i> Dartington, UK: Green Books, 1999.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>13</BIBL>	     <BIBTEXT> Easterlin, R.A. "Income and
 Happiness: Towards a Unified Theory." >i>Economic Journal>/i>, July 2001,
 >i>111>/i>, 465-484.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>14</BIBL>	<BIBTEXT> Godley, W. "Money and Credit in a
 Keynesian Model of Income Determination." >i>Cambridge Journal of
 Economics>/i>, 1999, >i>23>/i> (4), 393-411.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>15</BIBL>	     <BIBTEXT> Gordon, M., and Rosenthal,
 J. "Capitalism's Growth Imperative." >i>Cambridge Journal of
 Economics>/i>, January 2003, >i>27>/i>, 25-48.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>16</BIBL>	     <BIBTEXT> Graziani, A. "The Theory of
 the Monetary Circuit." >i>Economies et SociÃ©tÃ©s, Monnaie et
 Production>/i>, 1990, >i>24>/i> (7), 7-36.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>17</BIBL>	     <BIBTEXT> Keynes, J.M. "Alternative
 Theories of the Rate of Interest." >i>Economic Journal>/i>, June 1937a,
 >i>47>/i>, 241-252.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>18</BIBL>	<BIBTEXT> Keynes, J.M. "The âEx Anteâ Theory of
 the Rate of Interest." >i>Economic Journal>/i>, December 1937b, >i>47>/i>,
 663-669.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Keynes, J.M. "The Process of Capital Formation." >i>Economic
 Journal>/i>, September 1939, >i>49>/i>, 569-575.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>20</BIBL>	      <BIBTEXT> Keynes, J.M. "The
 Distinction Between a Co-operative Economy and an Entrepreneur Economy."
 In D. Moggridge (ed.), >i>The Collected Writings of John Maynard Keynes,
 Vol. XXIX.>/i> London: Macmillan, 1973a. [Originally published in
 1933.]</BIBTEXT>      </REF>	   <REF>	<BIBL>21</BIBL>       
 <BIBTEXT> Keynes, J.M. "A Monetary Theory of Production." In D. Moggridge
 (ed.), >i>The Collected Writings of John Maynard Keynes, Vol. XIII.>/i>
 London: Macmillan. 1973b. [Originally published in 1933.]</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Kregel, J.A. "A
 Note on Finance, Liquidity, Saving, and Investment." >i>Journal of Post
 Keynesian Economics>/i>, Fall 1986, >i>9>/i> (1), 91-99.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>23</BIBL>	 <BIBTEXT> Lavoie, M.
 "Endogenous Money in a Coherent Stock-Flow Framework." Working Paper no.
 325, Department of Economics, University of Ottawa, 2001.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>24</BIBL>	 <BIBTEXT> Lavoie, M., and
 Godley, W. >i>Monetary Economics: An Integrated Approach to Credit, Money,
 Income, Production and Wealth.>/i> Basingstoke, UK: Macmillan,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>25</BIBL>	     
 <BIBTEXT> Park, M.-S. "A Pure Credit Money Economy: A Simple Steady-State
 Model." >i>Journal of Post Keynesian Economics>/i>, Fall 2004,
 >i>27>/i>(1), 141-162.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>26</BIBL>	<BIBTEXT> Rochon, L.-P., and Rossi, S. "Central
 Banking in the Monetary Circuit." In M. Lavoie and M. Secarecia (eds.),
 >i>Central Banking in the Modern World: Alternative Perspectives.>/i>
 Cheltenham, UK: Edward Elgar, 2004, pp. 144-163.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>27</BIBL>	      <BIBTEXT> Schumpeter, J. >i>The
 Theory of Economic Development.>/i> Cambridge: Harvard University Press,
 1934. [Originally published in 1912.]</BIBTEXT>      </REF>	  <REF>    
    <BIBL>28</BIBL>	   <BIBTEXT> Schumpeter, J. "Die goldene Bremse an
 der Kreditmaschine" [The Golden Fetters of the Credit Machine]. In J.
 Schumpeter (ed.), >i>KÃ¶lner VortrÃ¤ge, Band I, die Kreditwirtschaft
 1.>/i> Leipzig: Gloeckner, 1927, pp. 80-106.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>29</BIBL>	     <BIBTEXT> Terzi, A. "The Independence
 of Finance from Saving: A Flow-of-Funds Interpretation. >i>Journal of Post
 Keynesian Economics>/i>, Winter 1986-87, >i>9>/i> (2), 188-197.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Wray, L.
 "Saving, Profits and Speculation in Capitalist Economies." >i>Journal of
 Economic Issues>/i>, December 1991, >i>25>/i>, 951-975.</BIBTEXT>     
 </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: JoÃ«lle J. Leclaire 
Author-X-Name-First: JoÃ«lle J. 
Author-X-Name-Last: Leclaire 
Title: U.S. deficit control and private-sector wealth 
Abstract:
 For over 30 years, American congresses and presidencies have consistently
 worked to reduce federal budget deficits. These efforts at deficit
 reduction/surplus generation did indeed contribute in many instances to
 lower federal budget deficits and even created surpluses. An apparent
 problem with deficit reduction/surplus generation is that every time
 government deficits are reduced, private-sector wealth also falls. Thus,
 growing levels of American household and business indebtedness are closely
 associated with the policy of reducing federal deficits. One way of
 alleviating the problem of growing household indebtedness is to reverse
 the policy aim of reducing federal budget deficits.
Journal: Journal of Post Keynesian Economics 
Pages: 139-149 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: deficit, fiscal policy, private wealth, surplus, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U67555G2UV224785 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Barbosa-Filho, N.;
 Rada, C.; Taylor, L.; and Zamparelli, L. "U. S. Macro Imbalances: Trends,
 Cycles and Policy Implications." Policy Note, Schwartz Center for Economic
 Policy Analysis, New School, New York, 2005.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Bush, G. W. >i>The Budget
 Message of the President.>/i> Budget of the United States Government FY
 2006. Executive Office of the President. Washington, DC: Office of
 Management and Budget, 2005.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>3</BIBL>        <BIBTEXT> Bush, G. W. >i>The Budget Message of the
 President.>/i> Budget of the United States Government FY 2007. Executive
 Office of the President. Washington, DC: Office of Management and Budget,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Bush, G. W. >i>The Budget Message of the President.>/i> Budget
 of the United States Government FY 2008. Executive Office of the
 President. Washington, DC: Office of Management and Budget,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Eisner, R. >i>How Real Is the Federal Deficit?>/i> New York:
 Free Press, 1986.</BIBTEXT>	  </REF>      <REF>	   <BIBL>6</BIBL>  
      <BIBTEXT> Eisner, R. "The Balanced Budget Crusade." >i>Public
 Interest>/i>, Winter 1996, >i>122>/i>, 85-92.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>7</BIBL>	    <BIBTEXT> Eisner, R., and Hwang, S.-I.
 "Self-Correcting Real Deficits: A New Lesson in Functional Finance." In H.
 A. A. Verbon and F. A. A. M. Winden (eds.), >i>The Political Economy of
 Government Debt.>/i> New York: Elsevier Science, 1993, pp.
 255-294.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>       
 <BIBTEXT> Godley, W. "Seven Unsustainable Processes: Medium-Term Prospects
 and Policies for the United States and the World." Special Report, Levy
 Economics Institute, Annandale-on-Hudson, 2000.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Kalecki, M. "The Determinants
 of Profits." In M. Kalecki (ed.), >i>Selected Essays 1933-1970.>/i>
 Cambridge: Cambridge University Press, 1971, pp. 78-88.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Lerner, A. P.
 "Functional Finance and the Federal Debt." >i>Social Research>/i>,
 February 1943, >i>10>/i>, 38-51.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>11</BIBL>	<BIBTEXT> Musgrave, R. "Functional Finance and
 Fiscal Functions." In E. Nell and M. Forstater (eds.), >i>Reinventing
 Functional Finance.>/i> Northampton, MA: Edward Elgar, 2003, pp.
 123-128.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> Tobin, J. "Deficit, Deficit, Who's Got the Deficit?" >i>New
 Republic>/i>, January 19, 1963, 10-12.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>13</BIBL>	    <BIBTEXT> Vickrey, W. "We Need a Bigger
 âDeficit.â" In A. W. Warner, M. Forstater, and S. M. Rosen (eds.),
 >i>Commitment to Full Employment.>/i> Armonk, NY: M. E. Sharpe, 2000, pp.
 189-192.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> Wray, L. R. "Functional Finance and U. S. Government Budget
 Surpluses in the New Millennium." In E. Nell and M. Forstater (eds.),
 >i>Reinventing Functional Finance.>/i> Northampton, MA: Edward Elgar,
 2003, pp. 141-159.</BIBTEXT>	   </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:139-149




Template-Type: ReDIF-Article 1.0
Author-Name: Eladio  Febrero 
Author-X-Name-First: Eladio  
Author-X-Name-Last: Febrero 
Title: Three difficulties with neo-chartalism 
Abstract:
 Neo-chartalists have made three assertions that deserve qualification: (1)
 money has value because the state accepts it for the payment of taxes, (2)
 the state has the ability to determine its value, and (3) private bank
 money can be understood as a "leverage" of fiat money. Conversely, we
 believe that money is accepted in the last instance because it is useful
 for cancelling bank debt; the power of the state to determine its
 purchasing power is limited, and bank deposits are not a leverage of fiat
 money. These criticisms do not challenge the validity of the whole
 approach but aim to make it clearer.
Journal: Journal of Post Keynesian Economics 
Pages: 523-541 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: credit-driven money, neo-chartalism, tax-driven money, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=XL252671K8802957 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P., and
 Sawyer, M. >i>Re-examining Monetary and Fiscal Policy for the 21st
 Century.>/i> Cheltenham, UK: Edward Elgar, 2004.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>2</BIBL>	     <BIBTEXT> Bell, S.A. "Do Taxes and
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 September 2000, >b>34>/b> (3), 603-620.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>3</BIBL>	    <BIBTEXT> Bell, S.A. "The Role of the State and
 the Hierarchy of Money." >i>Cambridge Journal of Economics>/i>, March
 2001, >b>25>/b> (2), 149-163.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>4</BIBL>        <BIBTEXT> Bell, S.A. "Neglected Costs of Monetary
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 Bell and E.J. Nell (eds.), >i>The State, the Market and the Euro:
 Chartalism Versus Metallism in the Theory of Money.>/i> Cheltenham, UK:
 Edward Elgar, 2003, pp. 160-183.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>5</BIBL>        <BIBTEXT> Bell, S.A, and Wray, L.W. "Fiscal Effects
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 Economics>/i>, Winter 2002-3, >b>25>/b> (2), 263-271.</BIBTEXT>     
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 >i>Banking in the Early Stages of Industrialization.>/i> New York: Oxford
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 >i>Horizontalists and Verticalists: The Macroeconomics of Credit
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 <BIBL>30</BIBL>	<BIBTEXT> Nell, E.J. >i>The General Theory of
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 <BIBL>31</BIBL>	<BIBTEXT> Nell, E.J. "Nominal Money, Real Money and
 Stabilization." In S.A. Bell and E.J. Nell (eds.), >i>The State, the
 Market and the Euro: Chartalism Versus Metallism in the Theory of
 Money.>/i> Cheltenham: Edward Elgar, 2003, pp. 111-137.</BIBTEXT>     
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 <BIBL>33</BIBL>	<BIBTEXT> Parguez, A., and Secareccia, M. "The
 Credit Theory of Money: The Monetary Circuit Approach." In J. Smithin
 (ed.), >i>What Is Money?>/i> London: Routledge, 2000, pp.
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 <BIBTEXT> Peacock, M.S. "State, Money, Catallaxy: Underlaboring for a
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 Winter 2003-4, >b>26>/b> (2), 205-225.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>35</BIBL>	    <BIBTEXT> Pivetti, M. >i>An Essay on Money and
 Distribution.>/i> London: Macmillan, 1991.</BIBTEXT>	   </REF>     
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 Banking: Theory and Debate (1900-1940).>/i> Cheltenham, UK: Edward Elgar,
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 <BIBTEXT> Rochon, L.-P. >i>Credit, Money and Production: An Alternative
 Post-Keynesian Approach.>/i> Cheltenham, UK: Edward Elgar, 1999.</BIBTEXT>
      </REF>	  <REF>        <BIBL>38</BIBL>	      <BIBTEXT> Rossi, S.
 "Review of Wray's >i>Understanding Modern Money: The Key to Full
 Employment and Price Stability." Kyklos>/i>, 1999, >b>52>/b> (3),
 483-485.</BIBTEXT>	 </REF>      <REF>	  <BIBL>39</BIBL>	
 <BIBTEXT> Rossi, S. "Money and Banking in a Monetary Theory of
 Production." In L.-P. Rochon and S. Rossi (eds.), >i>Modern Theories of
 Money: The Nature and Role of Money in Capitalist Economies.>/i>
 Cheltenham, UK: Edward Elgar, 2003, pp. 339-359.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>40</BIBL>	      <BIBTEXT> Rossi, S. "Central Banking
 in a Monetary Theory of Production: The Economics of Payment Finality from
 a Circular-Flow Perspective." In G. Fontana and R. Realfonzo (eds.),
 >i>The Monetary Theory of Production: Tradition and Perspectives.>/i> New
 York: Macmillan, 2005, pp. 139-151.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>41</BIBL>	 <BIBTEXT> Schumpeter, J.A. >i>The Theory of
 Economic Development Capital, Credit, Interest and the Business Cycle.>/i>
 Translation by R. Opie. Cambridge, MA: Harvard University Press, 1934.
 [Originally published in 1912.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>42</BIBL>	<BIBTEXT> Schumpeter, J.A. >i>History of Economic
 Analysis.>/i> New York: Oxford University Press, 1954.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>43</BIBL>	 <BIBTEXT> Spethmann, D.,
 and Steiger, O. "The Four Achilles' Heels of the Eurosystem."
 >i>International Journal of Political Economy>/i>, Summer 2005, >b>34>/b>
 (2), 46-68.</BIBTEXT>	    </REF>	<REF>	     <BIBL>44</BIBL>	   
 <BIBTEXT> Steiger, O. "The Endogeneity of Money and the Eurosystem: A
 Contribution to the Theory of Central Banking." In M. Setterfield (ed.),
 >i>Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour
 of Basil J. Moore.>/i> Cheltenham, UK: Edward Elgar, 2006, pp.
 150-169.</BIBTEXT>	 </REF>      <REF>	  <BIBL>45</BIBL>	
 <BIBTEXT> Wicksell, K. >i>Interest and Prices.>/i> Translation by R.F.
 Kahn. London, Macmillan, 1936. [Originally published in 1898.]</BIBTEXT>  
    </REF>	<REF>	     <BIBL>46</BIBL>	    <BIBTEXT> Wray, L.W.
 >i>Money and Credit in Capitalist Economies: The Endogenous Money
 Approach.>/i> Aldershot, UK: Edward Elgar, 1990.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>47</BIBL>	      <BIBTEXT> Wray, L.W. >i>Understanding
 Modern Money: The Key to Full Employment and Price Stability.>/i>
 Cheltenham, UK: Edward Elgar, 1998.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>48</BIBL>	 <BIBTEXT> Wray, L.W. "Understanding Modern Money."
 Paper presented at the Workshop Understanding Unemployment in Australia,
 Japan and the USA: A Cross-Country Analysis, University of Newcastle,
 Newcastle, Australia, December 10-11, 2001.</BIBTEXT>	    </REF>     
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 Neo-Chartalist Approach to Money." In S.A. Bell and E.J. Nell (eds.),
 >i>The State, the Market and the Euro: Chartalism Versus Metallism in the
 Theory of Money.>/i> Cheltenham, UK: Edward Elgar, 2003, pp.
 89-110.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:523-541




Template-Type: ReDIF-Article 1.0
Author-Name: Christian  Merkl 
Author-X-Name-First: Christian  
Author-X-Name-Last: Merkl 
Author-Name: Dennis  Snower 
Author-X-Name-First: Dennis  
Author-X-Name-Last: Snower 
Title: East German unemployment: the myth of the irrelevant labor market 
Abstract:
 This paper indicates that East Germany's unemployment problem originates
 primarily in the labor market, caused by the fast wage adjustment after
 German reunification. We model the resulting labor market "traps" in a
 search and matching framework, show that they are difficult to overcome,
 and provide empirical evidence. We argue that under these circumstances,
 demandside policies are effective mainly when they increase the economy's
 overall productivity and thereby help overcome the labor market traps.
Journal: Journal of Post Keynesian Economics 
Pages: 151-165 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: East Germany, labor market trap, unemployment, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=42U238R359180542 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> BrÃ¼cker, H., and
 TrÃ¼bswetter, P. "Do the Best Go West? An Analysis of the Self-Selection
 of Employed East-West-Migrants in Germany." >i>Empirica>/i>, 2007,
 >i>34>/i> (4), 371-395.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> BÃ¼chel, F., and Schwarze, J. "Die
 Migration von Ost- nach Westdeutschland: Absicht und Realisierung: Ein
 sequentielles Probitmodell mit Kontrolle unbeobachtbarer HeterogenitÃ¤t"
 [The Migration from East to West Germany: Purpose and Realization. A
 Sequential Probit Model with Control for Unobservable Heterogeneity].
 >i>Mitteilungen aus der Arbeitsmarkt- und Berufsforschung>/i>, 1994,
 >i>27>/i> (1), 43-52.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>3</BIBL>        <BIBTEXT> Burda, M. "The Determinants of East-West
 German Migration: Some First Results." >i>European Economic Review>/i>,
 1993, >i>37>/i> (2-3), 452-461.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>4</BIBL>        <BIBTEXT> Burda, M., and Hunt, J. "From
 Reunification to Economic Integration: Productivity and the Labor Market."
 >i>Brookings Papers on Economic Activity>/i>, 2001, >i>2>/i>,
 1-71.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Burda, M.; HÃ¤rdle, W.; MÃ¼ller, M.; and Werwatz, A.
 "Semiparametric Analysis of German East-West Migration Intentions: Facts
 and Theory." >i>Journal of Applied Econometrics>/i>, September-October
 1998, >i>13>/i> (5), 525-541.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>6</BIBL>        <BIBTEXT> Deutsches Institut fÃ¼r
 Wirtschaftsforschung (DIW Berlin), Institut fÃ¼r Weltwirtschaft an der
 UniversitÃ¤t Kiel (IfW), Institut fÃ¼r Arbeitsmarkt- und Berufsforschung
 (IAB), and Zentrum fÃ¼r EuropÃ¤ische Wirtschaftsforschung (ZEW).
 "Fortschrittsbericht wirtschaftswissenschaftlicher Institute Ã¼ber die
 wirtschaftliche Entwicklung in Ostdeutschland" [Progress Report of the
 Economic Research Institutes About the Economic Development in East
 Germany]. Forschungsauftrag des Bundesministeriums der Finanzen, Halle,
 June 17, 2002.</BIBTEXT>      </REF>	   <REF>	<BIBL>7</BIBL>	   
   <BIBTEXT> GalÃ­, J. "New Perspectives on Monetary Policy, Inflation, and
 the Business Cycle." In M. Dewatriport, L. P. Hansen, and S. J. Turnovsky
 (eds.), >i>Advances in Economics and Econometrics: Theory and
 Applications>/i>, Eighth World Congress. Cambridge: Cambridge University
 Press, 2003, pp. 151-197.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>8</BIBL>        <BIBTEXT> Gerling, K. >i>Subsidization and
 Structural Change in Eastern Germany.>/i> Kiel Studies. Berlin and
 Heidelberg: Springer, 2002.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>9</BIBL>        <BIBTEXT> Hall, J., and Ludwig, U. "Explaining
 Persistent Unemployment in Eastern Germany." >i>Journal of Post Keynesian
 Economics>/i>, Summer 2007, >i>29>/i> (4), 601-619.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Hunt, J. "Why Do People
 Still Live in East Germany?" National Bureau of Economic Research Working
 Paper no. 7564, Cambridge, MA, February 2000.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Institut fÃ¼r Arbeitsmarkt-
 und Berufsforschung (IAB). "Dramatischer RÃ¼ckgang der BevÃ¶lkerung im
 Osten" [Dramatic Decline of the East German Population]. >i>IAB
 Kurzbericht>/i>, October 28, 2005, >i>19>/i> (available at >a
 target="_blank"
 href='http://www.iab.de/de/194/section.aspx/Publikation/k051031n12'>www.ia
 b.de/de/194/section.aspx/Publikation/k051031n12>/a></BIBTEXT>	    </REF> 
     <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Lechthaler, W.; Merkl,
 C.; and Snower, D. "Monetary Persistence and the Labor Market: A New
 Perspective." Institute for the Study of Labor (IZA) Discussion Paper no.
 3513, Bonn, Germany, May 2008.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Lehmann, H.; Ludwig, U.; and Ragnitz, J.
 "OriginÃ¤re Wirtschaftskraft der neuen LÃ¤nder noch schwÃ¤cher als bislang
 angenommen" [Original Economic Power in the New Laender Weaker Than So Far
 Expected]. >i>Wirtschaft im Wandel>/i>, May 25, 2005, >i>11>/i> (5),
 134-145.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> Merkl, C., and Snower, D. J. "Escaping the Unemployment Trap:
 The Case of East Germany." Kiel Working Paper no. 1309, Kiel, Germany,
 January 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	   
   <BIBTEXT> Quehenberger, M. "Ten Years After: Eastern Germany's
 Convergence at a Halt?" >i>EIB Papers>/i>, 2000, >i>5>/i> (1),
 117-136.</BIBTEXT>	 </REF>      <REF>	  <BIBL>16</BIBL>	
 <BIBTEXT> Sinn, H.-W. "Staggering Along: Wages Policy and Investment
 Support in East Germany." >i>Economics of Transition>/i>, 1995, >i>3>/i>
 (4), 403-426.</BIBTEXT>      </REF>	  <REF>        <BIBL>17</BIBL>	   
   <BIBTEXT> Snower, D. J., and Merkl, C. "The Caring Hand That Cripples:
 The East German Labor Market After Reunification." >i>American Economic
 Review>/i>, May 2006, >i>96>/i> (2), 375-382.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>18</BIBL>	     <BIBTEXT> Statistische Ãmter des
 Bundes und der LÃ¤nder. "Volkswirtschaftliche Gesamtrechnungen der
 LÃ¤nder" [National Income Accounting of the Laender]. Stuttgart, Germany,
 February 2005 (available at >a target="_blank"
 href='http://www.vgrdl.de/Arbeitskreis_VGR/'>www.vgrdl.de/Arbeitskreis_VGR
 />/a></BIBTEXT>      </REF>	  <REF>        <BIBL>19</BIBL>	     
 <BIBTEXT> Statistisches Bundesamt. "Datenreport 2004" [Data Report 2004],
 2d updated ed. Bonn, Germany: Bundeszentrale fÃ¼r politische Bildung,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>20</BIBL>	     
 <BIBTEXT> Woodford, M. >i>Interest and Prices: Foundations of a Theory of
 Monetary Policy.>/i> Princeton: Princeton University Press,
 2003.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:151-165




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim De Carvalho 
Author-X-Name-First: Fernando J. 
Author-X-Name-Last: Cardim De Carvalho 
Title: Keynes and the reform of the capitalist social order 
Abstract:
 The ideas of Keynes have been appropriated by the political left in recent
 years. The condemnation of Keynes that was characteristic of critics
 speaking for the extreme right has become mainstream with the takeover of
 macroeconomic theory by schools such as new classical economics. But how
 radical was Keynes really? He pointedly distanced himself out of the
 Marxist left. However, Keynes saw himself as a radical reformer and never
 missed an opportunity to advance proposals to change capitalism to produce
 sustained full employment and to promote some redistribution of income and
 wealth. The paper discusses two of these opportunities, the first related
 to the debate around How to Pay for the War and the second around the
 Beveridge Plan.
Journal: Journal of Post Keynesian Economics 
Pages: 191-212 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: income distribution, Keynesian policies, Keynesian politics, progressive reforms, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KU3K537113476202 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Carvalho, F. "Keynes
 como reformador social: o debate em torno de >i>How to Pay for the War>/i>
 [Keynes as a Social Reformer: The Debate Around >i>How to Pay for the
 War>/i>]. In F. Ferrari Filho (ed.), >i>Teoria Geral, Setenta Anos Depois:
 Ensaios sobre Keynes e Teoria Keynesiana>/i> [The General Theory 70 Years
 Later: Essays on Keynes and the Keynesian Theory]. Porto Alegre: Editora
 da UFRGS, 2006, pp. 45-60.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>2</BIBL>        <BIBTEXT> Crotty, J. "Was Keynes a Corporatist?
 Keynes's Radical Views on Industrial Policy and Macro Policy in the
 1920s." University of Massachusetts, 1998 (available at >a target="_blank"
 href='http://www.people.umass.edu/crotty/JEI[1].Keynes-corp.pdf'>www.peopl
 e.umass.edu/crotty/JEI[1].Keynes-corp.pdf>/a></BIBTEXT>      </REF>	 
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Friedman, M. "John Maynard
 Keynes." >i>Federal Reserve Bank of Richmond Economic Quarterly>/i>, 1997,
 83 (2), 1-23. [Originally published in German in 1989.]</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Glyn, A. "The
 Assessment: Economic Policy and Social Democracy." >i>Oxford Review of
 Economic Policy>/i>, 1998, 14 (1), 1-18.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>5</BIBL>	     <BIBTEXT> Hirschman, A. >i>The Passions and
 the Interests: Political Arguments for Capitalism Before Its Triumph.>/i>
 Princeton: Princeton University Press, 1977.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Iversen, T. "The Choices for
 Scandinavian Social Democracy in Comparative Perspective." >i>Oxford
 Review of Economic Policy>/i>, 1998, 14 (1), 59-75.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Keynes, J.M. >i>The
 Economic Consequences of the Peace.>/i> London: Macmillan, 1920.</BIBTEXT>
      </REF>	  <REF>        <BIBL>8</BIBL>	     <BIBTEXT> Keynes, J.M.
 "The Balance of Payments of the United States." >i>Economic Journal>/i>,
 June 1946, >i>LVI>/i> (222), 171-187.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>9</BIBL>	  <BIBTEXT> Keynes, J.M. >i>The General Theory of
 Employment, Interest and Money.>/i> New York: Harcourt, Brace, Jovanovich,
 1964.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard Keynes:
 Volume 9, Essays in Persuasion.>/i> Edited by E. Johnson and D. Moggridge.
 London: Macmillan, 1972.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>11</BIBL>	<BIBTEXT> Keynes, J.M. >i>The Collected Writings of
 John Maynard Keynes: Volume 19, Activities 1924-29: The Return to Gold and
 Industrial Policy, Part I and II.>/i> Edited by E. Johnson and D.
 Moggridge. Cambridge: Cambridge University Press, 1981.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Keynes, J.M.
 >i>The Collected Writings of John Maynard Keynes: Volume 20, Activities
 1929-31: Rethinking Employment and Unemployment Policies.>/i> Edited by E.
 Johnson and D. Moggridge. Cambridge: Cambridge University Press,
 1982a.</BIBTEXT>      </REF>	   <REF>	<BIBL>13</BIBL>       
 <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard Keynes:
 Volume 21, Activities 1931-39: World Crisis and Policies in Britain and
 America.>/i> Edited by E. Johnson and D. Moggridge. Cambridge: Cambridge
 University Press, 1982b.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>14</BIBL>	<BIBTEXT> Keynes, J.M. >i>The Collected Writings of
 John Maynard Keynes: Volume 22, Activities 1939-45: Rethinking Employment
 and Unemployment Policies.>/i> Edited by E. Johnson and D. Moggridge.
 Cambridge: Cambridge University Press, 1982c.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>15</BIBL>	     <BIBTEXT> Keynes, J.M. >i>The
 Collected Writings of John Maynard Keynes: Volume 27, Activities 1940-46:
 Shaping the Post-War World: Employment and Commodities.>/i> Edited by E.
 Johnson and D. Moggridge. Cambridge: Cambridge University Press,
 1982d.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard Keynes:
 Volume 28, Social, Political and Literary Writings.>/i> Edited by E.
 Johnson and D. Moggridge. Cambridge: Cambridge University Press,
 1982e.</BIBTEXT>      </REF>	   <REF>	<BIBL>17</BIBL>       
 <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard Keynes:
 Volume 29, The General Theory and After, A Supplement.>/i> Edited by E.
 Johnson and D. Moggridge. Cambridge: Cambridge University Press,
 1982f.</BIBTEXT>      </REF>	   <REF>	<BIBL>18</BIBL>       
 <BIBTEXT> Marcuzzo, M.C. "Keynes and the Welfare State." Dipartimento di
 Scienze Economiche UniversitÃ  di Roma, 2006 (available at >a
 target="_blank"
 href='http://www.ie.ufrj.br/publicacoes/serie_seminarios_de_pesquisa/texto
 _02_12.pdf'>www.ie.ufrj.br/publicacoes/serie_seminarios_de_pesquisa/texto_
 02_12.pdf>/a></BIBTEXT>      </REF>	  <REF>        <BIBL>19</BIBL>	   
   <BIBTEXT> Marx, K., and Engels, F. >i>The German Ideology.>/i> Moscow:
 Progress, 1964.</BIBTEXT>	</REF>	    <REF>	 <BIBL>20</BIBL>   
     <BIBTEXT> Marx, K., and Engels, F. "Manifesto of the Communist Party."
 In K. Marx, >i>The Revolutions of 1848: Political Writings>/i>, vol. 1.
 Harmondsworth: Penguin, 1973.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>21</BIBL>	<BIBTEXT> Schumpeter, J. "Keynes, the Economist
 (2)." In S. Harris (ed.), >i>The New Economics: Keynes' Influence on
 Theory and Public Policy.>/i> London: Dennis Dobson, 1947.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Skidelsky, R.
 >i>John Maynard Keynes: Fighting for Britain 1937-1946.>/i> London:
 Macmillan, 2000.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>  
      <BIBTEXT> Vartiainen, J. "Understanding Swedish Social Democracy:
 Victims of Success?" >i>Oxford Review of Economic Policy>/i>, 1998, 14
 (1), 19-39.</BIBTEXT>	    </REF>	<REF>	     <BIBL>24</BIBL>	   
 <BIBTEXT> Williams, R. >i>Culture and Society: 1780-1950.>/i> New York:
 Columbia University Press, 1983.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:191-212




Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari 
Author-X-Name-First: Steven M. 
Author-X-Name-Last: Fazzari 
Title: Keynesian macroeconomics as the rejection of classical axioms 
Abstract:
 This paper explores themes suggested by Paul Davidson's 2007 book >i>John
 Maynard Keynes.>/i> I argue, first, that rejection of the neutrality of
 money goes beyond nominal rigidity to explain the possibility of
 insufficient effective demand. Second, I relate Davidson's rejection of
 the "gross substitution axiom" to the Keynesian critique of the
 coordination of saving and investment through the loanable funds market,
 and to the possible failure of wage and price adjustment to assure full
 employment aggregate demand. Third, I propose that the inherent
 uncertainty implied by Davidson's assumption of a nonergodic system
 affects the way economists understand human behavior.
Journal: Journal of Post Keynesian Economics 
Pages: 3-18 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: Paul Davidson, General Theory, John Maynard Keynes, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W23TX58717875176 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Akerlof, George A. "The
 Missing Motivation in Macroeconomics." >i>American Economic Review>/i>,
 March 2007, 97 (1), 5-36.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>2</BIBL>        <BIBTEXT> Caskey, J., and Fazzari, S. "Aggregate
 Demand Contractions with Nominal Debt Commitments: Is Wage Flexibility
 Stabilizing?" >i>Economic Inquiry>/i>, October 1987, 25 (4),
 583-597.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Caskey, J., and Fazzari, S. "Debt, Price Flexibility, and
 Aggregate Stability." >i>Revue d'Economie Politique>/i>, JulyâAugust
 1992, 102 (4), 520-543.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>4</BIBL>        <BIBTEXT> Crotty, J. "Are Keynesian Uncertainty and
 Macrotheory Compatible? Conventional Decision Making, Institutional
 Structures, and Conditional Stability in Keynesian Macromodels." In G.
 Dymski and R. Pollin (eds.), >i>New Perspectives in Monetary
 Macroeconomics: Explorations in the Tradition of Hyman P. Minsky>/i>. Ann
 Arbor: University of Michigan Press, 1994, pp. 105-139.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>5</BIBL>	<BIBTEXT> Cynamon, B.Z.,
 and Fazzari, S.M. 2008. "Household Debt in the Consumer Age: Source of
 GrowthâRisk of Collapse." >i>Capitalism and Society>/i>, 2008, 3 (2),
 article 3.</BIBTEXT>	   </REF>      <REF>	    <BIBL>6</BIBL>	 
 <BIBTEXT> Davidson, P. >i>John Maynard Keynes>/i>. London:
 Palgrave/Macmillan, 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>7</BIBL>        <BIBTEXT> DeLong, J.B., and Summers, L.H. "Is Price
 Flexibility Destabilizing?" >i>American Economic Review>/i>, December
 1986, 76 (5), 1031-1044.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>8</BIBL>        <BIBTEXT> Fazzari, S. "Why Doubt the Effectiveness
 of Keynesian Fiscal Policy?" >i>Journal of Post Keynesian Economics>/i>,
 Winter 1994-95, 17 (2), 231-248.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>9</BIBL>        <BIBTEXT> Fazzari, S.; Ferri, P.; and Greenberg, E.
 "Aggregate Demand and Firm Behavior: A New Perspective on Keynesian
 Microfoundation." >i>Journal of Post Keynesian Economics>/i>, Summer 1998,
 20 (4), 527-558.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>  
      <BIBTEXT> Goodfriend, M. "Monetary Policy in the New Neoclassical
 Synthesis: A Primer." >i>Federal Reserve Bank of Richmond Economic
 Quarterly>/i>, Summer 2004, 90 (3), 21-45.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Keynes, J.M. >i>The General
 Theory of Employment, Interest and Money>/i>. London: Macmillan,
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Leonhardt, D. "Greenspan, Broadly Positive, Spells Out Deflation
 Worries." >i>New York Times>/i>, May 22, 2003 (available at >a
 target="_blank"
 href='http://www.nytimes.com/2003/05/22/business/greenspanbroadly-positive
 -spells-out-deflation-worries.html'>www.nytimes.com/2003/05/22/business/gr
 eenspanbroadly-positive-spells-out-deflation-worries.html>/a></BIBTEXT>   
   </REF>      <REF>	    <BIBL>13</BIBL>	   <BIBTEXT> Strom, S.
 "Japan Is Shackled by Deflation, Blocking Its Hope for Recovery." >i>New
 York Times>/i>, March 12, 2001 (available at >a target="_blank"
 href='http://www.nytimes.com/2001/03/12/world/japan-isshackled-by-deflatio
 n-blocking-its-hope-for-recovery.html?pagewanted=2'>www.nytimes.com/2001/0
 3/12/world/japan-isshackled-by-deflation-blocking-its-hope-for-recovery.ht
 ml?pagewanted=2>/a></BIBTEXT>	    </REF>	<REF>	    
 <BIBL>14</BIBL>	<BIBTEXT> Tobin, J. "Keynesian Models of Recession
 and Depression." >i>American Economic Review>/i>, May 1975, 65 (2),
 195-202.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:3-18




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Massomeh Hajilee 
Author-X-Name-First: Massomeh 
Author-X-Name-Last: Hajilee 
Title: On the relation between currency depreciation and domestic investment 
Abstract:
 In introducing an absorption approach to the trade balance, Alexander
 (1952) argued that if wages do not adjust fully to the inflationary
 effects of devaluation, devaluation can redistribute income from workers
 to producers in the form of increased profits. Increased profits, in turn,
 could give incentive to producers to invest more. On the other hand,
 because devaluation raises the costs of imported inputs, it could lower
 profits. Depending on the relative strength of these two channels,
 domestic investment could increase or decrease. By giving greater
 consideration to the short-run and the long-run effect of currency
 depreciation on domestic investment, this paper presents empirical results
 from a time-series model of 50 countries. We find that the
 devaluation-investment link is mostly a short-run phenomenon. However, in
 21 countries in which the short-run effects last into the long run, both
 views are supported, almost equally.
Journal: Journal of Post Keynesian Economics 
Pages: 645-660 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: bounds testing, devaluation, domestic investment, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=063UV71Q20L7046W 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Abel, A. B., and
 Blanchard, O. J. "The Present Value of Profits and Cyclical Movements in
 Investment." >i>Econometrica>/i>, 1986, >i>54>/i> (2), 249-273.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Alexander, S.
 S. "Effects of a Devaluation of Trade Balance." >i>IMF Staff Papers>/i>,
 April 1952, >i>2>/i>, 263-278.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>3</BIBL>        <BIBTEXT> Bahmani-Oskooee, M., and Miteza, I. "Are
 Devaluations Expansionary or Contractionary: A Survey Article."
 >i>Economic Issues>/i>, 2003, >i>8>/i> (2), 1-28.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>4</BIBL>	      <BIBTEXT> Bahmani-Oskooee, M., and
 Tanku, A. "Black Market Exchange Rate vs. Official Rate in Testing the
 PPP: Which Rate Fosters the Adjustment Process," >i>Economics Letters>/i>,
 2008, >i>99>/i> (1), 40-43.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>5</BIBL>        <BIBTEXT> Baum, C. F.; Caglayan, M.; and Barkouslas,
 J. T. "Exchange Rate Uncertainty and Firm Profitability." >i>Journal of
 Macroeconomics>/i>, 2001, >i>23>/i> (4), 1-16.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Beccarini, A. "Investment
 Sensitivity to Interest Rates in an Uncertain Context: Is a Positive
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 <BIBL>7</BIBL>        <BIBTEXT> Blecker, R. A. "The Economic Consequences
 of Dollar Appreciation for U. S. Manufacturing Investment: A Time-Series
 Analysis." >i>International Review of Applied Economics>/i>, 2007,
 >i>21>/i> (4), 491-517.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>8</BIBL>        <BIBTEXT> Blecker, R. A. "External Shocks,
 Structural Change, and Economic Growth in Mexico: 1979-2007." >i>World
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  <REF>        <BIBL>9</BIBL>	     <BIBTEXT> Bosworth, B. P. >i>Saving
 and Investment in a Global Economy.>/i> Washington, DC: Brookings
 Institution, 1993.</BIBTEXT>	   </REF>      <REF>	    <BIBL>10</BIBL>
	<BIBTEXT> Campa, J., and Goldberg, L. S. "Investment in
 Manufacturing, Exchange Rates and External Exposure." >i>Journal of
 International Economics>/i>, 1995, >i>38>/i> (3-4), 297-320.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>11</BIBL>	  <BIBTEXT> Campa, J., and
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 (2), 287-314.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	   
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 Variato, A. M. "Asymmetric Information and Keynesian Theories of
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 Petersen, B. C. "Financing Constraints and Corporate Investment."
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 (3), 445-456.</BIBTEXT>      </REF>	  <REF>        <BIBL>25</BIBL>	   
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Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:645-660




Template-Type: ReDIF-Article 1.0
Author-Name: John Latsis 
Author-X-Name-First: John 
Author-X-Name-Last: Latsis 
Author-Name: Guillemette de Larquier 
Author-X-Name-First: Guillemette 
Author-X-Name-Last: de Larquier 
Author-Name: Franck Besis 
Author-X-Name-First: Franck 
Author-X-Name-Last: Besis 
Title: Are conventions solutions to uncertainty? contrasting visions of social coordination 
Abstract:
 In recent years, there has been an increase in research on conventions
 motivated by the game-theoretic contributions of the philosopher David
 Lewis. Prior to this surge in interest, discussions of convention in
 economics had been tied to the analysis of John Maynard Keynes's writings.
 These literatures are distinct and have very little overlap. Yet this
 confluence of interests raises interesting methodological questions. Does
 the use of a common term, convention, denote a set of shared concerns? Can
 we identify what differentiates the game theoretic models from the
 Keynesian ones? This paper maps out the three most developed accounts of
 convention within economics and discusses their relations with each other
 in an attempt to provide an answer.
Journal: Journal of Post Keynesian Economics 
Pages: 535-558 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: conventions, coordination, Ã©conomie des conventions, game theory, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J6K5R3W1M4017084 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:535-558




Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Peicuti
Author-X-Name-First: Cristina
Author-X-Name-Last: Peicuti
Title: Securitization and the subprime mortgage crisis
Abstract: 
 Since the outbreak of the subprime mortgage crisis, the benefits of securitization have started to be questioned. Originally, securitization was meant to improve the efficiency of capital markets by reducing risks through risk tiering and geographic diversification. It has also been considered to have contributed to a reduction in transaction costs and greater flexibility in financial operations. As it turns out, it seems to have played a major role in fueling the dynamics of the subprime mortgage crisis. This article aims at defining the role of securitization in the subprime mortgage crisis and, more broadly, in the current financial system.
Journal: Journal of Post Keynesian Economics
Pages: 443-456
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350306
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350306
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File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:443-456




Template-Type: ReDIF-Article 1.0
Author-Name: André de Melo Modenesi
Author-X-Name-First: André
Author-X-Name-Last: de Melo Modenesi
Author-Name: Norberto Martins
Author-X-Name-First: Norberto
Author-X-Name-Last: Martins
Author-Name: Rui Modenesi
Author-X-Name-First: Rui
Author-X-Name-Last: Modenesi
Title: A modified Taylor rule for the Brazilian economy: convention and conservatism in eleven years of inflation targeting (2000-2010)
Abstract: 
 With the purpose of evaluating Brazilian Central Bank's (BCB) conduct of monetary policy after the adoption of inflation targeting (IT), we estimate a modified version of the Taylor rule for the Brazilian economy in the period 2000-2010. The term modified refers to an important innovation with regard to the reviewed literature: the inclusion of a proxy for the international interest rate in the original equation. This study reinforces and expands results achieved by Modenesi (2011) and also provides a new evidence that the BCB reacts to foreign interest rates when setting its basic rate (Selic). The BCB has reduced autonomy: Selic is endogenous not only to domestic conditions (inflation and output gaps) but also to foreign interest rates (measured by the LIBOR). The evidence provided might support the argument that BCB policy is ruled by a proconservative convention substantiated in the adoption of a Taylor rule containing three distinctive features: (1) a high degree of interest rate smoothness; (2) a high pure domestic equilibrium interest rate; and (3) high interest rate differential. Items (2) and (3) largely explain the overvaluation of the real, a key element of price stabilization.
Journal: Journal of Post Keynesian Economics
Pages: 463-482
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350308
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350308
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:463-482




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Carrasco
Author-X-Name-First: Carlos
Author-X-Name-Last: Carrasco
Author-Name: Jesus Ferreiro
Author-X-Name-First: Jesus
Author-X-Name-Last: Ferreiro
Title: Inflation targeting in Mexico
Abstract: 
 In this paper we analyze the effect of the implementation of inflation targeting (IT) in Mexico. The analysis focuses on the inflation convergence process between Mexico and the United States, on inflation expectations in Mexico, and on economic growth rates in the Mexican economy. Our results show that neither the fall in Mexican inflation rates nor inflation convergence with the United States can be attributed (only) to the implementation of IT in Mexico. We do not detect any significant effect on economic growth.
Journal: Journal of Post Keynesian Economics
Pages: 341-372
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350302
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350302
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:341-372




Template-Type: ReDIF-Article 1.0
Author-Name: Rogerio Andrade
Author-X-Name-First: Rogerio
Author-X-Name-Last: Andrade
Author-Name: Daniela Prates
Author-X-Name-First: Daniela
Author-X-Name-Last: Prates
Title: Exchange rate dynamics in a peripheral monetary economy
Abstract: 
 This paper discusses exchange rate behavior in what we call a peripheral monetary economy. First, it analyzes the essential properties of an open monetary economy, stressing the notions of assets' own rates of interest, liquidity preference, uncertainty, and conventions. The paper also approaches the historical and institutional peculiarities associated with the way in which peripheral economies are integrated into the existing international monetary and financial system (so-called financial globalization in the post-Bretton Woods era), and reappraises the idea of "peripheral condition." Against this background, it examines the characteristics of exchange rate behavior in these economies.
Journal: Journal of Post Keynesian Economics
Pages: 399-416
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350304
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350304
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:399-416




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Schiaffino
Author-X-Name-First: Pablo
Author-X-Name-Last: Schiaffino
Title: A comment on the European Central Bank solution vs. the Keynes solution
Abstract: 
 In this paper, I discuss something obvious, and to show something obvious—at least in this case—there is no need to apply sophisticated theoretical models or fancy empirical techniques. I argue that the actual European Central Bank solution for the European countries in crisis is very far from what I call—paraphrasing Davidson—the Keynes solution. This crucial difference between the two solutions does not imply opposite ideological policies, but a severe problem that leads to a more profound crisis based on a deflation-debt problem and long-term unemployment.
Journal: Journal of Post Keynesian Economics
Pages: 457-462
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350307
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350307
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Template-Type: ReDIF-Article 1.0
Author-Name: Giorgos Argitis
Author-X-Name-First: Giorgos
Author-X-Name-Last: Argitis
Title: The illusions of the "new consensus" in macroeconomics: a Minskian analysis
Abstract: 
 The present crisis raises some crucial questions about the foundations of the currently hegemonic model of conventional macroeconomics. This paper argues, from a Minskian viewpoint, that the "new consensus" in macroeconomics cannot be the basis for fruitful research on the behavior of the financial model of capitalism in which we live and for drawing useful economic policies to stabilize it. It shows that the most important problem is the relegation of key institutions, which entrap the economic profession and the policymakers into a self-regulated financial markets illusion and a fine-tune illusion. Macroeconomic research urgently needs to escape from conventional beliefs and preconceptions that minimize the realism of macroeconomic theory and policy.
Journal: Journal of Post Keynesian Economics
Pages: 483-505
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350309
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350309
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Fahey
Author-X-Name-First: Brian
Author-X-Name-Last: Fahey
Title: A critical review of neoclassical modeling techniques in structured finance
Abstract: 
 This paper presents a critical review of the neoclassical pricing models and assumptions used to valuate the products of structured finance using historical market data provided by credit default swaps. These models are founded on the idea that the efficient market hypothesis could be justification to use various credit derivatives to price-related assets. This market-based approach to pricing greatly simplified the complex nature of structured finance. However, it also created new risks that were not apparent to the market and subsequently grew unattended. These risks are identified and their connection to the real economy is explored in Keynesian, Davidsonian, and Minskian terms. It is the conclusion of this paper that a significant contributor to the credit crisis was market participants' reliance on the efficient market theory and lack of awareness of Keynes's key insights into uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 319-340
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350301
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350301
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:319-340




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Botta
Author-X-Name-First: Alberto
Author-X-Name-Last: Botta
Title: Fiscal policy, Eurobonds, and economic recovery: heterodox policy recipes against financial instability and sovereign debt crisis
Abstract: 
 This paper proposes a simple post-Keynesian model on the linkages between the financial and real side of an economy. It shows how financial variables may interact with each other and affect economic activity, possibly giving rise to intrinsically unstable economic processes. These destabilizing mechanisms explain why governments' intervention in the aftermath of the 2007 financial meltdown has been largely useless to restore financial tranquility, and has transformed a private debt crisis into a sovereign debt one. The paper concludes by looking at the long run and the interaction between long-term growth potential and public debt sustainability. The European economic context and the macroeconomic difficulties currently faced by several European Union (EU) members are discussed. The paper emphasizes that: (1) financial turbulence may trigger permanent reductions in long-term growth potential and unsustainable public debt dynamics; and (2) strong institutional discontinuity such as EU financial assistance to member countries is probably the only way to restore growth and ensure long-run public debt sustainability.
Journal: Journal of Post Keynesian Economics
Pages: 417-442
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350305
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:417-442




Template-Type: ReDIF-Article 1.0
Author-Name: Sérgio Filho
Author-X-Name-First: Sérgio
Author-X-Name-Last: Filho
Author-Name: Frederico Jayme
Author-X-Name-First: Frederico
Author-X-Name-Last: Jayme
Author-Name: Gilberto Libânio
Author-X-Name-First: Gilberto
Author-X-Name-Last: Libânio
Title: Balance-of-payments constrained growth: a post Keynesian model with capital inflows
Abstract: 
 This paper proposes a brief theoretical analysis of the relationship between international capital mobility and economic growth, seen in the perspective of demand-led growth. The study presents the central propositions that constitute the so-called demand-led growth perspective. It reviews the balance-of-payments constrained growth model, as originally proposed by Thirlwall (1979), as well as subsequent efforts to incorporate capital flows into this analytical framework. Building on this theoretical structure, a model is proposed in order to study the connections between balance-of-payments constrained growth and capital controls, which is formally introduced as a macroeconomic policy variable.
Journal: Journal of Post Keynesian Economics
Pages: 373-398
Issue: 3
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350303
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350303
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Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:373-398




Template-Type: ReDIF-Article 1.0
Author-Name: Anwar Shaikh 
Author-X-Name-First: Anwar 
Author-X-Name-Last: Shaikh 
Title: Reflexivity, path dependence, and disequilibrium dynamics 
Abstract:
 George Soros's theory of reflectivity focuses on the interactions between
 expected, actual, and fundamental values of variables. The fundamental
 values are affected by the historically contingent paths of the other two
 variables so that the equilibrating process is turbulent, path dependent
 (nonergodic), and may give rise to extended disequilibrium boom-bust
 phases. Such patterns are consistent with classical and Keynesian ideas of
 equilibration, but they invalidate notions such as rational expectations
 and the efficient market. The purpose of this paper is to lay out Soros's
 theory and show that it can be formalized in a simple and general manner
 with testable propositions.
Journal: Journal of Post Keynesian Economics 
Pages: 3-16 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: cycles, disequilibrium, equilibrium, finance, nonlinear dynamics, reflexivity, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=YJ506421KK0K6478 
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File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arthur, W. B.
 >i>Increasing Returns and Path Dependence in the Economy.>/i> Ann Arbor:
 University of Michigan Press, 1994.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>2</BIBL>	<BIBTEXT> David, P. A. "Path Dependence, Its
 Critics and the Quest for âHistorical Economics.â" In P. Garrouste and
 S. Ioannides (eds.), >i>Evolution and Path Dependence in Economic Ideas:
 Past and Present.>/i> Cheltenham, UK: Edward Elgar, 2001, pp.
 15-40.</BIBTEXT>      </REF>	   <REF>	<BIBL>3</BIBL>	     
 <BIBTEXT> Davidson, P. "Is Probability Theory Relevant for Uncertainty? A
 Post Keynesian Perspective." >i>Journal of Economic Perspectives>/i>,
 1991, >i>5>/i> (1), 129-143.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>4</BIBL>        <BIBTEXT> Hirsch, M. W., and Smale, S.
 >i>Differential Equations, Dynamical Systems, and Linear Algebra.>/i> New
 York: Academic Press, 1974.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>5</BIBL>        <BIBTEXT> Lutz, F. A. >i>The Theory of Interest.>/i>
 Chicago: Aldine, 1968.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>6</BIBL>        <BIBTEXT> Mueller, D. C. >i>Profits in the Long
 Run.>/i> Cambridge: Cambridge University Press, 1986.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Mueller, D. C.
 (ed.). >i>The Dynamics of Company Profits: An International
 Comparison.>/i> Cambridge: Cambridge University Press, 1990.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>8</BIBL>	 <BIBTEXT> Samuelson, P. A.
 "Classical and Neoclassical Theory." In R. W. Clower (ed.), >i>Monetary
 Theory.>/i> London: Penguin, 1969, pp. 1-15.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Sanchez, D. A. >i>Ordinary
 Differential Equations and Stability Theory: An Introduction.>/i> New
 York: Dover, 1968.</BIBTEXT>	   </REF>      <REF>	    <BIBL>10</BIBL>
	<BIBTEXT> Shaikh, A. "The Stock Market and the Corporate Sector: A
 Profit-Based Approach." In M. Sawyer, P. Arestis, and G. Palma (eds.),
 >i>Festschrift for Geoffrey Harcourt.>/i> London: Routledge & Kegan Paul,
 1998, pp. 389-404.</BIBTEXT>	   </REF>      <REF>	    <BIBL>11</BIBL>
	<BIBTEXT> Shaikh, A. "Competition and Industrial Rates of Return."
 In P. Arestis and J. Eatwell (eds.), >i>Issues in Economic Development and
 Globalisation, Festschrift in Honor of Ajit Singh.>/i> Basingstoke, UK:
 Palgrave Macmillan, 2008, pp. 167-194.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>12</BIBL>	    <BIBTEXT> Shiller, R. J. "Comovements in Stock
 Prices and Comovements in Dividends." >i>Journal of Finance>/i>, 1989,
 >i>44>/i> (3), 719-729.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>13</BIBL>	<BIBTEXT> Soros, G. "Theory of Reflexivity MIT
 Speech." MIT Department of Economics, World Economy Laboratory Conference,
 Washington, DC, April 26, 1994 (available at >a target="_blank"
 href='http://www.sharpeinvesting.com/2007/08/george-soros-theory-of-reflex
 ivity-mit-speech.html'>www.sharpeinvesting.com/2007/08/george-soros-theory
 -of-reflexivity-mit-speech.html>/a></BIBTEXT>	    </REF>	<REF>	   
  <BIBL>14</BIBL>	 <BIBTEXT> Soros, G. "Unrepentant."
 >i>Economist>/i>, March 15-22, 1997.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>15</BIBL>	  <BIBTEXT> Soros, G. "The Crisis & What to Do
 About It." >i>New York Review of Books>/i>, December 4, 2008, 1-6
 (available at >a target="_blank"
 href='http://www.nybooks.com/articles/archives/2008/dec/04/the-crisis-what
 -to-do-about-it/'>www.nybooks.com/articles/archives/2008/dec/04/the-crisis
 -what-to-do-about-it/>/a></BIBTEXT>	  </REF>      <REF>	  
 <BIBL>16</BIBL>	<BIBTEXT> Soros, G. >i>The Crash of 2008 and What
 It Means.>/i> New York: PublicAffairs, 2009.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>17</BIBL>	     <BIBTEXT> Vienneau, R. "Letters from
 Soros." >i>Thoughts on Economics>/i>, 2008 (available at >a
 target="_blank"
 href='http://robertvienneau.blogspot.com/2008/05/letters-from-soros.html'>
 http://robertvienneau.blogspot.com/2008/05/letters-from-soros.html>/a></BI
 BTEXT>      </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:3-16




Template-Type: ReDIF-Article 1.0
Author-Name: Felipe Rezende
Author-X-Name-First: Felipe
Author-X-Name-Last: Rezende
Title: Unconventional monetary policy, liquidity trap, and asset prices
Abstract: 
 This article offers a fundamental critique of monetary policy implemented in the United States following the 2007–8 global financial crisis. It aims to show that the misunderstanding of the mainstream theoretical thinking underlying monetary policy actions led to the ineffectiveness of the policy response to the 2007–8 global financial crisis. The conventional view that monetary policy is the stabilization tool has serious flaws and is ineffective for bringing about economic recovery. The Federal Reserve’s experiment with the so-called unconventional monetary policy exposed the weakness of the conventional belief in understanding how banks operate, how the monetary authority can influence the yield curve, and how the monetary transmission mechanism works, resulting in prescribing an ineffective treatment to boost economic activity. In this regard, it is argued that the Federal Reserve’s decision to let long-term interest rates be market determined represents a significant self-imposed constraint, which limits policy options regarding monetary policy actions and the effective control of long-term interest rates. By limiting the setting of policy rates only to the overnight interest rate, the ability of the monetary authority to influence long-term interest rates is both weak and indirect.
Journal: Journal of Post Keynesian Economics
Pages: 411-436
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1175309
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1175309
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim de Carvalho
Author-X-Name-First: Fernando J. Cardim
Author-X-Name-Last: de Carvalho
Title: On the nature and role of financial systems in Keynes’s entrepreneurial economies
Abstract: 
 In his debate with Bertil Ohlin, Keynes observed that entrepreneurs, when deciding to invest, have to be sure they will access the amount of finance necessary to initiate the investment process and that they will be able, when the time comes, to fund their debts in ways that are adequate to the profile of assets they are purchasing. In this statement, Keynes outlines the functions of financial systems in Entrepreneurial Economies, the type of economies he hypothesizes we live in. In entrepreneurial economies, investing firms have to be able to get hold of the necessary amount of means of payment required to purchase or order investment goods and to build balance sheets where in- and outflows of cash are broadly matched within reasonable margins of safety. This means that financial systems’ primary role in Keynesian economics is not to allocate savings or capital but to allocate liquidity and to allow investors to build liquid balance sheets. The article develops this proposition, presenting Keynes's basic concepts on the matter and showing how modern financial systems perform their role.
Journal: Journal of Post Keynesian Economics
Pages: 287-307
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1190282
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1190282
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Template-Type: ReDIF-Article 1.0
Author-Name: Sébastien Charles
Author-X-Name-First: Sébastien
Author-X-Name-Last: Charles
Author-Name: Jonathan Marie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Marie
Title: Hyperinflation in a small open economy with a fixed exchange rate: A post Keynesian view
Abstract: 
 This paper examines the emergence of hyperinflation in a small open economy with a fixed exchange rate from a post Keynesian perspective. Three variables play key roles: distributive conflict, external debt, and expectations about the exchange rate. First, we propose a short-run Kaleckian macro model. Then, we study the long-run behavior of the model by endogenizing the price level and foreign indebtedness. We conclude that the existence of expectations about the nominal exchange rate is crucial to explaining the emergence of hyperinflation.
Journal: Journal of Post Keynesian Economics
Pages: 361-386
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1200950
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1200950
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Template-Type: ReDIF-Article 1.0
Author-Name: Joe Seydl
Author-X-Name-First: Joe
Author-X-Name-Last: Seydl
Author-Name: Malcolm Spittler
Author-X-Name-First: Malcolm
Author-X-Name-Last: Spittler
Title: Did globalization flatten the Phillips curve? U.S. consumer price inflation at the sectoral level
Abstract: 
 It is well-known that the slope of the U.S. Phillips curve has flattened in recent decades. In this article we examine the Phillips curve at the sectoral level to better understand why the slope has flattened. We decompose the core personal consumption expenditures (PCE) deflator into its sectoral parts and find, using a standard new Keynesian Phillips curve econometric specification, that the goods and services sectors contributed unequally to the change in slope. Our analysis is novel in its consideration of PCE inflation dynamics at a microsectoral level within the goods and services categories. The hypothesis that we think accounts for our findings is that globalization and the shift in U.S. output away from manufacturing production toward services reduced the impact of U.S. labor market conditions on the determination of goods prices and likely created a glut of workers seeking employment in the low-wage domestic service sector. The latter implies that workers in the service sector have a de minimis ability to bargain for higher wages, which ultimately manifests itself as a flat Phillips curve slope in the aggregate data. Our results suggest that the full-employment level of unemployment in the U.S. labor market is likely much lower than commonly estimated. Consequently, we argue that aggregate-demand-management policy in the postglobalization era has been persistently biased by an artificial perception of scarcity in the labor market. This bias has restrained wage growth for those working in the domestic service sector, ultimately resulting in widening earnings inequality.
Journal: Journal of Post Keynesian Economics
Pages: 387-410
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1200951
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1200951
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Jetin
Author-X-Name-First: Bruno
Author-X-Name-Last: Jetin
Author-Name: Ozan Ekin Kurt
Author-X-Name-First: Ozan Ekin
Author-X-Name-Last: Kurt
Title: Functional income distribution and growth in Thailand: A post Keynesian econometric analysis
Abstract: 
 The aim of this article is to analyze the effect of the income distribution between labor and capital on the growth performance of Thailand from a post Keynesian view. It rests on the theoretical model of Bhaduri and Marglin (1990) to see if an increase in the labor income share has a sufficient positive effect on consumption to offset a negative effect on investment and export demand. In order to investigate the question empirically we adopt and develop the approach of Stockhammer, Onaran, and Ederer (2009). Several measures of the labor income share are calculated to take into account the fact that wage labor represents only half of the total labor force and check the robustness of our results. We also introduce a new treatment of external trade to better integrate the price competitiveness of Thailand. The econometric investigation shows that the growth regime is profit-led over the period 1970–2011, which shows that rebalancing the Thai economy will be difficult and requires an overall change of strategy going beyond a simple prolabor policy.
Journal: Journal of Post Keynesian Economics
Pages: 334-360
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1202774
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1202774
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Rejoinder to Rosser, O'Donnell, and Carrión Álvarez and Ehnts on their criticisms of my ergodic/nonergodic formulation of Keynes's concept of an actuarial certain future vs. an uncertain future
Abstract: 
 This article provides my responses to recent criticisms of my argument associating Keynes’s concept of uncertainty with Keynes’s explicit statement that in our world of experience applying the “probability calculus” to historic data does not produce actuarial certain knowledge of future economic outcomes. Furthermore I have tried to explain, using Keynes’ own written statements how Keynes’s General Theory differs from old classical theory, new classical theory, Samuelson’s Keynesian Theory, and New Keynesian Theory.
Journal: Journal of Post Keynesian Economics
Pages: 308-333
Issue: 3
Volume: 39
Year: 2016
Month: 7
X-DOI: 10.1080/01603477.2016.1203728
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1203728
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Crocco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Crocco 
Author-Name: Ana Tereza Lanna Figueiredo 
Author-X-Name-First: Ana Tereza Lanna 
Author-X-Name-Last: Figueiredo 
Author-Name: Fabiana Borges Teixeira Santos 
Author-X-Name-First: Fabiana Borges Teixeira 
Author-X-Name-Last: Santos 
Title: Differentiated banking strategies across the territory: an exploratory analysis 
Abstract:
 This paper aims at investigating to what extent there is a differentiated
 regional banking strategy in the Brazilian economy. Based on the Post
 Keynesian theory of regional liquidity preference (Dow, 1993), the paper
 analyzes consolidated balance sheets of bank branches located in different
 Brazilian regions. Through the analysis of indicators built using this
 database, the paper finds evidence to support the thesis that the
 Brazilian banking system's strategies are heterogeneous across the
 territory. Furthermore, we conclude that this behavior reinforces existing
 uneven regional patterns of development of the economy.
Journal: Journal of Post Keynesian Economics 
Pages: 127-150 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: banking strategy, development, regional economics, regional liquidity preference, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T03X874530XN4650 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Aghion, P.;
 Dewatripont, M.; and Rev, P. "Competition, Financial Discipline and
 Growth." >i>Review of Economic Studies>/i>, 1999, >i>66>/i> (4),
 825-852.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Alessandrini, P.; Presbitero, A. F.; and Zazarro, A. "Banks,
 Distances and Firms' Financing Constraints." >i>Review of Finance>/i>,
 2009, >i>13>/i> (2), 261-307.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>3</BIBL>        <BIBTEXT> Allen, F., and Gale, D. "Financial
 Markets, Intermediaries and Intertemporal Smoothing." >i>Journal of
 Political Economy>/i>, 1997, >i>105>/i> (3), 523-546.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Allen, F., and
 Gale, D. "Diversity of Opinion and Financing of New Technologies."
 >i>Journal of Financial Intermediation>/i>, 1999, >i>8>/i> (1-2),
 68-89.</BIBTEXT>      </REF>	   <REF>	<BIBL>5</BIBL>	     
 <BIBTEXT> Amado, A. >i>Disparate Regional Development in Brazil: A
 Monetary Production Approach.>/i> Aldershot, UK: Ashgate, 1997.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Amos, O., and
 Wingender, J. R. "A Model of the Interaction Between Regional Financial
 Markets and Regional Growth." >i>Regional Science and Urban Economics>/i>,
 1993, >i>23>/i> (1), 85-110.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>7</BIBL>        <BIBTEXT> Barth, J.; Caprio, G.; and Levine, R.
 >i>Rethinking Bank Supervision and Regulation: Until Angels Govern.>/i>
 Cambridge, UK: Cambridge University Press, 2005.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>8</BIBL>	     <BIBTEXT> Beck, T. "Financial
 Development and International Trade: Is There a Link?" >i>Journal of
 International Economics>/i>, 2002, >i>57>/i> (1), 107-131.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Beck, T.;
 DemirgÃ¼Ã§-Kunt, A.; and Levine, R. "Law, Endowments, and Finance."
 >i>Journal of Financial Economics>/i>, 2003, >i>70>/i> (2),
 137-181.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>	
 <BIBTEXT> Bencivenga, V., and Smith, B. D. "Financial Intermediation and
 Endogenous Growth." >i>Review of Economics Studies>/i>, 1991, >i>58>/i>
 (2), 195-209.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	   
   <BIBTEXT> Berger, A., and DeYoung, R. "The Effects of Geographic
 Expansion on Bank Efficiency." Finance and Economics Discussion Series
 2001-03, Board of Governors of the Federal Reserve System, Washington, DC,
 2001.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Bias, P. "Regional Financial Segmentation in the United States."
 >i>Journal of Regional Science>/i>, 1992, >i>32>/i> (3),
 321-334.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Brevoot, K., and Hannan, T. "Commercial Lending and Distance:
 Evidence from Community Reinvestment Act Data." >i>Journal of Money,
 Credit and Banking>/i>, 2006, >i>38>/i> (8), 1991-2012.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Carling, K., and
 Lundenberg, S. "Asymmetric Information and Distance: An Empirical
 Assessment of Geographical Credit Rationing." >i>Journal of Economics and
 Business>/i>, 2005, >i>57>/i> (1), 39-59.</BIBTEXT>	  </REF>      <REF>
	<BIBL>15</BIBL>        <BIBTEXT> Carvalho, C. E.; Studart, R.; and
 Alves, A. J., Jr. >i>DesnacionalizaÃ§Ã£o do setor bancÃ¡rio e
 financiamento das empresas: a experiÄncia brasileira recente>/i>
 [De-nationalization of the Banking Sector and Firm Financing: The Recent
 Brazilian Experience]. IPEA Discussion Paper 882, BrasÃ­lia,
 2002.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	     
 <BIBTEXT> Cetorelli, N., and Gambera, M. "Banking Structure, Financial
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 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>40</BIBL>	     
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 </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:127-150




Template-Type: ReDIF-Article 1.0
Author-Name: Leonardo Vera
Author-X-Name-First: Leonardo
Author-X-Name-Last: Vera
Title: In search of stabilization and recovery: macro policy and reforms in Venezuela
Abstract: 
 Venezuela is currently immersed in a severe economic crisis as a result of years of domestic mismanagement and the recent reversal in oil prices. This article attempts to formulate a proposal for stabilization and recovery that includes upfront key policy actions to deal with the drastic foreign exchange constraint. We consider the recovery of foreign currency liquidity to be of paramount importance. This will allow not only the lifting of exchange control and the implementation of a stable and competitive real exchange rate, but also the removal of shortages across the board and output recovery. The recovery of domestic activity will also require supply-side relief in the form of broad deregulation, institutional changes, and a sensible policy to lift price controls. To maintain a stable and competitive exchange rate, we propose a whole set of policy measures for rapid suppression of inflation and the causal mechanisms that have formed over the years. A monetary reform and the support of monetary and fiscal policy for successful stabilization and recovery efforts are also discussed.
Journal: Journal of Post Keynesian Economics
Pages: 9-26
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273069
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273069
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Template-Type: ReDIF-Article 1.0
Author-Name: José Luis Oreiro
Author-X-Name-First: José Luis
Author-X-Name-Last: Oreiro
Author-Name: Luciano D’Agostini
Author-X-Name-First: Luciano
Author-X-Name-Last: D’Agostini
Title: Macroeconomic policy regimes, real exchange rate overvaluation, and performance of the Brazilian economy (2003–2015)
Abstract: 
 The objective of this article is to present a review of the workings of the macroeconomic policy regimes in Brazil since 2003 in order to show that both the macroeconomic policy tripod and the new macroeconomic matrix were not capable of ensuring macroeconomic stability in the medium- to long term due to their incapacity to avoid a persistent overvaluation of the real exchange rate or to stop the increasing trend in primary expenditures/gross domestic product, which produced a major fiscal crisis in 2015.
Journal: Journal of Post Keynesian Economics
Pages: 27-42
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273070
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273070
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Frenkel
Author-X-Name-First: Roberto
Author-X-Name-Last: Frenkel
Author-Name: Diego Friedheim
Author-X-Name-First: Diego
Author-X-Name-Last: Friedheim
Title: Inflation in Argentina during the 2000s
Abstract: 
 The paper presents a neo-structuralist econometric analysis of the monthly inflation rates. The model breaks down the CPI into different components based on their price-formation mechanisms. The basic breakdown defines three components: PFLEX (fruits and vegetables, 3.6% of the basket), PREGUL (prices regulated by the government, 20.1% of the basket) and PFIX (the rest of goods and services, 76.3% of the basket). PFIX is the focus of the econometric analysis while PFLEX and PREGUL are considered exogenous. The explanatory variables are the monthly rates of: the price of bovine cattle at the domestic market, the international soy price, the price by ton of imported intermediate goods, the nominal exchange rate, the average wage of workers that are registered in Social Security and the productivity, measured by the GDP by employed worker. There was an informal indexation mechanism in the labor market. Average monthly wages rose at annual rates that were almost always higher than the sum of past annual inflation plus the annual increase in productivity. The over-indexation of the unit labor cost was the main inflationary factor in the period. The inertial component, represented in the model by the previous monthly rate, determines 60% of the current rate.
Journal: Journal of Post Keynesian Economics
Pages: 43-60
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273071
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273071
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Ffrench-Davis
Author-X-Name-First: Ricardo
Author-X-Name-Last: Ffrench-Davis
Title: Challenges for the Chilean economy under cyclical shocks, 1999–2016
Abstract: 
 A brief summary of the evolution of economic policies and growth in Chile since 1973 is presented, distinguishing between four periods: 1973–89 with average growth of 2.9 percent, 1990–98 with 7.1 percent (notably above the 3.2 percent Latin American average), 1999–2013 with 3.9 percent, and 2014–16 with 1.9 percent, explaining the main forces underlying these sharp differences. Analysis focuses on the fiscal and external disequilibrium associated with the fiscal treatment of the copper price and the adoption of a free exchange rate since 1999. Subsequently, the focus is on the macroeconomic situation in 2013 and five sources of accumulated disequilibria that suggested a high probability of significant deceleration of the economy. The article ends with a discussion of the actual deceleration in more recent years, converging with the negative average outcome of the region, and concludes that worsening economic performance has been associated mainly with the shift from the coherent countercyclical policies of the 1990s to the procyclical opening of the capital account, liberalization of the exchange rate, and adoption of sharp inflation targeting overcoming other relevant macroeconomic targets since then.
Journal: Journal of Post Keynesian Economics
Pages: 61-74
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273072
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273072
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Palazzo
Author-X-Name-First: Gabriel
Author-X-Name-Last: Palazzo
Author-Name: Martín Rapetti
Author-X-Name-First: Martín
Author-X-Name-Last: Rapetti
Title: Real exchange rate and export performance in Argentina, 2002–2008
Abstract: 
 Between 2002 and 2008, Argentina experienced a phase of very high and sustained economic growth. During this period, macroeconomic policy aimed to preserve a stable and competitive real exchange rate (SCRER). There is controversy on whether the SCRER policy was a key factor fostering growth and, even more, on whether it helped promote the expansion of tradable activities and exports. We use a methodology to detect episodes of export surges among Argentina’s export industries and find that labor-intensive industries—especially low- and medium-technology manufactures—experienced the highest proportion of export surges within this period. We also find that between 1980 and 2015, the highest proportion of surges in total exports occurred during the 2003–8 period. The performance of export of services was also particularly dynamic during this period. This evidence suggests that the SCRER policy was instrumental for export surges in Argentina during 2002–8.
Journal: Journal of Post Keynesian Economics
Pages: 75-94
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273073
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Template-Type: ReDIF-Article 1.0
Author-Name: José Antonio Ocampo
Author-X-Name-First: José Antonio
Author-X-Name-Last: Ocampo
Author-Name: Jonathan Malagón
Author-X-Name-First: Jonathan
Author-X-Name-Last: Malagón
Author-Name: Carlos Alberto Ruiz
Author-X-Name-First: Carlos Alberto
Author-X-Name-Last: Ruiz
Title: Colombia’s macroeconomic challenges at the end of the supercycle of commodity prices
Abstract: 
 The end of the commodity boom presents major challenges for the Colombian economy. The major ones relate to the need to reduce the current account deficit and find new growth engines. A competitive real exchange rate is essential for objectives and requires stronger interventions in the foreign exchange market; these interventions also help to smooth out the trajectory of the inflation rate. Finally, although fiscal adjustment has been adequate, there are fiscal needs associated with the additional public sector spending demanded by the peace agreement and the need to correct the major structural tax imbalances generated by previous tax reforms.
Journal: Journal of Post Keynesian Economics
Pages: 95-111
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273074
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273074
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Dancourt
Author-X-Name-First: Oscar
Author-X-Name-Last: Dancourt
Title: The lean times in the Peruvian economy
Abstract: 
 The growth rate of “nonprimary gross domestic product (GDP)” (Perú’s urban economy) dropped to 3.6 percent in 2014 and to 2.4 percent in 2015, far below the annual average of 7.3 percent recorded over the previous decade; moreover, an equally low growth rate of 2.8 percent per year is projected in 2016. In the macroeconomic history of Peru, the times of plenty —that is, the more or less prolonged booms—are also times of high prices of the commodities that the country exports; meanwhile, the lean times—that is, the more or less intense recessions in which economic activity slows down—are times of low commodity prices. This article describes the negative external shock undergone by the Peruvian economy and its recessionary and inflationary effects over 2014–15, analyzes the fiscal and monetary policies applied in response to the external shock, and outlines the macroeconomic challenges faced by the new government of Pedro Pablo Kuczynski.
Journal: Journal of Post Keynesian Economics
Pages: 112-129
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1273075
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273075
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaime Ros
Author-X-Name-First: Jaime
Author-X-Name-Last: Ros
Title: Macroeconomic stability, structural reforms, and sluggish growth: The Mexican economy since 2008–2009 and the lessons of 2015
Abstract: 
 This paper examines the evolution of the Mexican economy since the crisis of 2008–2009. It focuses on the main economic indicators of the period and then turns to the changes in economic policy adopted by Peña Nieto’s government since late 2012 and the scope and shortcomings so far of these reforms. It then looks in detail at what happened in 2015, a year characterized by a deterioration of the external environment and by a number of puzzles. Finally, it addresses the short and medium term prospects of the economy under the present set of economic policies and the changes required to put the economy on a higher growth path.
Journal: Journal of Post Keynesian Economics
Pages: 130-144
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2016.1277950
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1277950
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Damill
Author-X-Name-First: Mario
Author-X-Name-Last: Damill
Author-Name: Roberto Frenkel
Author-X-Name-First: Roberto
Author-X-Name-Last: Frenkel
Title: Symposium: Dilemmas of exchange rate and monetary policies in Latin America
Journal: Journal of Post Keynesian Economics
Pages: 1-8
Issue: 1
Volume: 40
Year: 2017
Month: 1
X-DOI: 10.1080/01603477.2017.1343079
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1343079
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Template-Type: ReDIF-Article 1.0
Author-Name: JosÃ© Antonio Ocampo 
Author-X-Name-First: JosÃ© Antonio 
Author-X-Name-Last: Ocampo 
Author-Name: Daniel  Titelman 
Author-X-Name-First: Daniel  
Author-X-Name-Last: Titelman 
Title: Subregional financial cooperation: the South American experience 
Abstract:
 This paper reviews the experience of South America with subregional
 financial cooperation. It shows that this experience has been one of the
 most successful in the developing world, though uneven in terms of country
 coverage and services provided. The Andean region has been particularly
 successful in developing multilateral financial institutions, and
 development financing has been broader in scope than monetary cooperation.
 The two most successful institutions, the Andean Development Corporation
 (CAF) and the Latin American Reserve Fund (FLAR), have shown the capacity
 to provide services to member countries in a timely way, with
 countercyclical effects and on a large scale relative to other forms of
 multilateral financing. The strong sense of ownership of these
 organizations by member states, preferred creditor status, and
 professional management is reflected in very healthy portfolios, even in
 the face of default by member countries. The services of these
 institutions could be broadened to support, among others, the development
 and integration of the physical infrastructure and macroeconomic policy
 coordination.
Journal: Journal of Post Keynesian Economics 
Pages: 249-268 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: development banks, financial cooperation, multilateral financial institutions, reserve funds, South America, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T103352543627W52 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Agosin, M.
 "Strengthening Regional Financial Cooperation." >i>CEPAL Review>/i>, April
 2001, 73 (available at >a target="_blank"
 href='http://econ.uchile.cl/public/Archivos/aca/Adjuntos/295f2af3-92ed-4e8
 7-8ce5-592cfbd31005.pdf'>http://econ.uchile.cl/public/Archivos/aca/Adjunto
 s/295f2af3-92ed-4e87-8ce5-592cfbd31005.pdf>/a></BIBTEXT>      </REF>	  
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Culpeper, R. "Reforming the
 Global Financial Architecture: The Potential of Regional Institutions." In
 J. A. Ocampo (ed.), >i>Regional Financial Cooperation.>/i> Washington, DC:
 Brookings Institution Press and ECLAC, 2006, ch. 2.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>3</BIBL>	<BIBTEXT> ECLAC (United Nations
 Economic Commission for Latin America and the Caribbean). >i>Growth with
 Stability: Financing for Development in the New International Context.>/i>
 Santiago, Chile, 2002.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>4</BIBL>        <BIBTEXT> Machinea, J. L., and Titelman, D. "Less
 Volatile Growth? The Role of Regional Financial Institutions." >i>CEPAL
 Review>/i>, April 2007, 91 (available at >a target="_blank"
 href='http://www.eclac.org/publicaciones/xml/7/29497/lcg2333iMachinea.pdf'
 >www.eclac.org/publicaciones/xml/7/29497/lcg2333iMachinea.pdf>/a></BIBTEXT
 >	</REF>	    <REF>	 <BIBL>5</BIBL>        <BIBTEXT> Mistry, P.
 S. "Coping with Financial Crises: Are Regional Arrangements the Missing
 Link?" In >i>International Monetary and Financial Issues for the
 1990s>/i>, vol. 10. Geneva: United Nations Conference on Trade and
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Title: The Concept of Information, Intractable Uncertainty, and the Current State of the “Efficient Markets” Theory: A Post Keynesian View
Journal: Journal of Post Keynesian Economics
Pages: 325-350
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Volume: 16
Year: 1994
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Author-Name: Anna Maria Variato
Author-X-Name-First: Anna Maria
Author-X-Name-Last: Variato
Title: Asymmetric Information and Keynesian Theories of Investment
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Pages: 351-370
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Title: Debt, Aggregate Demand, and The Business Cycle: an Analysis in the Spirit of Kaldor and Minsky
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Title: Tax Incidence and Macroeconomic Effects in a Kaleckian Model When Profits Finance Affects Investment and Prices May Respond to Taxes
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Title: On the Existence of a Solution to Kalecki’s Pricing Equations
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Title: Principle of Effective Demand and the Vent for Surplus Approach
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Pages: 439-452
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Author-Name: Rohan Baxter
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Author-X-Name-Last: Baxter
Title: The Loans Standard Model of Credit Money
Journal: Journal of Post Keynesian Economics
Pages: 453-477
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Year: 1994
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Author-Name: Saeid Mahdavi
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Author-Name: Ahmad Sohrabian
Author-X-Name-First: Ahmad
Author-X-Name-Last: Sohrabian
Author-Name: Shady Kholdy
Author-X-Name-First: Shady
Author-X-Name-Last: Kholdy
Title: Cointegration and Error Correction Models: The Temporal Causality between Investment and Corporate Cash Flow
Journal: Journal of Post Keynesian Economics
Pages: 478-498
Issue: 3
Volume: 16
Year: 1994
Month: 3
X-DOI: 10.1080/01603477.1994.11489997
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Bresser-Pereira 
Author-X-Name-First: Luiz Carlos 
Author-X-Name-Last: Bresser-Pereira 
Title: The global financial crisis and a new capitalism? 
Abstract:
 The 2008 global financial crisis was the consequence of the process of
 financialization, or the creation of massive fictitious financial wealth,
 that began in the 1980s, and of the hegemony of a reactionary
 ideologyânamely, neoliberalismâbased on self-regulated and efficient
 markets. Although laissezfaire capitalism is intrinsically unstable, the
 lessons from the stock market crash of 1929 and the Great Depression of
 the 1930s were transformed into theories and institutions or regulations
 that led to the "30 glorious years of capitalism" (1948-77) and that could
 have avoided a financial crisis as profound as the present one. It did not
 because a coalition of rentiers and "financists" achieved hegemony and,
 while deregulating the existing financial operations, refused to regulate
 the financial innovations that made these markets even more risky.
 Neoclassical economics played the role of a meta-ideology as it
 legitimized, mathematically and "scientifically," neoliberal ideology and
 deregulation. From this crisis a new democratic capitalist system will
 emerge, though its character is difficult to predict. It will not be
 financialized, but the tendencies present in the 30 glorious years toward
 global and knowledge-based capitalism, where professionals will have more
 say than rentier capitalists, as well as the tendency to improve democracy
 by making it more social and participative, will be resumed.
Journal: Journal of Post Keynesian Economics 
Pages: 499-534 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: deregulation, financial crisis, financialization, neoliberalism, political coalition, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J65M37JK778U70M6 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
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 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>54</BIBL>	     
 <BIBTEXT> Reinhart, C. M., and Rogoff, K. S. >i>This Time Is Different:
 Eight Centuries of Financial Folly.>/i> Princeton: Princeton University
 Press, 2009.</BIBTEXT>      </REF>	 <REF>	      <BIBL>55</BIBL>	   
  <BIBTEXT> Robbins, L. >i>Essay on the Nature and Significance of Economic
 Science.>/i> London: Macmillan, 1946. [Originally published in
 1932.]</BIBTEXT>      </REF>	   <REF>	<BIBL>56</BIBL>       
 <BIBTEXT> Roche, D., and McKee, B. >i>New Monetarism.>/i> London:
 Independent Strategy, 2007.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>57</BIBL>	<BIBTEXT> Schumpeter, J. A. >i>Socialism,
 Capitalism, and Democracy>/i>, 3d ed. New York: Harper & Brothers, 1950.
 [Originally published in 1942.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>58</BIBL>	<BIBTEXT> Shonfield, A. >i>Modern Capitalism.>/i>
 Oxford: Oxford University Press, 1969.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>59</BIBL>	    <BIBTEXT> Soros, G. >i>The Crisis of Global
 Capitalism.>/i> New York: Public Affairs, 1998.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>60</BIBL>	     <BIBTEXT> United Nations Conference on
 Trade and Development (UNCTAD). "The Global Economic Crisis: Systemic
 Failures and Multilateral Remedies." UNCTAD, Geneva, 2009.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>61</BIBL>	 <BIBTEXT> "Unnatural
 Selection." >i>Economist>/i>, September 12, 2009.</BIBTEXT>	  </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:499-534




Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Tridico
Author-X-Name-First: Pasquale
Author-X-Name-Last: Tridico
Author-Name: Riccardo Pariboni
Author-X-Name-First: Riccardo
Author-X-Name-Last: Pariboni
Title: Inequality, financialization, and economic decline
Abstract: 
 The objective of this article is to argue that the labor productivity slowdown experienced in recent years by several advanced countries can be explained, following a Kaldorian-Classical approach, by a weak gross domestic product (GDP) performance and by a decline in the wage share. Moreover, drawing inspiration from recent post Keynesian literature, the authors identify the ongoing worsening in income equality and the increase in the degree of financialization as other major explanatory factors of sluggish productivity. The article will provide a brief literature review concerning nonmainstream attempts to endogenize labor productivity, beginning from the famous Verdoorn-Kaldor law (Verdoorn, 1949) and the Kaldor technical progress function (Kaldor, 1961) and including Sylos Labini’s productivity equation (Sylos Labini, 1984, 1999). The authors will then discuss how labor flexibility and shareholder value orientation, one of the main aspects of financialization, can negatively affect equality and labor productivity. Finally, they propose an extended version of the Sylos Labini’s equation, where productivity growth is claimed to depend positively on GDP rate of growth and the wage share, and negatively on income inequality and financialization. They submit to empirical scrutiny their extended productivity equation; the results of their estimations provide support to their theoretical argument.
Journal: Journal of Post Keynesian Economics
Pages: 236-259
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1338966
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1338966
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Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Deleidi
Author-X-Name-First: Matteo
Author-X-Name-Last: Deleidi
Title: Post Keynesian endogenous money theory: A theoretical and empirical investigation of the credit demand schedule
Abstract: 
 The article investigates the relationship between interest rates and loan amounts provided by commercial banks from both a theoretical and an empirical perspective. Theoretically, some scholars belonging to the post Keynesian endogenous money tradition advocate that a decrease (increase) in interest rates leads to a positive (negative) effect on the amount of loans demanded by households and firms. On the other hand, some heterodox economists maintain that interest rates do not stimulate firms’ credit demand but that a certain degree of influence is allowed for loans provided to households. By applying a vector autoregression (VAR) and vector error-correction model (VECM) methodology to European Central Bank and Organisation for Economic Co-operation and Development data for the eurozone, this article proposes an empirical validation of such theoretical premises by analysing the relationship between the different types of credit provided by commercial banks and the corresponding interest rates. The main results show a negative relationship between the interest rates and the credit provided for the purchase of houses. Conversely, no significant relationship is found between loans granted to enterprises and loans for the purchase of consumption goods and the corresponding interest rates.
Journal: Journal of Post Keynesian Economics
Pages: 185-209
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1338967
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1338967
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonella Stirati
Author-X-Name-First: Antonella
Author-X-Name-Last: Stirati
Title: On the causes of the changes in income shares: Some reflections in the light the United States experience
Abstract: 
 The last 30 years have witnessed a dramatic change in the distribution of income, with the wage share falling in all major industrialized countries. Main-stream analyses, including New Keynesian ones, which retain the notion of factor substitution leading to a “factor intensity” inversely related to its rate of return, have encountered some difficulties in the interpretation of this change. Nonmainstream approaches present an advantage in the explanation of the phenomenon, consisting in the fact that they entail no a priori connections between the changes in distribution and the changes factor proportions. Hence if a change in institutions or in the bargaining strength of the parties affects distribution, income shares may vary significantly (i.e., changes in wages need not be accompanied by changes in labor to output ratio in the opposite direction as in mainstream analyses). Yet empirical observation may question also some of the analyses that have been advanced outside the mainstream. The article will explore the ways in which nonmainstream approaches have interpreted the described changes in distribution, and assess them from an analytical viewpoint and with reference to U.S. data. The purpose is that of pointing at some open questions and problems.
Journal: Journal of Post Keynesian Economics
Pages: 260-283
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1348902
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1348902
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Template-Type: ReDIF-Article 1.0
Author-Name: Lino Sau
Author-X-Name-First: Lino
Author-X-Name-Last: Sau
Title: Coping with deflation and the liquidity trap in the eurozone: A post Keynesian approach
Abstract: 
 The ghost of deflation is once again one of the main worries of policymakers. Recently deflation is indeed characterizing the eurozone. The renewed concern about deflation is due in part to the historical association of deflationary episodes with financial crises, recession, stagnation, and even depression. In deflationary conditions, nominal interest rates are more volatile because uncertainty increases and they may come close to their lower limit of zero: If a “liquidity trap” is at work, monetary policy is incapable of stimulating aggregate demand. This article seeks to show that to avoid a “Japanization” of the eurozone it is urgent to implement adequate economic policies in accordance with the post Keynesian approach. The European Central Bank in recent times has tried to do its best to save the situation through espansive monetary policies adopting both quantitative and qualitative easing. Unfortunately, these kinds of policies have tended more to prevent the recession from becoming far worse than enabling a significant fight against deflation and promoting economic recovery. Conventional and unconventional approaches in economic policy are investigated with a critical eye and contrasted with the theoretical insights suggested by post Keynesians.
Journal: Journal of Post Keynesian Economics
Pages: 210-235
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1387498
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1387498
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Detzer
Author-X-Name-First: Daniel
Author-X-Name-Last: Detzer
Title: Inequality, emulation and debt: The occurrence of different growth regimes in the age of financialization in a stock-flow consistent model
Abstract: 
 In the era of financialization, increasing income inequality could be observed in most developed and many developing countries. Despite similar developments in inequality, the growth performance and drivers for growth differed markedly among countries, allowing clusters of different growth regimes to be identified. Among them are 2 extreme types: the debt-led private-demand boom and the export-led mercantilist economies. Whereas the former rely mainly on credit-financed household consumption in order to compensate for the potential lack of demand (associated with the depressing effect of financialisation), the latter rely on net exports as the main driver of aggregate demand. Using a stock-flow consistent model it will be demonstrated how increasing inequality, depending on a countries institutional structure and regulatory framework, affects growth differently, explaining the occurrence of both regime types.
Journal: Journal of Post Keynesian Economics
Pages: 284-315
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1387499
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1387499
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Bianco
Author-X-Name-First: Antonio
Author-X-Name-Last: Bianco
Author-Name: Claudio Sardoni
Author-X-Name-First: Claudio
Author-X-Name-Last: Sardoni
Title: Banking theories and macroeconomics
Abstract: 
 Mainstream models that allow for financial operations are characterized by the understanding of banks as intermediaries of outside money (IOM). This approach to banks became dominant thanks to a peculiar rhetorical device by Tobin (1963). In recent years, however, this understanding is being increasingly questioned and an old view of banks as originators of inside money (OIM) is being reconsidered. The present article highlights the fundamental differences of these alternative doctrines from a money supply perspective and provides a simple theoretical argument to consider the limits of a point of view à la Tobin and regard the OIM banking theory more general than the IOM theory.
Journal: Journal of Post Keynesian Economics
Pages: 165-184
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1408418
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1408418
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Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Title: Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model
Abstract: 
 This article is linked to some recent attempts at including a noncapacity creating autonomous expenditure category as the driver and determinant of growth into Kaleckian distribution and growth models. Whereas previous contributions have focussed on taming Harrodian instability, generated by the deviation of the goods market equilibrium rate of capacity utilization from a normal or target rate, we rather focus on the so-far neglected issues of deficit, debt, and distribution dynamics in such models. For this purpose, we treat the growth of government expenditures on goods and services, financed by credit creation, as the exogenous growth rate driving the system. We examine the long-run convergence of the system toward such a growth rate, analyze the related debt dynamics, and deal with stability and income distribution issues. Finally, we touch upon the economic and, in particular, fiscal policy implications of our model results.
Journal: Journal of Post Keynesian Economics
Pages: 316-338
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1422389
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1422389
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Template-Type: ReDIF-Article 1.0
Author-Name: Gennaro Zezza
Author-X-Name-First: Gennaro
Author-X-Name-Last: Zezza
Title: Introduction to the special issue on financialization, growth and distribution
Journal: Journal of Post Keynesian Economics
Pages: 161-164
Issue: 2
Volume: 41
Year: 2018
Month: 4
X-DOI: 10.1080/01603477.2017.1422390
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1422390
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Handle: RePEc:mes:postke:v:41:y:2018:i:2:p:161-164




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech 
Author-X-Name-First: David 
Author-X-Name-Last: Dequech 
Title: Financial conventions in Keynes's theory: the stock exchange 
Abstract:
 This paper examines Keynes's treatment of financial conventions, focusing
 on the stock exchange. It shows that Keynes's approach was unclear but
 insightful. Some elements are combined here to clarify his implicit
 concept, which incorporated features of a general concept (social sharing,
 conformity with the conformity of others, and arbitrariness) with specific
 characteristics in financial contexts. The paper identifies a peculiar
 sense in which the speculator is unconventional. It contrasts the
 potentially short duration of Keynes's financial convention with the
 widespread idea that informal institutions change very slowly. Finally, it
 discusses the relation between convention, self-interest, and
 decision-theoretic and social norms.
Journal: Journal of Post Keynesian Economics 
Pages: 469-490 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: conventions, institutions, Keynes, speculation, stock exchange, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T44MU3L30W306031 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bibow, J.; Lewis, P.;
 and Runde, J. "Uncertainty, Conventional Behavior, and Economic
 Sociology." >i>American Journal of Economics and Sociology>/i>, 2005,
 >i>64>/i> (2), 507-532.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> Darity, W., and Horn, B. "Rational
 Expectations, Rational Belief, and Keynes's >i>General Theory>/i>."
 >i>Research in the History of Economic Thought and Methodology>/i>, 1993,
 >i>11>/i>, 17-47.</BIBTEXT>	  </REF>      <REF>	   <BIBL>3</BIBL>  
      <BIBTEXT> Davidson, P. "Money, Portfolio Balance, Capital
 Accumulation, and Economic Growth." >i>Econometrica>/i>, 1968, >i>36>/i>
 (2), 291-321.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	   
  <BIBTEXT> Davidson, P. >i>Financial Markets, Money, and the Real
 World.>/i> Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Davis, J.B. >i>Keynes's
 Philosophical Development.>/i> Cambridge: Cambridge University Press,
 1994.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Davis, J.B. "Keynes on History and Convention." In G. Harcourt
 and P. Riach (eds.), >i>A "Second Edition" of the General Theory>/i>, vol.
 2. London: Routledge, 1997, pp. 203-221.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>7</BIBL>	     <BIBTEXT> Denzau, A., and North, D. "Shared
 Mental Models: Ideologies and Institutions." >i>Kyklos>/i>, 1994,
 >i>47>/i> (1), 3-31.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>8</BIBL>        <BIBTEXT> Dequech, D. "Conventional and
 Unconventional Behavior Under Uncertainty." >i>Journal of Post Keynesian
 Economics>/i>, 2003, >i>26>/i> (1), 145-168.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Dequech, D. "Institutions,
 Social Norms, and Decision-Theoretic Norms." >i>Journal of Economic
 Behavior and Organization>/i>, 2009, >i>72>/i> (1), 70-78.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Dow, S. >i>The
 Methodology of Macroeconomic Thought.>/i> Cheltenham, UK: Edward Elgar,
 1996.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> Dow, S. "Probability, Uncertainty and Convention: Economists'
 Knowledge and the Knowledge of Economic Actors." In J. Runde and S.
 Mizuhara (eds.), >i>The Philosophy of Keynes's Economics.>/i> London:
 Routledge, 2003, pp. 207-215.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>12</BIBL>	<BIBTEXT> Dutt, A., and Amadeo, E. >i>Keynes's
 Third Alternative? The Neo-Ricardian Keynesians and the Post
 Keynesians.>/i> Aldershot, UK: Edward Elgar, 1990.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>13</BIBL>	<BIBTEXT> Keynes, J.M. >i>A
 Treatise on Money>/i>, vol. 2. London: Macmillan, 1930.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Keynes, J.M.
 >i>The General Theory of Employment, Interest and Money.>/i> London:
 Macmillan, 1936.</BIBTEXT>	 </REF>      <REF>	  <BIBL>15</BIBL>  
      <BIBTEXT> Keynes, J.M. "The General Theory of Employment."
 >i>Quarterly Journal of Economics>/i>, 1937, >i>51>/i> (2),
 209-223.</BIBTEXT>	 </REF>      <REF>	  <BIBL>16</BIBL>	
 <BIBTEXT> Keynes, J.M. "Some Economic Consequences of a Declining
 Population." In D. Moggridge (ed.), >i>The Collected Writings of John
 Maynard Keynes>/i>, vol. 14. London: Macmillan, 1973, pp. 124-133.
 [Originally published in >i>Eugenics Review>/i>, 1937, >i>29>/i> (1),
 13-17.]</BIBTEXT>	</REF>	    <REF>	 <BIBL>17</BIBL>       
 <BIBTEXT> Lavoie, M. >i>Foundations of Post-Keynesian Economic
 Analysis.>/i> Aldershot, UK: Edward Elgar, 1992.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>18</BIBL>	      <BIBTEXT> Lawson, T. "Keynes and the
 Analysis of Rational Behaviour." In R. O'Donnell (ed.), >i>Keynes as
 Philosopher-Economist.>/i> New York: St. Martin's Press, 1991, pp.
 184-226.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Lewis, D. >i>Convention: A Philosophical Study.>/i> Cambridge:
 Harvard University Press, 1969.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>20</BIBL>	<BIBTEXT> McCann, C., Jr. >i>Probability
 Foundations of Economic Theory.>/i> London: Routledge, 1994.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>21</BIBL>	  <BIBTEXT> McKenna, E.,
 and Zannoni, D. "Philosophical Foundations of Post Keynesian Economics."
 >i>Journal of Post Keynesian Economics>/i>, 1993, 15 (3),
 395-407.</BIBTEXT>	 </REF>      <REF>	  <BIBL>22</BIBL>	
 <BIBTEXT> Mizuhara, S. "Keynesian Convention: A Textual Note." In J. Runde
 and S. Mizuhara (eds.), >i>The Philosophy of Keynes's Economics.>/i>
 London: Routledge, 2003, pp. 196-204.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>23</BIBL>	   <BIBTEXT> O'Donnell, R. >i>Keynes: Philosophy,
 Economics and Politics.>/i> London: Macmillan, 1989.</BIBTEXT>      </REF>
      <REF>	   <BIBL>24</BIBL>	  <BIBTEXT> O'Donnell, R. "Keynes
 on Probability, Expectations and Uncertainty." In R. O'Donnell (ed.),
 >i>Keynes as Philosopher-Economist.>/i> New York: St. Martin's Press,
 1991, pp. 3-60.</BIBTEXT>	</REF>	    <REF>	 <BIBL>25</BIBL>   
     <BIBTEXT> OrlÃ©an, A. "Mimetic Contagion and Speculative Bubbles."
 >i>Theory and Decision>/i>, 1989, >i>27>/i> (1-2), 63-92.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>26</BIBL>	 <BIBTEXT> OrlÃ©an, A.
 >i>Le pouvoir de la finance>/i> [The Power of Finance]. Paris: Odile
 Jacob, 1999.</BIBTEXT>      </REF>	 <REF>	      <BIBL>27</BIBL>	   
  <BIBTEXT> Possas, M. "Rationality and Regularity: Towards an Integration
 of Micro and Macrodynamics." Paper presented at the International Workshop
 in Post Keynesian Economics, Knoxville, TN, June 28-July 5,
 1990.</BIBTEXT>      </REF>	  <REF>        <BIBL>28</BIBL>	     
 <BIBTEXT> Runde, J. "Keynesian Uncertainty and the Instability of
 Beliefs." >i>Review of Political Economy>/i>, 1991, >i>3>/i> (2),
 125-145.</BIBTEXT>	 </REF>      <REF>	  <BIBL>29</BIBL>	
 <BIBTEXT> Runde, J. "The Keynesian Probability-Relation: In Search of a
 Substitute." In J.B. Davis (ed.), >i>The State of Interpretation of
 Keynes.>/i> Boston: Kluwer, 1994, pp. 245-251.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Shackle, G. "The Romantic
 Mountain and the Classic Lake: Alan Coddington's >i>Keynesian
 Economics>/i>." >i>Journal of Post Keynesian Economics>/i>, Winter
 1983-84, >i>6>/i> (2), 241-251.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>31</BIBL>	<BIBTEXT> Williamson, O. "The New Institutional
 Economics: Taking Stock, Looking Ahead." >i>Journal of Economic
 Literature>/i>, 2000, >i>38>/i> (3), 595-613.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:469-490




Template-Type: ReDIF-Article 1.0
Author-Name: Martin H. Wolfson
Author-X-Name-First: Martin H.
Author-X-Name-Last: Wolfson
Title: The Causes of Financial Instability
Journal: Journal of Post Keynesian Economics
Pages: 333-355
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489804
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489804
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Handle: RePEc:mes:postke:v:12:y:1990:i:3:p:333-355




Template-Type: ReDIF-Article 1.0
Author-Name: Domenico Delli Gatti
Author-X-Name-First: Domenico Delli
Author-X-Name-Last: Gatti
Author-Name: Mauro Gallegati
Author-X-Name-First: Mauro
Author-X-Name-Last: Gallegati
Title: Financial Instability, Income Distribution, and the Stock Market
Journal: Journal of Post Keynesian Economics
Pages: 356-374
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489805
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489805
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali F. Darrat
Author-X-Name-First: Ali F.
Author-X-Name-Last: Darrat
Title: The Impact of Federal Debt Upon Stock Prices in the United States
Journal: Journal of Post Keynesian Economics
Pages: 375-389
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489806
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489806
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Template-Type: ReDIF-Article 1.0
Author-Name: Dean D. Croushore
Author-X-Name-First: Dean D.
Author-X-Name-Last: Croushore
Author-Name: Ronald S. Koot
Author-X-Name-First: Ronald S.
Author-X-Name-Last: Koot
Author-Name: David A. Walker
Author-X-Name-First: David A.
Author-X-Name-Last: Walker
Title: Economic Stability and the Government Deficit
Journal: Journal of Post Keynesian Economics
Pages: 390-403
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489807
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489807
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Template-Type: ReDIF-Article 1.0
Author-Name: Trevor Chamberlain
Author-X-Name-First: Trevor
Author-X-Name-Last: Chamberlain
Title: Capital Structure and the Long-Run Survival of the Firm: Theory and Evidence
Journal: Journal of Post Keynesian Economics
Pages: 404-423
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489808
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489808
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul C. Dalziel
Author-X-Name-First: Paul C.
Author-X-Name-Last: Dalziel
Title: Market Power, Inflation, and Incomes Policies
Journal: Journal of Post Keynesian Economics
Pages: 424-438
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489809
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch
Author-X-Name-First: Harry
Author-X-Name-Last: Bloch
Title: Price Leadership and the Degree of Monopoly
Journal: Journal of Post Keynesian Economics
Pages: 439-451
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489810
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Author-X-Name-First: M. H. I.
Author-X-Name-Last: Dore
Author-Name: Lorie Tarshis
Author-X-Name-First: Lorie
Author-X-Name-Last: Tarshis
Title: The LDC Debt and the Commercial Banks: A Proposed Solution
Journal: Journal of Post Keynesian Economics
Pages: 452-465
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489811
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Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: A Theory of Downward Wage Rigidity: Job Commitment Costs, Replacement Costs, and Tacit Coordination
Journal: Journal of Post Keynesian Economics
Pages: 466-486
Issue: 3
Volume: 12
Year: 1990
Month: 3
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Author-Name: F. H. Fleck
Author-X-Name-First: F. H.
Author-X-Name-Last: Fleck
Author-Name: C.-M. Domenghino
Author-X-Name-First: C.-M.
Author-X-Name-Last: Domenghino
Title: Government Activity  Invalidate the “Cambridge Theorem of the Rate of Profit”
Journal: Journal of Post Keynesian Economics
Pages: 487-497
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489813
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Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 498-499
Issue: 3
Volume: 12
Year: 1990
Month: 3
X-DOI: 10.1080/01603477.1990.11489814
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Blecker 
Author-X-Name-First: Robert A. 
Author-X-Name-Last: Blecker 
Title: Davidson on Keynes: the open economy dimension 
Abstract:
 This paper reviews the treatment of open economy issues in Paul Davidson's
 book, >i>John Maynard Keynes>/i>. Davidson aptly summarizes Keynes's
 criticism of the international monetary system for the asymmetric "burden
 of adjustment" it places on deficit countries compared with surplus
 countries, which imparts a contractionary bias to the world economy.
 Davidson also updates Keynes's proposals for global monetary reform and
 extends his analysis of international trade. However, Davidson's arguments
 about mainstream views of international finance and the ineffectiveness of
 exchange rate adjustments are on less solid ground. This paper suggests
 reformulations of Davidson's interpretations on the latter two points.
Journal: Journal of Post Keynesian Economics 
Pages: 19-41 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: Paul Davidson, General Theory, international finance, international trade, John Maynard Keynes, open economies, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E109T3731Q53U658 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Batista, C., and Potin,
 J. "International Specialization and the Return to Capital, 1976-2000."
 Oxford Working Paper no. 357 (revised), University of Oxford, December
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>2</BIBL>	    
 <BIBTEXT> Blecker, R.A. >i>Taming Global Finance: A Better Architecture
 for Growth and Equity>/i>. Washington, DC: Economic Policy Institute,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Blecker, R.A. "The Balance of PaymentsâConstrained Growth
 Model and the Limits to Export-Led Growth." In P. Davidson (ed.), >i>A
 Post Keynesian Perspective on 21st Century Economic Problems>/i>.
 Cheltenham, UK: Edward Elgar, 2002, pp. 69-88.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>4</BIBL>	    <BIBTEXT> Blecker, R.A. "International
 Economics." In J. King (ed.), >i>The Elgar Companion to Post Keynesian
 Economics>/i>. Cheltenham, UK: Edward Elgar, 2003a, pp. 200-205.</BIBTEXT>
      </REF>	  <REF>        <BIBL>5</BIBL>	     <BIBTEXT> Blecker,
 R.A. "Why the Dollar Needs to Fall Further." >i>Challenge>/i>,
 SeptemberâOctober 2003b, 46 (5), 15-36.</BIBTEXT>	  </REF>      <REF>
	<BIBL>6</BIBL>	      <BIBTEXT> Blecker, R.A. "Financial
 Globalization, Exchange Rates, and International Trade." In G. Epstein
 (ed.), >i>Financialization and the World Economy>/i>. Cheltenham, UK:
 Edward Elgar, 2005a, pp. 183-209.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>7</BIBL>        <BIBTEXT> Blecker, R.A. "International Economics
 After Robinson." In B. Gibson (ed.), >i>Joan Robinson's Economics: A
 Centennial Celebration>/i>. Cheltenham, UK: Edward Elgar, 2005b, pp.
 309-349.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>       
 <BIBTEXT> Blecker, R.A. "The Economic Consequences of Dollar Appreciation
 for U.S. Manufacturing Profits and Investment: A Time-Series Analysis."
 >i>International Review of Applied Economics>/i>, September 2007, 21 (4),
 491-517.</BIBTEXT>	 </REF>      <REF>	  <BIBL>9</BIBL>       
 <BIBTEXT> Brewer, A. "Trade with Fixed Real Wages and Mobile Capital."
 >i>Journal of International Economics>/i>, 1985, 18 (1-2),
 177-186.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>	
 <BIBTEXT> Caballero, R.J.; Farhi, E.; and Gourinchas, P.-O. "An
 Equilibrium Model of âGlobal Imbalancesâ and Low Interest Rates."
 >i>American Economic Review>/i>, March 2008, 98 (1), 358-393.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>11</BIBL>	   <BIBTEXT> Davidson, P.
 "Reforming the World's Money." >i>Journal of Post Keynesian Economics>/i>,
 Winter 1992-93, 15 (2), 153-179.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>12</BIBL>	<BIBTEXT> Davidson, P. >i>John Maynard Keynes>/i>.
 London: Palgrave/Macmillan, 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>13</BIBL>	<BIBTEXT> Keynes, J.M. >i>The General Theory of
 Employment, Interest and Money>/i>. London: Macmillan, 1936.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>14</BIBL>	  <BIBTEXT> Keynes, J.M.
 "Post-War Currency Policy." In D. Moggridge (ed.), >i>The Collected
 Writings of John Maynard Keynes, Volume 25: Activities 1940-1944âShaping
 the Post-War World: The Clearing Union>/i>. London: Macmillan, 1980, pp.
 21-33. [Original memorandum of September 8, 1941.]</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>15</BIBL>	<BIBTEXT> Keynes, J.M. "National
 Self-Sufficiency." In D. Moggridge (ed.), >i>The Collected Writings of
 John Maynard Keynes, Volume 21: Activities 1931-1939âWorld Crises and
 Policies in Britain and America>/i>. London: Macmillan, 1982, pp. 233-246.
 [Originally published in >i>The New Statesman>/i>, July 8 and 15,
 1933.]</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Krugman, P., and Taylor, L. "Contractionary Effects of
 Devaluation." >i>Journal of International Economics>/i>, 1978, 8 (3),
 445-456.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>	
 <BIBTEXT> Lucas, R.E., Jr. "Why Doesn't Capital Flow from Rich to Poor
 Countries?" >i>American Economic Review, Papers and Proceedings>/i>, May
 1990, 80 (2), 92-96.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>18</BIBL>	<BIBTEXT> Milberg, W. "Is Absolute Advantage
 PassÃ©? Towards a Post-Keynesian/Marxian Theory of International Trade."
 In M. Glick (ed.), >i>Competition, Technology and Money: Classical and
 Post-Keynesian Perspectives>/i>. Aldershot, UK: Edward Elgar, 1994, pp.
 219-235.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Mui, Y.Q. "Ikea Helps a Town Put It Together: Manufacturing Jobs
 Come Back to Southern Va." >i>Washington Post>/i>, May 31, 2008, p.
 A1.</BIBTEXT>	    </REF>	<REF>	     <BIBL>20</BIBL>	   
 <BIBTEXT> Palley, T.I. "The Economics of International Capital Mobility:
 Implications for Policy." In G. Epstein, T. Schlesinger, and M. Vernengo
 (eds.), >i>The Political Economy of Monetary Policy and Financial
 Regulation: Essays in Honor of Jane D'Arista>/i>. Cheltenham, UK: Edward
 Elgar, 2010 (forthcoming).</BIBTEXT>	   </REF>      <REF>	   
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 Economic Growth>/i>. Cambridge: Cambridge University Press,
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 577-602.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>	
 <BIBTEXT> Razmi, A., and Blecker, R.A. "Developing Country Exports of
 Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition."
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 <BIBTEXT> Ricardo, D. >i>The Works and Correspondence of David Ricardo,
 Volume I: On the Principles of Political Economy and Taxation>/i>. Ed. P.
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    <BIBTEXT> Rima, I.H. "Robinson and the âOther Halfâ of the
 Keynesian Revolution." In I.H. Rima (ed.), >i>The Joan Robinson
 Legacy>/i>. Armonk, NY: M.E. Sharpe, 1991, pp. 195-208.</BIBTEXT>     
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 Profit Margins to Income Distribution: Joan Robinson's Odyssey from
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 15 (4), 575-586.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>  
      <BIBTEXT> Robinson, J. >i>Essays in the Theory of Employment>/i>, 2d
 ed. Oxford: Basil Blackwell, 1947.</BIBTEXT>	   </REF>      <REF>	   
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 Transport Costs Reverse Globalization?" >i>StrategEcon, CIBC World
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 >i>John Maynard Keynes: Economist, Philosopher, Statesman, 1883-1946>/i>.
 London: Macmillan, 2003.</BIBTEXT>	 </REF>      <REF>	 
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 Layoffs and Their Consequences>/i>. New York: Knopf, 2006.</BIBTEXT>	  
 </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Constraints on the Expansion of Output and Employment: Real or Monetary?
Journal: Journal of Post Keynesian Economics
Pages: 139-152
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489490
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Author-Name: Robert Drago
Author-X-Name-First: Robert
Author-X-Name-Last: Drago
Title: New use of an Old Technology: The Growth of Worker Participation
Journal: Journal of Post Keynesian Economics
Pages: 153-167
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489491
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Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Executive Salaries and their Justification
Journal: Journal of Post Keynesian Economics
Pages: 168-176
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489492
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Author-Name: Ali F. Darrat
Author-X-Name-First: Ali F.
Author-X-Name-Last: Darrat
Title: Are Budget Deficits and Wage Costs Prime Determinants of Inflation? Another Look at the Evidence from the United States and the United Kingdom
Journal: Journal of Post Keynesian Economics
Pages: 177-192
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489493
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Author-X-Name-First: M. H. I.
Author-X-Name-Last: Dore
Title: On the Concept of Equilibrium
Journal: Journal of Post Keynesian Economics
Pages: 193-206
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489494
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Title: “Long-Period Employment” in 
Journal: Journal of Post Keynesian Economics
Pages: 207-213
Issue: 2
Volume: 7
Year: 1984
Month: 12
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Author-X-Name-Last: Carvalho
Title: Alternative Analyses of Short and Long Run in Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 214-234
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489496
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Author-X-Name-First: Nina
Author-X-Name-Last: Shapiro
Title: Involuntary Unemployment in the Long Run: Pasinetti’s Formulation of the Keynesian Argument—A Review Article
Journal: Journal of Post Keynesian Economics
Pages: 235-245
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489497
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Author-X-Name-First: Luigi L.
Author-X-Name-Last: Pasinetti
Title: The Difficulty, and Yet the Necessity, of Aiming at Full Employment: A Comment on Nina Shapiro’s Note
Journal: Journal of Post Keynesian Economics
Pages: 246-248
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489498
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Author-X-Name-Last: Basile
Author-Name: Neri Salvadori
Author-X-Name-First: Neri
Author-X-Name-Last: Salvadori
Title: Kalecki’s Pricing Theory
Journal: Journal of Post Keynesian Economics
Pages: 249-262
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489499
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Author-X-Name-First: Allin
Author-X-Name-Last: Cottrell
Title: Keynesianism and the Natural Rate of Unemployment: A Problem in Pedagogy
Journal: Journal of Post Keynesian Economics
Pages: 263-268
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489500
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Author-X-Name-First: James R.
Author-X-Name-Last: Wible
Title: An Epistemic Critique of Rational Expectations and the Neoclassical Macroeconomic Research Program
Journal: Journal of Post Keynesian Economics
Pages: 269-281
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489501
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Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 282-282
Issue: 2
Volume: 7
Year: 1984
Month: 12
X-DOI: 10.1080/01603477.1984.11489502
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Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: The Nature of Expectations in the Foreign Exchange Market: A Test of Competing Theories
Journal: Journal of Post Keynesian Economics
Pages: 181-200
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490190
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Author-Name: Simon C. Parker
Author-X-Name-First: Simon C.
Author-X-Name-Last: Parker
Title: Income Inequality and The Business Cycle: A Survey of The Evidence and Some New Results
Journal: Journal of Post Keynesian Economics
Pages: 201-225
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490191
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Author-Name: James A. Yunker
Author-X-Name-First: James A.
Author-X-Name-Last: Yunker
Title: Inheritance and Chance as Determinants of Capital Wealth Inequality
Journal: Journal of Post Keynesian Economics
Pages: 227-258
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490192
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Author-Name: José A. Alonso
Author-X-Name-First: José A.
Author-X-Name-Last: Alonso
Author-Name: Carlos Garcimartín
Author-X-Name-First: Carlos
Author-X-Name-Last: Garcimartín
Title: A New Approach to Balance-of-Payments Constraint: Some Empirical Evidence
Journal: Journal of Post Keynesian Economics
Pages: 259-282
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490193
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Moreno-Brid
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Moreno-Brid
Title: On Capital Flows and The Balance-of-Payments-Constrained Growth Model
Journal: Journal of Post Keynesian Economics
Pages: 283-298
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490194
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490194
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Template-Type: ReDIF-Article 1.0
Author-Name: Man-Seop Park
Author-X-Name-First: Man-Seop
Author-X-Name-Last: Park
Title: Individually Identical or Collectively Autonomous? Questioning the Representation of Investment Behavior in the Kaleckian Multisector Model of Growth
Journal: Journal of Post Keynesian Economics
Pages: 299-313
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490195
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490195
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias L. Khalil
Author-X-Name-First: Elias L.
Author-X-Name-Last: Khalil
Title: The Janus Hypothesis
Journal: Journal of Post Keynesian Economics
Pages: 315-342
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490196
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490196
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray Glickman
Author-X-Name-First: Murray
Author-X-Name-Last: Glickman
Title: A Comment on Bernstein’s “How Long Can You Run—and Where are you Running?”
Journal: Journal of Post Keynesian Economics
Pages: 343-348
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490197
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490197
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 349-352
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490198
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490198
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Template-Type: ReDIF-Article 1.0
Author-Name: John S.L. McCombie
Author-X-Name-First: John S.L.
Author-X-Name-Last: McCombie
Title: In Defense of Kaldor: A Comment on Casillas’s “Kaldor versus Prebisch on Employment and Industrialization”
Journal: Journal of Post Keynesian Economics
Pages: 353-361
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490199
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490199
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Template-Type: ReDIF-Article 1.0
Author-Name: P.D. 
Author-X-Name-First: P.D.
Author-X-Name-Last: 
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 363-364
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490200
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490200
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 364-364
Issue: 2
Volume: 21
Year: 1998
Month: 12
X-DOI: 10.1080/01603477.1998.11490201
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Exchange Rate Theory and “the Fundamentals”
Journal: Journal of Post Keynesian Economics
Pages: 3-15
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490311
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Template-Type: ReDIF-Article 1.0
Author-Name: S Jay Levy
Author-X-Name-First: S Jay
Author-X-Name-Last: Levy
Title: Profits: The Views of Jerome Levy and Michal Kalecki
Journal: Journal of Post Keynesian Economics
Pages: 17-30
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490312
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490312
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Template-Type: ReDIF-Article 1.0
Author-Name: Finn Olesen
Author-X-Name-First: Finn
Author-X-Name-Last: Olesen
Title: Jørgen Pedersen—An Early Danish Contributor to Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 31-40
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490313
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490313
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: The Significance, Success, and Failure of Microeconomic Theory
Journal: Journal of Post Keynesian Economics
Pages: 41-58
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490314
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Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Alexiou
Author-X-Name-First: Constantinos
Author-X-Name-Last: Alexiou
Title: Crafting a Post Keynesian Macroeconomic Framework to Explain European Unemployment: Econometric Evidence from the European Union Countries
Journal: Journal of Post Keynesian Economics
Pages: 59-80
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490315
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490315
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Template-Type: ReDIF-Article 1.0
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: The Relation between the Warranted Growth Rate, the Natural Rate, and the Balance of Payments Equilibrium Growth Rate
Journal: Journal of Post Keynesian Economics
Pages: 81-88
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490316
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Nureldin Hussain
Author-X-Name-First: M. Nureldin
Author-X-Name-Last: Hussain
Title: “Exorcising the Ghost”: An Alternate Model for Measuring the Financing Gap in Developing Countries
Journal: Journal of Post Keynesian Economics
Pages: 89-124
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490317
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490317
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalambos Pattichis
Author-X-Name-First: Charalambos
Author-X-Name-Last: Pattichis
Title: Trade, Growth, and Monetary Union
Journal: Journal of Post Keynesian Economics
Pages: 125-147
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490318
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490318
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bunting
Author-X-Name-First: David
Author-X-Name-Last: Bunting
Title: Keynes’ Law and Its Critics
Journal: Journal of Post Keynesian Economics
Pages: 149-163
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490319
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490319
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch
Author-X-Name-First: Harry
Author-X-Name-Last: Bloch
Author-Name: Jakob Madsen
Author-X-Name-First: Jakob
Author-X-Name-Last: Madsen
Title: A Model of Employment and Real Wages under Imperfect Competition
Journal: Journal of Post Keynesian Economics
Pages: 165-178
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490320
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490320
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 179-179
Issue: 1
Volume: 24
Year: 2001
Month: 9
X-DOI: 10.1080/01603477.2001.11490321
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490321
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Template-Type: ReDIF-Article 1.0
Author-Name: Virginie  Monvoisin 
Author-X-Name-First: Virginie  
Author-X-Name-Last: Monvoisin 
Author-Name: Louis-Philipe  Rochon 
Author-X-Name-First: Louis-Philipe  
Author-X-Name-Last: Rochon 
Title: Keynes and the real world: Davidson, money, and uncertainty 
Abstract:
 In this paper, we show that there are many similarities between the
 economics of Paul Davidson and the views expressed by the monetary
 circuit. This is not surprising because they both trace their roots to
 Keynes. Circuitists emphasize banks and uncertainty; Davidson places the
 focus on uncertainty, contracts, and money. We seek to show that both
 approaches are complementary on many levels and offer in fact simply
 different pieces of the same overall Post Keynesian puzzle. In the end,
 they both find their inspiration in Keynes, which is still relevant today,
 as exemplified in Davidson's new book, >i>John Maynard Keynes>/i>.
Journal: Journal of Post Keynesian Economics 
Pages: 43-58 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: banks, Paul Davidson, John Maynard Keynes, monetary circuit, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N33842V733567036 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Chick, V. "The
 Evolution of the Banking System and the Theory of Saving, Investment and
 Interest." >i>Economies et SociÃ©tÃ©s, Monnaie et Production>/i>, 1986, 3,
 95-110.</BIBTEXT>	</REF>	    <REF>	 <BIBL>2</BIBL>       
 <BIBTEXT> Davidson, P. >i>Money and the Real World>/i>, New York: John
 Wiley & Sons, 1972.</BIBTEXT>	    </REF>	<REF>	     <BIBL>3</BIBL>
	<BIBTEXT> Davidson, P. "L'Ã©conomie post-KeynÃ©sienne, solution Ã 
 la crise de la thÃ©orie Ã©conomique." In A. Barrere (ed.), >i>Keynes
 aujourd'hui. ThÃ©ories et politiques>/i>. Paris: Economica, 1985, pp.
 251-281.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Davidson, P. >i>John Maynard Keynes>/i>. London:
 Palgrave/Macmillan, 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>5</BIBL>        <BIBTEXT> Dow, A.C., and Dow, S.C. "Endogenous Money
 Creation and Idle Balances." In J. Pheby (ed.), >i>New Directions in
 Post-Keynesian Economics>/i>. Aldershot, UK: Edward Elgar, 1989, pp.
 147-164.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Dow, S.C. "Endogenous Money." In G. Harcourt and P. Riach
 (eds.), >i>The Second Edition of Keynes's General Theory>/i>. London:
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     <BIBTEXT> Eichner, A. >i>The Macrodynamics of Advanced Market
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 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Fullwiler, S.T. "Timeliness
 and the Fed's Daily Tactics." >i>Journal of Economic Issues>/i>, 2003, 37
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  <BIBTEXT> Graziani, A. >i>The Monetary Theory of Production>/i>.
 Cambridge: Cambridge University Press, 2003.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>10</BIBL>	     <BIBTEXT> Innes, M.I. "What Is Money?"
 >i>Banking Law Journal>/i>, May 1913, 377-408.</BIBTEXT>      </REF>	  
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     <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard
 Keynes, Volume V: A Treatise on Money, the Pure Theory of Money>/i>.
 London: Macmillan, 1971. [Originally published in 1930.]</BIBTEXT>	
 </REF>      <REF>	  <BIBL>13</BIBL>	 <BIBTEXT> Keynes, J.M.
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 Macmillan and Cambridge University Press, 1973.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>14</BIBL>	     <BIBTEXT> Lavoie, M. "Un modÃ¨le
 post-KeynÃ©sien d'Ã©conomie monÃ©taire fondÃ© sur la thÃ©orie du circuit."
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 </REF>      <REF>	  <BIBL>15</BIBL>	 <BIBTEXT> Lavoie, M.
 >i>Foundations of Post-Keynesian Economic Analysis>/i>. Aldershot, UK:
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 <BIBL>16</BIBL>	<BIBTEXT> Lavoie, M. "The Endogenous Supply of
 CreditâMoney, Liquidity Preference and the Principle of Increasing Risk:
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 Base Endogeneity and the New Procedures of the Canadian and American
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 2005, 27 (4), 689-709.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>18</BIBL>	<BIBTEXT> Parguez, A., and Seccareccia, M. "The
 Credit Theory of Money: The Monetary Circuit Approach." In J. Smithin
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 <BIBTEXT> Robinson, J. >i>Freedom and Necessity>/i>. London: George Allen
 & Unwin, 1970.</BIBTEXT>      </REF>	   <REF>	<BIBL>20</BIBL>    
    <BIBTEXT> Rochon, L.-P. >i>Credit, Money and Production: An Alternative
 Post-Keynesian Approach>/i>. Cheltenham, UK: Edward Elgar, 1999.</BIBTEXT>
      </REF>	  <REF>        <BIBL>21</BIBL>	      <BIBTEXT> Rochon,
 L.-P. "Endogenous Money, Central Banks and the Banking System: Basil Moore
 and the Supply of Money." In M. Setterfield (ed.), >i>Complexity,
 Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J.
 Moore>/i>. Cheltenham, UK: Edward Elgar, 2006, pp. 220-243.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Rochon, L.-P.
 "The Keynesian Multiplier: The Monetary Pre-Conditions and the Role of
 Banks as Defended by Richard Kahn's 1931 Paper: A Horizontalist
 Re-Interpretation." In C. Gnos and L.-P. Rochon (eds.), >i>The Keynesian
 Multiplier>/i>. London: Routledge, 2008.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>23</BIBL>	      <BIBTEXT> Rochon, L.-P., and Rossi, S.
 "Central Banking and Post-Keynesian Economics." >i>Review of Political
 Economy>/i>, 2007, 19 (4), 539-554.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>24</BIBL>	 <BIBTEXT> Rochon, L.-P., and Rossi, S.
 "Horizontalism and Structuralism: A Suggested Re-Interpretation." In B.
 Moore and L.-P. Rochon (eds.), >i>Post-Keynesian Monetary Theory and
 Policy: Horizontalism and Structuralism RevisitedâReflections and
 Development.>/i> Cheltenham, UK: Edward Elgar, 2010,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>25</BIBL>	   
  <BIBTEXT> Rogers, C. >i>Money, Interest and Capital: A Study in the
 Foundations of Monetary Theory>/i>. Cambridge: Cambridge University Press,
 1989.</BIBTEXT>      </REF>	  <REF>        <BIBL>26</BIBL>	     
 <BIBTEXT> Sawyer, M. "Kalecki and the Multiplier." In C. Gnos and L.-P.
 Rochon (eds.), >i>The Keynesian Multiplier>/i>. London: Routledge,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>27</BIBL>	     
 <BIBTEXT> Smithin, J. >i>Controversies in Monetary Economics: Ideas,
 Issues and Policy>/i>. Aldershot, UK: Edward Elgar, 1994.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>28</BIBL>	 <BIBTEXT> Smithin, J.
 >i>What Is Money?>/i> London: Routledge, 2000.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>29</BIBL>	     <BIBTEXT> Wolfson, M.H. "A Post
 Keynesian Theory of Credit Rationing." >i>Journal of Post Keynesian
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 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Wray, R. >i>Money and Credit
 in Capitalist Economies: The Endogenous Money Approach>/i>. Aldershot, UK:
 Edward Elgar, 1990.</BIBTEXT>	    </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 3-5
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490135
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490135
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Bresser Pereira
Author-X-Name-First: Luiz Carlos Bresser
Author-X-Name-Last: Pereira
Title: Managerial Public Administration: Strategy and Structure for a New State
Journal: Journal of Post Keynesian Economics
Pages: 7-23
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490136
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490136
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Template-Type: ReDIF-Article 1.0
Author-Name: Greg Davidson
Author-X-Name-First: Greg
Author-X-Name-Last: Davidson
Title: Managing by Processes in Private and Public Organizations: Scientific Management in the Information Revolution
Journal: Journal of Post Keynesian Economics
Pages: 25-45
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490137
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490137
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Should Economists Dispense with the Notion of Equilibrium?
Journal: Journal of Post Keynesian Economics
Pages: 47-76
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490138
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490138
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: On the Nature and Utility of the Concept of Equilibrium
Journal: Journal of Post Keynesian Economics
Pages: 77-88
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490139
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490139
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: Social Science Fiction and the Suspension of Disbelief
Journal: Journal of Post Keynesian Economics
Pages: 89-101
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490140
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser
Author-X-Name-First: J. Barkley
Author-X-Name-Last: Rosser
Author-Name: Marina Vcherashnaya Rosser
Author-X-Name-First: Marina Vcherashnaya
Author-X-Name-Last: Rosser
Title: Complex Dynamics and Systemic Change: How Things Can Go Very Wrong
Journal: Journal of Post Keynesian Economics
Pages: 103-122
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490141
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Template-Type: ReDIF-Article 1.0
Author-Name: John C. Eckalbar
Author-X-Name-First: John C.
Author-X-Name-Last: Eckalbar
Title: Understanding Chapter 2 of the  in Light of the “Essential and Peculiar” Nature of Money
Journal: Journal of Post Keynesian Economics
Pages: 123-134
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490142
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Shulman
Author-X-Name-First: Steven
Author-X-Name-Last: Shulman
Title: What’s so Rational about Rational Expectations? Hyperrationality and the Logical Limits to Neoclassicism
Journal: Journal of Post Keynesian Economics
Pages: 135-148
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490143
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Author-Name: Jaime Ros
Author-X-Name-First: Jaime
Author-X-Name-Last: Ros
Title: The “Big Push” in an Open Economy with Nontradable Inputs
Journal: Journal of Post Keynesian Economics
Pages: 149-162
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490144
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 163-163
Issue: 1
Volume: 20
Year: 1997
Month: 9
X-DOI: 10.1080/01603477.1997.11490145
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490145
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Vergeer 
Author-X-Name-First: Robert 
Author-X-Name-Last: Vergeer 
Author-Name: Alfred Kleinknecht 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Kleinknecht 
Title: The impact of labor market deregulation on productivity: a panel data analysis of 19 OECD countries (1960-2004) 
Abstract:
 Mainstream economists argue that unemployment can be reduced by
 deregulation of labor markets, that is, by easier firing, reduction of
 minimum wages and social benefits, and so forth. Our panel data analysis
 shows that wage-cost saving flexibilization of labor markets has a
 negative impact on labor productivity growth. A one percentage point
 change in growth rates of real wages leads to a change in labor
 productivity growth by 0.31-0.39 percentage points. This cannot solely be
 explained by hiring low-productive labor. Flexibilization of labor markets
 leads to a labor-intensive growth path that is problematic with an aging
 population in Europe.
Journal: Journal of Post Keynesian Economics 
Pages: 371-408 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: employment growth, flexible labor, labor market deregulation, labor productivity growth, wage policy, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W1H8354012W163M2 
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X-Bibl:
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 and Tressel, T. "Boosting Productivity via Innovation and Adoption of New
 Technologies: Any Role for Labor Market Institution? World Bank Policy
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 <BIBTEXT> Storm, S., and Naastepad, C. W. M. "Why Labor Market Regulation
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   <BIBTEXT> Van Schaik, A. B. T. M. "Loonmatiging en
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 970-972.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:371-408




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Ramsay 
Author-X-Name-First: Tony Ramsay
Author-X-Name-Last: 
Title: The jobs guarantee: a Post Keynesian analysis
Abstract: 
 This paper analyzes the notion of a jobs guarantee (JG) that is bestowed on each individual as a right of citizenry. Central to a JG economy is the notion that full employment with inflation control is both possible and desirable. Unlike a liberal economy, which has used the deficiency of demand over the last two decades to manage price stability, a JG economy controls inflation by manipulating the ratio of employees that are in the private labor sector vis-à-vis the elastic public labor market. The JG labor sector, unlike the private labor market, is underwritten by the state acting as an employer of last resort. The paper makes a case illustrating that although a JG economy is superior to a liberal economy, political impediments would render the scheme inoperative, owing to organized labor's resistance to how a JG economy (1) controls inflation and (2) stabilizes balance of payments disequilibrium. The paper concludes with an alternative examination illustrating that full employment with inflation control is possible, though only if certain post-liberal institutions are established. Post-liberal institutions are a prerequisite, in other words, if full employment and price stability are to be achieved.
Journal: Journal of Post Keynesian Economics
Pages: 273-291
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051352
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory P. Nowell 
Author-X-Name-First: Gregory P. Nowell
Author-X-Name-Last: 
Title: Imperialism and the era of falling prices
Abstract: 
 Underconsumption theory, especially Hobson's Imperialism (1902), offered a breakthrough in understanding imperialism as a macroeconomic system. But these views remained constrained by neoclassical attitudes toward debt, investment, and government spending. A Post Keynesian appreciation of the imperialist era sees the acquisition of economically nonperforming colonies as necessary to protect asset values of all overseas assets, whether colonial or non-colonial. Moreover, the arms race stimulated aggregate demand and at least partially compensated the deflationary bias of the gold standard and a penchant for balanced budgets. Imperialism thus emerges as an uncoordinated international response to deficient domestic demand and chronic price weakness.
Journal: Journal of Post Keynesian Economics
Pages: 309-329
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051353
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona MacLachlan 
Author-X-Name-First: Fiona MacLachlan
Author-X-Name-Last: 
Title: Symposium on J.A. Hobson's &lt;I&gt;Imperialism: A Study&lt;/I&gt; (1902)--Introduction
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 293-295
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051354
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051354
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Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin 
Author-X-Name-First: John Smithin
Author-X-Name-Last: 
Title: Interest parity, purchasing power parity, "risk premia," and Post Keynesian economic analysis
Abstract: 
 This paper explores the implications for open economy macroeconomic analysis of the "cambist" approach to the forward exchanges, put forward by Lavoie (2000) and others. It argues that logically the counterpart to the rejection of any domestic natural rate of interest must also be the rejection of the idea that the real exchange rate is primarily determined by nonmonetary factors such as the supposedly immutable barter terms of trade. The real exchange rate is an endogenous monetary variable and is therefore subject in principle to manipulation by public policy. Much depends on the nature and determinants of the currency risk premium, in an environment in which separate monetary systems in different economies continue to exist, and which is characterized by &lt;I&gt;imperfect asset substitutability&lt;/I&gt;, whether or not there is also &lt;I&gt;perfect capital mobility&lt;/I&gt;.
Journal: Journal of Post Keynesian Economics
Pages: 219-235
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051355
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051355
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Bell 
Author-X-Name-First: Stephanie Bell
Author-X-Name-Last: 
Author-Name: L. Randall Wray 
Author-X-Name-First: L. Randall Wray
Author-X-Name-Last: 
Title: Fiscal effects on reserves and the independence of the Fed
Abstract: 
 Modern governments with a floating currency face no inherent financial constraints. Unfortunately, most modern macro-theorists continue to write as if these nations were financially constrained by (1) the magnitude of current tax "revenue" and (2) the private sector's willingness to "finance" (i.e., buy bonds) spending in excess of (1). Such a position badly misrepresents the actual workings of government finance. In this paper, we provide an abbreviated description of the manner in which the U.S. government carries out its fiscal operations in practice, including an analysis of coordination of the activities of the Fed and Treasury.
Journal: Journal of Post Keynesian Economics
Pages: 263-271
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051356
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:263-271




Template-Type: ReDIF-Article 1.0
Author-Name: Fiona MacLachlan 
Author-X-Name-First: Fiona MacLachlan
Author-X-Name-Last: 
Title: J.A. Hobson and the economists
Abstract: 
 Although a prolific and accomplished writer in the field of economics, Hobson was marginalized by the economics profession. His marginalization can be related to the theory of cultural evolution. His ideas were not proven wrong, but they failed to survive and propagate because of environmental influences within academe. Some of these influences include the desire to preserve intellectual investments, the status-driven preference for theory that mimics the hard sciences, the effect of business interests on faculty selection, and the allure of teaching convenience. The same influences arguably continue to condition the development of economics.
Journal: Journal of Post Keynesian Economics
Pages: 297-308
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051357
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051357
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:297-308




Template-Type: ReDIF-Article 1.0
Author-Name: William Van Lear 
Author-X-Name-First: William Van Lear
Author-X-Name-Last: 
Title: Implications arising from the theory on the Treasury's bank reserve effects
Abstract: 
 This paper considers the issue of state budgetary effects on bank reserves and revisits the issue of central bank interaction with the Treasury. The neoclassical or orthodox economics perspective on Treasury-Federal Reserve relations dominates public policy. Heterodox economics has produced some insightful, innovative contributions to the understanding of state finance and monetary policy that improve upon the conventional view. In particular, Stephanie Bell (2000) and Randall Wray (1998) enrich the theory of state-central bank relations by stressing the importance of the institutional details of central bank and Treasury operations on bank reserves, interest rates, and the money supply. This paper describes the orthodox and heterodox perspectives, and then fleshes out some important implications for monetary control and public policy to which these two views may lead.
Journal: Journal of Post Keynesian Economics
Pages: 251-261
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051358
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051358
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:251-261




Template-Type: ReDIF-Article 1.0
Author-Name: Herman Schwartz 
Author-X-Name-First: Herman Schwartz
Author-X-Name-Last: 
Title: Hobson's voice: American internationalism, Asian development, and global macroeconomic imbalances
Abstract: 
 John Hobson's theory of Imperialism has remarkable relevance for contemporary relations between the United States and Asia/Europe. A reconstruction of his argument shows that whereas the Bretton Woods period presents Hobson's preferred non-imperial outcome, this outcome was not stable. Instead, the dynamics that brought about Imperialism in the first place eroded Bretton Woods and returned us to Hobson's situation of "informal imperialism." Whereas Hobson focused on Imperial underconsumption and the United States is clearly overconsumptionist, these macroeconomic imbalances have the same roots in imperial structures of power and the same deleterious consequences for political and economic stability.
Journal: Journal of Post Keynesian Economics
Pages: 331-351
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051359
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051359
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:331-351




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim de Carvalho 
Author-X-Name-First: Fernando J. Cardim de Carvalho
Author-X-Name-Last: 
Title: Decision-making under uncertainty as drama: Keynesian and Shacklean themes in three of Shakespeare's tragedies
Abstract: 
 G.L.S. Shackle pointed out that Keynes's main methodological innovation was to approach economic processes through the eyes of agents while orthodox theory assumed the position of the omniscient external observer. It was this demarche that allowed Keynes to understand the full implications of the uncertainty that surrounds decision-making. Keynes proposed that rational calculation can only tell part of the story if the information necessary to allow calculation is not (and cannot be) available. Subjective factors, summarized by Keynes in the expression "animal spirits," are also important. But economic decisions are not unique in being subjected to uncertainty. Examining thought processes involved in decision-making in other dimensions of life can be illuminating. Few authors, if any, have explored this theme as masterly as Shakespeare. The paper focuses on three of his tragedies--&lt;I&gt;Hamlet&lt;/I&gt;, &lt;I&gt;Macbeth&lt;/I&gt;, and &lt;I&gt;Julius Caesar&lt;/I&gt;--to show how intellectual and subjective elements are combined in the decision processes described in each play. Each play illuminates different problems that have to be approached by any meaningful theory of decision-making under uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 189-218
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051360
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051360
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:189-218




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie 
Author-X-Name-First: Marc Lavoie
Author-X-Name-Last: 
Title: Interest parity, risk premia, and Post Keynesian analysis
Abstract: 
 This paper develops the cambist (or Post Keynesian) view of forward exchange rates previously put forward in Lavoie (2000), according to which the forward exchange rate is not a predictor of future spot rates. The paper deals with imperfect asset substitutability, the peculiarities of fixed exchange rates, and the impact of speculation in forward exchange markets. Whereas covered interest parity always holds in the cambist view, with the causality running from differentials in interest rates to differentials between the forward and the spot rates, a graphical analysis is provided to illustrate how the current spot rate may be influenced by the interest rate differential.
Journal: Journal of Post Keynesian Economics
Pages: 237-249
Issue: 2
Volume: 25
Year: 2002
X-DOI: 10.1080/01603477.2002.11051361
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11051361
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Handle: RePEc:mes:postke:v:25:y:2002:i:2:p:237-249




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Davidson 
Title: Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics 
Abstract:
 This paper indicates that Keynes's General Theory provided many examples
 of actual behavior that differed from that predicted by classical
 theoryâthe mainstream economics of Keynes's time. This behavior included
 herd behavior in financial markets, the use of conventions, decisions made
 under uncertainty that differ from decisions made under probabilistic
 risk, and so forth. Recent MRI evidence by neural scientists indicates
 that different parts of the brain are involved when decisions are made
 under risk conditions (with probabilities of outcomes known) and
 uncertainty conditions (where no probabilities of outcomes are known).
 Keynes was the first behavioral scientist!
Journal: Journal of Post Keynesian Economics 
Pages: 251-254 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: behavioral economics, ergodic axiom, herd behavior, risk versus uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K2U024831K2344J8 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Huettel, S. A.; Stowe,
 C. J.; Gordon, E. M.; Warner, B. T.; and Platt, M. L. "Neural Signatures
 of Economic Preferences for Risk and Ambiguity." >i>Neuron>/i>, March
 2006, >i>49>/i> (5), 765-775.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>2</BIBL>        <BIBTEXT> Keynes, J. M. >i>The General Theory of
 Employment, Interest and Money.>/i> London: Macmillan, 1936.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>3</BIBL>	 <BIBTEXT> Samuelson, P. A.
 "What Classical and Neoclassical Monetary Theory Really Was." >i>Canadian
 Journal of Economics, 1>/i> (1), 1968, pp. 170-190. [Reprinted in
 >i>Monetary Theory>/i>, ed. R. W. Clower, London: Penguin,
 1969.]</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:251-254




Template-Type: ReDIF-Article 1.0
Author-Name: JÃ©rÃ´me  Creel 
Author-X-Name-First: JÃ©rÃ´me  
Author-X-Name-Last: Creel 
Author-Name: Paola  Monperrus-Veroni 
Author-X-Name-First: Paola  
Author-X-Name-Last: Monperrus-Veroni 
Author-Name: Francesco  Saraceno 
Author-X-Name-First: Francesco  
Author-X-Name-Last: Saraceno 
Title: Fiscal policy is back in France and the United Kingdom! 
Abstract:
 In this paper, we analyze the resurgence of discretionary fiscal policy in
 the fiscal theory of the price level (FTPL) framework. Despite its
 reliance on the new consensus macroeconomic (NCM) framework, the FTPL
 concludes that fiscal policy may lead monetary policy without hampering
 macroeconomic stability. We show that an empirical model deriving from
 this theory gives very interesting results: in France and the United
 Kingdom, fiscal policy has positive long-run effects. This is at odds with
 the orthodox nature of FTPL promoters who usually advocate fiscal rules
 and sanctions. We interpret our results as being consistent with Post
 Keynesian economic thinking. We conclude that the move of some economists
 from the NCM school of thought in favor of discretionary fiscal policy has
 promoted the visibility of Post Keynesian ideas on this topic.
Journal: Journal of Post Keynesian Economics 
Pages: 645-667 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, fiscal theory of the price level, French economy, structural VAR, UK economy, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=437U381330L2M660 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. "Fiscal
 Policy Within the âNew Consensus in Macroeconomicsâ Framework." In J.
 Creel and M. Sawyer (eds.), >i>Current Thinking on Fiscal Policy.>/i>
 Basing-stoke, UK: Palgrave Macmillan, 2009, pp. 6-27.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Arestis, P., and
 Sawyer, M. "Reinventing Fiscal Policy." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2003, >i>26>/i> (1), 3-25.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Biau, O., and Girard, E.
 "Politique budgÃ©taire et dynamique Ã©conomique en France: l'approche VAR
 structurel" [Fiscal Policy and Dynamics in France: A Structural VAR
 Approach]. >i>Revue Ã©conomique>/i>, May 2005, >i>56>/i> (3),
 755-764.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Blanchard, O., and Perotti, R. "An Empirical Characterization of
 the Dynamic Effects of Changes in Government Spending and Taxes on
 Output." >i>Quarterly Journal of Economics>/i>, November 2002, >i>117>/i>
 (4), 1329-1368.</BIBTEXT>	</REF>	    <REF>	 <BIBL>5</BIBL>    
    <BIBTEXT> Blanchard, O., and Quah, D. "The Dynamic Effects of Aggregate
 Demand and Supply Disturbances." >i>American Economic Review>/i>,
 September 1989, >i>79>/i> (4), 655-673.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>6</BIBL>	    <BIBTEXT> Blinder, A.S., and Solow, R.M. "Does
 Fiscal Policy Matter?" >i>Journal of Public Economics>/i>, 1973, >i>2>/i>
 (4), 319-337.</BIBTEXT>      </REF>	  <REF>        <BIBL>7</BIBL>	   
  <BIBTEXT> Bruneau, C., and De Bandt, O. "Monetary and Fiscal Policy in
 the Transition to EMU: What Do SVAR Tell Us?" >i>Economic Modelling>/i>,
 July 2003, >i>20>/i> (5), 959-985.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>8</BIBL>        <BIBTEXT> Christ, C. "A Simple Macroeconomic Model
 with a Government Budget Restraint." >i>Journal of Political Economy>/i>,
 January-February 1968, >i>76>/i> (1), 53-67.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Christ, C. "A Model of
 Monetary and Fiscal Policy Effects on the Money Stock, Price Level, and
 Real Output." >i>Journal of Money, Credit, and Banking>/i>, November 1969,
 >i>1>/i> (4), 683-705.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>10</BIBL>	<BIBTEXT> Creel, J., and Sawyer, M. >i>Current
 Thinking on Fiscal Policy.>/i> Basingstoke, UK: Palgrave Macmillan,
 2009.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> Creel, J., and Sterdyniak, H. "Les dÃ©ficits publics en Europe:
 causes, consÃ©quences ou remÃ¨des Ã  la crise?" [Public Deficits in
 Europe: Causes, Consequences or Remedies to the Crisis?]. >i>Revue
 Ã©conomique>/i>, May 1995, >i>46>/i> (3), 645-656.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>12</BIBL>	<BIBTEXT> Creel, J., and
 Sterdyniak, H., "The Fiscal Theory of the Price Level and Sluggish
 Inflation: How Important Shall the Wealth Effect Be?" Working Paper no.
 2002-01, OFCE (Observatoire FranÄais des Conjonctures Ãconomiques),
 Paris, 2002.</BIBTEXT>      </REF>	 <REF>	      <BIBL>13</BIBL>	   
  <BIBTEXT> Creel, J.; Gilbert, G.; and MadiÃ¨s, T. "Has France Become a
 Deficit-Running Country?" In J. Ferreiro, G. Fontana, and F. Serrano
 (eds.), >i>Fiscal Policy in the European Union.>/i> Basingstoke, UK:
 Palgrave Macmillan, 2008, pp. 129-156.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>14</BIBL>	    <BIBTEXT> Creel, J.; Monperrus-Veroni, P.; and
 Saraceno, F. "Estimating the Impact of Public Investment in the United
 Kingdom: Has the Golden Rule of Public Finance Made a Difference?" Working
 Paper no. 2007-13, OFCE (Observatoire FranÄais des Conjonctures
 Ãconomiques), Paris, April 2007a.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>15</BIBL>	<BIBTEXT> Creel, J.; Monperrus-Veroni, P.; and
 Saraceno, F. "Politique budgÃ©taire discrÃ©tionnaire en France: les effets
 Ã  court et Ã  long terme" [Discretionary Fiscal Policy in France: Short-
 and Long-Run Effects]. >i>Revue Ã©conomique>/i>, September 2007b,
 >i>58>/i> (5), 1035-1053.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>16</BIBL>	<BIBTEXT> Currie, D., and Gazioglou, S. "Wealth
 Effects, Treasury Bill Financing and Stability." >i>Journal of Public
 Economics>/i>, August 1983, >i>21>/i> (3), 397-403.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> Evdoridis, G. "Public
 Sector Deficits as the Foundation of Economic Growth." >i>Journal of Post
 Keynesian Economics>/i>, Summer 2000, >i>22>/i> (4), 529-547.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>18</BIBL>	   <BIBTEXT> Fazzari, S.M.
 "Why Doubt the Effectiveness of Keynesian Fiscal Policy?" >i>Journal of
 Post Keynesian Economics>/i>, Winter 1994-95, >i>17>/i> (2),
 231-248.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Giordano, R.; Momigliano, S.; Neri, S.; and Perotti, R. "The
 Effects of Fiscal Policy in Italy: Evidence from a VAR Model." >i>European
 Journal of Political Economy>/i>, September 2007, >i>23>/i> (3),
 707-733.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Girouard, N., and Andre, C. "Measuring Cyclically-Adjusted
 Budget Balances for OECD Countries." OECD Working Paper no. 434, Paris,
 July 2005.</BIBTEXT>	   </REF>      <REF>	    <BIBL>21</BIBL>	  
 <BIBTEXT> HÃ©nin, P.-Y., and N'Diaye, P. "L'effet des politiques
 budgÃ©taires sur l'activitÃ©: une fonction des conditions conjoncturelles
 et du rÃ©gime budgÃ©taire?" [The Impact of Fiscal Policy on Economic
 Activity: A Function of the Business Cycle and Fiscal Regime?].
 >i>Economie et PrÃ©vision>/i>, 2001, >i>147>/i> (1), 73-88.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Leeper, E.
 "Equilibria Under âActiveâ and âPassiveâ Monetary and Fiscal
 Policies." >i>Journal of Monetary Economics>/i>, February 1991, >i>27>/i>
 (1), 129-147.</BIBTEXT>      </REF>	  <REF>        <BIBL>23</BIBL>	   
   <BIBTEXT> Leith, C., and Wren-Lewis, S. "Interactions Between Monetary
 and Fiscal Policy Rules." >i>Economic Journal>/i>, March 2000, >i>110>/i>
 (462), 93-108.</BIBTEXT>      </REF>	   <REF>	<BIBL>24</BIBL>    
    <BIBTEXT> Leon-Ledesma, M.A., and Thirlwall, A.P. "The Endogeneity of
 the Natural Rate of Growth." >i>Cambridge Journal of Economics>/i>, July
 2002, >i>26>/i> (4), 441-459.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>25</BIBL>	<BIBTEXT> Mittnik, S., and Neumann, T. "Dynamic
 Effects of Public Investment: Vector Autoregressive Evidence from Six
 Industrialized Countries." >i>Empirical Economics>/i>, 2001, >i>26>/i>
 (2), 429-446.</BIBTEXT>      </REF>	  <REF>        <BIBL>26</BIBL>	   
   <BIBTEXT> Mohr, M. "On the Macroeconomic Impact of Fiscal Policy in
 GermanyâPreliminary Results of a SVAR Approach." In Banca d'Italia
 (ed.), >i>The Impact of Fiscal Policy.>/i> Rome: Bank of Italy, 2002, pp.
 77-90.</BIBTEXT>      </REF>	   <REF>	<BIBL>27</BIBL>       
 <BIBTEXT> Pelagidis, T., and Desli, E. "Deficits, Growth and the Current
 Slowdown: What Role for Fiscal Policy?" >i>Journal of Post Keynesian
 Economics>/i>, Spring 2004, >i>26>/i> (3), 461-469.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>28</BIBL>	 <BIBTEXT> Perotti, R. "Estimating
 the Effects of Fiscal Policy in OECD Countries." Working Paper no. 276,
 IGIER (Innocenzo Gasparini Institute for Economic Research), Milano,
 December 2004.</BIBTEXT>      </REF>	   <REF>	<BIBL>29</BIBL>    
    <BIBTEXT> Restrepo, J.E., and Rincon, H. "Identifying Fiscal Policy
 Shocks in Chile and Colombia." In Banca d'Italia (ed.), >i>Fiscal
 Indicators.>/i> Rome: Bank of Italy, 2006, pp. 583-614.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>30</BIBL>	 <BIBTEXT> Rezk, E.;
 Avramovich, M.C.; and Basso, M. "Dynamic Effects of Fiscal Shocks Upon
 Diverse Macroeconomic Variables: A Structural VAR Analysis for Argentina."
 In Banca d'Italia (ed.), >i>Fiscal Indicators.>/i> Rome: Bank of Italy,
 2006, pp. 539-582.</BIBTEXT>	   </REF>      <REF>	    <BIBL>31</BIBL>
	<BIBTEXT> Stock, J.H., and Watson, M. "Vector Autoregressions."
 >i>Journal of Economic Perspectives>/i>, Fall 2001, >i>15>/i> (4),
 101-115.</BIBTEXT>	 </REF>      <REF>	  <BIBL>32</BIBL>	
 <BIBTEXT> Woodford, M. "Price-Level Determinacy Without Control of a
 Monetary Aggregate." >i>Carnegie-Rochester Conference Series on Public
 Policy>/i>, December 1995, >i>43>/i> (1), 1-46.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>33</BIBL>	     <BIBTEXT> Woodford, M. "Control of the
 Public Debt: A Requirement for Price Stability?" Working Paper no. 5684,
 National Bureau of Economic Research, Cambridge, MA, July 1996.</BIBTEXT> 
     </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:645-667




Template-Type: ReDIF-Article 1.0
Author-Name: Irvin Sobel
Author-X-Name-First: Irvin
Author-X-Name-Last: Sobel
Title: Abba Petachya Lerner, 1903-1982: Six Decades of Achievement
Journal: Journal of Post Keynesian Economics
Pages: 3-19
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489409
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489409
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:3-19




Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: Capital Stock and Management Decisions
Journal: Journal of Post Keynesian Economics
Pages: 20-38
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489410
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489410
File-Format: text/html
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:20-38




Template-Type: ReDIF-Article 1.0
Author-Name: Laurence S. Seidman
Author-X-Name-First: Laurence S.
Author-X-Name-Last: Seidman
Title: Keynesian Stimulus Without Inflation
Journal: Journal of Post Keynesian Economics
Pages: 39-46
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489411
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489411
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:39-46




Template-Type: ReDIF-Article 1.0
Author-Name: John McCallum
Author-X-Name-First: John
Author-X-Name-Last: McCallum
Title: Policy “Credibility” and Economic Behavior
Journal: Journal of Post Keynesian Economics
Pages: 47-53
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489412
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489412
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:47-53




Template-Type: ReDIF-Article 1.0
Author-Name: Beckerman Paul
Author-X-Name-First: Beckerman
Author-X-Name-Last: Paul
Title: Non-Positive Market-Clearing Real Rates of Interest
Journal: Journal of Post Keynesian Economics
Pages: 53-64
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489413
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489413
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:53-64




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Brosnan
Author-X-Name-First: Peter
Author-X-Name-Last: Brosnan
Title: The Wage Share in an Open Economy
Journal: Journal of Post Keynesian Economics
Pages: 65-72
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489414
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489414
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:65-72




Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey D. Hedlund
Author-X-Name-First: Jeffrey D.
Author-X-Name-Last: Hedlund
Title: Distribution Theory Revisited: An Empirical Examination of the Weintraub Synthesis
Journal: Journal of Post Keynesian Economics
Pages: 73-82
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489415
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489415
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:73-82




Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey T. Young
Author-X-Name-First: Jeffrey T.
Author-X-Name-Last: Young
Title: Entropy, Scarcity, and Neo-Ricardianism
Journal: Journal of Post Keynesian Economics
Pages: 82-88
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489416
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489416
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:82-88




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno S. Frey
Author-X-Name-First: Bruno S.
Author-X-Name-Last: Frey
Author-Name: Werner W. Pommerehne
Author-X-Name-First: Werner W.
Author-X-Name-Last: Pommerehne
Author-Name: Friedrich Schneider
Author-X-Name-First: Friedrich
Author-X-Name-Last: Schneider
Title: Are We All Monetarists Now? An Empirical Inquiry
Journal: Journal of Post Keynesian Economics
Pages: 89-96
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489417
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489417
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:89-96




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Maynard
Author-X-Name-First: Geoffrey
Author-X-Name-Last: Maynard
Author-Name: Harold B. Rose
Author-X-Name-First: Harold B.
Author-X-Name-Last: Rose
Title: Wages and Employment: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 97-101
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489418
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489418
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Template-Type: ReDIF-Article 1.0
Author-Name: John F. Brothwell
Author-X-Name-First: John F.
Author-X-Name-Last: Brothwell
Title: Wages and Employment: A Reply to Maynard and Rose
Journal: Journal of Post Keynesian Economics
Pages: 101-104
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489419
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489419
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:101-104




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The Marginal Product Curve Is Not the Demand Curve for Labor and Lucas’s Labor Supply Function Is Not the Supply Curve for Labor in the Real World
Journal: Journal of Post Keynesian Economics
Pages: 105-117
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489420
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489420
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:105-117




Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: A Monument to Monetarism
Journal: Journal of Post Keynesian Economics
Pages: 118-121
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489421
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489421
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:118-121




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew John
Author-X-Name-First: Andrew
Author-X-Name-Last: John
Title: The Major-General Theory
Journal: Journal of Post Keynesian Economics
Pages: 122-124
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489422
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Profit and Paper Profit: Some Kaleckian Evolution: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 125-132
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489423
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489423
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Handle: RePEc:mes:postke:v:6:y:1983:i:1:p:125-132




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Erdös
Author-X-Name-First: Peter
Author-X-Name-Last: Erdös
Author-Name: Molnár Ferenc
Author-X-Name-First: Molnár
Author-X-Name-Last: Ferenc
Title: An Answer to Asimakopulos’s Comment
Journal: Journal of Post Keynesian Economics
Pages: 133-139
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489424
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489424
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Template-Type: ReDIF-Article 1.0
Author-Name: William S. Brown
Author-X-Name-First: William S.
Author-X-Name-Last: Brown
Author-Name: W. Doug Shaw
Author-X-Name-First: W.
Author-X-Name-Last: Doug Shaw
Title: Neoclassical and Post Keynesian Environmental Economics: An Addendum
Journal: Journal of Post Keynesian Economics
Pages: 140-143
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489425
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Template-Type: ReDIF-Article 1.0
Author-Name: Harcourt G. C.
Author-X-Name-First: Harcourt
Author-X-Name-Last: G. C.
Title: A Man for All Systems: Talking with Kenneth Boulding
Journal: Journal of Post Keynesian Economics
Pages: 143-154
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489426
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 155-158
Issue: 1
Volume: 6
Year: 1983
Month: 9
X-DOI: 10.1080/01603477.1983.11489427
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489427
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Title: On the Nature and Use of the Concept of the Marginal Physical Product in Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 483-489
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489636
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489636
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:483-489




Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Keynes’s Given Degree of Competition: Comment on McKenna and Zannoni
Journal: Journal of Post Keynesian Economics
Pages: 490-495
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489637
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489637
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:490-495




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Brothwell
Author-X-Name-First: John F.
Author-X-Name-Last: Brothwell
Title: On the Nature and Use of the Concept of the Marginal Physical Product in Post Keynesian Economics: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 496-501
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489638
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:496-501




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: McKenna and Zannoni on the Concept of Marginal Physical Product in Post-Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 502-506
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489639
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489639
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Wells
Author-X-Name-First: Paul
Author-X-Name-Last: Wells
Title: Keynes’s Employment Function and the Marginal Productivity of Labor
Journal: Journal of Post Keynesian Economics
Pages: 507-515
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489640
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489640
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:507-515




Template-Type: ReDIF-Article 1.0
Author-Name: Michael S. Lawlor
Author-X-Name-First: Michael S.
Author-X-Name-Last: Lawlor
Author-Name: William A. Darity
Author-X-Name-First: William A.
Author-X-Name-Last: Darity
Author-Name: Bobbie L. Horn
Author-X-Name-First: Bobbie L.
Author-X-Name-Last: Horn
Title: Was Keynes a Chapter Two Keynesian?
Journal: Journal of Post Keynesian Economics
Pages: 516-528
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489641
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489641
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:516-528




Template-Type: ReDIF-Article 1.0
Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: Insecurity, Growth, and the Rise of Capitalism
Journal: Journal of Post Keynesian Economics
Pages: 529-551
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489642
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489642
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:529-551




Template-Type: ReDIF-Article 1.0
Author-Name: J. B. Davis
Author-X-Name-First: J. B.
Author-X-Name-Last: Davis
Title: Three Principles of Post Keynesian Methodology
Journal: Journal of Post Keynesian Economics
Pages: 552-571
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489643
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489643
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:552-571




Template-Type: ReDIF-Article 1.0
Author-Name: Vince Eagan
Author-X-Name-First: Vince
Author-X-Name-Last: Eagan
Title: The Optimal Depletion of the Theory of Exhaustible Resources
Journal: Journal of Post Keynesian Economics
Pages: 565-571
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489644
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489644
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:565-571




Template-Type: ReDIF-Article 1.0
Author-Name: Joan O’Connell
Author-X-Name-First: Joan
Author-X-Name-Last: O’Connell
Title: Kaldor’s Distribution Theory
Journal: Journal of Post Keynesian Economics
Pages: 572-575
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489645
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489645
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:572-575




Template-Type: ReDIF-Article 1.0
Author-Name: John L. Whiteman
Author-X-Name-First: John L.
Author-X-Name-Last: Whiteman
Title: Productivity and Growth in Austrialian Manufacturing Industry
Journal: Journal of Post Keynesian Economics
Pages: 576-592
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489646
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489646
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:576-592




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley J. Yordon
Author-X-Name-First: Wesley J.
Author-X-Name-Last: Yordon
Title: Evidence against Diminishing Returns in Manufacturing and Comments on Short-Run Models of Price-Output Behavior
Journal: Journal of Post Keynesian Economics
Pages: 593-603
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489647
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489647
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:593-603




Template-Type: ReDIF-Article 1.0
Author-Name: Augustine Arize
Author-X-Name-First: Augustine
Author-X-Name-Last: Arize
Author-Name: Rasoul Afifi
Author-X-Name-First: Rasoul
Author-X-Name-Last: Afifi
Title: An Econometric Examination of Import Demand Function in Thirty Developing Countries
Journal: Journal of Post Keynesian Economics
Pages: 604-616
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489648
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489648
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:604-616




Template-Type: ReDIF-Article 1.0
Author-Name: John S. Heywood
Author-X-Name-First: John S.
Author-X-Name-Last: Heywood
Title: Wage Discrimination and Market Structure
Journal: Journal of Post Keynesian Economics
Pages: 617-628
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489649
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489649
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:617-628




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher J. Niggle
Author-X-Name-First: Christopher J.
Author-X-Name-Last: Niggle
Title: A Comment on the Markup Theory of Bank Loan Rates
Journal: Journal of Post Keynesian Economics
Pages: 629-631
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489650
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489650
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonard Laudadio
Author-X-Name-First: Leonard
Author-X-Name-Last: Laudadio
Title: Commercial Banks: Market Structure and Short-Term Interest Rates
Journal: Journal of Post Keynesian Economics
Pages: 632-641
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489651
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489651
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:632-641




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 642-643
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489652
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489652
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:642-643




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 644-645
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489653
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489653
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:644-645




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume IX
Journal: Journal of Post Keynesian Economics
Pages: 646-648
Issue: 4
Volume: 9
Year: 1987
Month: 7
X-DOI: 10.1080/01603477.1987.11489654
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489654
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Handle: RePEc:mes:postke:v:9:y:1987:i:4:p:646-648




Template-Type: ReDIF-Article 1.0
Author-Name: FRANCIS MUNIER
Author-X-Name-First: FRANCIS
Author-X-Name-Last: MUNIER
Author-Name: ZHAO WANG
Author-X-Name-First: ZHAO
Author-X-Name-Last: WANG
Title: Consumer sovereign and consumption routine: a reexamination of the Galbraithian concept of the dependence effect
Abstract: 
 The aim of this paper is to suggest that the concept of the dependence effect and of the consumer sovereignty, developed by Galbraith, has to be reexamined in a knowledge-based economy. We reconsider these concepts in the light of the consumption routine. In this perspective, the main result of this paper is that the question of market power must be analyzed in terms of interaction between producers and consumers. The limited knowledge role of consumer and producer implies that the power is shared.
Journal: Journal of Post Keynesian Economics
Pages: 65-82
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051463
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051463
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:65-82




Template-Type: ReDIF-Article 1.0
Author-Name: MITSUHIKO IYODA
Author-X-Name-First: MITSUHIKO
Author-X-Name-Last: IYODA
Title: The determination of investment in the monetary production economy: a theory and its empirical application in the Post Keynesian tradition
Abstract: 
 This paper deals with the determination of investment in the monetary production economy. We test the empirical validity of a model based on Davidson and Minsky's examples in the Post Keynesian tradition. Based on Davidson and Minsky, we construct a simple model of the endogenous determination of investment. An empirical model is tested based on the spirit of the Davidson-Minsky approach for Japan. The results suggest that the Post Keynesian approach has an interpretative value both theoretically and empirically.
Journal: Journal of Post Keynesian Economics
Pages: 115-133
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051464
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051464
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:115-133




Template-Type: ReDIF-Article 1.0
Author-Name: ERIC NASICA
Author-X-Name-First: ERIC
Author-X-Name-Last: NASICA
Author-Name: ALAIN RAYBAUT
Author-X-Name-First: ALAIN
Author-X-Name-Last: RAYBAUT
Title: Profits, confidence, and public deficits: modeling Minsky's institutional dynamics
Abstract: 
 In this paper, we present a Minskyan model that deals explicitly with the influence of the institutional dynamics on the relation between finance, investment, and economic fluctuations. We show that stabilization policy can be efficient in certain cases--namely, when fiscal policy is sensitive enough to variations in private investment. In contrast, the economy is unstable when the deficit constraint is not flexible enough. These results, which echo recent debates and proposals on budget deficit rules in the Economic and Monetary Union, are fully consistent with the way Minsky considered that public authorities should "stabilize an unstable economy."
Journal: Journal of Post Keynesian Economics
Pages: 136-154
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051465
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051465
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:136-154




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: Galbraith and the Post Keynesians
Abstract: 
 This paper first discusses the evolution of John Kenneth Galbraith from a young neoclassical economist to a strong advocate of Keynes's policies. Later, it explains how Galbraith encouraged and supported the development of the Journal of Post Keynesian Economics.
Journal: Journal of Post Keynesian Economics
Pages: 103-113
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051466
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051466
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:103-113




Template-Type: ReDIF-Article 1.0
Author-Name: JAMES RONALD STANFIELD
Author-X-Name-First: JAMES RONALD
Author-X-Name-Last: STANFIELD
Author-Name: MARY WRENN
Author-X-Name-First: MARY
Author-X-Name-Last: WRENN
Title: John Kenneth Galbraith and original institutional economics
Abstract: 
 Thorstein Veblen is the acknowledged founder of the original (old) institutional economics (OIE). Later contributors include John R. Commons, Clarence Ayres, Walton Hamilton, Rexford Tugwell, and, it is argued, John Kenneth Galbraith. Galbraith's insistence that economics address the social predicament and pass the "test of anxiety" is consistent with the pragmatism of OIE. Indeed, Galbraith epitomizes the OIE in his blending social scientist with social reformer. Galbraith's treatment of technology and institutions is reminiscent of Veblen's celebrated dichotomy, as is his emphasis on power and the "conventional wisdom," and his insistence that the social economy is ever evolving, whereby the economic problem is not static but processual, which mandates continuous social reform efforts.
Journal: Journal of Post Keynesian Economics
Pages: 26-45
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051467
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051467
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:26-45




Template-Type: ReDIF-Article 1.0
Author-Name: JERRY COURVISANOS
Author-X-Name-First: JERRY
Author-X-Name-Last: COURVISANOS
Title: Technological innovation: Galbraith, the Post Keynesians, and a heterodox future
Abstract: 
 Galbraith, in his work on The New Industrial State, provides the crucial institutional base from which to appreciate corporate technological innovation. This approach is modified by the work of other institutional writers in the context of changing industrial realities, including the rise of start-up entrepreneurs. Post Keynesians have developed a monopoly capitalist research agenda that implies certain important elements of human agency that institutionalists have left unstated. Finally, this paper sketches important elements of a future heterodox analytical framework on innovation that incorporates Galbraithian and Post Keynesian features for understanding corporate business strategy and public policy management.
Journal: Journal of Post Keynesian Economics
Pages: 83-102
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051468
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051468
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:83-102




Template-Type: ReDIF-Article 1.0
Author-Name: MARC HUMBERT
Author-X-Name-First: MARC
Author-X-Name-Last: HUMBERT
Title: With John Kenneth Galbraith: a "political and moral philosophy" conception to study economic activities
Abstract: 
 John Kenneth Galbraith might be considered the unknown founding father of our collective attempt to build a "PEKEA" (Political and Ethical Knowledge in Economic Activities). As a matter of fact, he has developed a "political and moral philosophy" conception to study economic activities. Compared to existing knowledge, his thought requires not less than a new paradigm. This paper draws, from Galbraith's work, an explicit presentation of the main pillars of this paradigm versus the mainstream. Galbraith is considered as a comprehensive source to reassess value and power, to bring into the picture an ethical and political approach to economic activities.
Journal: Journal of Post Keynesian Economics
Pages: 47-64
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051469
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051469
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:47-64




Template-Type: ReDIF-Article 1.0
Author-Name: STEFAN KESTING
Author-X-Name-First: STEFAN
Author-X-Name-Last: KESTING
Title: Countervailing, conditioned, and contingent--the power theory of John Kenneth Galbraith
Abstract: 
 Power has been a neglected topic in economics at least since the neoclassical paradigm has dominated the profession. John Kenneth Galbraith is probably the most prominent and successful among his fellow American institutional economists in this particular field of inquiry. Steven Lukes's useful framework to distinguish different theoretical approaches to explain power in the social sciences will be used to evaluate and emphasize Galbraith's particular theoretical contributions. The paper scrutinizes the elements--countervailing, corporate, persuasion, conditioned, and contingent--of Galbraith's power theory and shows how they all can be coherently combined to form an elaborate theoretical framework in the conclusion.
Journal: Journal of Post Keynesian Economics
Pages: 3-23
Issue: 1
Volume: 28
Year: 2005
X-DOI: 10.1080/01603477.2005.11051470
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051470
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Handle: RePEc:mes:postke:v:28:y:2005:i:1:p:3-23




Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDE A. FONGEMIE
Author-X-Name-First: CLAUDE A.
Author-X-Name-Last: FONGEMIE
Title: A note on Fisher's equation and Keynes's liquidity hypothesis
Abstract: 
 Recent statistical evidence is shown to be contrary to Fisher's view of the level and term structure of interest rates. A modification of Keynes's liquidity hypothesis is proposed based on a linkage established between investor expectations and attitudes toward risk in finance and the shape and position of yield curves. Based on this analysis, the steep yield curves observed in the early 1990s and early 2000s were a function of extreme financial conservatism in the immediate aftermath of severe economic, financial, and political crises.
Journal: Journal of Post Keynesian Economics
Pages: 621-632
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051455
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051455
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:621-632




Template-Type: ReDIF-Article 1.0
Author-Name: JOHN MARANGOS
Author-X-Name-First: JOHN
Author-X-Name-Last: MARANGOS
Author-Name: CATHERINE WILLIAMS
Author-X-Name-First: CATHERINE
Author-X-Name-Last: WILLIAMS
Title: The effect of drought on uncertainty and agricultural investment in Australia
Abstract: 
 Recognizing that uncertainty plays an important role in decision making, it necessarily follows that the effects of the current devastating drought have significantly influenced the operations of primary producers and strongly impacted upon agricultural investment in Australia. The lack of water is heavily affecting rural exports and employment opportunities, and consequently, primary producers are experiencing financial ruin. Global economic uncertainty combined with the long-running drought is gripping rural communities. Understanding the likely effect of climate change on Australia's agricultural production will enable suitable adaptation strategies and government policies to be implemented for the future sustainability and development of the agricultural industry.
Journal: Journal of Post Keynesian Economics
Pages: 575-594
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051456
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051456
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:575-594




Template-Type: ReDIF-Article 1.0
Author-Name: ARSLAN RAZMI
Author-X-Name-First: ARSLAN
Author-X-Name-Last: RAZMI
Title: Balance-of-payments-constrained growth model: the case of India
Abstract: 
 This study applies the balance-of-payments-constrained growth (BPCG) model to India, a large developing country with a relatively low trade to gross domestic product ratio. Rather than assuming similar elasticities of substitution between goods produced in different regions, the study extends the model to relax these assumptions. Johansen's cointegration technique is employed to estimate trade parameters. Short-run adjustments are explored within a vector error correction framework. The average growth rates predicted by various forms of the BPCG hypothesis are found to be close to the actual average growth rate over the 1950-99 period, although individual decades display substantial deviations.
Journal: Journal of Post Keynesian Economics
Pages: 655-687
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051457
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051457
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:655-687




Template-Type: ReDIF-Article 1.0
Author-Name: FABIO D'ORLANDO
Author-X-Name-First: FABIO
Author-X-Name-Last: D'ORLANDO
Title: Will the classical-type approach survive Sraffian theory?
Abstract: 
 This paper has two goals. First, it seeks to show a logical inconsistency in Sraffian theory. The theory, it is argued, is conceived as a long-period approach but is unable to identify a long-period position. Second, the paper tries to show that even if we drop some of the building blocks of Sraffian theory, it is still possible to build a coherent alternative to neoclassical theory using (some of) the ideas of the classical economists. It suggests that we put the indefensible long-period method to one side, and build short-period equilibrium models with probabilistic prices.
Journal: Journal of Post Keynesian Economics
Pages: 633-654
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051458
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051458
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:633-654




Template-Type: ReDIF-Article 1.0
Author-Name: PENÉLOPE PACHECO-LÓPEZ
Author-X-Name-First: PENÉLOPE
Author-X-Name-Last: PACHECO-LÓPEZ
Title: The effect of trade liberalization on exports, imports, the balance of trade, and growth: the case of Mexico
Abstract: 
 The aim of this paper is to disentangle the effects of trade liberalization during the mid-1980s from the liberalization involved in the North American Free Trade Agreement (NAFTA) on exports, imports, and the balance of trade in Mexico. The main empirical results suggest that the trade reforms during the mid-1980s had a significant effect on trade, exports, and imports; however, the effects of NAFTA, at least on exports, are negligible. Since the mid-1980s, the propensity to import has exceeded the propensity to export, and this has worsened the growth rate consistent with balanced trade, which is a major explanation of the slowdown of Mexico's growth in recent years. NAFTA has not delivered the improved growth performance that was promised by Mexico's political leaders at the time.
Journal: Journal of Post Keynesian Economics
Pages: 595-619
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051459
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051459
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:595-619




Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDIO H. DOS SANTOS
Author-X-Name-First: CLAUDIO H. DOS
Author-X-Name-Last: SANTOS
Title: A stock-flow consistent general framework for formal Minskyan analyses of closed economies
Abstract: 
 This paper proposes a fully consistent and general "Minskyan artificial economy" and uses it to analyze a small but representative sample of "formal Minskyan" models. It concludes that these models often assume oversimplified hypotheses that do not do justice to Minsky's literary analyses and, more seriously, do not always take into full consideration the logical implications of these hypotheses.
Journal: Journal of Post Keynesian Economics
Pages: 712-735
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051460
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051460
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:712-735




Template-Type: ReDIF-Article 1.0
Author-Name: WESLEY W. WIDMAIER
Author-X-Name-First: WESLEY W.
Author-X-Name-Last: WIDMAIER
Title: The meaning of an inflation crisis: steel, Enron, and macroeconomic policy
Abstract: 
 How do crises shape policy possibilities? While some scholars cast crises as material shocks, this paper offers a Post Keynesian or constructivist theory of crises as events that agents interpret. It contrasts opposing Galbraithian and classical interpretations of the 1962 steel crisis and the 2000-2001 California energy crisis. Whereas Galbraithian interpretations of the former stressed abuses of market power and legitimated wage-price guideposts, classical interpretations of the latter stressed regulatory excesses and delayed the imposition of price caps. This paper concludes that the absence of wage-price guidelines compelled the post-1970s use of austerity to limit inflation, explaining reduced U.S. growth.
Journal: Journal of Post Keynesian Economics
Pages: 555-573
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051461
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051461
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:555-573




Template-Type: ReDIF-Article 1.0
Author-Name: MARC LAVOIE
Author-X-Name-First: MARC
Author-X-Name-Last: LAVOIE
Title: Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems
Abstract: 
 It is shown that asset-based financial systems, just like overdraft financial systems, rely on a fully endogenous supply of high-powered money, with central banks engaging essentially in "defensive" operations. This is demonstrated through an analysis of the Canadian monetary process, which is devoid of any reserve requirements, with the overnight rate closely gravitating around the target overnight rate. It is shown that the American process is no different, despite being less transparent. The main distinctness is that, in contrast to the Fed, the Bank of Canada knows with perfect certainty both its supply of and the demand for settlement balances.
Journal: Journal of Post Keynesian Economics
Pages: 689-709
Issue: 4
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051462
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051462
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Handle: RePEc:mes:postke:v:27:y:2005:i:4:p:689-709




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley C. Marshall 
Author-X-Name-First: Wesley C. 
Author-X-Name-Last: Marshall 
Author-Name: Louis-Philippe  Rochon 
Author-X-Name-First: Louis-Philippe  
Author-X-Name-Last: Rochon 
Title: Financing economic development in Latin America: the Banco del Sur 
Abstract:
 In this paper, the authors lay out a proposal for the institutional
 framework for the Banco del Sur. Considering the recent historical
 experiences of Latin America and the need to promote economic activity
 based in domestic currencies and channeled through nationally owned banks,
 the authors suggest that the Banco del Sur be divided into two partsâa
 regional development bank and a regional central bank that issues a
 regional currency. Under such a scheme, the region would benefit from
 greater financial stability while member countries would be afforded the
 maximum economic sovereignty possible.
Journal: Journal of Post Keynesian Economics 
Pages: 185-198 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: development, financial architecture, Latin America, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=50R2W78051UH1006 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Castaingts, J. "El
 sistema financiero en MÃ©xico. AnÃ¡lisis y proposiciones de polÃ­tica
 Ã©conÃ³mica" [Mexico's Financial System: Analysis and Economic Policy
 Proposals]. In >i>MÃ©xico: La Busqueda de Alternativas>/i> [Mexico: The
 Search for Alternatives]. Mexico City: Ediciones de Cultura Popular y
 Facultad de EconomÃ­a de la UNAM, 1990, pp. 279-316.</BIBTEXT>      </REF>
      <REF>	   <BIBL>2</BIBL>	 <BIBTEXT> CADTM (ComitÃ© pour
 l'annulation de la dette du Tiers Monde). "DeclaraciÃ³n de Quito." May 7,
 2007 (available at >a target="_blank"
 href='http://www.cadtm.org/Declaracion-de-Quito'>www.cadtm.org/Declaracion
 -de-Quito>/a></BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	   
  <BIBTEXT> Correa, E. "LiberaciÃ³n y crisis financiera" [Financial
 Liberation and Crisis]. >i>Comercio Exterior>/i>, January 1999, 49 (1),
 54-61.</BIBTEXT>      </REF>	   <REF>	<BIBL>4</BIBL>	     
 <BIBTEXT> Furtado, C. >i>Desarrollo y subdesarrollo>/i> [Development and
 Underdevelopment]. Mexico City: Fondo de Cultura Economica Editors,
 1961.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Gnos, C., and Rochon, L.-P. "The Washington Consensus and
 Multinational Banking in Latin America." >i>Journal of Post Keynesian
 Economics>/i>, Winter 2004-5, 27 (2), 315-331.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Keynes, J. M. "Shaping the
 Post-War World: The Clearing Union." In D. Moggridge (ed.), >i>The
 Collected Writings of John Maynard Keynes, Volume XXV, Activities
 1940-1944.>/i> London: Macmillan, 1980, pp. 42-66.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>7</BIBL>        <BIBTEXT> Liu, H. C. K. 2008. "Gold,
 Manipulation and Domination." >i>Asia Times>/i>, October 2,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>8</BIBL>	    
 <BIBTEXT> Marshall, W. "El Banco del Sur y la banca pÃºblica nacional:
 Enlaces posibles" [The Banco del Sur and the National Publicly Owned Bank:
 Possible Links]. In A. Guillen and G. Vidal (eds.), >i>Opciones para el
 desarrollo de AmÃ©rica Latina: AnÃ¡lisis de las experiencias recientes>/i>
 [Options for Latin American Development: Analyses of Recent Experiences].
 Mexico City: UAM-Iztapalapa, 2010, forthcoming.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> McKinnon, R. >i>Money and
 Capital in Economic Development.>/i> Washington, DC: Brookings Institution
 Press, 1973.</BIBTEXT>      </REF>	 <REF>	      <BIBL>10</BIBL>	   
  <BIBTEXT> Rodriguez, O. >i>El estructuralismo latinoamericano>/i> [Latin
 American Structuralism]. Mexico City: Siglo XXI Editors, 2006.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>11</BIBL>	    <BIBTEXT> Vidal, G. "La
 expansiÃ³n de las empresas transnacionales y la profundizaciÃ³n del
 subdesarrollo. La necesidad de construir una alternativa para el
 desarrollo" [The Expansion of Transnational Companies and the Deepening of
 Underdevelopment: The Need to Build an Alternative for Development]. In G.
 Vidal and A. GuillÃ©n (eds.), >i>Repensar la teorÃ­a del desarrollo en un
 contexto de globalizaciÃ³n>/i> [Rethinking the Theory of Development in
 the Context of Globalization]. Buenos Aires: CLACSO-Red Furtado-UAM, 2007,
 pp. 65-82.</BIBTEXT>	   </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:185-198




Template-Type: ReDIF-Article 1.0
Author-Name: John  Hall 
Author-X-Name-First: John  
Author-X-Name-Last: Hall 
Author-Name: Udo  Ludwig 
Author-X-Name-First: Udo  
Author-X-Name-Last: Ludwig 
Title: Neoclassical versus Keynesian approaches to Eastern German unemployment: a rejoinder to Merkl and Snower 
Abstract:
 This rejoinder contrasts a Keynesian approach for explaining unemployment
 in Germany's eastern region with a neoclassical, market-failure approach
 advanced by Christian Merkl and Dennis Snower. A skewed distribution of
 headquarters favoring the western region, combined with insufficient
 levels of effective demand for outputâand subsequently for laborâare
 argued to be the key causes of persistent unemployment. Seven tables offer
 a comparative approach to output, investment, and labor demand in
 Germany's eastern and western regions, noting the emergence and
 persistence of "involuntary" unemployment appearing as a jobs' gap in the
 eastern region, especially for services.
Journal: Journal of Post Keynesian Economics 
Pages: 167-185 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: economic method, explanatory failure, involuntary unemployment, jobs' gap, Keynesian theory, neoclassical theory, Treuhand privatization, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CP57644U1204R325 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Akerlof, G. "The
 Missing Motivation in Macroeconomics." >i>American Economic Review>/i>,
 May 2007, >i>97>/i> (1), 5-36.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>2</BIBL>        <BIBTEXT> Arestis, P., and Sawyer, M. >i>Neo-Liberal
 Economic Policies: Critical Essays.>/i> Cheltenham, UK: Edward Elgar,
 2004.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Cohen, S., and Zysman, J. >i>Manufacturing Matters: The Myth of
 the Post Industrial Economy.>/i> New York: Basic Books, 1987.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>4</BIBL>	  <BIBTEXT> "Die hundert
 GroÃten Unternehmen" [The Hundred Largest Enterprises]. >i>Frankfurter
 Allgemeine Zeitung>/i>, July 5, 2005, U2.</BIBTEXT>	  </REF>      <REF>
	<BIBL>5</BIBL>	      <BIBTEXT> Hall, J., and Ludwig, U. "German
 Unification and the âMarket Adoption' Hypothesis." >i>Cambridge Journal
 of Economics>/i>, 1995, >i>19>/i>, 491-507.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Hall, J., and Ludwig, U.
 "Explaining Persistent Unemployment in Eastern Germany." >i>Journal of
 Post Keynesian Economics>/i>, Summer 2007, >i>29>/i> (4),
 603-621.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Kaefert, K. "Trauriger Rekord" [Sad Record]. >i>Berliner
 Zeitung>/i>, August 28, 2007, 5.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>8</BIBL>        <BIBTEXT> Kaldor, N. "The Irrelevance of Equilibrium
 Economics." >i>Economic Journal>/i>, 1972, >i>82>/i> (328),
 1235-1255.</BIBTEXT>	   </REF>      <REF>	    <BIBL>9</BIBL>	 
 <BIBTEXT> Kaldor, N. >i>Economics Without Equilibrium.>/i> Armonk, NY: M.
 E. Sharpe, 1985.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>  
      <BIBTEXT> Keynes, J. M. >i>The General Theory of Employment, Interest
 and Money.>/i> New York: Macmillan, 1960. [Originally published in
 1936.]</BIBTEXT>      </REF>	   <REF>	<BIBL>11</BIBL>       
 <BIBTEXT> Lawson, T. "The Nature of Post Keynesianism and Its Links to
 Other Traditions: A Realist Perspective." >i>Journal of Post Keynesian
 Economics>/i>, Summer 1994, >i>16>/i> (4), 503-538.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Lawson, T. >i>Economics
 and Reality.>/i> London: Routledge, 1997.</BIBTEXT>	  </REF>      <REF>
	<BIBL>13</BIBL>        <BIBTEXT> Ludwig, U. "Ostdeutsche
 Wirtschaft: Wachstum der Produktion bleibt erneut im Ost- West-Vergleich
 zurÃ¼ck" [East German Economy: Growth of Production Again Lags Behind in
 an East-West Comparison]. >i>Wirtschaft im Wandel>/i>, 2006, >i>12>/i>
 (7), 189-202.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	   
   <BIBTEXT> Menger, C. >i>Principles of Economics.>/i> New York: New York
 University Press, 1981. [Originally published in 1871.]</BIBTEXT>     
 </REF>      <REF>	  <BIBL>15</BIBL>	 <BIBTEXT> Merkl, C., and
 Snower, D. "East German Unemployment: The Myth of the Irrelevant Labor
 Market." >i>Journal of Post Keynesian Economics>/i>, Fall 2008, >i>31>/i>
 (1), 151-165.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	   
   <BIBTEXT> Snower, D., and Merkl, C. "The Caring Hand That Cripples: The
 East German Labor Market After Reunification." >i>American Economic
 Review>/i>, May 2006a, >i>96>/i> (2), 375-382.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>17</BIBL>	     <BIBTEXT> Snower, D., and Merkl, C.
 "The Caring Hand That Cripples: The East German Labor Market After
 Reunification." Working Paper No. 1263, Kiel Institute for the World
 Economy, Kiel, Germany, 2006b.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>18</BIBL>	<BIBTEXT> Solow, R. "Broadening the Discussion of
 Macroeconomic Policy." In R. Schettkat and J. Langkau (eds.), >i>Economic
 Policy Proposals for Germany and Europe.>/i> New York: Routledge, 2008,
 pp. 20-28.</BIBTEXT>	   </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:167-185




Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: On Speculation: A Footnote to Keynes
Journal: Journal of Post Keynesian Economics
Pages: 515-522
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489389
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489389
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Handle: RePEc:mes:postke:v:5:y:1983:i:4:p:515-522




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Wells
Author-X-Name-First: Paul
Author-X-Name-Last: Wells
Title: A Post Keynesian View of Liquidity Preference and the Demand for Money
Journal: Journal of Post Keynesian Economics
Pages: 523-536
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489390
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489390
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Handle: RePEc:mes:postke:v:5:y:1983:i:4:p:523-536




Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply
Journal: Journal of Post Keynesian Economics
Pages: 537-556
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489391
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489391
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:5:y:1983:i:4:p:537-556




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Roncaglia
Author-X-Name-First: Alessandro
Author-X-Name-Last: Roncaglia
Title: The Price of Oil: Main Interpretations and their Theoretical Background
Journal: Journal of Post Keynesian Economics
Pages: 557-578
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489392
File-URL: http://hdl.handle.net/10.1080/01603477.1983.11489392
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Author-Name: Pierro Ferri
Author-X-Name-First: Pierro
Author-X-Name-Last: Ferri
Title: The Consumption-Wage Gap
Journal: Journal of Post Keynesian Economics
Pages: 579-589
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489393
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Author-Name: James J. Rakowski
Author-X-Name-First: James J.
Author-X-Name-Last: Rakowski
Title: Income Conflicts, Inflation, and Controls
Journal: Journal of Post Keynesian Economics
Pages: 590-602
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489394
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Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: Income Conflicts, Inflation, and Controls: A Response
Journal: Journal of Post Keynesian Economics
Pages: 603-607
Issue: 4
Volume: 5
Year: 1983
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X-DOI: 10.1080/01603477.1983.11489395
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Author-Name: Tyler Cowen
Author-X-Name-First: Tyler
Author-X-Name-Last: Cowen
Title: The Rate of Return in General Equilibrium—A Critique
Journal: Journal of Post Keynesian Economics
Pages: 608-617
Issue: 4
Volume: 5
Year: 1983
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Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: The Supply Price in the Marginal Efficiency of Capital
Journal: Journal of Post Keynesian Economics
Pages: 618-624
Issue: 4
Volume: 5
Year: 1983
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X-DOI: 10.1080/01603477.1983.11489397
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Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Title: Analyzing the World’s Money
Journal: Journal of Post Keynesian Economics
Pages: 625-634
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Year: 1983
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Author-X-Name-First: John M.
Author-X-Name-Last: Blatt
Title: Economic Policy and Endogenous Cycles
Journal: Journal of Post Keynesian Economics
Pages: 635-647
Issue: 4
Volume: 5
Year: 1983
Month: 7
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Author-X-Name-First: Anisuzzaman
Author-X-Name-Last: Chowdhury
Title: The Decentralized Labor Market and the Nonmarket Consideration of Wage Inflation
Journal: Journal of Post Keynesian Economics
Pages: 648-663
Issue: 4
Volume: 5
Year: 1983
Month: 7
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Author-X-Name-Last: Walker
Title: A Comment on “Marshall and the Classical Tradition”
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Pages: 664-666
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Year: 1983
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Title: Marshall: A Reply
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Pages: 667-668
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Author-X-Name-First: William F.
Author-X-Name-Last: Mitchell
Title: Equal Pay for Women: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 669-672
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Year: 1983
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Author-Name: R. C. Duncan
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Author-X-Name-Last: Duncan
Title: Reply
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Pages: 673-675
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Year: 1983
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Author-X-Name-Last: Gowdy
Title: Biological Analogies in Economics: A Comment
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Pages: 676-678
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Year: 1983
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Author-Name: Bruno Foa
Author-X-Name-First: Bruno
Author-X-Name-Last: Foa
Title: Reply
Journal: Journal of Post Keynesian Economics
Pages: 678-678
Issue: 4
Volume: 5
Year: 1983
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Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Social Security and Economists
Journal: Journal of Post Keynesian Economics
Pages: 679-682
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489407
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Author-Name: The Editors
Title: Author Index to Volume V
Journal: Journal of Post Keynesian Economics
Pages: 683-686
Issue: 4
Volume: 5
Year: 1983
Month: 7
X-DOI: 10.1080/01603477.1983.11489408
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Carlos Macedo e Silva 
Author-X-Name-First: Antonio Carlos 
Author-X-Name-Last: Macedo e Silva 
Title: Missing details and conspicuous absences: from the >i>Treatise>/i> to the >i>General Theory>/i> 
Abstract:
 This paper aims at interpreting some of the many simplifying assumptions
 adopted by Keynes to explain, in the >i>General Theory>/i>, liquidity
 preference, interest rate, portfolio decisions, and volume of investment.
 It is suggested that Keynes emphasized a >i>partial and particular>/i>
 model that should be understood as part of a wider theory and a much wider
 view.
Journal: Journal of Post Keynesian Economics 
Pages: 325-344 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: liquidity preference, money, portfolio composition, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D47663J3V7Q00757 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bibow, J. "Liquidity
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 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Carvalho, F.C.
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 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Davidson, P.
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 <REF>	      <BIBL>47</BIBL>	     <BIBTEXT> Townshend, H.
 "Liquidity-Premium and the Theory of Value." >i>Economic Journal>/i>,
 March 1937, 47 (185), 157-169.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>48</BIBL>	<BIBTEXT> Wray, R.L. >i>Money and Credit in
 Capitalist EconomiesâThe Endogenous Money Approach.>/i> Aldershot, UK:
 Edward Elgar, 1990.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>49</BIBL>	<BIBTEXT> Wray, R.L. "Alternative Theories of the
 Rate of Interest." >i>Cambridge Economic Journal>/i>, 1992, 16 (1),
 69-89.</BIBTEXT>      </REF>	   <REF>	<BIBL>50</BIBL>       
 <BIBTEXT> Wray, R.L. "Keynes' Approach to Money: An Assessment After 70
 Years." Working Paper 438, Levy Economics Institute, Annandale-on-Hudson,
 2005.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:325-344




Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser
Author-X-Name-First: J. Barkley
Author-X-Name-Last: Rosser
Title: Alternative Keynesian and Post Keynesian Perspective on Uncertainty and Expectations
Journal: Journal of Post Keynesian Economics
Pages: 545-566
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490299
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490299
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen P. Dunn
Author-X-Name-First: Stephen P.
Author-X-Name-Last: Dunn
Title: Bounded Rationality Is Not Fundamental Uncertainty: A Post Keynesian Perspective
Journal: Journal of Post Keynesian Economics
Pages: 567-587
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490300
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490300
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Template-Type: ReDIF-Article 1.0
Author-Name: J. S. L. McCombie
Author-X-Name-First: J. S. L.
Author-X-Name-Last: McCombie
Title: What Does the Aggregate Production Function Show? Further thoughts on Solow’s “Second thoughts on Growth Theory”
Journal: Journal of Post Keynesian Economics
Pages: 589-615
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490301
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490301
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Template-Type: ReDIF-Article 1.0
Author-Name: George Argitis
Author-X-Name-First: George
Author-X-Name-Last: Argitis
Author-Name: Christos Pitelis
Author-X-Name-First: Christos
Author-X-Name-Last: Pitelis
Title: Monetary Policy and the Distribution of Income: Evidence for the United States and the United Kingdom
Journal: Journal of Post Keynesian Economics
Pages: 617-638
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490302
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490302
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Template-Type: ReDIF-Article 1.0
Author-Name: Rogério Studart
Author-X-Name-First: Rogério
Author-X-Name-Last: Studart
Title: Dollarization: “An Intellectual Fad or a Deep Insight”?
Journal: Journal of Post Keynesian Economics
Pages: 639-661
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490303
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490303
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Why the Trade Deficits Won’t Go Away
Journal: Journal of Post Keynesian Economics
Pages: 663-667
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490304
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490304
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Template-Type: ReDIF-Article 1.0
Author-Name: João Sicsú
Author-X-Name-First: João
Author-X-Name-Last: Sicsú
Title: Credible Monetary Policy: A Post Keynesian Approach
Journal: Journal of Post Keynesian Economics
Pages: 669-687
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490305
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490305
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Template-Type: ReDIF-Article 1.0
Author-Name: John Marangos
Author-X-Name-First: John
Author-X-Name-Last: Marangos
Title: International Trade Policies for Transition Economies: The Post Keynesian Alternative
Journal: Journal of Post Keynesian Economics
Pages: 689-704
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490306
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490306
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Handle: RePEc:mes:postke:v:23:y:2001:i:4:p:689-704




Template-Type: ReDIF-Article 1.0
Author-Name: William Van Lear
Author-X-Name-First: William
Author-X-Name-Last: Van Lear
Author-Name: Robert Stokes
Author-X-Name-First: Robert
Author-X-Name-Last: Stokes
Title: A Critical Reflection on Endogenous Money and Asset Price Inflation
Journal: Journal of Post Keynesian Economics
Pages: 705-708
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490307
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490307
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Handle: RePEc:mes:postke:v:23:y:2001:i:4:p:705-708




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Title: Endogenous Money and Asset Price Inflation: Reply
Journal: Journal of Post Keynesian Economics
Pages: 709-712
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490308
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490308
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 23
Journal: Journal of Post Keynesian Economics
Pages: 713-715
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490309
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490309
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Handle: RePEc:mes:postke:v:23:y:2001:i:4:p:713-715




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Economics Editor
Journal: Journal of Post Keynesian Economics
Pages: 716-716
Issue: 4
Volume: 23
Year: 2001
Month: 7
X-DOI: 10.1080/01603477.2001.11490310
File-URL: http://hdl.handle.net/10.1080/01603477.2001.11490310
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Handle: RePEc:mes:postke:v:23:y:2001:i:4:p:716-716




Template-Type: ReDIF-Article 1.0
Author-Name: Marko Lah
Author-X-Name-First: Marko
Author-X-Name-Last: Lah
Author-Name: Andrej SušJan
Author-X-Name-First: Andrej
Author-X-Name-Last: SušJan
Author-Name: Branko Ilič
Author-X-Name-First: Branko
Author-X-Name-Last: Ilič
Title: A Post Keynesian approach to advertising and its relevance for the transition economies
Abstract: 
 The paper attempts to identify a coherent Post Keynesian approach to advertising. Although the neoclassical explanation of advertising cost is encapsulated by the Dorfman—Steiner theorem, and static in character, the Post Keynesian theory provides a realistic and dynamic framework within which advertising can be viewed as strategic investment of firms, financed by their retained profits. The empirical part of the paper analyzes the impact of the flow of profits on advertising outlays for firms in a transition economy and the results confirm the relevance of the Post Keynesian approach.
Journal: Journal of Post Keynesian Economics
Pages: 309-325
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290207
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Handle: RePEc:mes:postke:v:29:y:2006:i:2:p:309-325




Template-Type: ReDIF-Article 1.0
Author-Name: C. Naastepad
Author-X-Name-First: C.
Author-X-Name-Last: Naastepad
Author-Name: Servaas Storm
Author-X-Name-First: Servaas
Author-X-Name-Last: Storm
Title: OECD demand regimes (1960-2000)
Abstract: 
 Real wage growth restraint is generally regarded as a necessary condition for sustained gross domestic product growth and lower unemployment in the Organization for Economic Cooperation and Development (OECD). We use a general Keynesian growth model, allowing demand growth to be wage led or profit led, to argue that the case for real wage restraint is based on weak foundations. The model is applied to eight OECD countries (1960-2000). We find that (1) demand is wage led in France, Germany, Italy, the Netherlands, Spain, and the United Kingdom, and (2) the decline in world trade growth is the dominant cause of sluggish growth in all economies, including profit-led Japan and the United States.
Journal: Journal of Post Keynesian Economics
Pages: 211-246
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290203
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Template-Type: ReDIF-Article 1.0
Author-Name: Göran Hjelm
Author-X-Name-First: Göran
Author-X-Name-Last: Hjelm
Title: "Expansionary fiscal contractions": a standard Keynesian explanation
Abstract: 
 In the past 10 to 15 years, it has been argued in the literature on "expansionary fiscal contraction" (EFC) that under certain circumstances, fiscal policy has non-Keynesian effects. We show that the real exchange rate depreciated substantially prior to fiscal contractions with a favorable macroeconomic outcome. The preceding real depreciations functioned like an expenditure-shifting policy, strengthening the current account substantially during periods of successful contraction. In short, there is a standard Keynesian explanation for the findings of the previous empirical studies on the EFC hypothesis.
Journal: Journal of Post Keynesian Economics
Pages: 327-358
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290208
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Handle: RePEc:mes:postke:v:29:y:2006:i:2:p:327-358




Template-Type: ReDIF-Article 1.0
Author-Name: James Payne
Author-X-Name-First: James
Author-X-Name-Last: Payne
Title: More on the monetary transmission mechanism: mortgage rates and the federal funds rate
Abstract: 
 This study extends the research of Atesoglu (2003-4; 2004) with respect to the horizontalist and structuralist money supply endogeneity hypotheses to the case of fixed mortgage rates. The momentum threshold autoregressive model of Enders and Siklos (2001) reveals that the fixed mortgage rate and federal funds rate are cointegrated with incomplete interest rate pass-through and asymmetric adjustment. Specifically, the results of the asymmetric error correction model indicate unidirectional causality from the federal funds rate to the fixed mortgage rate, lending support for the horizontalist endogeneity hypothesis.
Journal: Journal of Post Keynesian Economics
Pages: 247-257
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290204
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Handle: RePEc:mes:postke:v:29:y:2006:i:2:p:247-257




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn
Author-X-Name-First: Stephen
Author-X-Name-Last: Dunn
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: The lasting economic contributions of John Kenneth Galbraith, 1908-2006
Abstract: 
 J.K. Galbraith was a highly original theorist whose contributions deserve lasting recognition. Galbraith analyzed the significant economic power held by large firms, which underpinned the success of the U.S. economy in the post-World War II era. Galbraith highlighted how this concentration of power creates a range of unintended problems—social and environmental. Galbraith recognized that firms manipulate the consumer and that their actions lead to the inequitable distribution of income and social goods. In response to this, the "good society" must secure the provision of essential goods and services that are not automatically forthcoming and mitigate macroeconomic problems such as financial instability, unemployment, inflation, and poverty.
Journal: Journal of Post Keynesian Economics
Pages: 179-190
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290201
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Chi Cheng
Author-X-Name-First: Jen-Chi
Author-X-Name-Last: Cheng
Author-Name: Larry Taylor
Author-X-Name-First: Larry
Author-X-Name-Last: Taylor
Author-Name: Wenlong Weng
Author-X-Name-First: Wenlong
Author-X-Name-Last: Weng
Title: Exchange rates and prices: revisiting Granger causality tests
Abstract: 
 This paper examines whether causal relationships exist between exchange rates and prices for the United States and its trading partners: Canada, Germany, Japan, and the United Kingdom. Our empirical methods of focus do not impose the controversial purchasing power parity (PPP) assumption, yet we find that imposing PPP via an error correction system largely confirms our other findings. Our results suggest that exchange rates have Granger caused wholesale prices for all four U.S. trading partners, and there is considerable evidence that the opposite is true for Canada and Japan. In general, we find no causal relationships between consumer prices and exchange rates. Because Granger (non)causality may be due to omitted variables, we discuss this issue in the context of exchange rates and prices.
Journal: Journal of Post Keynesian Economics
Pages: 259-283
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290205
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Template-Type: ReDIF-Article 1.0
Author-Name: Dany Lang
Author-X-Name-First: Dany
Author-X-Name-Last: Lang
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: History versus equilibrium? on the possibility and realist basis of a general critique of traditional equilibrium analysis
Abstract: 
 This paper responds to Backhouse's (2004) claims that there is no antagonism between history and equilibrium and no case to be made in principle against equilibrium analysis. We first show that Backhouse's partial defense of equilibrium analysis has already been encompassed by heterodox theory. We then identify a "traditional equilibrium approach" to economic analysis and provide a general critique of this approach based on its perceived infidelity to the properties of social reality. Finally, we argue that this exercise exemplifies Lawson's (2005a) thesis that heterodox skepticism of equilibrium analysis is motivated by ontic concerns—that is, concerns with the intrinsic properties of the social material that is being theorized by economists.
Journal: Journal of Post Keynesian Economics
Pages: 191-209
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290202
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Handle: RePEc:mes:postke:v:29:y:2006:i:2:p:191-209




Template-Type: ReDIF-Article 1.0
Author-Name: Feng Xiao
Author-X-Name-First: Feng
Author-X-Name-Last: Xiao
Title: Irrational exuberance and stock market valuations: evidence from China
Abstract: 
 This paper evaluates the fundamental efficiency of stock market valuations in China. Utilizing a panel data set constructed by the author of all Chinese listed firms for the 1992-1999 period, this study finds that stock valuations in China deviate significantly from underlying firm-level fundamentals. Specifically, the worse that firms perform, the higher are their valuation ratios. Given the significance of the stock market for allocating investment funds in China, the findings from this paper suggest that China's stock market development might produce an inefficient resource allocation and cause detrimental effects on the real economy.
Journal: Journal of Post Keynesian Economics
Pages: 285-308
Issue: 2
Volume: 29
Year: 2006
X-DOI: 10.2753/PKE0160-3477290206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290206
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Rocha Gouvea 
Author-X-Name-First: Raphael Rocha 
Author-X-Name-Last: Gouvea 
Author-Name: Gilberto Tadeu Lima 
Author-X-Name-First: Gilberto Tadeu 
Author-X-Name-Last: Lima 
Title: Structural change, balance-of-payments constraint, and economic growth: evidence from the multisectoral Thirlwall's law 
Abstract:
 This paper contributes to the literature on balance-of-paymentsconstrained
 growth by investigating how structural change, identified with changes in
 the sectoral composition of exports and imports, affects the external
 constraint. We test both the original and a multisectoral version of
 Thirlwall's law for a sample of Latin American and Asian countries. The
 original Thirlwall's law is found to hold for all sample countries except
 South Korea, whereas the multisectoral analogue holds for all of them. As
 the sectoral composition of exports and imports is found to matter for
 growth, we analyze the evolution of each country's weighted trade income
 elasticities.
Journal: Journal of Post Keynesian Economics 
Pages: 169-204 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: external constraint, multisectoral Thirlwall's law, structural change, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=UG65161026807558 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Alonso, J. A., and
 GarcimartÃ­n, C. "A New Approach to Balance-of-Payments Constraint: Some
 Empirical Evidence." >i>Journal of Post Keynesian Economics>/i>, Winter
 1998-99, >i>21>/i> (2), 259-282.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>2</BIBL>        <BIBTEXT> Andersen, P. S. "The 45Â° Rule."
 >i>Applied Economics>/i>, 1993, >i>25>/i> (10), 1279-1284.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Ansari, H.;
 Hashemzadeh, N.; and Xi, Y. "The Chronicle of Economic Growth in Southeast
 Asian Countries: Does Thirlwall's Law Provide an Adequate Explanation?"
 >i>Journal of Post Keynesian Economics>/i>, Summer 2000, >i>22>/i> (4),
 573-588.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Araujo, R. A., and Lima, G. T. "A Structural Economic Dynamics
 Approach to Balance-of-Payments-Constrained Growth." >i>Cambridge Journal
 of Economics>/i>, 2007, >i>31>/i> (5), 755-774.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Bairam, E. "Levels of
 Economic Development and Appropriate Specification of the Harrod
 Foreign-Trade Multiplier." >i>Journal of Post Keynesian Economics>/i>,
 Spring 1997, >i>19>/i> (3), 337-344.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>6</BIBL>	 <BIBTEXT> Bairam, E., and Dempester, G. J. "The
 Harrod Foreign Trade Multiplier and Economic Growth in Asian Countries."
 >i>Applied Economics>/i>, 1991, >i>23>/i> (11), 1719-1724.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Barbosa-Filho, N.
 "The Balance-of-Payments Constraint: From Balanced Trade to Sustainable
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 (219), 381-400.</BIBTEXT>	</REF>	    <REF>	 <BIBL>8</BIBL>    
    <BIBTEXT> BÃ©rtola, L.; Higachi, H.; and Porcile, G.
 "Balance-of-Payments-Constrained Growth in Brazil: A Test of Thirlwall's
 Law, 1890-1973." >i>Journal of Post Keynesian Economics>/i>, Fall 2002,
 >i>25>/i> (1), 123-140.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>9</BIBL>        <BIBTEXT> Carvalho, V. R., and Lima, G. T.
 "Estrutura produtiva, restriÃ§Ã£o externa e crescimento econÃ´mico: a
 experiÄncia brasileira" [Productive Structure, External Constraint and
 Economic Growth: The Brazilian Experience]. >i>Economia e Sociedade>/i>,
 2009, >i>18>/i> (1), 31-60.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>10</BIBL>	<BIBTEXT> Christopoulos, D., and Tsionas, E. "A
 Reassessment of Balance of Payments Constrained Growth: Results from Panel
 Unit Root and Panel Cointegration Tests." >i>International Economic
 Journal>/i>, 2003, >i>17>/i> (3), 39-54.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>11</BIBL>	      <BIBTEXT> Cimoli, M.; Porcile, G.; and
 Rovira, S. "Structural Change and the BOP-Constraint: Why Did Latin
 America Fail to Converge?" >i>Cambridge Journal of Economics>/i>, 2010,
 >i>34>/i> (2), 389-411.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>12</BIBL>	<BIBTEXT> Dickey, D. A., and Fuller, W. A.
 "Distribution of the Estimators for Autoregressive Time Series with a Unit
 Root." >i>Journal of the American Statistical Association>/i>, 1979,
 >i>74>/i> (366), 427-441.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>13</BIBL>	<BIBTEXT> Dutt, A. K. "Income Elasticities of
 Imports, North-South Trade and Uneven Development." In A. K. Dutt and J.
 Ros (eds.), >i>Development Economics and Structuralist Macroeconomics.>/i>
 Cheltenham, UK: Edward Elgar, 2003, pp. 307-335.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>14</BIBL>	      <BIBTEXT> Hausmann, R.; Hwang, J.;
 and Rodrik, D. "What You Export Matters." >i>Journal of Economic
 Growth>/i>, 2007, >i>12>/i> (1), 1-25.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>15</BIBL>	    <BIBTEXT> Holland, M.; Vieira, F.; and Canuto,
 O. "Economic Growth and the Balance-of-Payments Constraint in Latin
 America." >i>InvestigaciÃ³n EconÃ³mica>/i>, 2004, >i>63>/i> (247),
 45-74.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Hussain, M. N. "The Balance-of-Payments Constraint and Growth
 Rate Differences Among African and East Asian Economies." >i>African
 Development Review>/i>, 1999, >i>11>/i> (1), 103-137.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> Johansen, S.
 >i>Likelihood-Based Inference in Cointegrated Vector Auto-Regressive
 Models.>/i> Oxford: Oxford University Press, 1995.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>18</BIBL>	<BIBTEXT> Lall, S. "The
 Technological Structure and Performance of Developing Country Manufactured
 Exports, 1985-98." >i>Oxford Development Studies>/i>, 2000, >i>28>/i> (3),
 337-369.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> LÃ³pez, J., and Cruz, A. "Thirlwall's Law and Beyond: The Latin
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 2000, >i>22>/i> (3), 477-495.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>20</BIBL>	<BIBTEXT> McCombie, J. S. L. "On the Empirics of
 Balance-of-Payments-Constrained Growth." >i>Journal of Post Keynesian
 Economics>/i>, Spring 1997, >i>19>/i> (3), 345-375.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> McCombie, J. S. L., and
 Roberts, M. "The Role of Balance of Payments in Economic Growth." In M.
 Setterfield (ed.), >i>The Economics of Demand-Led Growth.>/i> Cheltenham,
 UK: Edward Elgar, 2002, pp. 87-114.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>22</BIBL>	 <BIBTEXT> McCombie, J. S. L., and Thirlwall, A. P.
 "Economic Growth and Balance-of-Payments Constraint Revisited." In P.
 Arestis, G. Palma, and M. Sawyer (eds.), >i>Markets, Unemployment and
 Economic Policy>/i>, vol. II. London: Routledge, 1997, pp.
 498-511.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>	
 <BIBTEXT> Moreno-Brid, J. C. "On Capital Flows and the Balance-of-Payments
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 Winter 1998-99, >i>21>/i> (2), 283-298.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>24</BIBL>	     <BIBTEXT> Moreno-Brid, J. C. "Mexico's
 Economic Growth and the Balance of Payments Constraint: A Cointegration
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 >i>13>/i> (2), 149-159.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>25</BIBL>	<BIBTEXT> Moreno-Brid, J. C. "Capital Flows,
 Interest Payments and the Balance-of-Payments Constrained Growth Model: A
 Theoretical and Empirical Analysis." >i>Metroeconomica>/i>, 2003,
 >i>54>/i> (2), 346-365.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>26</BIBL>	<BIBTEXT> Moreno-Brid, J. C.; SantamarÃ­a, J.; and
 Rivas Valdivia, J. C. "Industrialization and Economic Growth in Mexico
 After NAFTA : The Road Travelled." >i>Development and Change>/i>, 2005,
 >i>36>/i> (6), 1095-1119.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>27</BIBL>	<BIBTEXT> Organisation for Economic Co-operation
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 Science, Technology and Industry, Paris, 1994.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>28</BIBL>	     <BIBTEXT> Pacheco-LÃ³pez, P. "The
 Effect of Trade Liberalization on Exports, Imports, the Balance of Trade
 and Growth: The Case of Mexico." >i>Journal of Post Keynesian
 Economics>/i>, Summer 2005a, >i>27>/i> (4), 595-619.</BIBTEXT>      </REF>
      <REF>	   <BIBL>29</BIBL>	  <BIBTEXT> Pacheco-LÃ³pez, P.
 "Foreign Direct Investment, Exports and Imports in Mexico." >i>World
 Economy>/i>, 2005b, >i>28>/i> (8), 1157-1172.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Pacheco-LÃ³pez, P., and
 Thirlwall, A. P. "Trade Liberalization, the Income Elasticity of Imports
 and Economic Growth in Latin America." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2006, >i>29>/i> (1), 41-66.</BIBTEXT>	</REF>	   
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 the Theory of Growth." In M. Setterfield (ed.), >i>The Economics of
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 Cambridge: Cambridge University Press, 1981.</BIBTEXT>      </REF>	
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 Economic Dynamics.>/i> Cambridge: Cambridge University Press,
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 Taxonomy and a Theory." >i>Research Policy>/i>, 1984, >i>13>/i> (6),
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 Developing Countries: An Examination of Thirlwall's Hypothesis."
 >i>International Review of Applied Economics>/i>, 2003, >i>17>/i> (1),
 1-22.</BIBTEXT>      </REF>	  <REF>        <BIBL>36</BIBL>	     
 <BIBTEXT> Ruiz-NÃ¡poles, P. "Exports, Growth, and Employment in Mexico,
 1978-2000." >i>Journal of Post Keynesian Economics>/i>, Fall 2004,
 >i>27>/i> (1), 105-124.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>37</BIBL>	<BIBTEXT> Setterfield, M. "'History Versus
 Equilibrium' and the Theory of Economic Growth." >i>Cambridge Journal of
 Economics>/i>, 1997, >i>21>/i> (3), 365-378.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>38</BIBL>	     <BIBTEXT> Setterfield, M. "Supply and
 Demand in the Theory of Long-Run Growth: Introduction to a Symposium on
 Demand-Led Growth." >i>Review of Political Economy>/i>, 2003, >i>15>/i>
 (1), 23-32.</BIBTEXT>	    </REF>	<REF>	     <BIBL>39</BIBL>	   
 <BIBTEXT> Thirlwall, A. P. "The Balance of Payments Constraint as an
 Explanation of International Growth Rate Differences." >i>Banca Nazionale
 del Lavoro Quarterly Review>/i>, March 1979, >i>128>/i>, 45-53.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>40</BIBL>	     <BIBTEXT> Thirlwall,
 A. P. "Reflections on the Concept of Balance-of-Payments-Constrained
 Growth." >i>Journal of Post Keynesian Economics>/i>, Spring 1997,
 >i>19>/i> (3), 377-384.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>41</BIBL>	<BIBTEXT> Thirlwall, A. P. >i>The Nature of
 Economic Growth.>/i> Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>42</BIBL>	 <BIBTEXT> Thirlwall, A.
 P., and Hussain, M. N. "The Balance of Payments Constraint, Capital Flows
 and Growth Rate Differences Between Developing Countries." >i>Oxford
 Economic Papers>/i>, 1982, >i>34>/i> (3), 498-510.</BIBTEXT>	   </REF>   
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:169-204




Template-Type: ReDIF-Article 1.0
Author-Name: Claude  Gnos 
Author-X-Name-First: Claude  
Author-X-Name-Last: Gnos 
Author-Name: Virginie  Monvoisin 
Author-X-Name-First: Virginie  
Author-X-Name-Last: Monvoisin 
Author-Name: Jean-FranÃ§ois  Ponsot 
Author-X-Name-First: Jean-FranÃ§ois  
Author-X-Name-Last: Ponsot 
Title: Regional currencies and regional monetary zones in Latin America: what prospects? 
Abstract:
 Reducing transaction costs and the need for international reserves is a
 primary objective to the establishment of regional payment agreements.
 Another objective, especially in the case of Latin America where the
 Ecuadorian promoters of the Bank of the South (Banco del Sur) and the New
 Regional Financial Architecture are planning the implementation of a
 regional clearing system, is to reduce member countries' dependence on the
 U. S. dollar as an international standard and reserve currency. To help
 improve the design of such agreements, this paper refers to the plan
 Keynes designed for the Bretton Woods conference. First, it observes that
 cases were made against this plan from which useful lessons may still be
 drawn. Second, it shows that Keynes defined a system for exchanging
 domestic currencies for each other that can be improved and help design
 currency unions in accordance with their promoters' objectives.
Journal: Journal of Post Keynesian Economics 
Pages: 173-184 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: currency union, dollar standard, foreign exchange, Keynes's plan, payment systems, regional monetary arrangements, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K1091551K86N2266 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Cartapanis, A., and
 Herland, M. "The Reconstruction of the International Financial
 Architecture: Keynes' Revenge." >i>Review of International Political
 Economy>/i>, 2002, 9 (2), 257-283.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>2</BIBL>        <BIBTEXT> Chang, R. "Regional Monetary Arrangements
 for Developing Countries." Intergovernmental Group of 24, G-24 Research
 Paper, November 2000.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>3</BIBL>        <BIBTEXT> Davidson, P. "What International Payments
 Scheme Would Keynes Have Suggested for the Twenty-First Century?" In P.
 Davidson and J. A. Kregel (eds.), >i>Economic Problems of the 1990s:
 Europe, the Developing Countries and the United States.>/i> Aldershot, UK:
 Edward Elgar, 1991, pp. 85-104.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>4</BIBL>        <BIBTEXT> Davidson, P. >i>Financial Markets, Money
 and the Real World.>/i> Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>5</BIBL>	<BIBTEXT> Fondo
 Latinoamericano de Reservas. "AmpliaciÃ³n de las funciones del Fondo
 Latinoamericano de Reservas (FLAR) a las de un Fondo Monetario Regional"
 [Extension of the Functions of the Latin American Reserve Fund (FLAR)
 Toward a Regional Mutual Fund]. Working Paper, BogotÃ¡, April
 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Gnos, C. "Reforming the International Monetary System: An
 Assessment." In L.-P. Rochon and S. Rossi (eds.), >i>Monetary and
 Financial Systems: A Global View of Financial Crises.>/i> Cheltenham, UK:
 Edward Elgar, 2006, pp. 127-139.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>7</BIBL>        <BIBTEXT> Gnos, C., and Rochon, L.-P. "Reforming the
 International Financial and Monetary System: From Keynes to Davidson and
 Stiglitz." >i>Journal of Post Keynesian Economics>/i>, Summer 2005, 26
 (4), 613-629.</BIBTEXT>      </REF>	  <REF>        <BIBL>8</BIBL>	   
  <BIBTEXT> Government of Ecuador. "Borrador de la propuesta Ecuatoriana
 para la configuracion de un sistema unico de compensacion regional de
 pagos (SUCRE) con moneda electronica" [Draft of the Ecuadorian Proposal
 for a Unique Regional Clearing System with an Electronic Unit of Account].
 Quito, December 2008.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>9</BIBL>        <BIBTEXT> Horsefield, J. Keith. >i>The International
 Monetary Fund 1945-1965.>/i> Washington, DC: IMF, 1969.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Keynes, J. M.
 "House of Lords Debates." In D. Moggridge (ed.), >i>The Collected Writings
 of John Maynard Keynes, Volume XXV: Activities 1940-1944, Shaping the
 Post-War World: The Clearing Union.>/i> London: Macmillan, 1980a, pp.
 269-280. [Originally published in 1943.]</BIBTEXT>	 </REF>      <REF> 
       <BIBL>11</BIBL>	      <BIBTEXT> Keynes, J. M. "Proposals for an
 International Currency Union." In D. Moggridge (ed.), >i>The Collected
 Writings of John Maynard Keynes, Volume XXV: Activities 1940-1944, Shaping
 the Post-War World: The Clearing Union.>/i> London: Macmillan, 1980b, pp.
 42-61. [Originally published in 1941.]</BIBTEXT>      </REF>	   <REF>   
     <BIBL>12</BIBL>	    <BIBTEXT> Keynes, J. M. "Proposals for an
 International Clearing Union." In D. Moggridge (ed.), >i>The Collected
 Writings of John Maynard Keynes, Volume XXV: Activities 1940-1944, Shaping
 the Post-War World: The Clearing Union.>/i> London: Macmillan, 1980c, pp.
 33-196. [Originally published in 1942.]</BIBTEXT>	</REF>	    <REF>  
      <BIBL>13</BIBL>	     <BIBTEXT> Keynes, J. M. "Speech to a Meeting
 of the European Allies." In D. Moggridge (ed.), >i>The Collected Writings
 of John Maynard Keynes, Volume XXV: Activities 1940-1944, Shaping the
 Post-War World: The Clearing Union.>/i> London: Macmillan, 1980d, pp.
 206-215. [Originally published in 1943d.]</BIBTEXT>	  </REF>      <REF>
	<BIBL>14</BIBL>        <BIBTEXT> McKinnon, R. I. "The Rules of the
 Game: International Money in Historical Perspective." >i>Journal of
 Economic Literature>/i>, March 1993, 31 (1), 1-44.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>15</BIBL>	<BIBTEXT> Ponsot, J. F.
 "Dollarization and the Hegemonic Status of the U. S. Dollar." In S. Rossi
 and L.-P. Rochon (eds.), >i>Monetary and Exchange Rate Systems: A Global
 View on Financial Crises.>/i> Cheltenham, UK: Edward Elgar, 2006, pp.
 22-37.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Rossi, S. >i>Money and Payments in Theory and Practice.>/i>
 London: Routledge, 2007.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>17</BIBL>	<BIBTEXT> Rossi, S. "A Common Currency for Middle
 Eastern and North African Countries? Lessons from the European Monetary
 Union." In D. Cobham and G. Dibeh (eds.), >i>Monetary Policy and Central
 Banking in the Middle East and North Africa.>/i> London: Routledge, 2009,
 pp. 226-245.</BIBTEXT>      </REF>	 <REF>	      <BIBL>18</BIBL>	   
  <BIBTEXT> Schmitt, B. >i>L'Ã©cu et les souverainetÃ©s nationales en
 Europe>/i> [The ECU and State Sovereignty in Europe]. Paris: Dunod,
 1988.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:173-184




Template-Type: ReDIF-Article 1.0
Author-Name: Alcino F. Camara-Neto 
Author-X-Name-First: Alcino F. 
Author-X-Name-Last: Camara-Neto 
Author-Name: MatÃ­as  Vernengo 
Author-X-Name-First: MatÃ­as  
Author-X-Name-Last: Vernengo 
Title: Beyond the original sin: a new regional financial architecture in South America 
Abstract:
 The paper provides an evaluation of the possibilities for a New Regional
 Financial Architecture (NRFA) in South America within the context of the
 "original sin." It is argued that conventional explanations of the
 "impossible trinity" are limited, and that once the geography of money is
 properly introduced in the analysis, then the trade-offs faced by
 peripheral countries in South America are deemed to be considerably
 harsher than those at the center. The paper deals with the pros and cons
 of the NRFA in reducing the severity of the constraints faced by the
 countries in the region, and provides some preliminary conclusions about
 the political viability of the NRFA.
Journal: Journal of Post Keynesian Economics 
Pages: 199-212 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: financial architecture, impossible trinity, original sin, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=X25433235P55185P 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bresser-Pereira, L. C.,
 and Gala, P. "Foreign Savings, Insufficiency of Demand, and Low Growth."
 >i>Journal of Post Keynesian Economics>/i>, Spring 2008, 30 (3),
 315-334.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Cohen, B. >i>The Geography of Money.>/i> Ithaca: Cornell
 University Press, 1998.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>3</BIBL>        <BIBTEXT> Dooley, M.; Folkerts-Landau, D.; and
 Garber, P. "An Essay on the Revived Bretton Woods System." National Bureau
 of Economic Research Working Paper no. 9971, Cambridge, MA,
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Eichengreen, B., and Hausmann, R. "Exchange Rates and Financial
 Fragility." National Bureau of Economic Research Working Paper no. 7418,
 Cambridge, MA, 1999.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>5</BIBL>        <BIBTEXT> Frankel, J.; Parsley, D.; and Wei, S.-J.
 "Slow Pass-Through Around the World: A New Import for Developing
 Countries?" Center for International Development Working Paper no. 116,
 Harvard University, Cambridge, MA, 2005.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>6</BIBL>	     <BIBTEXT> Frenkel, R., and Taylor, L. "Real
 Exchange Rate, Monetary Policy, and Employment." Department of Economic
 and Social Affairs (UN-DESA) Working Paper no. 19, New York,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>7</BIBL>	    
 <BIBTEXT> Galbraith, J. "Time to Ditch the NAIRU." >i>Journal of Economic
 Perspectives>/i>, 1997, 11 (1), 93-108.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>8</BIBL>	    <BIBTEXT> Hausmann, R.; Panizza, U.; and Stein,
 E. "Why Do Countries Float the Way They Float?" >i>Journal of Development
 Economics>/i>, 2001, 66 (2), 387-414.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>9</BIBL>	  <BIBTEXT> Keynes, J. M. >i>The Collected Writings
 of John Maynard Keynes, Volume XXV: Shaping the Post-War World.>/i> Edited
 by D. Moggridge. London: Macmillan, 1980.</BIBTEXT>	  </REF>      <REF>
	<BIBL>10</BIBL>        <BIBTEXT> Kindleberger, C. P. >i>The World
 in Depression.>/i> Berkeley: University of California Press,
 1973.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> Krugman, P., and Taylor, L. "Contractionary Effects of
 Devaluation." >i>Journal of International Economics>/i>, 1978, 8 (3),
 445-456.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> PÃ©rez, E., and Vernengo, M. "Back to the Future." International
 Development Economics Associates Working Paper no. 07/2008, New Delhi,
 India, 2008.</BIBTEXT>      </REF>	 <REF>	      <BIBL>13</BIBL>	   
  <BIBTEXT> Reinhart, C., and Rogoff, K. "The Modern History of Exchange
 Rate Arrangements: A Reinterpretation." >i>Quarterly Journal of
 Economics>/i>, 2004, 119 (1), 1-48.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>14</BIBL>	 <BIBTEXT> Vernengo, M., and Rochon, L.-P.
 "Exchange Rate Regimes and Capital Controls." >i>Challenge>/i>, 2000, 43
 (6), 76-92.</BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:199-212




Template-Type: ReDIF-Article 1.0
Author-Name: Robert W. Dimand 
Author-X-Name-First: Robert W. 
Author-X-Name-Last: Dimand 
Title: Central themes of Paul Davidson's >i>John Maynard Keynes>/i> 
Abstract:
 Paul Davidson's admirable and concise new introduction to Keynes the
 person and to the ideas of Keynes emphasizes Keynes's demonstration that
 even a competitive economy with freely flexible wages and prices may lack
 an adjustment mechanism to automatically restore full employment without
 active government stabilization policy. This paper underlines Davidson's
 critique of the neutral money axiom of neoclassicals economics by showing
 that money cannot be both neutral and superneutral, uses student notes on
 Keynes's lectures to extend Davidson's account of how IS-LM came to be
 accepted as a representation of Keynes, and questions Davidson's claim
 that the existence of equilibrium in neoclassical economics depends on
 assuming that all goods are gross substitutes.
Journal: Journal of Post Keynesian Economics 
Pages: 59-72 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: Paul Davidson, gross substitutes, John Maynard Keynes, neutral money, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=F146366P2375V262 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arrow, K.J., and Hahn,
 F.H. >i>General Competitive Analysis>/i>. San Francisco: Holden-Day;
 Edinburgh: Oliver & Boyd, 1971.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> Barber, W.J. >i>From New Era to New Deal:
 Herbert Hoover, the Economists, and American Economic Policy,
 1921-1933>/i>. Cambridge: Cambridge University Press, 1985.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Barber, W.J.
 >i>Designs Within Disorder: Franklin D. Roosevelt, the Economists, and the
 Shaping of American Economic Policy, 1933-1945>/i>. Cambridge: Cambridge
 University Press, 1996.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>4</BIBL>        <BIBTEXT> Bryce, R.B. "An Introduction to the Theory
 of Unemployment." In D. Moggridge (ed.), >i>The Collected Writings of John
 Maynard Keynes, Volume 29: The General Theory and AfterâA
 Supplement>/i>. London: Macmillan, 1979, pp. 132-150. [Originally written
 in 1935.]</BIBTEXT>	  </REF>      <REF>	   <BIBL>5</BIBL>	
 <BIBTEXT> Champernowne, D.G. "Unemployment, Basic and Monetary: The
 Classical Analysis and the Keynesian." >i>Review of Economic Studies>/i>,
 June 1936, 3, 201-216.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>6</BIBL>        <BIBTEXT> Davidson, P. "Money and General
 Equilibrium." >i>Economie AppliquÃ©e>/i>, 1977, 4, 541-563.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Davidson, P.
 >i>Money and the Real World>/i>, 2d ed. London: Macmillan, 1978.</BIBTEXT>
      </REF>	  <REF>        <BIBL>8</BIBL>	     <BIBTEXT> Davidson, P.
 "A Technical Definition of Uncertainty and the Long-Run Non-Neutrality of
 Money." >i>Cambridge Journal of Economics>/i>, 1988, 12 (3),
 329-337.</BIBTEXT>	 </REF>      <REF>	  <BIBL>9</BIBL>       
 <BIBTEXT> Davidson, P. >i>Controversies in Post Keynesian Economics>/i>.
 Aldershot, UK: Edward Elgar, 1991a.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>10</BIBL>	 <BIBTEXT> Davidson, P. "Is Probability Theory
 Relevant for Uncertainty? A Post Keynesian Perspective." >i>Journal of
 Economic Perspectives>/i>, Winter 1991b, 5 (1), 29-43.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>11</BIBL>	 <BIBTEXT> Davidson, P.
 >i>John Maynard Keynes>/i>. London: Palgrave/Macmillan, 2007.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>12</BIBL>	   <BIBTEXT> Dimand, R.W.
 >i>The Origins of the Keynesian Revolution: The Development of Keynes's
 Theory of Employment and Output>/i>. Aldershot, UK: Edward Elgar;
 Stanford: Stanford University Press, 1988.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>13</BIBL>	     <BIBTEXT> Dimand, R.W. "Irving Fisher,
 J.M. Keynes, and the Transition to Modern Macroeconomics." In A.F.
 Cottrell and M.S. Lawlor (eds.), >i>New Perspectives on Keynes>/i>, Annual
 Supplement to >i>History of Political Economy>/i>, vol. 27. Durham, NC:
 Duke University Press, 1995, pp. 247-266.</BIBTEXT>	  </REF>      <REF>
	<BIBL>14</BIBL>        <BIBTEXT> Dimand, R.W. "Keynes, Tarshis,
 Real and Money Wages, and Employment." In O.F. Hamouda and B.B. Price
 (eds.), >i>Keynesianism and the Keynesian Revolution in America: A
 Memorial Volume in Honour of Lorie Tarshis>/i>. Cheltenham, UK: Edward
 Elgar, 1998, pp. 91-102.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>15</BIBL>	<BIBTEXT> Dimand, R.W. "Keynes, IS-LM, and the
 Marshallian Tradition." >i>History of Political Economy>/i>, Spring 2007,
 39 (1), 81-95.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>    
    <BIBTEXT> Dimand, R.W. (ed.). >i>The Origins of Macroeconomics>/i>, 10
 vols. Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	  </REF>      <REF>
	<BIBL>17</BIBL>        <BIBTEXT> Fisher, I. "The Debt-Deflation
 Theory of Great Depressions." >i>Econometrica>/i>, October 1933, 1,
 337-357.</BIBTEXT>	 </REF>      <REF>	  <BIBL>18</BIBL>	
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      </REF>	
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:59-72




Template-Type: ReDIF-Article 1.0
Author-Name: Cesar Rodrigues van der Laan 
Author-X-Name-First: Cesar Rodrigues 
Author-X-Name-Last: van der Laan 
Author-Name: AndrÃ© Moreira Cunha 
Author-X-Name-First: AndrÃ© Moreira 
Author-X-Name-Last: Cunha 
Author-Name: Tiago Wickstrom Alves 
Author-X-Name-First: Tiago Wickstrom 
Author-X-Name-Last: Alves 
Title: External financial liberalization and growth in emerging countries: a panel data estimation using a new index (1990-2004) 
Abstract:
 The 2008 financial crisis and its economic downturn have reignited the
 fierce debate about the financial liberalization and its implications on
 economic growth, especially in the realm of the developing countries. In
 this paper, we focus on this line of research, contributing in two main
 ways. First, we present an alternative method to measure financial
 liberalization, based on the same International Monetary Fund (IMF) annual
 reports most studies currently use as source of data. Second, we use panel
 data for a group of relevant emerging countries in Latin America and East
 Asia, including the new proxy in an attempt to test its effects on
 economic growth during the recent period (1990-2004). The more reliable
 index has not changed the main consensus on the subject, though, as
 results are in accordance with the prevalent thesis on the literature,
 that is, the link between financial liberalization and economic growth
 might not be as strong as may be supposed in theory. This means the other
 basic theoretical determinants must instead be observed to spur growth,
 while countries should observe the Keynesian agenda of stabilizing
 international finance through the introduction of limits to the free
 mobility of capital flows, as IMF economists have recently supported.
Journal: Journal of Post Keynesian Economics 
Pages: 307-332 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: economic growth, financial liberalization, panel data, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=5Q83W85118312K67 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P.; Nissanke,
 M.; and Stein, H. "Finance and Development: Institutional and Policy
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   <REF>	<BIBL>2</BIBL>	      <BIBTEXT> Ariyoshi, A.; Habermeier,
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 <BIBTEXT> Bekaert, G.; Harvey, C.; and Lundblad, C. "Does Financial
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 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Davidson, P. >i>Financial
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 <BIBTEXT> Edison, H., and Warnock, F. "A Simple Measure of the Intensity
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    <BIBTEXT> Edwards, S. "Capital Mobility and Performance: Are Emerging
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      <BIBL>11</BIBL>	     <BIBTEXT> Eichengreen, B., and Leblang, D.
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 <BIBTEXT> Im, K. S.; Pesaran, M. H.; and Shin, Y. "Testing for Unit Roots
 in Heterogeneous Panels." >i>Journal of Econometrics>/i>, July 2003,
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 Arrangements and Exchange RestrictionsâAREAER.>/i> Washington, DC: IMF,
 1990-2005.</BIBTEXT>	   </REF>      <REF>	    <BIBL>16</BIBL>	  
 <BIBTEXT> International Monetary Fund. >i>World Economic Outlook: Crisis
 and Recovery.>/i> Washington, DC: IMF, April 2009.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>17</BIBL>	<BIBTEXT> International Monetary
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 10/04, Research Department, Washington, DC, February 19, 2010.</BIBTEXT>  
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 L., and Schmukler, S. L. "Short-Run Pain, Log-Run Gain: The Effects of
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 <BIBTEXT> Keynes, J. M. >i>The General Theory of Employment, Interest and
 Money.>/i> London: Macmillan, 1936.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>20</BIBL>	 <BIBTEXT> Kose, M.; Prasad, E.; and Taylor, A.
 "Thresholds in the Process of International Financial Integration."
 Working Paper no. 14.916, National Bureau of Economic Research, Cambridge,
 MA, April 2009.</BIBTEXT>	</REF>	    <REF>	 <BIBL>21</BIBL>   
     <BIBTEXT> Levin, A.; Lin, C.; and Chu, C. "Unit Root Tests in Panel
 Data: Asymptotic and Finite-Sample Properties." >i>Journal of
 Econometrics>/i>, May 2002, >i>108>/i>, 1-24.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Maddala, G., and Wu, S. "A
 Comparative Study of Unit Root Tests with Panel Data and a New Simple
 Test." >i>Oxford Bulletin of Economics and Statistics>/i>, November 1999,
 >i>61>/i> (S1), 631-652.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>23</BIBL>	<BIBTEXT> Minsky, H. >i>Stabilizing an Unstable
 Economy.>/i> New Haven: Yale University Press, 1986.</BIBTEXT>      </REF>
      <REF>	   <BIBL>24</BIBL>	  <BIBTEXT> Obstfeld, M.
 "International Finance in Developing Countries: What Have We Learned?"
 Working Paper no. 14.691, National Bureau of Economic Research, Cambridge,
 MA, February 2009.</BIBTEXT>	   </REF>      <REF>	    <BIBL>25</BIBL>
	<BIBTEXT> Obstfeld, M., and Taylor, A. >i>Global Capital Markets:
 Integration, Crisis, and Growth.>/i> Cambridge: Cambridge University
 Press, 2004.</BIBTEXT>      </REF>	 <REF>	      <BIBL>26</BIBL>	   
  <BIBTEXT> Ocampo, J.; Spiegel, S.; and Stiglitz, J. "Capital Market
 Liberalization and Development." In J. Ocampo and J. Stiglitz (eds.),
 >i>Capital Market Liberalization and Development.>/i> New York: Oxford
 University Press, 2008, pp. 1-47.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>27</BIBL>	<BIBTEXT> Ono, F.; Silva, G.; Oreiro, J.; and
 Paula, L. "Conversibilidade da Conta de Capitais e seus Desdobramentos:
 EvidÄncias a partir da ExperiÄncia Recente da Economia Brasileira e
 Mundial" [Capital Account Convertibility and Its Effects: Evidence from
 Recent Experience in Brazil and Abroad]. In >i>Proceedings of the VII
 Brazilian South Region Economics Meeting.>/i> Rio de Janeiro: Anpec, 2004,
 pp. 197-218.</BIBTEXT>      </REF>	 <REF>	      <BIBL>28</BIBL>	   
  <BIBTEXT> Ono, F.; Silva, G.; Oreiro, J.; and Paula, L. "Conversibilidade
 da Conta de Capitais, Taxa de Juros e Crescimento EconÃ´mico: uma
 avaliaÃ§Ã£o empÃ­rica da proposta de plena conversibilidade do real"
 [Capital Account Convertibility, Interest Rate and Econoic Growth: An
 Empirical Evaluation of the Real's Full-Convertibility Proposal].
 >i>Revista Economia ContemporÃ¢nea>/i>, May-August 2005, >i>9>/i> (2),
 231-261.</BIBTEXT>	 </REF>      <REF>	  <BIBL>29</BIBL>	
 <BIBTEXT> Prasad, E.; Rogoff, K.; Wei, S.; and Kose, M. "Effects of
 Financial Globalization on Development Countries: Some Empirical
 Evidence." IMF Occasional Paper no. 220, Washington, DC, 2003.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>30</BIBL>	    <BIBTEXT> Prasad, E.;
 Rogoff, K.; Wei, S.; and Kose, M. "Financial Globalization: A
 Reappraisal." Working Paper no. 06/189, International Monetary Fund,
 Washington, DC, 2006.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>31</BIBL>	<BIBTEXT> Quinn, D. "The Correlates of Change in
 International Financial Regulations." >i>American Political Science
 Review>/i>, 1997, >i>91>/i> (3), 531-551.</BIBTEXT>	  </REF>      <REF>
	<BIBL>32</BIBL>        <BIBTEXT> Rodrik, D. >i>One Economics, Many
 Recipes: Globalization, Institutions, and Economic Growth.>/i> Princeton:
 Princeton University Press, 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>33</BIBL>	<BIBTEXT> Stiglitz, J.; Ocampo, J.; Spiegel, S.;
 Ffrench-Davis, R.; and Nayyar, D. >i>Stability with Growth:
 Macroeconomics, Liberalization and Development.>/i> New York: Oxford
 University Press, 2006.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>34</BIBL>	<BIBTEXT> Tobin, J. "Financial Liberalization."
 >i>World Development>/i>, 2000, >i>28>/i> (6), 1101-1104.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>35</BIBL>	 <BIBTEXT> World Bank.
 >i>World Development Indicators.>/i> Washington, DC, 2007 (available at >a
 target="_blank"
 href='http://data.worldbank.org'>http://data.worldbank.org>/a></BIBTEXT>  
    </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:307-332




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-FranÃ§ois  Ponsot 
Author-X-Name-First: Jean-FranÃ§ois  
Author-X-Name-Last: Ponsot 
Author-Name: Louis-Philippe  Rochon 
Author-X-Name-First: Louis-Philippe  
Author-X-Name-Last: Rochon 
Title: South America and a new financial architecture 
Abstract:
Journal: Journal of Post Keynesian Economics 
Pages: 155-162 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9452PK44V416585J 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Kenen, P., and Meade,
 E. >i>Regional Monetary Integration.>/i> Cambridge: Cambridge University
 Press, 2008.</BIBTEXT>      </REF>	 <REF>	      <BIBL>2</BIBL>	   
 <BIBTEXT> Mundell, R. A. "A Theory of Optimum Currency Areas." >i>American
 Economic Review>/i>, 1961, 51 (4), 657-665.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Rogoff, K. "Why Not a Global
 Currency?" >i>American Economic Review>/i>, 2001, 91 (2),
 243-247.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Stockhammer, E. "Financialisation and the Slowdown of
 Accumulation." >i>Cambridge Journal of Economics>/i>, 2004, 28 (5),
 719-741.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:155-162




Template-Type: ReDIF-Article 1.0
Author-Name: Rainer Kattel 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Kattel 
Title: Financial and economic crisis in Eastern Europe 
Abstract:
 Most Eastern European policymakers acted as if they had been completely
 taken by surprise when the global financial crisis hit them in late 2008.
 This paper argues that the partially enormous imbalances, particularly in
 the Baltic economies, were, however, visible far and beyond. The foreign
 savings-led strategy that relied on foreign direct investments,
 cross-border lending, and exports created an almost decade-long carry
 trade of easy credit in Eastern Europe in the 2000s that, first,
 transformed the domestic financial sector into largely foreign-owned
 universal banks with weak linkages toward the domestic productive sector
 and, second, burdened Eastern European consumers and producers with both
 interest and currency risks. The paper further argues that Eastern
 European economies are experiencing decreasing returns from integration
 into European production networks as they still seriously lag behind
 European core economies and East Asian catching-up countries both in
 productivity and knowledge intensity. In essence, the credit and
 consumption boom helped to gloss over deeper structural problems during
 the 2000s. Thus, during the next few years, Eastern European economies
 will continue to rely on European fiscal transfers but need to
 considerably step up their efforts in industrial and innovation policies
 in order to pave the road out of the current crisis.
Journal: Journal of Post Keynesian Economics 
Pages: 41-60 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: Eastern Europe, financial crisis, industrial restructuring, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Q23026X4M3548631 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 of Unbalanced Growth in the World Economy." >i>Weltwirtschaftliches
 Archiv>/i>, 1961, >i>86>/i>, 196-217.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>2</BIBL>	  <BIBTEXT> Banai, A.; KirÃ¡ly, J.; and VÃ¡rhegyi,
 E. "A Special Aspect of the Past 20 Years: Dominance of Foreign Banks in
 Emerging Europe with Special Regard to Hungary." Paper presented at the
 London Metropolitan Business School's Centre for International Capital
 Markets Conference, October 20, 2009 (available at >a target="_blank"
 href='http://www.londonmet.ac.uk/londonmet/fms/MRSite/acad/lmbs/RESEARCH%2
 0CENTRES/CICM/CICM%20CONFERENCE%20PAPERS/Transition%20Economies-Performanc
 e%20and%20Prospect/Dominance%200f%20Foreign%20Banks%20in%20Emerging%20Euro
 pe%20-%20Banai%20A,%20Kiraly%20J,%20Varhegyi%20E.pdf'>www.londonmet.ac.uk/
 londonmet/fms/MRSite/acad/lmbs/RESEARCH%20CENTRES/CICM/CICM%20CONFERENCE%2
 0PAPERS/Transition%20Economies-Performance%20and%20Prospect/Dominance%200f
 %20Foreign%20Banks%20in%20Emerging%20Europe%20-%20Banai%20A,%20Kiraly%20J,
 %20Varhegyi%20E.pdf>/a></BIBTEXT>	</REF>	    <REF>	
 <BIBL>3</BIBL>        <BIBTEXT> Becker, J., and Weissenbacher, R. (eds.).
 >i>Dollarization, Euroization and Financial Instability: Central and
 Eastern European Countries Between Stagnation and Financial Crisis?>/i>
 Marburg: Metropolis, 2007.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>4</BIBL>        <BIBTEXT> Bonin, J., and Wachtel, P. "Financial
 Sector Development in Transition Economies: Lessons from the First
 Decade." Discussion Paper no. 9, Institute for Economies in Transition,
 Bank of Finland, Helsinki, 2002.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>5</BIBL>        <BIBTEXT> >i>BusinessWeek.>/i> "Rise of a
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 href='http://www.businessweek.com/magazine/content/05_50/b3963021.htm'>www
 .businessweek.com/magazine/content/05_50/b3963021.htm>/a></BIBTEXT>	 
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> FitchRatings.
 "Emerging Europe: Negative Outlook!" January 23, 2009.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Guerrieri, P.
 "Trade Patterns, FDI, and Industrial Restructuring of Central and Eastern
 Europe." Berkley Roundtable on the International Economy (BRIE) Working
 Paper Series no. 124, 1998, Berkley, CA (available at >a target="_blank"
 href='http://brie.berkeley.edu/publications/WP124.pdf'>http://brie.berkele
 y.edu/publications/WP124.pdf>/a></BIBTEXT>	 </REF>      <REF>	 
 <BIBL>8</BIBL>        <BIBTEXT> Haiss, P.; Paulhart, A.; and Rainer, W.
 "Do Foreign Banks Drive Foreign Currency Lending in Central and Eastern
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 href='http://papers.ssrn.com/s013/papers.cfm?abstract_id=1343557'>http://p
 apers.ssrn.com/s013/papers.cfm?abstract_id=1343557>/a></BIBTEXT>     
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> International
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 October 2009.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	   
   <BIBTEXT> Karo, E., and Kattel, R. "The Copying Paradox: Why Converging
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 Innovation Systems?" >i>International Journal of Institutions and
 Economies>/i>, 2010, >i>2>/i> (2), forthcoming.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Kattel, R. "The Rise and
 Fall of the Baltic States." >i>Development and Transition>/i>, 2009,
 >i>13>/i> (available at >a target="_blank"
 href='http://www.developmentandtransition.net/index.cfm?module=ActiveWeb&p
 age=WebPage&DocumentID=725'>www.developmentandtransition.net/index.cfm?mod
 ule=ActiveWeb&page=WebPage&DocumentID=725>/a></BIBTEXT>      </REF>	 
 <REF>	      <BIBL>12</BIBL>	     <BIBTEXT> Kattel, R.; Reinert, E. S.;
 and Suurna, M. "Industrial Restructuring and Innovation Policy in Central
 and Eastern Europe Since 1990." In M. Cimoli, G. Dosi, and A. Primi
 (eds.). >i>Learning, Knowledge and Innovation Policy: Policy Challenges
 for the 21st Century.>/i> Oxford: Oxford University Press, 2010,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>13</BIBL>	   
  <BIBTEXT> Krugman, P. "Trade and Wage, Reconsidered." Princeton,
 February, 2008 (available at >a target="_blank"
 href='http://www.princeton.edu/~pkrugman/pk-bpea-draft.pdf'>www.princeton.
 edu/~pkrugman/pk-bpea-draft.pdf>/a></BIBTEXT>	    </REF>	<REF>	   
  <BIBL>14</BIBL>	 <BIBTEXT> Krugman, P. "Crises." Princeton, January
 2010 (available at >a target="_blank"
 href='http://www.princeton.edu/~pkrugman/CRISES.pdf'>www.princeton.edu/~pk
 rugman/CRISES.pdf>/a></BIBTEXT>      </REF>	  <REF>       
 <BIBL>15</BIBL>	<BIBTEXT> Krugman, P., and Obstfeld, M.
 >i>International Economics: Theory and Policy>/i>, 7th ed. Boston:
 Addison-Wesley, 2005.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>16</BIBL>	<BIBTEXT> Magnusson, N., and Eglitis, A. "How
 Latvia Exports Cars Without a Car Industry." >i>BusinessWeek>/i>, December
 24, 2009 (available at >a target="_blank"
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 935.htm'>www.businessweek.com/globalbiz/content/dec2009/gb20091224_283935.
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 <BIBTEXT> Mihaljek, D. "The Spread of the Financial Crisis to Central and
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 <BIBL>18</BIBL>	<BIBTEXT> Perez, C. >i>Technological Revolutions
 and Financial Capital: The Dynamics of Bubbles and Golden Ages.>/i>
 Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>19</BIBL>	 <BIBTEXT> Tiits, M.; Kattel, R.; Kalvet, T.; and
 Tamm, D. "Catching Up, Pressing Forward or Falling Behind? Central and
 Eastern European Development in 1990-2005." >i>European Journal of Social
 Science Research>/i>, March 2008, >i>21>/i> (1), 65-85.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> World Bank.
 >i>Economic Growth in the 1990s: Learning from a Decade of Reform.>/i>
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 m/lessons1990s/>/a></BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:41-60




Template-Type: ReDIF-Article 1.0
Author-Name: Annina Kaltenbrunner
Author-X-Name-First: Annina
Author-X-Name-Last: Kaltenbrunner
Title: A post Keynesian framework of exchange rate determination: a Minskyan approach
Abstract: 
 This paper proposes a general framework to analyze exchange rate determination from a post Keynesian perspective based on chapter 17 of the General Theory. The paper shows that this framework accounts for both the importance of context and time-specific expectations put forward by existing post Keynesian exchange rate theory, and for the hierarchic and structured nature of the international monetary system that is crucial to understanding exchange rate movements in developing and emerging countries (DECs). To analyze these currency hierarchies, the paper presents a novel Minskyan approach that emphasizes the structural determinants of these hierarchies and currency positions in international debtor–creditor relations. This approach can better account for DECs’ continued monetary subordination and points to the endogenous and self-perpetuating nature of international monetary hierarchies.
Journal: Journal of Post Keynesian Economics
Pages: 426-448
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1065678
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065678
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Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:426-448




Template-Type: ReDIF-Article 1.0
Author-Name: Egert Juuse
Author-X-Name-First: Egert
Author-X-Name-Last: Juuse
Title: “Latin Americanization” of the Estonian economy: institutional analysis of financial fragility and the financialization process
Abstract: 
 By drawing on the tradition of institutionalism and the Minsky–Kregel framework on sovereign financial systems, the paper discusses the nature of and the institutional factors behind financial fragility in Estonia within a wider financialization phenomenon. The study reveals the emergence of two interrelated manifestations of the financialization process in Estonia in the form of increased international inequality in favor of foreign actors, accruing from cross-border investment activity, and higher debt burden of the household sector against the accumulation of savings in the economy as a whole. Institutionally, these developments have been supported by the embeddedness of the Washington Consensus policies. Given the lack of intervention in the economy by means of either prudential capital account controls or specific foreign direct investment policies, the result has been a heavy reliance on foreign capital in both the financial and nonfinancial sectors. Furthermore, the privatization process and recurring banking failures associated with the transition process have created a particular historical context in terms of institutional arrangements and idiosyncratic elements that laid the groundwork for deteriorating internal and external imbalances in the economy.
Journal: Journal of Post Keynesian Economics
Pages: 399-425
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1070270
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1070270
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Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:399-425




Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser
Author-X-Name-First: J. Barkley
Author-X-Name-Last: Rosser
Title: Reconsidering ergodicity and fundamental uncertainty
Abstract: 
 This paper studies the relationships between the concepts of ergodicity, stationarity, homogeneity, and Keynesian fundamental uncertainty in light of a recent debate between Rod O’Donnell (2014–15) and Paul Davidson (2015). The latter has long argued that Keynesian fundamental uncertainty is best viewed as an axiomatic ontological condition of nonergodicity of a system. This influential view is challenged by O’Donnell who favors an epistemological behavioral perspective based on people having imperfect knowledge. Whereas for Davidson it is Keynes overthrowing the axiom of ergodicity that is fundamental, for O’Donnell it is Keynes overthrowing the axiom of perfect knowledge. We shall find that both parties make valid points in this debate, but further clarification is needed. Both accept that while Keynes never used the term “ergodicity” in his writings, he did discuss problems of nonhomogeneity of data when critiquing the econometric methodology of Jan Tinbergen. While it is known that a stationary series may be nonergodic, such as a limit cycle, it is much less well known and not commented on by either of them that a nonstationary series may be ergodic. Furthermore, while a nonstationary series must be nonhomogeneous, a nonhomogeneous series may be stationary under proper transformations such as first differencing. Deeper connections of the development of ergodic theory and chaos theory and this link to the debate over fundamental uncertainty are also discussed.
Journal: Journal of Post Keynesian Economics
Pages: 331-354
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1070271
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1070271
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin W. Capehart
Author-X-Name-First: Kevin W.
Author-X-Name-Last: Capehart
Title: Hyman Minsky’s interpretation of Donald Trump
Abstract: 
 Hyman Minsky’s interpretation of The General Theory by John Maynard Keynes has received renewed attention in recent years. This article draws attention to Minsky’s interpretation of another book by another author: The Art of the Deal by Donald Trump. The article begins by summarizing Trump’s interpretation of himself in his book. In Trump’s interpretation, he was an artist when it came to making deals, and appreciation in the value of his assets was proof of his deal-making artistry. Next, the article summarizes Minsky’s interpretation of Trump. In Minsky’s interpretation, Trump’s deal-making artistry was predicated on appreciation in the value of his assets because of the fragility of his financing. To conclude, the article argues that Minsky’s interpretation of The Art of the Deal is a point of entry into his body of work.
Journal: Journal of Post Keynesian Economics
Pages: 477-492
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1075358
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1075358
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Template-Type: ReDIF-Article 1.0
Author-Name: James M. Cypher
Author-X-Name-First: James M.
Author-X-Name-Last: Cypher
Title: The origins and evolution of military Keynesianism in the United States
Abstract: 
 From after World War II until late 1971, the U.S. economy demonstrated new capacities in terms of macroeconomic stability during the so-called Golden Age: recessions were brief and shallow while growth was strong, generating shared returns for the working class, a burgeoning middle class, as well as for capital-owners. Neither then nor up to now has there been sufficient recognition of the key role played by military expenditures in this dynamic process. These enormous outlays at times accounted for as much as 25 percent of gross domestic product—including their induced multiplier effects. This article examines the origins of what has been termed “military Keynesianism” during the Golden Age, emphasizing the little-known leading role played by Leon Keyserling. Keyserling exercised behind-the-scenes power in order to convert Keynesian theory into a macroeconomic policy that would be both consistent with the U.S. institutional context and sufficiently large to promote long-term conditions for full employment. With a degree of audacity, at a historically opportune moment given the socioeconomic resonance of the foundational document known as “NSC-68” promulgated by the “state within the state”—the National Security State—Keyserling successfully challenged the fallacious neoclassical “law” of guns or butter.
Journal: Journal of Post Keynesian Economics
Pages: 449-476
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1076704
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1076704
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Bresser-Pereira
Author-X-Name-First: Luiz Carlos
Author-X-Name-Last: Bresser-Pereira
Author-Name: Pedro Rossi
Author-X-Name-First: Pedro
Author-X-Name-Last: Rossi
Title: Sovereignty, the exchange rate, collective deceit, and the euro crisis
Abstract: 
 This paper presents an interpretation of the European crisis based on balance-of-payments imbalances within the Eurozone, highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the euro into a “foreign currency” for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.
Journal: Journal of Post Keynesian Economics
Pages: 355-375
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1087807
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1087807
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Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:355-375




Template-Type: ReDIF-Article 1.0
Author-Name: Julio López
Author-X-Name-First: Julio
Author-X-Name-Last: López
Title: Trade and financial liberalization revisited: Mexico’s experience
Abstract: 
 In the middle of two crises, the first one in 1982 and a second one in 1986, Mexico initiated a new economic strategy, inaugurated with two important reforms: trade liberalization, and financial liberalization and deregulation. With the first reform the economic authorities wanted to reposition Mexico in the international division of labor. With the second one they aimed at attracting capital inflows and modernizing the banking sector. Resolute commitment to drastic trade and to financial liberalization brought praise from a large part of the press and from international organizations, especially during the years from the mid-1980s to the mid-1990s when these two reforms were fully implemented. They were therefore greatly surprised when at the end of 1994 Mexico went into a deep crisis. The objective of this work is to study this period, to argue that the results of those reforms did not deserve to be praised, and to explain why the crisis could have been anticipated. Mexico’s experience is important in itself but we can also learn a lot from its positive results as well as its shortcomings. This is why an analytical reflection on the reasons for its failure to achieve the expected benefits is still important today.
Journal: Journal of Post Keynesian Economics
Pages: 376-398
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1087809
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1087809
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Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:376-398




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 493-493
Issue: 3
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1120144
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1120144
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Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:493-493




Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia  Desli 
Author-X-Name-First: Evangelia  
Author-X-Name-Last: Desli 
Title: Convergence and efficiency: evidence from the EU-15 
Abstract:
 This paper considers per capita income and productive efficiency
 beta-convergence for 15 EU countries (EU-15) during the European Economic
 and Monetary Union and the period preceding it. A production frontier
 approach is used to obtain efficiency measures. Even though we uncover
 evidence of convergence in both per capita income and efficiency, the
 results differ across various subperiods. Convergence per capita income
 occurs during 1986-90 and 1991-95. Productive efficiency convergence
 occurs during 1986-90, 1996-2000, and 2000-4. When we control for
 different efficiency levels, it emerges that less efficient countries
 display per capita income convergence more often. We also consider the
 implications of income inequality on per capita income growth and
 productive efficiency change and find that it mainly affects the latter.
Journal: Journal of Post Keynesian Economics 
Pages: 403-430 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: beta-convergence, data envelopment analysis, efficiency, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=CR32684V65K68215 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Afriat, S. "Efficiency
 Estimation of Production Functions." >i>International Economic Review>/i>,
 1972, >b>13>/b> (3), 568-598.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>2</BIBL>        <BIBTEXT> Banker, R.D.; Charnes, A.; and Cooper W.W.
 "Some Models for Estimating Technical and Scale Inefficiencies in Data
 Envelopment Analysis." >i>Management Science>/i>, 1984, >b>30>/b> (9),
 1078-1092.</BIBTEXT>	   </REF>      <REF>	    <BIBL>3</BIBL>	 
 <BIBTEXT> Barro, R.J. "Economic Growth in a Cross Section of Countries."
 >i>Quarterly Journal of Economics>/i>, 1991, >b>106>/b> (2),
 407-443.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Barro, R.J. "Inequality and Growth in a Panel of Countries."
 >i>Journal of Economic Growth>/i>, 2000, >b>5>/b> (2), 5-32.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>5</BIBL>	 <BIBTEXT> Barro, R.J., and
 Sala-i-Martin, X. "Convergence Across States and Regions." >i>Brookings
 Papers on Economic Activity>/i>, 1991, >b>1>/b>, 107-182.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Barro, R.J., and
 Sala-i-Martin, X. "Convergence." >i>Journal of Political Economy>/i>,
 1992a, >b>100>/b> (2), 223-251.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>7</BIBL>        <BIBTEXT> Barro, R.J., and Sala-i-Martin, X.
 "Regional Growth and Migration: A Japan-United States Comparison."
 >i>Journal of the Japanese and International Economies>/i>, 1992b,
 >b>6>/b> (December), 312-346.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>8</BIBL>        <BIBTEXT> Barro, R.J., and Sala-i-Martin, X.
 >i>Economic Growth.>/i> Cambridge, MA: MIT Press, 1999.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Baumol, W.J.
 "Productivity Growth, Convergence, and Welfare: What the Long-Run Data
 Show." >i>American Economic Review>/i>, 1986, >b>76>/b> (5),
 1072-1085.</BIBTEXT>	   </REF>      <REF>	    <BIBL>10</BIBL>	  
 <BIBTEXT> Benabou, R. "Inequality and Growth." In B. Bernanke and J.
 Rotemberg (eds.), >i>NBER Macroeconomics Annual 1996.>/i> Cambridge, MA:
 MIT Press, 1996, pp. 11-73.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>11</BIBL>	<BIBTEXT> Bleaney, M., and Nishiyama, A.
 "Convergence in Income Inequality: Differences Between Advanced and
 Developing Countries," >i>Economics Bulletin>/i>, 2003, >b>4>/b> (22),
 1-10.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Bleaney, M., and Nishiyama, A. "Some International Evidence on
 Poverty Alleviation and Economic Growth." >i>European Journal of
 Development Research>/i>, 2004, >b>16>/b> (4), 827-844.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>13</BIBL>	 <BIBTEXT> Bourguignon, F.
 "The Poverty-Growth-Inequality Triangle." Working Paper no. 125, Indian
 Council for Research on International Economic Relations, New Delhi,
 India, 2004.</BIBTEXT>      </REF>	 <REF>	      <BIBL>14</BIBL>	   
  <BIBTEXT> Bourguignon, F., and Morrison, C. "Inequality Among World
 Citizens: 1820-1992." >i>American Economic Review>/i>, 2002, >b>92>/b>
 (4), 727-744.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	   
   <BIBTEXT> Charnes, A.; Cooper, W.W.; and Rhodes, E. "Measuring the
 Efficiency of Decision Making Units." >i>European Journal of Operational
 Research>/i>, 1978, >b>2>/b> (6), 429-444.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>16</BIBL>	     <BIBTEXT> Chortareas, G., and
 Pelagidis, T. "Trade Flows: A Facet of Regionalism or Globalisation?"
 >i>Cambridge Journal of Economics>/i>, 2004, >b>28>/b> (2),
 253-271.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>	
 <BIBTEXT> Ezcurra, R., and Pascual, P. "Is There Convergence in Income
 Inequality Levels Among the European Regions?" >i>Applied Economics
 Letters>/i>, 2005, >b>12>/b> (12), 763-767.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>18</BIBL>	     <BIBTEXT> Farrell, M.J. "The
 Measurement of Technical Efficiency." >i>Journal of the Royal Statistical
 Society>/i> Series A, 1957, >b>120>/b> (Part 3), 253-281.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>19</BIBL>	 <BIBTEXT> Farrell, M.J.,
 and Fieldhouse, M. "Estimating Efficient Production Functions Under
 Increasing Returns to Scale." >i>Journal of the Royal Statistical
 Society>/i> Series A, 1962, >b>125>/b> (Part 2), 252-267.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Kaldor, N.
 "Alternative Theories of Distribution," >i>Review of Economic Studies>/i>,
 1956, >b>23>/b>, 83-100.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>21</BIBL>	<BIBTEXT> Kumar, S., and Russell, R.R.
 "Technological Change, Technological Catch-Up, and Capital Deepening:
 Relative Contributions to Growth and Convergence." >i>American Economic
 Review>/i>, 2002, >b>92>/b> (3), 527-554.</BIBTEXT>	  </REF>      <REF>
	<BIBL>22</BIBL>        <BIBTEXT> Ravallion, M. "Inequality
 Convergence." Working Paper 2645, World Bank, Washington, DC,
 2001.</BIBTEXT>      </REF>	  <REF>        <BIBL>23</BIBL>	     
 <BIBTEXT> Ravallion, M. "Inequality Convergence," >i>Economics
 Letters>/i>, September 2003, >b>80>/b> (3), 351-356.</BIBTEXT>      </REF>
      <REF>	   <BIBL>24</BIBL>	  <BIBTEXT> Ray, S.C. >i>Data
 Envelopment Analysis: Theory and Techniques for Economics and Operations
 Research.>/i> New York: Cambridge University Press, 2004.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>25</BIBL>	 <BIBTEXT> Sala-i-Martin,
 X. "The World Distribution of Income: Falling Poverty and â¦ Convergence,
 Period." >i>Quarterly Journal of Economics>/i>, 2006, >b>121>/b> (2),
 351-397.</BIBTEXT>	 </REF>      <REF>	  <BIBL>26</BIBL>	
 <BIBTEXT> Salinas-Jimenez, M.M.; Alvarez-Ayoso, I.; and Delgado-Rodriguez,
 M.J. "Capital Accumulation and TFP Growth in the EU: A Production Frontier
 Approach." >i>Journal of Policy Modeling>/i>, 2006, >b>28>/b> (2),
 195-205.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>	
 <BIBTEXT> Solow, R.M. "A Contribution to the Theory of Economic Growth."
 >i>Quarterly Journal of Economics>/i>, 1956, >b>70>/b> (1),
 65-94.</BIBTEXT>      </REF>	   <REF>	<BIBL>28</BIBL>       
 <BIBTEXT> Timmer, M.P.; Ypma, G.; and van Ark, B. "IT in the European
 Union: Driving Productivity Divergence?" GGDC Research Memorandum GD-67,
 University of Groningen, 2003.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>29</BIBL>	<BIBTEXT> Tsionas, E. "Productivity Convergence in
 Europe." >i>Eastern Economic Journal>/i>, 2000, >b>26>/b> (3),
 297-320.</BIBTEXT>	 </REF>      <REF>	  <BIBL>30</BIBL>	
 <BIBTEXT> United Nations Development Program. "Human Development Report."
 New York, 2001.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:403-430




Template-Type: ReDIF-Article 1.0
Author-Name: Mark  Setterfield 
Author-X-Name-First: Mark  
Author-X-Name-Last: Setterfield 
Title: Fiscal and monetary policy interactions: lessons for revising the EU Stability and Growth Pact 
Abstract:
 This paper explores the macroeconomic consequences of interactions between
 fiscal and monetary policy, in an environment characterized by endogenous
 money in which the interest rate is set exogenously by the central bank.
 Three "benchmark" interest rate operating procedures are identified, none
 of which presupposes that the main purpose of the central bank is to
 engage in inflation targeting. The paper then explores the consequences
 for macroeconomic performance (specifically, short-run growth and the rate
 of inflation) of activist fiscal policies designed to raise the short-run
 growth rate. The results provide insights into fiscal and monetary policy
 interactions in the sort of macroeconomic environment envisaged by some
 critics of the European Central Bank and the Stability and Growth Pact. In
 so doing, they provide lessons for those calling for fundamental reforms
 of both institutions.
Journal: Journal of Post Keynesian Economics 
Pages: 623-643 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, monetary policy, Stability and Growth Pact, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U5664483241474M3 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P., and
 Sawyer, M. "Reinventing Fiscal Policy." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2003, >i>26>/i> (1), 3-25.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Arestis, P., and Sawyer, M.
 "On the Effectiveness of Monetary Policy and of Fiscal Policy." >i>Review
 of Social Economy>/i>, 2004, >i>62>/i> (4), 441-463.</BIBTEXT>      </REF>
      <REF>	   <BIBL>3</BIBL>	 <BIBTEXT> Burdekin, R.C.K., and
 Burkett, P. >i>Distributional Conflict and Inflation: Theoretical and
 Historical Perspectives.>/i> London: Macmillan, 1996.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Chadha, J.S., and
 Nolan, C. "Optimal Simple Rules for the Conduct of Monetary and Fiscal
 Policy." >i>Journal of Macroeconomics>/i>, 2007, >i>29>/i> (4),
 665-689.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> Dutt, A.K. "Alternative Closures Again: A Comment on âGrowth,
 Distribution and Inflation.â" >i>Cambridge Journal of Economics>/i>,
 1987, >i>11>/i> (1), 75-82.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>6</BIBL>        <BIBTEXT> Dutt, A.K. "Rentiers in Post-Keynesian
 Models." In P. Arestis and V. Chick (eds.), >i>Recent Developments in
 Post-Keynesian Economics.>/i> Aldershot, UK: Edward Elgar, 1992, pp.
 95-122.</BIBTEXT>	</REF>	    <REF>	 <BIBL>7</BIBL>       
 <BIBTEXT> Dutt, A.K., and Amadeo, E. "A Post-Keynesian Theory of Growth,
 Interest and Money." In M. Baranzini and G.C. Harcourt (eds.), >i>The
 Dynamics of the Wealth of Nations: Growth, Distribution and Structural
 Change.>/i> London: Macmillan, 1993, pp. 181-205.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>8</BIBL>	      <BIBTEXT> Eisner, R. "The Retreat
 from Full Employment." In P. Arestis (ed.), >i>Employment, Economic Growth
 and the Tyranny of the Market: Essays in Honour of Paul Davidson>/i>, vol.
 2. Cheltenham, UK: Edward Elgar, 1996, pp. 106-130.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Fazzari, S.; Hubbard,
 R.G.; and Petersen, B.C. "Financing Constraints and Corporate Investment."
 >i>Brookings Papers on Economic Activity>/i>, 1988, >i>1>/i>,
 141-195.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>	
 <BIBTEXT> Freedman, C.; Harcourt, G.C.; and Kriesler, P. "Has the Long-Run
 Phillips Curve Turned Horizontal?" In G. Argyrous, M. Forstater, and G.
 Mongiovi (eds.), >i>Growth, Distribution and Effective Demand:
 Alternatives to Economic Orthodoxy.>/i> Armonk, NY: M.E. Sharpe, 2004, pp.
 144-162.</BIBTEXT>	 </REF>      <REF>	  <BIBL>11</BIBL>	
 <BIBTEXT> Isaac, A.G. "Monetary and Fiscal Interactions: Short-Run and
 Long-Run Implications." >i>Metroeconomica>/i>, 2009, >i>60>/i> (1),
 197-223.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> Lavoie, M. >i>Foundations of Post-Keynesian Economic
 Analysis.>/i> Aldershot, UK: Edward Elgar, 1992.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>13</BIBL>	      <BIBTEXT> Lima, G.T., and
 Setterfield, M. "Pricing Behaviour and the Cost-Push Channel of Monetary
 Policy." >i>Review of Political Economy>/i> (forthcoming).</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> McCombie,
 J.S.L., and Thirlwall, A.P. >i>Economic Growth and the Balance-of-Payments
 Constraint.>/i> London: Macmillan, 1994.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>15</BIBL>	      <BIBTEXT> Palley, T.I. >i>Post Keynesian
 Economics: Debt, Distribution and the Macro Economy.>/i> London:
 Macmillan, 1996.</BIBTEXT>	 </REF>      <REF>	  <BIBL>16</BIBL>  
      <BIBTEXT> Rochon, L.-P., and Setterfield, M. "Interest Rates, Income
 Distribution and Monetary Policy Dominance: Post Keyncsians and the
 âFair Rateâ of Interest." >i>Journal of Post Keynesian Economics>/i>,
 Fall 2007a, >i>30>/i> (1), 13-42</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>17</BIBL>	<BIBTEXT> Rochon, L.-P., and Setterfield, M. "Post
 Keynesian Interest Rate Rules and Macroeconomic Performance: A Comparative
 Evaluation." Trinity College, Hartford, CT, May 2007b.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> Setterfield, M.
 "Is There a Stabilizing Role for Fiscal Policy in the New Consensus?"
 >i>Review of Political Economy>/i>, 2007a, >i>9>/i> (3),
 405-418.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Rochon, L.-P., and Setterfield, M. "The Rise, Decline and Rise
 of Incomes Policies in the U.S. During the Post-War Era: An
 Institutional-Analytical Explanation of Inflation and the Functional
 Distribution of Income." >i>Journal of Institutional Economics>/i>, 2007b,
 >i>3>/i> (2), 127-146.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>20</BIBL>	<BIBTEXT> Rochon, L.-P., and Setterfield, M.
 "Macroeconomics Without the LM Curve: An Alternative View." >i>Cambridge
 Journal of Economics>/i>, 2009, >i>33>/i> (2), 273-293.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> Taylor, J.B.
 "Reassessing Discretionary Fiscal Policy." >i>Journal of Economic
 Perspectives>/i>, 2000, >i>14>/i> (3), 21-36.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Tobin, J. "The Natural Rate
 as New Classical Macroeconomics." In R. Cross (ed.), >i>The Natural Rate
 of Unemployment: Reflections on 25 Years of the Hypothesis.>/i> Cambridge:
 Cambridge University Press, 1995, pp. 32-42.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:623-643




Template-Type: ReDIF-Article 1.0
Author-Name: H. Atesoglu
Author-X-Name-First: H.
Author-X-Name-Last: Atesoglu
Title: Monetary policy rules and U.S. monetary policy
Abstract: 
 An inflation-augmented Atesoglu monetary policy rule is introduced. The Atesoglu rule is based on an estimate of the neutral rate of interest of Keynes. Actual Fed monetary policy and policy implied by Atesoglu rules are compared. During the 1994:2-2006:4 period, monetary policy suggested by the inflation-augmented Atesoglu rule is closer to that indicated by the Atesoglu rule rather than the actual Fed monetary policy. Findings reveal that the monetary policy implied by the Atesoglu rules has been less restrictive and less volatile than the actual Fed monetary policy.
Journal: Journal of Post Keynesian Economics
Pages: 403-408
Issue: 3
Volume: 30
Year: 2008
X-DOI: 10.2753/PKE0160-3477300305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300305
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:30:y:2008:i:3:p:403-408




Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey 
Author-X-Name-First: John T. 
Author-X-Name-Last: Harvey 
Title: Modeling financial crises: a schematic approach 
Abstract:
 John Maynard Keynes argued that crises were systemic and that, unless
 serious reforms were implemented, they would tend to grow in frequency and
 severity. The paper sets out to build a Keynes-style model of crises that
 captures both the unique characteristics of each type and their common
 roots. A schematic method is employed that traces the processes in time
 and shows how events become interrelated and mutually causal. This permits
 us, as much as possible, to see everything at onceâa necessity when the
 buildup to a crisis may manifest itself in so many places.
Journal: Journal of Post Keynesian Economics 
Pages: 61-82 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: financial crisis, Keynes, Minsky, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9R54P5626656316U 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Dunn, S. P. "Bounded
 Rationality Is not Fundamental Uncertainty: A Post Keynesian Perspective."
 >i>Journal of Post Keynesian Economics>/i>, Summer 2001, >i>23>/i> (4),
 567-587.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Grabel, I. "Averting Crisis? Assessing Measures to Manage
 Financial Integration in Emerging Economies." >i>Cambridge Journal of
 Economics>/i>, 2003, >i>27>/i> (3), 317-336.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Harvey, J. T. "Keynes'
 Chapter Twenty-Two: A System Dynamics Model." >i>Journal of Economic
 Issues>/i>, 2002, >i>26>/i> (2), 373-382.</BIBTEXT>	  </REF>      <REF>
	<BIBL>4</BIBL>	      <BIBTEXT> Harvey, J. T. >i>Currencies,
 Capital Flows, and Crises: A Post Keynesian Analysis of Exchange Rate
 Determination.>/i> London: Routledge, 2009.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Kahneman, D., and Lovallo, D.
 "Timid Choices and Bold Forecasts: A Cognitive Perspective on Risk
 Taking." >i>Management Science>/i>, 1993, >i>39>/i> (1), 17-31.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Keynes, J. M.
 >i>The General Theory of Employment, Interest and Money.>/i> San Diego:
 Harcourt Brace Jovanovich, 1964.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>7</BIBL>        <BIBTEXT> Minsky, H. P. >i>Can "It" Happen
 Again?>/i> Armonk, NY: M. E. Sharpe, 1982.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Minsky, H. P. "The Financial
 Instability Hypothesis." Working Paper Number 74, Jerome Levy Economics
 Institute of Bard College, Annandale-on-Hudson, NY, May 1992 (available at
 >a target="_blank"
 href='http://www.levy.org/pubs/wp74.pdf'>www.levy.org/pubs/wp74.pdf>/a></B
 IBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	     <BIBTEXT>
 Oberlechner, T., and Osler, C. "Overconfidence in Currency Markets."
 Harvard University and Brandeis University, March 18, 2008 (available at
 >a target="_blank"
 href='http://papers.ssrn.com/s013/papers.cfm?abstract_id=1108787'>http://p
 apers.ssrn.com/s013/papers.cfm?abstract_id=1108787>/a></BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Sterman, J. D.
 >i>Business Dynamics: Systems Thinking and Modeling for a Complex
 World.>/i> Boston: McGraw-Hill, 2000.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>11</BIBL>	   <BIBTEXT> Weary, T. M. "âSteady as She
 Goes!â Earnings Stability and Investment Performance." >i>Journal of
 Investing>/i>, 1998, >i>7>/i> (2), 54-60.</BIBTEXT>	  </REF>      <REF>
	<BIBL>12</BIBL>        <BIBTEXT> Wray, L. R. >i>Understanding
 Modern Money: The Key to Full Employment and Price Stability.>/i>
 Northhampton, MA: Edward Elgar, 1998.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>13</BIBL>	   <BIBTEXT> Wray, L. R. "The Return of Big
 Government: Policy Advice for President Obama." Public Policy Brief
 Highlights 99A, Levy Economics Institute of Bard College,
 Annandaleon-Hudson, NY, 2009 (available at >a target="_blank"
 href='http://www.levy.org/pubs/hili_99a.pdf'>www.levy.org/pubs/hili_99a.pd
 f>/a></BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:61-82




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley 
Author-X-Name-First: Thomas I. 
Author-X-Name-Last: Palley 
Title: Imports and the income-expenditure model: implications for fiscal policy and recession fighting 
Abstract:
 This paper modifies the textbook income-expenditure model to properly
 account for imports. This modification causes government spending to have
 an even larger relative impact compared to tax cuts than conventionally
 thought. It also shows that increased government spending can have a
 smaller impact on the trade deficit than tax cuts despite spending having
 a larger multiplier effect on income. Consequently, spending may be doubly
 advantaged over tax cuts as a means of reflating economic activity. Last,
 the paper shows that consumption tax cuts can be an antistimulus that
 reduces aggregate demand and output.
Journal: Journal of Post Keynesian Economics 
Pages: 311-322 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: fiscal policy, imports, income-expenditure model, multiplier, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=98W53V4N610Q2031 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Benavie, A. "Imports in
 Macroeconomic Models." >i>International Economics Review>/i>, June 1973,
 14 (2), 530-532.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>   
     <BIBTEXT> Bendavid, N. "Cash-for-Clunkers Plan Gains Speed." >i>Wall
 Street Journal>/i>, April 1, 2009 (available at >a target="_blank"
 href='http://online.wsj.com/article/SB123853805152575391.html'>http://onli
 ne.wsj.com/article/SB123853805152575391.html>/a></BIBTEXT>	 </REF>    
  <REF>        <BIBL>3</BIBL>	     <BIBTEXT> Buiter, W. "Please Torch My
 Car." >i>Financial Times>/i>, April 1, 2009 (available at >a
 target="_blank"
 href='http://www.ft.com/cms/s/0/7e53f75c-1e54-11de-830b-00144feabdc0.html?
 nclick_check=1'>www.ft.com/cms/s/0/7e53f75c-1e54-11de-830b-00144feabdc0.ht
 ml?nclick_check=1>/a></BIBTEXT>      </REF>	  <REF>       
 <BIBL>4</BIBL>        <BIBTEXT> Cherry, R. "The Simple Expenditure Model
 with Trade: How Should We Model Imports?" >i>Journal of Economic
 Education>/i>, Winter 2001, 32 (1), 53-57.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Romer, C., and Bernstein, J.
 "The Job Impact of the American Recovery and Reinvestment Plan." Briefing
 Paper, Chair Nominee, Council of Economic Advisers and Office of
 Vice-President Elect, January 9, 2009.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>6</BIBL>	   <BIBTEXT> Samuelson, P. A. "The Simple
 Mathematics of Income Determination," In L. A. Metzler (ed.), >i>Income,
 Employment and Public Policy: Essays in Honor of Alvin H. Hansen>/i>, New
 York: W. W. Norton, 1948, pp. 135-155.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>7</BIBL>	   <BIBTEXT> Scott, R. "Note to Big Three: Invest
 in America." EPI Policy Memorandum no. 140, Economic Policy Institute,
 Washington, DC, March 30, 2009.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>8</BIBL>        <BIBTEXT> Suits, D. >i>Principles of Economics.>/i>
 New York: Harper & Row, 1970.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>9</BIBL>        <BIBTEXT> Tobin, J., and Brainard, W. "Pitfalls in
 Financial Model Building." >i>American Economic Review>/i>, May 1968, 58
 (2), 99-122.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:311-322




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley C. Marshall 
Author-X-Name-First: Wesley C. 
Author-X-Name-Last: Marshall 
Title: Origins of banking crises in Latin America: a critical view 
Abstract:
 The objective of this paper is to bridge an important gap between academic
 literature and the lessons of recent financial crises in Latin America.
 Although standard economic theory holds that banking crises are a singular
 phenomenon that should be treated in a uniform fashion, the banking crises
 of Mexico, Argentina, and Uruguay, and the responses of local authorities,
 convincingly demonstrate that there are in fact two distinct types of
 banking crisis that require equally distinct resolution measures. Taking
 into account these historical episodes, this paper presents a conceptual
 framework that both accommodates the possibility of two types of banking
 crisis and offers the analytical framework necessary to examine benefits
 and disadvantages of different resolution strategies when applied to
 distinct types of crisis.
Journal: Journal of Post Keynesian Economics 
Pages: 669-690 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: banking crises, Latin America, resolution policies, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=58771121M1847413 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Birdsall, N.; Gavin,
 M.; and Hausmann, R. "Getting the Lessons Right: A View from the
 Inter-American Development Bank." In S. Edwards and M. Naim (eds.), Mexico
 1994: Anatomy of an Emerging-Market Crash. Carnegie Endowment for
 International Peace. Washington, DC, 1997, pp. 279-294.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> CÃ¡mara de
 Diputados. "Informe Final de la InvestigaciÃ³n sobre el Instituto para la
 ProtecciÃ³n al Ahorro Bancario (IPAB)." Realizado por la ComisiÃ³n de
 InvestigaciÃ³n sobre el IPAB del Poder Legislativo Federal, Mexico,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Chang, R., and Velasco, A. "Financial Crises in Emerging
 Markets: A Canonical Model." Economic Research Report, New York
 University, New York, June 1998.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>4</BIBL>        <BIBTEXT> Correa, E. "Reforma Financiera y Cartera
 Vencida" [Financial Reform and Non-Performing Loans]. >i>EconomÃ­a
 Informa>/i>, May-June 1994, >i>229>/i>, 4-8.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> De Luna Martinez, J.
 "Management and Resolution of Banking Crises: Lessons from the Republic of
 Korea and Mexico." World Bank Discussion Paper no. 413, Washington, DC,
 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Del Villar, R.; Backal, D.; and TreviÃ±o, J.P. "Experiencia
 international en la resoluciÃ³n de crisis bancarias" [International
 Experience in the Resolution of Banking Crises]. Working paper, Banco de
 Mexico, MÃ©xico, December 1997.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>7</BIBL>        <BIBTEXT> DemirguÄ-Kunt, A., and Detragiache, E.
 "The Determinants of Banking Crises in Developing and Developed
 Countries." >i>IMF Staff Papers>/i>, 1998, >i>45>/i>, 81-109.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>8</BIBL>	  <BIBTEXT> Goldstein, M.,
 and Turner, P. "Baking Crises in Emerging Economies: Origins and Policy
 Options." BIS Economic Papers no. 46, Bank for International Settlements,
 Basle, October 1996.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>9</BIBL>        <BIBTEXT> Green, E.J., and Ping, L. "Diamond and
 Dybvig's Classic Theory of Financial Intermediation: What's Missing?"
 >i>Federal Reserve Bank of Minneapolis Quarterly Review>/i>, Winter 2000,
 >i>24>/i> (1), 3-13.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>10</BIBL>	<BIBTEXT> Hausmann, R., and Velasco, A. "The Causes
 of Financial Crises: Moral Failure vs. Market Failure." Harvard
 University, Cambridge, 2004.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>11</BIBL>	<BIBTEXT> Hoggarth, G., and Reidhill, J.
 "Resolution of Banking Crises: A Review." >i>Financial Stability
 Review>/i>, December 2003, >i>15>/i>, 109-123.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>12</BIBL>	     <BIBTEXT> Inter-American Development
 Bank (IADB). >i>Unlocking Credit: The Quest for Deep and Stable Bank
 Lending.>/i> Washington, DC, 2004.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>13</BIBL>	<BIBTEXT> International Monetary Fund. >i>World
 Economic Outlook (Financial Crises: Characteristics and Indicators of
 Vulnerability).>/i> Washington, DC, 1998.</BIBTEXT>	  </REF>      <REF>
	<BIBL>14</BIBL>        <BIBTEXT> Kaminsky, G.L., and Reinhart, C.M.
 "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems."
 International Finance Discussion Paper no. 544, Board of Governors of the
 Federal Reserve System, Washington, DC, March 1996.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>15</BIBL>	 <BIBTEXT> Kindleberger, C.
 >i>Manias, Panics, and Crashes: A History of Financial Crises.>/i> New
 York: Basic Books, 1989.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>16</BIBL>	<BIBTEXT> LaPorta, R.; Lopez de Silanes, F.; and
 Zamarripa, G. "Soft Lending and Hard Landing: Related Lending in MÃ©xico."
 Harvard University, Cambridge, 2000.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>17</BIBL>	  <BIBTEXT> Mackey, M. "Informe de Michael W.
 Mackey en la EvaluaciÃ³n Integral de las Operaciones y Funciones del Fondo
 Bancario de ProtecciÃ³n al Ahorro âFOBAPROAâ y la Calidad de
 SupervisiÃ³n de los Programas del FOBAPROA de 1995 a 1998" [Report of
 Michael W. Mackey on the Comprehensive Evaluation of the Operations and
 Functions of the "FOBAPROA" Program 1995-1998]. Mexico, 1999.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>18</BIBL>	   <BIBTEXT> Marshall, W.
 "La banca extranjera frente a la crisis: lecciones desde el Uruguay y la
 Argentina" [Foreign Banks and the Financial Crisis: Lessons from Argentina
 and Uruguay]. >i>Realidad EconÃ³mica>/i>, 2007, >i>227>/i>,
 29-46.</BIBTEXT>      </REF>	   <REF>	<BIBL>19</BIBL>       
 <BIBTEXT> Ministerio de EconomÃ­a y ProducciÃ³n. "AnÃ¡lisis Numero 2:
 Argentina, el FMI y la Crisis de la Deuda" [Analysis Number 2: Argentina,
 the IMF and the Debt Crisis]. Buenos Aires, 2004.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>20</BIBL>        <BIBTEXT> Mishkin, F. "Financial
 Policies and the Prevention of Financial Crises in Emerging Market
 Countries." Working Paper 8087, National Bureau of Economic Research,
 Cambridge, MA, 2001.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>21</BIBL>	<BIBTEXT> Santomero, A., and Hoffman, P. "Problem
 Bank Resolution: Evaluating the Options." Wharton School Financial
 Institutions Center, Philadelphia, May 1998.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Stiglitz, J.E. "The Role of
 the State in Financial Markets." In M. Bruno and B. Pleskovic (eds.),
 >i>Proceedings of the World Bank Annual Conference on Development
 Economics.>/i> Washington, DC: World Bank, 1993.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>23</BIBL>	      <BIBTEXT> Yeyati, E.; de la Torre,
 A.; and Schmuckler, S. "Argentina's Financial Crisis: Floating Money,
 Sinking Banking." World Bank Washington, DC, 2002.</BIBTEXT>	   </REF>   
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:669-690




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm  Sawyer 
Author-X-Name-First: Malcolm  
Author-X-Name-Last: Sawyer 
Title: Fiscal and interest rate policies in the "new consensus" framework: a different perspective 
Abstract:
 From the "new consensus in macroeconomics" (NCM) framework, this paper
 derives a different set of policy proposals. The NCM has become associated
 with the use of interest rate policy to target inflation and to reach a
 zero output gap, and to ignore fiscal policy. This paper argues that
 interest rate policy is an ineffectual policy instrument. It proposes that
 interest rates should be set broadly in line with the rate of growth.
 Fiscal policy can be used to partially address short-run fluctuations in
 economic activity through a combination of automatic fiscal stabilizers
 and discretionary policy. The general fiscal stance should be set to be
 consistent with a high level of economic activity along the lines of
 "functional finance." The task remains to find a coherent policy for the
 containment of inflation.
Journal: Journal of Post Keynesian Economics 
Pages: 549-565 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, interest rate, monetary policy, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R7272577J50163X5 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. "What Is
 the New Consensus in Macroeconomics?" In P. Arestis (ed.), >i>Is There a
 New Consensus in Macroeconomics?>/i> Basingstoke, UK: Palgrave Macmillan,
 2007, pp. 22-42.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>   
     <BIBTEXT> Arestis, P., and Sawyer, M. "On the Effectiveness of
 Monetary and Fiscal Policy." >i>Review of Social Economics>/i>, 2003,
 >i>62>/i> (4), 441-463.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>3</BIBL>        <BIBTEXT> Arestis, P., and Sawyer, M. "Can Monetary
 Policy Affect the Real Economy?" >i>European Review of Economics and
 Finance>/i>, 2004, >i>3>/i> (3), 9-32.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>4</BIBL>	   <BIBTEXT> Arestis, P., and Sawyer, M. "Fiscal
 Policy Matters." >i>Public Finance>/i>, 2006, >i>54>/i> (3-4),
 133-153.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> Arestis, P., and Sawyer, M. "The Weak Foundations of the
 Phillips' Curve." Leeds University Business School, University of Leeds,
 UK. 2007.</BIBTEXT>	  </REF>      <REF>	   <BIBL>6</BIBL>	
 <BIBTEXT> Arestis, P., and Sawyer, M. "A Critical Reconsideration of the
 Foundations of Monetary Policy in the New Consensus Macroeconomics
 Framework." >i>Cambridge Journal of Economics>/i>, 2008a. >i>32>/i> (5),
 761-779.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Arestis, P., and Sawyer, M. "The Intertemporal Budget Constraint
 and the Sustainability of Budget Deficits." In J. Creel and M. Sawyer
 (eds.), >i>Current Issues in Fiscal Policy.>/i> Basingstoke, UK: Palgrave
 Macmillan, 2008b, pp. 95-111.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>8</BIBL>        <BIBTEXT> Hemming, R.; Kell, M.; and Mahfouz, S.
 "The Effectiveness of Fiscal Policy in Stimulating Economic Activity: A
 Review of the Literature." Working Paper 02/208, International Monetary
 Fund, Washington, DC, 2002.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>9</BIBL>        <BIBTEXT> Kalecki, M. "Three Ways to Full
 Employment." In Oxford University Institute of Statistics, >i>The
 Economics of Full Employment.>/i> Oxford: Blackwell, 1944, pp.
 39-58.</BIBTEXT>      </REF>	   <REF>	<BIBL>10</BIBL>       
 <BIBTEXT> Kydland, E.F., and Prescott, E.C. "Rules Rather than Discretion:
 The Inconsistency of Optimal Plans." >i>Journal of Political Economy>/i>,
 1977, >i>85>/i> (4), 473-491.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>11</BIBL>	<BIBTEXT> Lavoie, M., and Seccareccia, M. "Interest
 RateâFair." In P.A. O'Hara (ed.), >i>Encyclopedia of Political
 Economy.>/i> London: Routledge, 1999, pp. 543-545.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>12</BIBL>	<BIBTEXT> Leith, S., and
 Wren-Lewis, S. "Fiscal Stabilization Policy and Fiscal Institutions."
 >i>Oxford Review of Economic Policy>/i>, 2005, >i>21>/i> (4),
 584-597.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Lerner, A. "Functional Finance and the Federal Debt." >i>Social
 Research>/i>, 1943, >i>10>/i> (1), 38-51.</BIBTEXT>	  </REF>      <REF>
	<BIBL>14</BIBL>        <BIBTEXT> Meyer. L.H. "Does Money Matter?"
 >i>Federal Reserve Bank of St. Louis Review>/i>, 2001, >i>83>/i> (5),
 1-15.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	     
 <BIBTEXT> Mishkin, F.S. "What Should Central Banks Do?" >i>Federal Reserve
 Bank of St. Louis Review>/i>, 2000, >i>82>/i> (6), 1-13.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Musgrave, R.A.
 >i>The Theory of Public Finance.>/i> New York: McGraw-Hill,
 1959.</BIBTEXT>      </REF>	  <REF>        <BIBL>17</BIBL>	     
 <BIBTEXT> Ãsterholm, P. "The Taylor Rule: A Spurious Regression?"
 >i>Bulletin of Economic Research>/i>, 2005, >i>57>/i> (3),
 217-247.</BIBTEXT>	 </REF>      <REF>	  <BIBL>18</BIBL>	
 <BIBTEXT> Pasinetti, L. Structural Change and Economic Growth. Cambridge:
 Cambridge University Press, 1981.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>19</BIBL>	<BIBTEXT> Pasinetti, L. "The Social âBurdenâ of
 High Interest Rates." In P. Arestis, G. Palma, and M. Sawyer (eds.),
 >i>Capital Controversy, Post-Keynesian Economics and the History of
 Economics: Essays in Honour of Geoff Harcourt.>/i> London: Routledge,
 1997, pp. 161-168.</BIBTEXT>	   </REF>      <REF>	    <BIBL>20</BIBL>
	<BIBTEXT> Sawyer, M. "The Foundations of Monetary Policy in the New
 Consensus Framework: A Partial Critique." In P. Arestis (ed.), >i>Is There
 a New Consensus in Macroeconomics?>/i> Basingstoke, UK: Palgrave
 Macmillan, 2007, pp. 82-96.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>21</BIBL>	<BIBTEXT> Seidman, L.S. >i>Automatic Fiscal
 Policies to Combat Recessions.>/i> Armonk, NY: M.E. Sharpe,
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>22</BIBL>	     
 <BIBTEXT> Taylor, J.B. "Discretion Versus Policy Rules in Practice."
 >i>Carnegie-Rochester Conference Series on Public Policy>/i>, 1993,
 >i>39>/i> (1), 195-214.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>23</BIBL>	<BIBTEXT> Weber, A.A.; Lemke, W.; and Worms, A.
 "How Useful Is the Concept of the Natural Real Rate of Interest for
 Monetary Policy?" >i>Cambridge Journal of Economics>/i>, 2008, >i>32>/i>
 (1), 49-63.</BIBTEXT>	    </REF>	<REF>	     <BIBL>24</BIBL>	   
 <BIBTEXT> Wicksell, K. >i>Interest and Prices.>/i> Reprints of Economic
 Classics, New York, 1965, [Originally published in 1898.]</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>25</BIBL>	 <BIBTEXT> Wren-Lewis, S.
 "The Compatibility Between Monetary and Fiscal Policies in EMU: A
 Perspective from the Fiscal Theory of the Price Level." In M. Buti (ed.),
 >i>Monetary and Fiscal Policies in EMU: Interactions and Coordination.>/i>
 Cambridge: Cambridge University Press, 2003.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:549-565




Template-Type: ReDIF-Article 1.0
Author-Name: Angel Asensio
Author-X-Name-First: Angel
Author-X-Name-Last: Asensio
Author-Name: Dany Lang
Author-X-Name-First: Dany
Author-X-Name-Last: Lang
Author-Name: Sébastien Charles
Author-X-Name-First: Sébastien
Author-X-Name-Last: Charles
Title: Post Keynesian modeling: where are we, and where are we going to?
Abstract: 
 This paper presents the current "state of the art" of Post Keynesian modeling, as well as the most important issues raised by it. We first present a new formal statement of Keynes's model. We then analyze the three most important classes of Post Keynesian contemporary models: the Kaleckian models of growth, the Minskian models showing the destabilizing effects of financial variables on the economy, and the path-dependent models insisting on the nature of time in economics, and on the absence of any "natural" anchor. We argue that, whereas the current Post Keynesian models have a lot in common with Keynes's model, none of them encompass all its rich and realistic properties, and a synthetic dynamic Post Keynesian model is desirable, and has still to be framed.
Journal: Journal of Post Keynesian Economics
Pages: 393-412
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340301
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340301
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Dutt
Author-X-Name-First: Amitava
Author-X-Name-Last: Dutt
Title: Distributional dynamics in Post Keynesian growth models
Abstract: 
 This paper uses a set of simple Post Keynesian models of growth and distribution to provide a systematic analysis of how growth affects income distribution through a number of alternative channels, thereby making possible a more complete analysis of the interaction between growth and distribution than is possible in simpler models that concentrate on the effect of distributional changes on growth. It draws on Kalecki's discussion of the determinants of changes in the degree of monopoly analyzing, in turn, the influences of capacity utilization, industry characteristics, the importance of overhead costs, and the power of trade unions. It shows that a rich variety of dynamic outcomes can follow from the analysis of growth-distribution interactions and points to the importance of distinguishing between short-term and more long-term dynamics.
Journal: Journal of Post Keynesian Economics
Pages: 431-452
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340303
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340303
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Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Title: "Financialization," distribution, capital accumulation, and productivity growth in a post-Kaleckian model
Abstract: 
 Focusing on the long-run effects of "financialization" and increasing shareholder power in a simple post-Kaleckian endogenous growth model, this paper examines the effects of increasing shareholder power on the demand regime, on the productivity regime, and on the overall regime of the model. Under special conditions, increasing shareholder power may have positive effects on capital accumulation and productivity growth and hence on potential growth of the economy. However, such a regime not only requires directly positive—or under certain conditions only weakly negative—effects of increasing shareholder power on the productivity regime but it also requires expansive—or under special circumstances only weakly contractive—effects of increasing shareholder power on capital accumulation via the demand regime of the economy. Both conditions have recently been questioned on empirical grounds, so that an overall long-run "contractive" regime seems to be the most likely outcome of "financialization," rising shareholder power, and pronounced shareholder value orientation.
Journal: Journal of Post Keynesian Economics
Pages: 475-496
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340305
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Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:475-496




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Docherty
Author-X-Name-First: Peter
Author-X-Name-Last: Docherty
Title: Long period interest rate rules in a demand-led Kaldor-Pasinetti-Sraffa-Keynes growth model
Abstract: 
 This paper uses a detailed macroeconomic model characterized by demand-led growth, Sraffian pricing, and the Kaldor-Pasinetti analysis of income distribution at the macrolevel to develop a framework for evaluation of the long-term implications of monetary policy. Focus is placed on the development of interest rate rules that ensure balanced long-run growth with either stable observable unemployment or zero or low underlying unemployment, and comparison is made between these rules and other Post Keynesian policy rules. Strong support is provided for the effectiveness of the Smithin rule, which fixes the real rate of interest although an alternative rationale for this rule is provided.
Journal: Journal of Post Keynesian Economics
Pages: 521-546
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340307
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340307
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Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Dany Lang
Author-X-Name-First: Dany
Author-X-Name-Last: Lang
Title: Growth and money in Post Keynesian models
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 387-392
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340300
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340300
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Template-Type: ReDIF-Article 1.0
Author-Name: Rod Cross
Author-X-Name-First: Rod
Author-X-Name-Last: Cross
Author-Name: Hugh McNamara
Author-X-Name-First: Hugh
Author-X-Name-Last: McNamara
Author-Name: Alexei Pokrovskii
Author-X-Name-First: Alexei
Author-X-Name-Last: Pokrovskii
Title: Memory of recessions
Abstract: 
 This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in mainstream macroeconomic models that economic fluctuations do not change potential output paths, the evidence is that they do in the case of recessions. A model is proposed to explain this phenomenon based on an analogy with water flows in porous media. Because of the discrete adjustments made by heterogeneous economic agents in such a world, potential output displays hysteresis with regard to aggregate demand shocks and thus retains a memory of the shocks associated with recessions.
Journal: Journal of Post Keynesian Economics
Pages: 413-430
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340302
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340302
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Palley
Author-X-Name-First: Thomas
Author-X-Name-Last: Palley
Title: Wealth and wealth distribution in the neo-Kaleckian growth model
Abstract: 
 This paper explores the implications of wealth distribution for neo-Kaleckian growth theory. Incorporating wealth distribution as an endogenous variable provides a theoretical framework that unifies Cambridge, neo-Ricardian, and neo-Kaleckian growth theory. The model expands on Dutt (1990) by introducing a richer description of capital accumulation and a consumption wealth effect. This introduces concerns regarding wage- and profit-led economies that change the comparative static properties. In addition, the paper introduces managerial pay, multiple asset classes, and multiple classes of wealth holders. Introducing managerial pay undoes Pasinetti's (1962) theorem regarding the irrelevance of worker saving behavior for income distribution and growth.
Journal: Journal of Post Keynesian Economics
Pages: 453-474
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340304
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340304
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Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:453-474




Template-Type: ReDIF-Article 1.0
Author-Name: Louis-Philippe Rochon
Author-X-Name-First: Louis-Philippe
Author-X-Name-Last: Rochon
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: A Kaleckian model of growth and distribution with conflict-inflation and Post Keynesian nominal interest rate rules
Abstract: 
 Post Keynesians advocate two distinct approaches to monetary and interest rate policy. The activist approach sees interest rates moved countercyclically to ensure strong growth and low employment. The parking-it approach, however, favors setting real or nominal rates at specific levels and changing them only sparingly. In this paper, the authors evaluate the impact on macroeconomic performance of three variants of this latter approach—the Smithin rule, the Kansas City rule, and the Pasinetti rule.
Journal: Journal of Post Keynesian Economics
Pages: 497-520
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340306
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340306
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Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:497-520




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Kam
Author-X-Name-First: Eric
Author-X-Name-Last: Kam
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Title: A simple theory of banking and the relationship between commercial banks and the central bank
Abstract: 
 This note provides an explanation of the relationship between the nominal and real lending rates of the commercial banks and central bank policy rates. It suggests that "a real interest rate rule" on the part of the central bank would influence the real lending rate perceived by commercial banks and their borrowers, and could affect the real economy via this route. There is a negative theoretical relationship between the inflation adjusted "real" lending rate and the rate of inflation itself.
Journal: Journal of Post Keynesian Economics
Pages: 547-552
Issue: 3
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340308
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340308
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Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:547-552




Template-Type: ReDIF-Article 1.0
Author-Name: Jolita Adamonis
Author-X-Name-First: Jolita
Author-X-Name-Last: Adamonis
Author-Name: Matthias Göcke
Author-X-Name-First: Matthias
Author-X-Name-Last: Göcke
Title: Modelling economic hysteresis losses caused by sunk adjustment costs
Abstract: 
 Transition from one economic equilibrium to another as a consequence of shocks is often associated with sunk adjustment costs. Firm-specific sunk market entry investments (or sunk market exit costs) in case of a reaction to price shocks are an example. These adjustment costs lead to a dynamic supply pattern similar to hysteresis. In analogy to “hysteresis losses” in ferromagnetism, the authors explicitly model dynamic adjustment losses in the course of market entry and exit cycles. They start from the micro level of a single firm and use explicit aggregation tools from hysteresis theory in mathematics and physics to calculate dynamic losses. The authors show that strong market fluctuations generate disproportionately large hysteresis losses for producers. This could give a reason for the implementation of stabilizing measures and policies to prevent strong (price) variations or, alternatively, to reduce the sunk entry and exit costs.
Journal: Journal of Post Keynesian Economics
Pages: 299-318
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2017.1401902
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1401902
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Template-Type: ReDIF-Article 1.0
Author-Name: Zsolt Gilányi
Author-X-Name-First: Zsolt
Author-X-Name-Last: Gilányi
Title: Comment on Johnson’s creating dimensional stock-flow inconsistency in Binswanger’s model
Abstract: 
 Binswanger (2009) constructed a model of a pure credit money economy with production to demonstrate the existence of growth imperative in such economies. This model entails a misspecification because money may disappear from the economy at the alleged minimal steady state growth rate (Gilányi 2015). Johnson (2015) attributes this inconsistency to the confusion between the stock of outstanding loans at the end of period and the flow of loans taken during the period; that he calls dimensional stock-flow inconsistency. On the grounds of this criticism he modifies some flows to eliminate the problem raised by Gilányi. Binswanger (2015) omits this criticism because it is a simple misinterpretation of his model; rather he explains the inadequacy of Johnson’s specification of flows. Doing so, he makes believe that there is still an unsettled debate on whether to treat loans as stocks or as flows in his model. This note demonstrates that both model specifications are dimensionally stock-flow consistent. Hence, Johnson’s criticism is just a narrative behind the rationale of altering flows in the model; the controversy is not on dimensional stock-flow inconsistency but on the logically coherent specification of the magnitude of flows in the model.
Journal: Journal of Post Keynesian Economics
Pages: 319-327
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1431791
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431791
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:319-327




Template-Type: ReDIF-Article 1.0
Author-Name: Carles Manera
Author-X-Name-First: Carles
Author-X-Name-Last: Manera
Author-Name: Ferran Navinés
Author-X-Name-First: Ferran
Author-X-Name-Last: Navinés
Author-Name: Javier Franconetti
Author-X-Name-First: Javier
Author-X-Name-Last: Franconetti
Title: Going out of the Great Recession? Contrast between the United States and Europe: Proposed work from economic history, 1960–2014
Abstract: 
 In recent work, the authors have proposed to the United States a model that explains the trend behavior of the rate of profit from share surplus, capital productivity, and the coefficient of financialization. The main results of the explanatory model allow the authors to affirm that with the change of control of Keynesianism to neoliberalism since 1980, there has been a substantial fall in the profit rate to half the values achieved in the years of Keynesian regulation (1945–1973). This significant fall in the level of benefits is due to a substantial fall in capital productivity. The authors are currently working on adapting the explanatory model for the U.S. economy to the main countries of the European Union (Germany, France, Italy, United Kingdom, and Spain). The results show that the pattern of behavior of the variables described in the reference country—the world capitalist economic system, the United States—is repeated more or less precisely in the main countries of the European Union; Germany, France, Italy, United Kingdom, and Spain.
Journal: Journal of Post Keynesian Economics
Pages: 255-273
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1431794
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431794
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Bagnai
Author-X-Name-First: Alberto
Author-X-Name-Last: Bagnai
Author-Name: Arsène Rieber
Author-X-Name-First: Arsène
Author-X-Name-Last: Rieber
Title: Killing two birds with one currency: Income and fiscal policies in a growth model of a currency union
Abstract: 
 Building on a two-country Kaleckian model of a currency union, we examine the consequences of balance-of-payments adjustment policies, focusing on the interdependence between the long-run growth paths of member countries. The model separates the short-run from the long-run dynamic, comparing price and wage dynamics in each country in the light of Thirlwall’s balance-of-payments-constrained growth model. We show that by shifting the burden of adjustment to the less competitive country, austerity and wage moderation policies lead to long-term recessionary effects. Only expansionary policies in the more competitive country can achieve the two goals of reducing external imbalances and increasing the long-run growth rate in both member countries.
Journal: Journal of Post Keynesian Economics
Pages: 274-298
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1458630
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1458630
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:274-298




Template-Type: ReDIF-Article 1.0
Author-Name: A. Reeves Johnson
Author-X-Name-First: A. Reeves
Author-X-Name-Last: Johnson
Title: Response to “Comment on Johnson’s creating dimensional stock-flow inconsistency in Binswanger’s model”
Journal: Journal of Post Keynesian Economics
Pages: 328-334
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1458631
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1458631
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:328-334




Template-Type: ReDIF-Article 1.0
Author-Name: Florian Botte
Author-X-Name-First: Florian
Author-X-Name-Last: Botte
Title: Endogenous business cycles and Harrodian instability in an agent-based model
Abstract: 
 The article presents an original stock-flow consistent macroeconomic agent-based model with the aim to reexamine Harrod’s instability principle as an explanatory element of macroeconomic dynamics. The main findings are that bottom-up economic models can be subject to Harrodian instability and can produce endogenous cycles without introducing innovation waves, monetary wage spirals, or financial instability. Upward instability is stopped by the ceiling of full employment, and downward instability can be tamed by introducing an autonomous expenditure that feeds aggregate demand.
Journal: Journal of Post Keynesian Economics
Pages: 232-254
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1486206
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486206
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:232-254




Template-Type: ReDIF-Article 1.0
Author-Name: Min-Chang Ko
Author-X-Name-First: Min-Chang
Author-X-Name-Last: Ko
Title: Fiscal policy, government debt, and economic growth in the Kaleckian model of growth and distribution
Abstract: 
 This article presents the Kaleckian model of growth and distribution that sets a budget deficit ratio as an indicator of fiscal policy and examines the short- and long-run effects of an increase in budget deficits and a rise in income tax rates on the economy. The key short-run outcomes are as follows. First, expanded budget deficits have a positive effect on the rate of capacity utilization. Second, the tax rate for wage income does not affect the rate of capacity utilization, whereas the tax rate for capital income has a favorable impact on it. This result implies that raising the tax rate for capital income can be an important policy instrument for stimulating the economy. Third, we find that the economy exhibits a wage-led aggregate demand in the short run. The main long-run results are as follows. First, the effect of expanded budget deficits on the growth rate is ambiguous, since a higher debt burden negatively influences the rate of capacity utilization and hence economic growth, despite the increase in demand caused by government borrowing. A higher budget deficit ratio thus raises the growth rate only if a certain condition is satisfied. Second, the tax rate for capital income has a positive impact on the growth rate. Third, the economy shows a wage-led growth in the long run.
Journal: Journal of Post Keynesian Economics
Pages: 215-231
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1503056
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1503056
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:215-231




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Lopez
Author-X-Name-First: Julio
Author-X-Name-Last: Lopez
Author-Name: Roberto Valencia Arriaga
Author-X-Name-First: Roberto
Author-X-Name-Last: Valencia Arriaga
Title: Fighting inflation in Mexico: Theory and evidence
Abstract: 
 Mexico adopted the inflation targeting strategy in 2002, and this came together with declining inflation. According to the economic authorities, this also brought about lower pass-through of exchange rate changes into inflation. The objective of this article is to test the main hypotheses of Mexico’s prize-stabilization strategy. As a preliminary step, we show evidence whereby the interest rate has not the impact on demand assumed in the conventional view. We then estimate econometric models, which show first of all that inflation depends essentially on the evolution of labor and input costs. Then we demonstrate that higher employment and higher wages associated with higher output do not necessarily entail higher labor costs because productivity also increases when output rises. In the final section, we set forth our main conclusions, which cast doubts on some crucial aspects of the inflation targeting strategy, and propose a different interpretation about why inflation declined in this country.
Journal: Journal of Post Keynesian Economics
Pages: 169-190
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1521288
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1521288
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:169-190




Template-Type: ReDIF-Article 1.0
Author-Name: Sashi Sivramkrishna
Author-X-Name-First: Sashi
Author-X-Name-Last: Sivramkrishna
Title: Paradox of plenty: Norway’s macroeconomic policy dilemmas during the oil price crash, 2014-15
Abstract: 
 Norway, a country at the top of global rankings in terms of gross domestic product (GDP) per capita and human development was also in an enviable position with large current account and fiscal surpluses, as well as a massive stock of public assets. Then came a shock; between June 2014 and early 2016 oil prices tumbled by more than 70 percent. As a major oil exporter, Norway’s current account was severely impacted but could this actually draw Norway into a macroeconomic crisis? Couldn’t it just fund its way out of the contractionary pressures building up in the economy using its stock of foreign currency reserves being held in a sovereign wealth fund? This article explores the fiscal and monetary policy challenges that Norway faced in preempting falling GDP growth and rising unemployment while at the same time, warding off a housing bubble going bust.
Journal: Journal of Post Keynesian Economics
Pages: 191-214
Issue: 2
Volume: 42
Year: 2019
Month: 4
X-DOI: 10.1080/01603477.2018.1533413
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1533413
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Handle: RePEc:mes:postke:v:42:y:2019:i:2:p:191-214




Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Breser-Pereira 
Author-X-Name-First: Luiz Carlos 
Author-X-Name-Last: Breser-Pereira 
Title: The two methods and the hard core of economics 
Abstract:
 While methodological sciences have no object and are supposed to adopt a
 hypothetical-deductive method, substantive sciences, including economics,
 should use an empirical or historical-deductive method. The great
 classical economists and Keynes did that and were able to develop open
 models explaining how equally open economic systems work. Thus, the hard
 core of relevant economics is formed by the classical microeconomics and
 the classical theory of capitalist economic growth and by Keynesian
 macroeconomics. In contrast, neoclassical economists aiming to build a
 mathematical science wrongly adopted the hypothetical-deductive method and
 came to macroeconomic and growth models that do not have practical use in
 policymaking. The exception is Marshall's microeconomics, which does not
 provide a model of real economic systems but is useful to the analysis of
 markets.
Journal: Journal of Post Keynesian Economics 
Pages: 493-522 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: historical-deductive method, hypothetical-deductive method, mathematical economics, new historical facts, open systems, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=W657317054838183 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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	<BIBTEXT> Weber, M. "Objectivity and Understanding in Economics."
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      <BIBTEXT> Wiener, P.P. "Introduction." In P.P. Wiener (ed.),
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Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:493-522




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Aldo Cedrini
Author-X-Name-First: Mario Aldo
Author-X-Name-Last: Cedrini
Title: Vicarelli’s Keynes (and today’s international disorder)
Abstract: 
 The article speculates about the legacy of Fausto Vicarelli’s interpretation of John Maynard Keynes’s work in the times of a major global crisis. In particular, it puts an emphasis on those aspects of Keynes’s “method” that Vicarelli rightly considered as revolutionary in his Keynes, of 1977, as well as in other writings. The article then turns to Vicarelli’s reconstruction of Keynes’s early work in international economics (Indian Currency and Finance, Economic Consequences of the Peace) and reflects upon the continuing relevance of the philosophy inspiring Keynes’s plans of global reform in the Forties, also in the light of Vicarelli’s (Keynes-inspired) vision of the problem of policy space at the international level.
Journal: Journal of Post Keynesian Economics
Pages: 3-15
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1373024
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1373024
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Paesani
Author-X-Name-First: Paolo
Author-X-Name-Last: Paesani
Title: Vicarelli, Keynes, and the unstable nexus between investment, liquidity, and finance
Abstract: 
 The goal of this article is to reconstruct Keynes’s vision of the unstable nexus between investment, liquidity and finance, as set out by the Italian economist Fausto Vicarelli (1936–1986). As argued in the article, one of Vicarelli’s main contributions consists of explaining the inherent instability of financially sophisticated capitalist economies in terms of the interaction (and double dissociation) between investment, saving, and stock-holding decisions, within a Keynesian framework characterized by the presence of fundamental uncertainty. While Vicarelli’s interpretation of Keynes is best understood in the context of the post-Keynesian literature, its relevance goes beyond that, as its sheds light on current issues related to the post-2008 financial crisis and its policy implications.
Journal: Journal of Post Keynesian Economics
Pages: 16-35
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1373025
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1373025
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Tancioni
Author-X-Name-First: Massimiliano
Author-X-Name-Last: Tancioni
Title: Vicarelli’s Keynes and the New-Keynesian analytical method
Abstract: 
 This article provides a critical review of the foundations of the new Keynesian apparatus, to evaluate the actual strength of the Keynesian inheritance. As a reference of the Keynesian vision, Fausto Vicarelli’s recognition of the Keynesian message is adopted. The critical recognition of the new Keynesian methodology focuses on its analytical foundations, the recent extensions and on the criticality of its empirical performances and controls. The new Keynesian construction is shown to lack truly Keynesian roots in at least three key theoretical features: the role of the microfoundations, the stability of equilibrium, and expectations formation. The directions of an ongoing research narrowing the new Keynesian theoretical fracture from Keynesian economics are addressed.
Journal: Journal of Post Keynesian Economics
Pages: 36-55
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1373026
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1373026
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Uxó
Author-X-Name-First: Jorge
Author-X-Name-Last: Uxó
Author-Name: Ignacio Álvarez
Author-X-Name-First: Ignacio
Author-X-Name-Last: Álvarez
Author-Name: Eladio Febrero
Author-X-Name-First: Eladio
Author-X-Name-Last: Febrero
Title: Fiscal space on the eurozone periphery and the use of the (partially) balanced-budget multiplier: The case of Spain
Abstract: 
 This article adopts the “functional finance” approach to consider the utilization of expansive fiscal policies in the members of the European Monetary Union most affected by high unemployment. As they do not have their own monetary policy, fiscal deficits require the issuing of public debt without the support of the central bank. The authors consequently incorporate the notion of a (partially) balanced-budget expansion to achieve the desired stimulus in gross domestic product (GDP) with the least possible effect on public debt. Their proposal is only a sort of “imperfect” balanced-budget expansion: It is based on the idea that simultaneous increases in public revenue and expenditure can boost GDP, but without any pretension of keeping public deficit unchanged. Specifically, the authors use the case of Spain to show that a more expansive fiscal policy is desirable on economic grounds, and that only institutional constraints prevent it. They do it presenting two alternative scenarios for the coming years and analyzing their different impact on unemployment and fiscal sustainability. The first represents a firm commitment to budget consolidation, whereas the second is based on this “imperfect” application of the balanced budget multiplier. The main conclusion is that a more expansive fiscal policy is perfectly compatible with finance sustainability.
Journal: Journal of Post Keynesian Economics
Pages: 99-125
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1376589
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1376589
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard A. Miller
Author-X-Name-First: Richard A.
Author-X-Name-Last: Miller
Title: Minsky’s financial instability hypothesis and the role of equity: The accounting behind hedge, speculative, and Ponzi finance
Abstract: 
 Hyman Minsky’s primary legacy to Keynesian macroeconomics involves two related features. He emphasized that real (market) analysis and financial (market) analysis should be analyzed together, not separately; and that the macro economy is inherently unstable (his “financial instability hypothesis”). He melded financial analysis and the “real” market economy to interpret cycles in economic activity. An economy in boom (euphoria, animal spirits) eventually runs out of steam, reaches a peak, and descends into recession. The recession after the Minsky-moment peak segues through several financial stages based on the financial conditions of individual firms; he termed these stages as hedge, speculative, and Ponzi finance. The fragility of the economy depends on the relative weights or importance of the economy’s firms in each of the three stages.
Journal: Journal of Post Keynesian Economics
Pages: 126-138
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1392870
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1392870
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Template-Type: ReDIF-Article 1.0
Author-Name: John Smithin
Author-X-Name-First: John
Author-X-Name-Last: Smithin
Title: Money and totality: A review essay
Abstract: 
 Moseley’s (2016) Money and Totality focuses on two important issues: (a) the nature and significance of Marx’s notion of the “circuit of money capital” and (b) the solution to the “transformation problem”. The former question, in particular, makes this book important not only for Marx specialists but also for other dissenting economists. Recall that in writings before the General Theory Keynes (1933a, 1933b), in particular, made allusion to the Marxian circuit via the concept of the monetary theory of production. However, these references did not survive in the published version in 1936. Nor was Keynes at all confident on this topic in debate the following year. It is therefore important to both Marx scholars and other heterodox economists to inquire exactly how the Marxian circuit was supposed to work. A starting point is to write out the scheme from Capital Vol. 2 (Marx, 1885/1976) in full, M – C … P … C’ – M’, and try to explain what the magnitudes (M’ – M) and (C’ – C), are supposed to represent. This is indeed one of Moseley’s main tasks in this thought-provoking book.
Journal: Journal of Post Keynesian Economics
Pages: 139-155
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1392872
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1392872
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Handle: RePEc:mes:postke:v:41:y:2018:i:1:p:139-155




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Forges Davanzati
Author-X-Name-First: Guglielmo
Author-X-Name-Last: Forges Davanzati
Title: Piero Ferri, Aggregate demand, inequality and instability
Journal: Journal of Post Keynesian Economics
Pages: 156-159
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1392873
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1392873
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Handle: RePEc:mes:postke:v:41:y:2018:i:1:p:156-159




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. Woods
Author-X-Name-First: J. E.
Author-X-Name-Last: Woods
Title: J. M. Keynes’ influence on institutional portfolio management
Abstract: 
 In the earlier part of his portfolio management career, J. M. Keynes pursued a short-term, asset allocation-based speculative approach to portfolio management, only to abandon it in the early 1930s in favor of a long-term, security selection approach based on identifying intrinsic value. It was the earlier Keynes who endorsed E. L. Smith’s 1924 U.S. monograph, Common Stocks as Long Term Investments, encouraging his insurance company contacts to conduct a similar study in the United Kingdom. This suggestion was taken up in the 1920s and 1930s by U.K. insurance actuaries, whose lead was followed post-1945 by pension fund actuaries. Among the latter, George Ross Goobey is the most well-known, his name being closely associated with the Cult of the Equity, which, with the increasing formalization of institutional portfolio management over the last two or three decades, has transmuted into the Cult of the Benchmark. Underlying this latter cult is the emphasis on asset allocation, which can be traced back to Smith’s monograph. It is ironic that Keynes’ enduring influence is more likely to be felt through his endorsement of Smith rather than by the adoption of the genuine investment approach of his later career.
Journal: Journal of Post Keynesian Economics
Pages: 56-82
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2017.1423232
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1423232
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Intermediate macroeconomics: The importance of being post Keynesian
Abstract: 
 Post Keynesians should not be afraid to teach what they believe represents the best explanation of macroeconomic fluctuations. Our colleagues in the mainstream certainly are not and, realistically speaking, it is hard to imagine that any student would be handicapped by not having had a full dose of IS-LM, the accelerationist hypothesis, Phillips Curves, and so on. Furthermore, there may not be a more opportune time to introduce post Keynesianism to undergraduate students with Neoclassicals still recovering from their inability to explain the financial crisis. This article argues for a post Keynesian-focused intermediate macroeconomics and offers a sample plan. It reviews the state of post-financial crisis mainstream macro teaching and references pedagogical literature in showing how a post Keynesian transformation and reorganization can be made most effective.
Journal: Journal of Post Keynesian Economics
Pages: 83-98
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2018.1431790
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1431790
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Editors’ Introduction
Journal: Journal of Post Keynesian Economics
Pages: 1-2
Issue: 1
Volume: 41
Year: 2018
Month: 1
X-DOI: 10.1080/01603477.2018.1466606
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1466606
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Deprez
Author-X-Name-First: Johan
Author-X-Name-Last: Deprez
Title: Rediscovering the Missing Visionary of the Middle Way: A Review of Skidelsky on Keynes
Journal: Journal of Post Keynesian Economics
Pages: 313-324
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490031
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Ballard
Author-X-Name-First: Bill
Author-X-Name-Last: Ballard
Title: How Keynes Became a Post Keynesian
Journal: Journal of Post Keynesian Economics
Pages: 325-335
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490032
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Template-Type: ReDIF-Article 1.0
Author-Name: D. E Moggridge
Author-X-Name-First: D. E
Author-X-Name-Last: Moggridge
Title: In the “Orthodox” Tradition: Keynes Never Managed to Become a Post Keynesian
Journal: Journal of Post Keynesian Economics
Pages: 337-340
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490033
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Template-Type: ReDIF-Article 1.0
Author-Name: Elba K. Brown-Collier
Author-X-Name-First: Elba K.
Author-X-Name-Last: Brown-Collier
Author-Name: Bruce E. Collier
Author-X-Name-First: Bruce E.
Author-X-Name-Last: Collier
Title: What Keynes Really Said about Deficit Spending
Journal: Journal of Post Keynesian Economics
Pages: 341-355
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490034
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Watts
Author-X-Name-First: Martin
Author-X-Name-Last: Watts
Title: Divergent Trends in Gender Segregation by Occupation in the United States: 1970–92
Journal: Journal of Post Keynesian Economics
Pages: 357-378
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490035
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Author-Name: Paul Auerbach
Author-X-Name-First: Paul
Author-X-Name-Last: Auerbach
Title: Cumulative Causation and the “New” Theories of Economic Growth
Journal: Journal of Post Keynesian Economics
Pages: 381-402
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490036
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Downward
Author-X-Name-First: Paul
Author-X-Name-Last: Downward
Title: A Post Keynesian Perspective of U.K. Manufacturing Pricing
Journal: Journal of Post Keynesian Economics
Pages: 403-426
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490037
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Marchionatti
Author-X-Name-First: Roberto
Author-X-Name-Last: Marchionatti
Title: Keynes and the Collapse of the British Cotton Industry in the 1920s: A Microeconomic Case against Laissez-Faire
Journal: Journal of Post Keynesian Economics
Pages: 427-445
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490038
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Template-Type: ReDIF-Article 1.0
Author-Name: Ki-Ho Kim
Author-X-Name-First: Ki-Ho
Author-X-Name-Last: Kim
Title: On the Long-Run Determinants of the U.S. Trade Balance: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 447-455
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490039
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: The Long-Run Determinants of the U.S. Trade Balance Revisited
Journal: Journal of Post Keynesian Economics
Pages: 457-465
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490040
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Nagaraian
Author-X-Name-First: P.
Author-X-Name-Last: Nagaraian
Title: Stagflation and Monetary Stabilization Policies: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 469-471
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490041
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Mohtadi
Author-X-Name-First: Hamid
Author-X-Name-Last: Mohtadi
Author-Name: Harjit Arora
Author-X-Name-First: Harjit
Author-X-Name-Last: Arora
Title: Stagflation and Monetary Stabilization Policies: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 469-471
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490042
File-URL: http://hdl.handle.net/10.1080/01603477.1995.11490042
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Sluggish Job Growth: Rising Productivity, Anemic Recovery, or Something Else?
Journal: Journal of Post Keynesian Economics
Pages: 473-478
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490043
File-URL: http://hdl.handle.net/10.1080/01603477.1995.11490043
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 479-482
Issue: 3
Volume: 17
Year: 1995
Month: 3
X-DOI: 10.1080/01603477.1995.11490044
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Template-Type: ReDIF-Article 1.0
Author-Name: James A. Yunker 
Author-X-Name-First: James A. 
Author-X-Name-Last: Yunker 
Title: Capital wealth taxation as a potential remedy for excessive capital wealth inequality 
Abstract:
 In this paper, it is first shown that a simple model of inheritance and
 chance, neither of which involve entrepreneurial or other productive
 contributions on the part of the capital owner, is quite successful in
 predicting the empirical capital wealth distribution in the United States
 as indicated by data taken from the 2004 Survey of Consumer Finances. To
 the extent that an extremely high level of capital wealth inequality does
 not play an essential role in maintaining effort incentives and economic
 prosperity, the possibility of reducing it via taxation becomes more
 attractive. Estate taxation has been in existence for a long time, but
 model simulations suggest that while it can slow the rise of capital
 wealth inequality from an initial condition of perfect equality, once
 capital wealth inequality has reached a high level, it is ineffective in
 reducing this level. However, further model simulations indicate that even
 a relatively modest rate of annual capital wealth taxation can be highly
 effective toward this end.
Journal: Journal of Post Keynesian Economics 
Pages: 83-104 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: capital wealth, distribution, estate taxation, inequality, Survey of Consumer Finances, wealth taxation, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RL1R2M05JG78247L 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Aaron, H. J., and
 Munnell, A. H. "Reassessing the Role for Wealth Transfer Taxes."
 >i>National Tax Journal>/i>, June 1992, >i>45>/i> (2), 119-143.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Aizcorbe, A.
 M.; Starr, M.; and Hickman, J. T. "Vehicle Purchases, Leasing, and
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 7-17.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Alston, R. M.; Kearl, J. R.; and Vaughan, M. B. "Is There a
 Consensus Among Economists in the 1990s?" >i>American Economic Review>/i>,
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 <BIBL>4</BIBL>        <BIBTEXT> Atkinson, A. B. >i>Unequal Shares: Wealth
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    <BIBTEXT> Bracewell-Milnes, B. >i>Inheritance Without Taxation.>/i>
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 Death Duties.>/i> London: Institute of Economic Affairs, 2005.</BIBTEXT>  
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 Kennickell, A. B.; and Moore, K. B. "Recent Changes in U. S. Family
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 Entrepreneurship, and Wealth." >i>American Economic Review>/i>, March
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 Demand for Credit Cards: Evidence from the Survey of Consumer Finances."
 >i>Economic Inquiry>/i>, April 2004, >i>42>/i> (2), 304-318.</BIBTEXT>    
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 "Estate and Gift Taxation." >i>National Tax Journal>/i>, September 1973,
 >i>26>/i> (3), 459-463.</BIBTEXT>	</REF>	    <REF>	
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 Differential Inheritance Taxation," >i>Annales d'Economie et de
 Statistique>/i>, January-March 1988, >i>10>/i> (9), 167-182.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>24</BIBL>	  <BIBTEXT> Dovring, F.
 >i>Inequality: The Political Economy of Income Distribution.>/i> New York:
 Praeger, 1991.</BIBTEXT>      </REF>	   <REF>	<BIBL>25</BIBL>    
    <BIBTEXT> Dugger, W. M. "The Wealth Tax: A Policy Proposal." >i>Journal
 of Economic Issues>/i>, March 1990, >i>24>/i> (1), 133-144.</BIBTEXT>	   
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 Slemrod, J. B. "Policy Watch: Death Watch for the Estate Tax?" >i>Journal
 of Economic Perspectives>/i>, Winter 2001a, >i>15>/i> (1),
 205-218.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>	
 <BIBTEXT> Gale, W. G., and Slemrod, J. B. "Rethinking Estate and Gift
 Taxation: Overview." In W. G. Gale, J. R. Hines Jr., and J. Slemrod
 (eds.), >i>Rethinking Estate and Gift Taxation.>/i> Washington, DC:
 Brookings Institution Press, 2001b, pp. 1-64.</BIBTEXT>      </REF>	 
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 B. "Rhetoric and Economics in the Estate Tax Debate." >i>National Tax
 Journal>/i>, September 2001c, >i>54>/i> (3), 613-627.</BIBTEXT>     
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 Hines, J. R., Jr.; and Slemrod, J. B. >i>Rethinking Estate and Gift
 Taxation.>/i> Washington, DC: Brookings Institution Press, 2001.</BIBTEXT>
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 J. "To Praise the Estate Tax, Not to Bury It." >i>Yale Law Journal>/i>,
 December 1983, >i>93>/i> (2), 259-286.</BIBTEXT>      </REF>	   <REF>   
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 Distribution of Personal Wealth in Britain." >i>Economic Journal>/i>,
 1962, >i>72>/i> (228): 845-868.</BIBTEXT>	</REF>	    <REF>	
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 >i>Inheritance and Wealth Inequality in Britain.>/i> London: George Allen
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 Characteristics of Top Wealth Leavers in Britain." >i>Economic
 Journal>/i>, September 1973, >i>83>/i> (331), 810-833.</BIBTEXT>     
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 Fairness and the Distribution of Income and Wealth in the United
 States.>/i> New York: Praeger, 1991.</BIBTEXT>      </REF>	 <REF>	   
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 Estate Tax Reforms." >i>National Tax Journal>/i>, September 2000,
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 Wealth Accumulation to Estate Taxation: Time Series Evidence." >i>National
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 >i>American Economic Review>/i>, May 1979, >i>69>/i> (2), 28-37.</BIBTEXT>
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 A. >i>Wealth in America: Trends in Wealth Inequality.>/i> Cambridge:
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 <BIBL>41</BIBL>	<BIBTEXT> Kiesling, H. >i>Taxation and Public
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 Wealth Inequality: Methodological Issues and Results." In R. E. Lipsey and
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 Chicago: University of Chicago Press, 1989, pp. 765-840.</BIBTEXT>	
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 "Changing Inequality of Wealth." >i>American Economic Review>/i>, May
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 in the United States, 1962-83 and 1983-89." >i>Review of Income and
 Wealth>/i>, June 1994, >i>40>/i> (2), 143-174.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>69</BIBL>	     <BIBTEXT> Wolff, E. N. >i>Top Heavy: A
 Study of the Increasing Inequality of Wealth in America.>/i> New York:
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 Impact of Wealth Inequality on Economic Well-Being." >i>Challenge>/i>,
 July-August 2007, >i>50>/i> (4), 65-87.</BIBTEXT>	</REF>	    <REF>  
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 Explanation of Why People Don't Save." >i>B. E. Journals in Economic
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 2005, >i>4>/i> (1), 1-21.</BIBTEXT>	  </REF>      <REF>	  
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 Distribution of Capital Wealth." >i>Economic Inquiry>/i>, October 1994,
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 Consequences of Extremely High Capital Wealth Inequality." >i>Journal of
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 <BIBTEXT> Yunker, J. A. "Inheritance and Chance as Determinants of Capital
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Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:83-104




Template-Type: ReDIF-Article 1.0
Author-Name: Rafael Saulo Marques Ribeiro
Author-X-Name-First: Rafael Saulo Marques
Author-X-Name-Last: Ribeiro
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Title: Some unpleasant currency-devaluation arithmetic in a post Keynesian macromodel
Abstract: 
 The conventional view argues that devaluation increases the price competitiveness of domestic goods, thus allowing the economy to achieve a higher level of economic activity. However, these theoretical treatments largely neglect two important effects following devaluation: (1) the inflationary impact on the price of imported intermediate inputs, which raises the prime costs of firms and deteriorates partially or totally their price competitiveness; and (2) the redistribution of income from wages to profits, which ambiguously affects the aggregate demand as workers and capitalists have different propensities to save. New structuralist economists have explored these stylized facts neglected by the orthodox literature and, by and large, conclude that devaluation has contractionary effects on growth and positive effects on the external balance. Given that empirical evidence on the correlation between devaluation and growth is quite mixed, we develop a more general Keynesian–Kaleckian model that takes into account both opposing views in order to analyze the net impact of currency depreciation on the short-run growth rate and the current account. We demonstrate that this impact can go either way, depending on several conditions such as the type of growth regime, that is, wage-led or profit-led, and the degree of international price competitiveness of domestic goods.
Journal: Journal of Post Keynesian Economics
Pages: 145-167
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1246949
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1246949
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Dávila-Fernández
Author-X-Name-First: M. J.
Author-X-Name-Last: Dávila-Fernández
Author-Name: J. L. Oreiro
Author-X-Name-First: J. L.
Author-X-Name-Last: Oreiro
Author-Name: L. F. Punzo
Author-X-Name-First: L. F.
Author-X-Name-Last: Punzo
Author-Name: S. Bimonte
Author-X-Name-First: S.
Author-X-Name-Last: Bimonte
Title: : Reinterpreting the fundamental contradiction of capitalism
Abstract: 
 At a theoretical level this article discusses Piketty’s hypothesis that the distribution of income and wealth tends to become more concentrated over time when the rate of return on capital is greater than the growth rate of real output. We develop a post Keynesian model of growth and distribution showing that once capital is differentiated from wealth, the increase in income and wealth concentration actually occurs when the rate of valorization of financial and real estate assets is greater than the growth rate of real output, and that this situation may be triggered by financial liberalization.
Journal: Journal of Post Keynesian Economics
Pages: 168-182
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1248978
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1248978
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Fernando de Paula
Author-X-Name-First: Luiz Fernando
Author-X-Name-Last: de Paula
Author-Name: Barbara Fritz
Author-X-Name-First: Barbara
Author-X-Name-Last: Fritz
Author-Name: Daniela M. Prates
Author-X-Name-First: Daniela M.
Author-X-Name-Last: Prates
Title: Keynes at the periphery: Currency hierarchy and challenges for economic policy in emerging economies
Abstract: 
 While the post Keynesian literature offers a rather clear concept for growth-oriented policies, it is necessary to adapt them for peripheral emerging economies. We base our analysis of an appropriate Keynesian policy mix for these countries on the concept of currency hierarchy, where the currencies of peripheral emerging economies have a lower liquidity premium than the currencies of advanced economies. The international asymmetry related to the currency hierarchy, amplified by financial globalization, imposes major constraints to the adoption of Keynesian policies for these economies. Under these conditions, we argue that domestic economic policy coordination should lay a major focus on a low policy rate and, especially, a competitive exchange rate for obtaining, at least, a balanced current account, in order to prevent capital flows boom-bust-cycles with subsequent financial crises. We conclude that it is a rather ambitious and long-term goal to climb up the currency hierarchy, especially under the current condition of financial globalization.
Journal: Journal of Post Keynesian Economics
Pages: 183-202
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1252267
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Template-Type: ReDIF-Article 1.0
Author-Name: Cesar Rodrigues van der Laan
Author-X-Name-First: Cesar Rodrigues
Author-X-Name-Last: van der Laan
Author-Name: André Moreira Cunha
Author-X-Name-First: André Moreira
Author-X-Name-Last: Cunha
Author-Name: Marcos Tadeu Caputi Lélis
Author-X-Name-First: Marcos Tadeu Caputi
Author-X-Name-Last: Lélis
Title: On the effectiveness of capital controls during the Great Recession: The Brazilian experience (2007–2013)
Abstract: 
 In this study, we analyze the impact in Brazil of a tax on external capital flows called “Imposto Sobre Operações Finaceiras” (IOF), by following data on a monthly basis from 2007 to 2013. Our goal is to determine whether a change in tax legislation can produce significant effects on the pattern of financial inflows from abroad. Using univariate structural models, our results show that changes in the IOF produced structural breaks on foreign portfolio investments.
Journal: Journal of Post Keynesian Economics
Pages: 203-222
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1262744
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Template-Type: ReDIF-Article 1.0
Author-Name: Won Jun Nah
Author-X-Name-First: Won Jun
Author-X-Name-Last: Nah
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Long-run convergence in a neo-Kaleckian open-economy model with autonomous export growth
Abstract: 
 This study combines a neo-Kaleckian growth and distribution model with a sort of Sraffian supermultiplier mechanism in which autonomous demand is driven by foreign exports. Short-, medium- and long-run equilibria are considered. In the long-run case, the expectations of sales growth governing investment change adaptively, and this, combined with the autonomous growth rate of exports, produces convergence of the actual rate of capacity utilization to its normal rate. It is demonstrated that some aspects of the main Kaleckian results can be preserved not only in the short or medium run but also in the long run, in the sense that both (1) a decrease in the propensity to save, and (2) a change in income distribution favoring labor, bring about higher average rates of production growth and capital accumulation. However, the impact of a change in the profit share is shown to be subjected to the condition that the responsiveness of the real exchange rate with respect to the profit share has to be bounded from above, confirming that the scope for wage-led demand or wage-led growth can be limited by open-economy considerations, even within the supermultiplier context.
Journal: Journal of Post Keynesian Economics
Pages: 223-238
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1262745
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Template-Type: ReDIF-Article 1.0
Author-Name: Louisa Connors
Author-X-Name-First: Louisa
Author-X-Name-Last: Connors
Author-Name: William Mitchell
Author-X-Name-First: William
Author-X-Name-Last: Mitchell
Title: Framing Modern Monetary Theory
Abstract: 
 This article argues that Modern Monetary Theory (MMT) has struggled to gain traction in wider economic and political debates due to: (1) An incomplete understanding of key macroeconomic terms among economic commentators, especially journalists, and the wider community (lack of education); and (2) The deployment of key macroeconomic terms (incorrectly) in the context of pervasive cultural metaphors to support policy interventions that effectively benefit a privileged few at the expense of the majority. We provide a conceptual basis for understanding how the language we use constrains our thinking and we examine some of the key metaphors used to reinforce the flawed message of orthodox economics. We examine key ideas of modern monetary theory—an apolitical model of macroeconomic operations—and propose effective ways of expressing those key ideas in a progressive social and economic framework.
Journal: Journal of Post Keynesian Economics
Pages: 239-259
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2016.1262746
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1262746
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Handle: RePEc:mes:postke:v:40:y:2017:i:2:p:239-259




Template-Type: ReDIF-Article 1.0
Author-Name: Maria Cristina Marcuzzo
Author-X-Name-First: Maria Cristina
Author-X-Name-Last: Marcuzzo
Title: The “Cambridge” critique of the quantity theory of money: A note on how quantitative easing vindicates it
Abstract: 
 Through quantitative easing markets have been flooded with liquidity, but rather than inflation we have witnessed a general deflation because of the liquidity trap environment in which the banking system operated; this article revisits the arguments against the quantity theory in the “Cambridge” tradition of John Maynard Keynes, Richard Kahn, and Nicholas Kaldor, and defends their soundness and topicality.
Journal: Journal of Post Keynesian Economics
Pages: 260-271
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2017.1286939
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1286939
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Nederveen Pieterse
Author-X-Name-First: Jan
Author-X-Name-Last: Nederveen Pieterse
Title: From economic stagnation to systemic fragility?
Abstract: 
 Advanced economies are in a rut of slow growth. Growth in emerging economies has also slowed. Explanations are meager and policies have not worked or have made problems worse. The Trump administration of hard-line billionaires will likely exacerbate problems. Jack Rasmus’s book Systemic Fragility in the Global Economy offers a penetrating analysis of economic stagnation in advanced economies by providing a sustained and systemic focus on the role of finance, an analysis that probes further than mainstream economic analysis. Rasmus has made a signal contribution to contemporary economics and provided a vitally important X-ray of the political economy of stagnation.
Journal: Journal of Post Keynesian Economics
Pages: 272-277
Issue: 2
Volume: 40
Year: 2017
Month: 4
X-DOI: 10.1080/01603477.2017.1309982
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1309982
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Template-Type: ReDIF-Article 1.0
Author-Name: Hansjörg Herr
Author-X-Name-First: Hansjörg
Author-X-Name-Last: Herr
Author-Name: Andreas Westphal
Author-X-Name-First: Andreas
Author-X-Name-Last: Westphal
Title: Economic Coherence and the Transformation of Planned Economies into Monetary Economies
Journal: Journal of Post Keynesian Economics
Pages: 307-327
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489851
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489851
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Szego
Author-X-Name-First: Andrea
Author-X-Name-Last: Szego
Title: The Logic of a Shortage Economy: A Critique of Kornai from a Kaleckian Macroeconomic Perspective
Journal: Journal of Post Keynesian Economics
Pages: 328-336
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489852
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489852
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Handle: RePEc:mes:postke:v:13:y:1991:i:3:p:328-336




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Campano
Author-X-Name-First: Fred
Author-X-Name-Last: Campano
Title: Recent Trends in U.S. Family Income Distribution: A Comparison of All, White, and Black Families
Journal: Journal of Post Keynesian Economics
Pages: 337-350
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489853
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489853
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Handle: RePEc:mes:postke:v:13:y:1991:i:3:p:337-350




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: Debt, Deficits, and the Distribution of Income
Journal: Journal of Post Keynesian Economics
Pages: 351-365
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489854
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489854
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Handle: RePEc:mes:postke:v:13:y:1991:i:3:p:351-365




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Pollin
Author-X-Name-First: Robert
Author-X-Name-Last: Pollin
Title: Two Theories of Money Supply Endogeneity: Some Empirical Evidence
Journal: Journal of Post Keynesian Economics
Pages: 366-396
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489855
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489855
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Handle: RePEc:mes:postke:v:13:y:1991:i:3:p:366-396




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: The Endogenous Money Supply: Consensus and Disagreement
Journal: Journal of Post Keynesian Economics
Pages: 397-403
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489856
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489856
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Money Supply Endogeneity: “Reserve Price Setting” or “Reserve Quantity Setting”?
Journal: Journal of Post Keynesian Economics
Pages: 404-413
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489857
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489857
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Garretsen
Author-X-Name-First: Harry
Author-X-Name-Last: Garretsen
Title: Some Remarks on “Determinate Solutions and the Foreclosure of Process”
Journal: Journal of Post Keynesian Economics
Pages: 414-423
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489858
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: Determinate Solutions and the Foreclosure of Process: A Response To Garretsen
Journal: Journal of Post Keynesian Economics
Pages: 424-430
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489859
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles B. Garrison
Author-X-Name-First: Charles B.
Author-X-Name-Last: Garrison
Title: Cyclical Variation in the Capital Utilization Rate
Journal: Journal of Post Keynesian Economics
Pages: 431-445
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489860
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Template-Type: ReDIF-Article 1.0
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Title: Cyclical Variation in the Capital Utilization Rate: A Response to Garrison
Journal: Journal of Post Keynesian Economics
Pages: 446-454
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489861
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 455-455
Issue: 3
Volume: 13
Year: 1991
Month: 3
X-DOI: 10.1080/01603477.1991.11489862
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489862
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Cheng Lin 
Author-X-Name-First: Chung-Cheng Lin
Author-X-Name-Last: 
Author-Name: C.C Yang 
Author-X-Name-First: C.C Yang
Author-X-Name-Last: 
Title: A labor-adverse selection model of reducing working time
Abstract: 
 This paper proposes a labor-adverse selection model where labor quality within an individual firm negatively depends upon the average working hours in the market. Under this setting, labor quality is a "pure public good" by nature, and the free market equilibrium will result in inefficient allocation with underprovision. We show that shorter workweek regulations will increase the provision of the public good (labor quality), and the higher labor quality will increase firms' profits and employment. Shorter workweek regulations may therefore increase the firms' profits as well as the workers' employment and bring about a Pareto improvement.
Journal: Journal of Post Keynesian Economics
Pages: 515-524
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051362
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser Jr 
Author-X-Name-First: J. Barkley Rosser Jr
Author-X-Name-Last: 
Author-Name: Marina V. Rosser 
Author-X-Name-First: Marina V. Rosser
Author-X-Name-Last: 
Author-Name: Ehsan Ahmed 
Author-X-Name-First: Ehsan Ahmed
Author-X-Name-Last: 
Title: Multiple unofficial economy equilibria and income distribution dynamics in systemic transition
Abstract: 
 Large increases in unofficial economies in many transition economies arise from a dynamic interaction with rising income inequality and public sector changes in a multiple equilibria system. Returns to unofficial activity are first increasing and then decreasing, implying two distinct stable equilibria, with changes in inequality possibly causing a jump from one to the other. Multiple regressions of data from 18 transition economies find income inequality significantly correlated with the size of the unofficial economy, with the maximum annual rate of inflation also significantly correlated. The latter appears to be the only significant correlate with the increase in the size of the unofficial economy.
Journal: Journal of Post Keynesian Economics
Pages: 425-447
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051363
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathew Forstater 
Author-X-Name-First: Mathew Forstater
Author-X-Name-Last: 
Title: Public employment and environmental sustainability
Abstract: 
 This paper suggests that a public service employment (PSE) or job guarantee (JG) program run on the principles of functional finance can be designed to promote environmental sustainability. Unregulated or poorly regulated capitalist economies are both macroeconomically unsatisfactory (here focusing on unemployment, but also including price stability) and environmentally unsustainable. Traditional approaches addressing either unemployment or environmental degradation are insufficient to achieve full employment or environmental sustainability, and often proposals to attain one of these goals appear inconsistent with the other. A PSE program based on functional finance can achieve full employment, and may also present opportunities to promote environmental sustainability. A functional finance approach to ecological tax reform presents an opportunity to promote both macroeconomic and environmental goals. The flexibility of a PSE system also can be utilized to promote sustainability in a number of ways. PSE workers may also perform an array of environmental services, including monitoring, clean up, recycling, education, and more.
Journal: Journal of Post Keynesian Economics
Pages: 385-406
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051364
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Template-Type: ReDIF-Article 1.0
Author-Name: Nina Shapiro 
Author-X-Name-First: Nina Shapiro
Author-X-Name-Last: 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm Sawyer
Author-X-Name-Last: 
Title: Post Keynesian price theory
Abstract: 
 This paper examines and develops the firm-centered price theory of Post Keynesian economics. It takes issue with the traditional interpretation of that theory, arguing that although its prices are cost-based, they are not cost-determined. The distinctiveness and significance of the theory are located elsewhere, in the strategic determination of prices and the conception of the firm that underlies it. The costs of firms are examined along with their prices, with special attention paid to the overhead allocations of the firm and the validity of the full cost conception of its prices.
Journal: Journal of Post Keynesian Economics
Pages: 355-365
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051365
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Matarazzo Suplicy 
Author-X-Name-First: Eduardo Matarazzo Suplicy
Author-X-Name-Last: 
Title: Legitimizing basic income in developing countries: Brazil, or "the answer is blowin' in the wind"
Abstract: 
 A well-designed guaranteed income as a citizen's right is one of the instruments of economic policy that may contribute to a developing nation in building a just and civilized society. It is compatible with the objectives of making the economy more competitive as well as eradicating poverty and promoting a more equitable distribution of income. The paper shows how the debate has evolved and describes the experiences of minimum income programs related to education, also called Bolsa Escola programs, which may be seen as steps toward the unconditional basic income. Economists all over the world are beginning to favor that concept: regardless of origin, age, sex, race, civil, or socioeconomic condition, everyone will have the right to be a partner of the common property of the nation, receiving a modest income that will guarantee more freedom and dignity for all.
Journal: Journal of Post Keynesian Economics
Pages: 407-424
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051366
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Deprez 
Author-X-Name-First: Johan Deprez
Author-X-Name-Last: 
Title: International tax policy: recent changes and dynamics under globalization
Abstract: 
 This paper examines recent developments in international tax law and policy as part of the general dynamic of globalization. Tax policy is becoming active in the current phase of globalization, which involves international coordination, harmonization, and standardization. Unilateral, bilateral, and multilateral actions and policies by tax authorities, as well as initiatives by international bodies and agencies, are all part of this. The Organization for Economic Cooperation and Development's attack on harmful tax competition, harmonization of corporate income tax rates within the European Union, proliferation of transfer pricing rules, and the World Trade Organization's rejection of the U.S. Foreign Sales Corporation tax regime are all part of the present dynamic.
Journal: Journal of Post Keynesian Economics
Pages: 367-384
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051367
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Template-Type: ReDIF-Article 1.0
Author-Name: Lino Sau 
Author-X-Name-First: Lino Sau
Author-X-Name-Last: 
Title: Banking, information, and financial instability in Asia
Abstract: 
 The paper analyzes the financial crisis of the late 1990s in East Asia by trying to explain the predominant role played by the credit institutions in the intermediation process and in the creation of endogenous financial fragility and instability at a system level. This view is in contrast with "third-generation" models of financial crisis, which hold that the principal causes of financial instability are to be found in corruption cum moral hazard aspects of "crony capitalism." The paper follows Minsky's financial instability hypothesis in a contest of imperfect and asymmetric information in order to gain a more thorough understanding both of the persistence phenomenon and the contagion and propagation effects.
Journal: Journal of Post Keynesian Economics
Pages: 493-513
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051368
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Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech 
Author-X-Name-First: David Dequech
Author-X-Name-Last: 
Title: Keynes's &lt;I&gt;General Theory:&lt;/I&gt; valid only for modern capitalism?
Abstract: 
 Some interpretations restrict the applicability of the &lt;I&gt;General Theory&lt;/I&gt; to modern capitalism because of the financial institutions assumed by Keynes. Although acknowledging some evidence in support of these interpretations, the paper argues that Keynes also developed the fundamental elements of a general theory of unemployment and potential instability under capitalism, without having clearly disentangled these elements from more institutionally specific ideas. Such a general theory applies to all types of capitalist economy, but still is institutionally specific, referring to capitalism. The paper extracts this more general message, which was partly obscured by Keynes's emphasis on modern financial institutions.
Journal: Journal of Post Keynesian Economics
Pages: 471-491
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051369
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Template-Type: ReDIF-Article 1.0
Author-Name: John Marangos 
Author-X-Name-First: John Marangos
Author-X-Name-Last: 
Title: Price liberalization, monetary, and fiscal policies for transition economies: a Post Keynesian perspective
Abstract: 
 Post Keynesian economic analysis recommended a different reform program for transition economies than the orthodox model in the form of shock therapy implemented and imposed by the Washington consensus. In contrast to the dominant view, Post Keynesians recommended gradual price liberalization, which involved maintaining fixed prices and wages and subsidies, the establishment and maintenance of buffer stocks, government intervention to stimulate investment and incomes, and industry-incomes policies. With regard to monetary policy, Post Keynesians argued that a discretionary monetary policy was essential to reduce unemployment. With respect to fiscal policy, budget deficits were essential to maintain full employment.
Journal: Journal of Post Keynesian Economics
Pages: 449-469
Issue: 3
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051370
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Pacitti 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Pacitti 
Title: The cost of job loss and the great recession 
Abstract:
 This paper analyzes four measures of the cost of job loss for
 2001:1-2009:4. All measures reached a record or near-record high in 2009,
 with the rise being driven by record high unemployment duration and record
 low reemployment duration. In 2009:4, the real weekly cost of job loss was
 $352.57, or 41.74 percent of predisplacement earnings. Expected costs of
 job loss have nearly doubled since the beginning of the Great Recession.
 Evidence suggests that these costs do not peak until two to three years
 after the end of a recession. Macroeconomic implications are explored and
 policy recommendations are offered.
Journal: Journal of Post Keynesian Economics 
Pages: 597-620 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: cost of job loss, reemployment, unemployment, unemployment duration, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C47T1277H565L125 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bowles, S. "The
 Production Process in a Competitive Economy: Walrasian, Neo-Hobbesian, and
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 <BIBL>7</BIBL>        <BIBTEXT> Farber, H.S. "What Do We Know About Job
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 Publishing, 1965, pp. 175-200.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>16</BIBL>	<BIBTEXT> Minsky, H. "Tight Full Employment: Let's
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 </REF>      <REF>	  <BIBL>19</BIBL>	 <BIBTEXT> Mitchell, W.,
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 and the Phillips Curve" Working Paper no. 7, Siena College, Loudonville,
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 <BIBL>22</BIBL>	<BIBTEXT> Pollin, R., and Baker, D.
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 (5), 117-125.</BIBTEXT>      </REF>	  <REF>        <BIBL>25</BIBL>	   
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 Creation." Center for Economic and Policy Research, Washington, DC, 2010
 (available at >a target="_blank"
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 http://www.cepr.net/documents/publications/urgent-need-2010-07.pdf>/a></BI
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 Institute, Washington, DC, July 2, 2010 (available at >a target="_blank"
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 a></BIBTEXT>	   </REF>      <REF>	    <BIBL>28</BIBL>	  
 <BIBTEXT> Sullivan, D., and von Wachter, T. "Job Displacement and
 Mortality: An Analysis Using Administrative Data." >i>Quarterly Journal of
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 Kochhar, R.; Parker, K.; Wang, W.; Dockterman, D.; Hinze-Pifer, R.; and
 Espinoza, S. "The Impact of Long-Term Unemployment: Lost Income, Lost
 Friendsâand Loss of Self-Respect." Pew Research Center, Social &
 Demographic Trends Report, Washington, DC, July 22, 2010 (available at >a
 target="_blank"
 href='http://pewsocialtrends.org/assets/pdf/760-recession.pdf'>http://pews
 ocialtrends.org/assets/pdf/760-recession.pdf>/a></BIBTEXT>	 </REF>    
  <REF>        <BIBL>30</BIBL>	      <BIBTEXT> Valetta, R. "Anxious
 Workers." Federal Reserve Bank of San Francisco Economic Letter no.
 2007-13, 2007.</BIBTEXT>      </REF>	   <REF>	<BIBL>31</BIBL>    
    <BIBTEXT> von Wachter, T.; Song, J.; and Manchester; J. "Long-Term
 Earnings Losses Due to Job Separation During the 1982 Recession: An
 Analysis Using Longitudinal Administrative Data from 1974 to 2004." 2009
 (available at >a target="_blank"
 href='http://www.columbia.edu/~vw2112/papers/mass_layoffs_1982.pdf'>http:/
 /www.columbia.edu/~vw2112/papers/mass_layoffs_1982.pdf>/a></BIBTEXT>	  
 </REF>      <REF>	  <BIBL>32</BIBL>	 <BIBTEXT> Weisskopf, T.E.;
 Bowles, S.; and Gordon, D.M. "Hearts and Minds: A Social Model of U.S.
 Productivity Growth." >i>Brookings Papers on Economic Activity>/i>, 1983,
 >i>2>/i>, 381-441.</BIBTEXT>	   </REF>      <REF>	    <BIBL>33</BIBL>
	<BIBTEXT> Wisman, J.D. "The Moral Imperative and Social Rationality
 of Government-Guaranteed Employment and Reskilling." >i>Review of Social
 Economy>/i>, 2010, >i>68>/i> (1), 35-67.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>34</BIBL>	      <BIBTEXT> Wray, L.R. "Government of the Last
 Resort: Full Employment without Inflation." Working Paper no. 213, Jerome
 Levy Economics Institute, Annandale-on-Hudson, NY, 1997.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>35</BIBL>	 <BIBTEXT> Wray, L.R. "The
 Employer of Last Resort Programme: Could It Work for Developing
 Countries?" Economic and Labour Market Papers, International Labour
 Office, Geneva, August 2007.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:33:y:2011:i:4:p:597-620




Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Duwicquet 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Duwicquet 
Author-Name: Jacques Mazier 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mazier 
Title: Financial integration and macroeconomic adjustments in a monetary union 
Abstract:
 In a monetary union, such as the euro zone, adjustments facing asymmetric
 evolutions are more difficult due to fixed intra-European exchange rates.
 Well-integrated capital markets, with portfolio diversification and
 intrazone credit, would constitute a powerful adjustment mechanism,
 according to the "international risk-sharing" approach. A different
 approach is adopted, based on a "stock-flow consistent" model of a
 monetary union along the lines of Godley and Lavoie (2007). Two results
 can be underlined. Holding foreign assets has a stabilizing role, but the
 capital income stabilizing coefficient seems small. By contrast, intrazone
 credit seems to have no specific stabilization effects.
Journal: Journal of Post Keynesian Economics 
Pages: 333-370 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: international finance, open economy macroeconomics, Post Keynesian modeling, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M36027183224U141 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Asdrubali, P., and Kim,
 S. "Dynamic Risksharing in the United States and Europe." >i>Journal of
 Monetary Economics>/i>, May 2004, >i>51>/i> (4), 809-836.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Asdrubali, P.,
 and Kim, S. "The Economic Effects of the EU Budget: A VAR Analysis."
 >i>Journal of Common Market Studies>/i>, December 2008a, >i>46>/i> (5),
 933-968.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Asdrubali, P., and Kim, S. "Incomplete Intertemporal Consumption
 Smoothing and Incomplete Risksharing." >i>Journal of Money, Credit and
 Banking>/i>, October 2008b, >i>40>/i> (7), 1521-1531.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Asdrubali, P.;
 Sorensen, B. E.; and Yosha, O. "Channels of Inter-State Risk-Sharing:
 United States 1963-1990." >i>Quarterly Journal of Economics>/i>, November
 1996, >i>111>/i> (4), 1081-1110.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>5</BIBL>        <BIBTEXT> Blanchard, O., and Katz, L. "Regional
 Evolutions." >i>Brookings Papers on Economic Activity>/i>, 1992,
 >i>23>/i>, 1-76.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>   
     <BIBTEXT> ClÃ©venot, M.; Guy, Y.; and Mazier, J. "Investment and Rate
 of Profit in a Financial Context: The French Case." >i>International
 Review of Applied Economics>/i>, 2011, forthcoming.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>7</BIBL>	<BIBTEXT> European Commission.
 "Quarterly Report on the Euro Area," vol. 6, no. 3, Brussels, 2007
 (available at >a target="_blank"
 href='http://ec.europa.eu/economy_finance/publications/publication9503_en.
 pdf'>http://ec.europa.eu/economy_finance/publications/publication9503_en.p
 df>/a></BIBTEXT>      </REF>	   <REF>	<BIBL>8</BIBL>	     
 <BIBTEXT> Godley, W. "Money and Credit in a Keynesian Model of Income
 Determination." >i>Cambridge Journal of Economics>/i>, July 1999,
 >i>23>/i> (4), 393-411.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>9</BIBL>        <BIBTEXT> Godley, W., and Lavoie, M. "Comprehensive
 Accounting in Simple Open Economy Macroeconomics with Endogenous
 Sterilization of Flexible Exchange Rates." >i>Journal of Post Keynesian
 Economics>/i>, Winter 2005-6, >i>28>/i> (2), 241-276.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Godley, W., and
 Lavoie, M. >i>Monetary Economics.>/i> London: Palgrave Macmillan,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> Goodhart, C., and Smith, S. "Stabilisation." >i>European
 Economy, The Economics of Community Public Finance, Reports and
 Studies>/i>, 1993, >i>5>/i> (Special Issue), 417-455.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Italianer, A.,
 and Pisani-Ferry, J. "SystÃ¨mes budgÃ©taires et amortissement des chocs
 rÃ©gionaux: implications pour l'Union Ã©conomique et monÃ©taire"
 [Budgetary Systems and Amortization of Regional Shocks: Implications for
 Economic and Monetary Union]. >i>Economie internationale>/i>, 1992,
 >i>51>/i> (3), 49-69.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Kalemli-Ozcan, S.; Sorensen, B. E.; and
 Yosha, O. "Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated
 Evidence and Policy Implications for Europe." Centre for Economic Policy
 Research Discussion Paper no. 4463, London, 2004.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>14</BIBL>        <BIBTEXT> L'angevin, C. "Dynamiques
 d'ajustement et mobilitÃ© du travail au sein de la zone euro" [Adjustment
 Dynamics and Labor Mobility Within the Euro Area]. Lettre TrÃ©sor-Eco no.
 14, Treasury Department, Paris, April 2007.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>15</BIBL>	     <BIBTEXT> Lavoie, M. "A Fully Coherent
 Post-Keynesian Model of the Euro Zone." In P. A restis, M. Baddeley, and
 J. McCombie (eds.), >i>Globalisation, Regionalism and Economic
 Activity.>/i> Cheltenham, UK: Edward Elgar, 2003.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>16</BIBL>        <BIBTEXT> Mazier, J., and Saglio, S.
 "Interdependency and Adjustments in the European Union." >i>International
 Review of Applied Economics>/i>, January 2008, >i>22>/i> (1),
 17-44.</BIBTEXT>      </REF>	   <REF>	<BIBL>17</BIBL>       
 <BIBTEXT> Mazier J.; Saglio S.; and Oudinet, J. "La flexibilitÃ© des prix
 relatifs et la mobilitÃ© du travail en Union monÃ©taire: une comparaison
 Europe-Etats-Unis" [The Relative Price Flexibility and Labor Mobility in a
 Monetary Union: A Comparison of Europe-United States]. >i>Revue de
 l'OFCE>/i>, October 2002, >i>83>/i> (4), 325-388.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>18</BIBL>        <BIBTEXT> MÃ©litz, J., and Zumer, F.
 "Interregional and International Risk Sharing and Lessons for EMU."
 >i>Carnegie Rochester Conference Series on Public Policy>/i>, 1999,
 >i>51>/i> (1), 149-188.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>19</BIBL>	<BIBTEXT> Sorensen, B. E.; Wu, Y. T.; Yosha, O.;
 and Zhu, Y. "Home Bias and International Risk Sharing: Twin Puzzles
 Separated at Birth." >i>Journal of International Money and Finance>/i>,
 2007, >i>26>/i> (4), 587-607.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>20</BIBL>	<BIBTEXT> Tobin, J. "A General Equilibrium Approach
 to Monetary Theory." >i>Journal of Money, Credit, and Banking>/i>,
 February 1969, >i>1>/i> (1), 15-29.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>21</BIBL>	 <BIBTEXT> Trichet, J. C. "Le processus
 d'intÃ©gration europÃ©enne" [The Process of European Economic
 Integration]. Speech presented at the Fondation Jean Monnet pour l'Europe,
 Lausanne, September 21, 2007 (available at >a target="_blank"
 href='http://www.ecb.int/press/key/date/2007/html/sp070921_2.en.html'>www.
 ecb.int/press/key/date/2007/html/sp070921_2.en.html>/a></BIBTEXT>     
 </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:333-370




Template-Type: ReDIF-Article 1.0
Author-Name: Amitai Etzioni
Author-X-Name-First: Amitai
Author-X-Name-Last: Etzioni
Title: Encapsulated Competition
Journal: Journal of Post Keynesian Economics
Pages: 287-302
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489503
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489503
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Template-Type: ReDIF-Article 1.0
Author-Name: Vincent J. Tarascio
Author-X-Name-First: Vincent J.
Author-X-Name-Last: Tarascio
Title: Keynes, Population, and Equity Prices
Journal: Journal of Post Keynesian Economics
Pages: 303-310
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489504
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489504
File-Format: text/html
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:303-310




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew J. Buck
Author-X-Name-First: Andrew J.
Author-X-Name-Last: Buck
Title: An Empirical Note on the Foundations of Rational Expectations
Journal: Journal of Post Keynesian Economics
Pages: 311-323
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489505
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489505
File-Format: text/html
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:311-323




Template-Type: ReDIF-Article 1.0
Author-Name: J. Neill Fortune
Author-X-Name-First: J. Neill
Author-X-Name-Last: Fortune
Title: Manufacturers’ Aggregate Inventory Accumulation and Unfilled Orders
Journal: Journal of Post Keynesian Economics
Pages: 324-331
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489506
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489506
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:324-331




Template-Type: ReDIF-Article 1.0
Author-Name: Björn Hansson
Author-X-Name-First: Björn
Author-X-Name-Last: Hansson
Title: Keynes’s Notion of Equilibrium in the 
Journal: Journal of Post Keynesian Economics
Pages: 332-341
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489507
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489507
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:332-341




Template-Type: ReDIF-Article 1.0
Author-Name: A. L. Levine
Author-X-Name-First: A. L.
Author-X-Name-Last: Levine
Title: Sraffa’s , Returns to Scale, Relevance, and Other Matters: A Note
Journal: Journal of Post Keynesian Economics
Pages: 342-349
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489508
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489508
File-Format: text/html
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:342-349




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 350-351
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489509
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489509
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:350-351




Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: The Foundations of Unemployment Theory: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 352-362
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489510
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489510
File-Format: text/html
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:352-362




Template-Type: ReDIF-Article 1.0
Author-Name: William Darity
Author-X-Name-First: William
Author-X-Name-Last: Darity
Title: On Involuntary Unemployment and Increasing Returns
Journal: Journal of Post Keynesian Economics
Pages: 363-372
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489511
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489511
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:363-372




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Liquidity and Not Increasing Returns is the Ultimate Source of Unemployment Equilibrium
Journal: Journal of Post Keynesian Economics
Pages: 373-384
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489512
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489512
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:373-384




Template-Type: ReDIF-Article 1.0
Author-Name: David De Meza
Author-X-Name-First: David De
Author-X-Name-Last: Meza
Author-Name: Morris Perlman
Author-X-Name-First: Morris
Author-X-Name-Last: Perlman
Title: Increasing Returns and the Foundation of Unemployment Theory
Journal: Journal of Post Keynesian Economics
Pages: 385-394
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489513
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489513
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:385-394




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Title: Increasing Returns and Involuntary Unemployment: Is There a Connection?
Journal: Journal of Post Keynesian Economics
Pages: 395-402
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489514
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489514
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:395-402




Template-Type: ReDIF-Article 1.0
Author-Name: Martin L. Weitzman
Author-X-Name-First: Martin L.
Author-X-Name-Last: Weitzman
Title: Increasing Returns and The Foundations of Unemployment Theory: An Explanation
Journal: Journal of Post Keynesian Economics
Pages: 403-409
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489515
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489515
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:403-409




Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: A Twentieth-Century Eclectic: Richard Goodwin
Journal: Journal of Post Keynesian Economics
Pages: 410-421
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489516
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489516
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:410-421




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Can Effective Demand and the Movement Toward Further Income Equality be Maintained in the Face of Robotics? An Introduction
Journal: Journal of Post Keynesian Economics
Pages: 422-425
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489517
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489517
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:422-425




Template-Type: ReDIF-Article 1.0
Author-Name: Stuart M. Speiser
Author-X-Name-First: Stuart M.
Author-X-Name-Last: Speiser
Title: Broadened Capital Ownership—The Solution to Major Domestic and International Problems
Journal: Journal of Post Keynesian Economics
Pages: 426-434
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489518
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489518
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:426-434




Template-Type: ReDIF-Article 1.0
Author-Name: Ward Morehouse
Author-X-Name-First: Ward
Author-X-Name-Last: Morehouse
Title: Beyond Superstock: The Three-Tiered Plan for Universal Capital Ownership
Journal: Journal of Post Keynesian Economics
Pages: 435-439
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489519
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489519
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:435-439




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lekachman
Author-X-Name-First: Robert
Author-X-Name-Last: Lekachman
Title: Superstock: A Conservative Alternative to the Welfare State
Journal: Journal of Post Keynesian Economics
Pages: 440-442
Issue: 3
Volume: 7
Year: 1985
Month: 3
X-DOI: 10.1080/01603477.1985.11489520
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489520
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Handle: RePEc:mes:postke:v:7:y:1985:i:3:p:440-442




Template-Type: ReDIF-Article 1.0
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Author-Name: J. M. Keynes
Author-X-Name-First: J. M.
Author-X-Name-Last: Keynes
Title: A “Second Edition” of Keynes’ General Theory
Journal: Journal of Post Keynesian Economics
Pages: 367-386
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490202
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490202
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:367-386




Template-Type: ReDIF-Article 1.0
Author-Name: Eileen Appelbaum
Author-X-Name-First: Eileen
Author-X-Name-Last: Appelbaum
Author-Name: Ronald Schettkat
Author-X-Name-First: Ronald
Author-X-Name-Last: Schettkat
Title: Are Prices Unimportant? The Changing Structure of the Industrialized Economies
Journal: Journal of Post Keynesian Economics
Pages: 387-398
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490203
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490203
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:387-398




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Clower
Author-X-Name-First: Robert
Author-X-Name-Last: Clower
Title: Post-Keynes Monetary and Financial Theory
Journal: Journal of Post Keynesian Economics
Pages: 399-414
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490204
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490204
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Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Expectations and Confidence under Uncertainty
Journal: Journal of Post Keynesian Economics
Pages: 415-430
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490205
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490205
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel A. León-Ledesma
Author-X-Name-First: Miguel A.
Author-X-Name-Last: León-Ledesma
Title: An Application of Thirlwall’s Law to the Spanish Economy
Journal: Journal of Post Keynesian Economics
Pages: 431-439
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490206
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490206
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:431-439




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Howells
Author-X-Name-First: Peter
Author-X-Name-Last: Howells
Author-Name: Khaled A. Hussein
Author-X-Name-First: Khaled A.
Author-X-Name-Last: Hussein
Title: The Demand for Bank Loans and the “State of Trade”
Journal: Journal of Post Keynesian Economics
Pages: 441-454
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490207
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490207
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:441-454




Template-Type: ReDIF-Article 1.0
Author-Name: Leonce Ndikumana
Author-X-Name-First: Leonce
Author-X-Name-Last: Ndikumana
Title: Debt Service, Financing Constraints, and Fixed Investment: Evidence from Panel Data
Journal: Journal of Post Keynesian Economics
Pages: 455-478
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490208
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490208
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:455-478




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Expectations, Path Dependence and Effective Demand: A Macroeconomic Model along Keynesian Lines
Journal: Journal of Post Keynesian Economics
Pages: 479-501
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490209
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490209
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:479-501




Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: Western Economics and the Economy of Japan
Journal: Journal of Post Keynesian Economics
Pages: 503-521
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490210
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490210
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:503-521




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 523-524
Issue: 3
Volume: 21
Year: 1999
Month: 3
X-DOI: 10.1080/01603477.1999.11490211
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490211
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Handle: RePEc:mes:postke:v:21:y:1999:i:3:p:523-524




Template-Type: ReDIF-Article 1.0
Author-Name: Yiannis Kitromilides 
Author-X-Name-First: Yiannis 
Author-X-Name-Last: Kitromilides 
Title: Deficit reduction, the age of austerity, and the paradox of insolvency 
Abstract:
 The European debt crisis in 2010 resulted in the adoption of fiscal
 austerity measures in many European economies, and produced demands for
 the adoption of similar policies in the United States. This paper examines
 whether the implementation of immediate fiscal austerity during a fragile
 economic recovery is justified and whether it is the best means of
 achieving deficit reduction. The paper points out that although the
 austerity strategy can lead to deficit reduction and prevent insolvency in
 the case of an indebted individual, this may not necessarily be the
 outcome in the case of national indebtedness. The problem is accentuated
 when austerity measures are replicated in many interdependent economies.
 The paradox is in general valid when it is assumed that fiscal policy is
 effective and that fiscal multipliers are positive, assumptions that the
 New Consensus Macroeconomics theoretical framework that underpins the
 austerity strategy, inappropriately, rejects. The overall conclusion is
 that "synchronized" fiscal austerity cannot solve the problem of
 ballooning public debts that need to be tackled in conjunction with
 attempts to reform the international banking and financial system.
Journal: Journal of Post Keynesian Economics 
Pages: 517-536 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: austerity, deficit reduction, fiscal policy, insolvency, public debt, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=U73066175250K321 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. "What Is
 the New Consensus in Macroeconomics?" In P. Arestis (ed.), >i>Is There a
 New Consensus in Macroeconomics?>/i> Basingstoke, UK: Palgrave Macmillan,
 2007, pp. 22-42.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>   
     <BIBTEXT> Arestis, P. "Fiscal Policy Within the New Consensus
 Macroeconomic Framework." In J. Creel and M. Sawyer (eds.), >i>Current
 Thinking on Fiscal Policy>/i>. Basingstoke, UK: Palgrave Macmillan, 2009,
 pp. 6-27.</BIBTEXT>	  </REF>      <REF>	   <BIBL>3</BIBL>	
 <BIBTEXT> Barro, R.J. "Are Government Bonds Net Wealth?" >i>Journal of
 Political Economy>/i>, 1974, >i>82>/i> (6), 1095-1117.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Bernanke, B.S.
 "Achieving Fiscal Sustainability." Speech at the National Commission on
 Fiscal Responsibility and Reform, Washington, DC, April 27, 2010
 (available at >a target="_blank"
 href='http://www.federalreserve.gov/newsevents/speech/bernanke20100427a.ht
 m'>http://www.federalreserve.gov/newsevents/speech/bernanke20100427a.htm>/
 a></BIBTEXT>	   </REF>      <REF>	    <BIBL>5</BIBL>	  <BIBTEXT>
 Blanchard, O.J. "Debt, Deficits and Finite Horizons." >i>Journal of
 Political Economy>/i>, 1985, >i>93>/i> (2), 223-247.</BIBTEXT>      </REF>
      <REF>	   <BIBL>6</BIBL>	 <BIBTEXT> Botman, D., and Kumar,
 M.S. "Fundamental Determinants of the Effects of Fiscal Policy." Working
 Paper 06/72, International Monetary Fund, Washington, DC, 2006.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>7</BIBL>	    <BIBTEXT> Briotti, M.G.
 "Economic Reactions to Public Finance Consolidation: A Survey of the
 Literature." Occasional Paper Series no. 38, European Central Bank,
 Frankfurt, 2005.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>   
     <BIBTEXT> Congressional Budget Office. "Federal Debt and the Risk of a
 Fiscal Crisis." Economic and Budget Issue Brief, Washington, DC, July 27,
 2010 (available at >a target="_blank"
 href='http://www.cbo.gov/ftpdocs/116xx/doc11659/07-27_Debt_FiscalCrisis_Br
 ief.pdf'>http://www.cbo.gov/ftpdocs/116xx/doc11659/07-27_Debt_FiscalCrisis
 _Brief.pdf>/a></BIBTEXT>      </REF>	   <REF>	<BIBL>9</BIBL>	   
   <BIBTEXT> Davidson, P. >i>The Keynes Solution: The Path to Global
 Economic Prosperity>/i>. New York: Palgrave Macmillan, 2009.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>10</BIBL>	  <BIBTEXT> Davidson, P.
 "Making Dollars and Sense of the U.S. Government Debt." >i>Journal of Post
 Keynesian Economics>/i>, Summer 2010, >i>32>/i> (4), 661-665.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>11</BIBL>	   <BIBTEXT> Eggertsson,
 G.B. "Fiscal Multipliers and Policy Coordination." Federal Reserve Bank of
 New York Staff Report no. 241, New York, 2006.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>12</BIBL>	     <BIBTEXT> Flynn, T.P. "The Perils of
 Rising Government Debt: Economic Analysis of Looming Government Debt."
 Committee on the Budget, U.S. House of Representatives, Washington, DC,
 May 27, 2010 (available at >a target="_blank"
 href='http://budget.house.gov/UploadedFiles/debtthreat27may2010.pdf'>http:
 //budget.house.gov/UploadedFiles/debtthreat27may2010.pdf>/a></BIBTEXT>    
  </REF>      <REF>	   <BIBL>13</BIBL>	  <BIBTEXT> Hemming, R.;
 Kell, M.; and Mahfouz, S. "The Effectiveness of Fiscal Policy in
 Stimulating Economic Activity: A Review of the Literature." Working Paper
 02/208, International Monetary Fund, Washington, DC, 2002.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Hemming, R.;
 Kell, M.; and Schimmelpfennig, A. "Fiscal Policy and Economic Activity in
 Advanced Economies." Working Paper 02/87, International Monetary Fund,
 Washington, DC, 2002.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>15</BIBL>	<BIBTEXT> Keynes, J.M. >i>The General Theory of
 Employment, Interest and Money>/i>. London: Macmillan, 1936.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>16</BIBL>	  <BIBTEXT> Kimmel, L.H.
 >i>Federal Budget and Fiscal Policy 1789-1958>/i>. Washington DC:
 Brookings Institution Press, 1959.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>17</BIBL>	<BIBTEXT> Krugman, P. "Fiscal Scare Tactics."
 >i>New York Times>/i>, February 4, 2010 (available at >a target="_blank"
 href='http://www.nytimes.com/2010/02/05/opinion/05krugman.html'>http://www
 .nytimes.com/2010/02/05/opinion/05krugman.html>/a></BIBTEXT>	   </REF>  
    <REF>	 <BIBL>18</BIBL>	<BIBTEXT> Liddle, R. "It's Not Just
 the GreeksâBeware of All the >i>Siesta>/i> States." >i>Sunday Times>/i>,
 May 2, 2010, 19 (available at >a target="_blank"
 href='http://www.timesonline.co.uk/tol/comment/columnists/rod_liddle/artic
 le7114008.ece'>http://www.timesonline.co.uk/tol/comment/columnists/rod_lid
 dle/article7114008.ece>/a></BIBTEXT>	   </REF>      <REF>	   
 <BIBL>19</BIBL>	<BIBTEXT> Nersisyan, Y., and Wray, R. "Deficit
 Hysteria Redux? Why We Should Stop Worrying About U.S. Government
 Deficits." Public Policy Brief no. 111, Levy Economics Institute of Bard
 College, Annandale-on-Hudson, New York, 2010.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>20</BIBL>	     <BIBTEXT> Reinhart, C., and Rogoff, K.
 >i>This Time Is Different: Eight Centuries of Financial Folly>/i>.
 Princeton: Princeton University Press, 2009.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>21</BIBL>	     <BIBTEXT> Ricardo, D. "Essay on the
 Funding System." In P. Shraffa (ed.), >i>The Works and Correspondence of
 David Ricardo: Pamplets and Papers, 1815-1823>/i>. Cambridge: Cambridge
 University Press, 1951.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>22</BIBL>	<BIBTEXT> Rogoff, K. "No Need for Panicked Fiscal
 Surge." >i>Financial Times>/i>, July 20, 2010 (available at >a
 target="_blank"
 href='http://www.ft.com/cms/s/0/6571e6c8-93f5-11df-83ad-00144feab49a.html#
 axzz1COXMLC9c'>http://www.ft.com/cms/s/0/6571e6c8-93f5-11df-83ad-00144feab
 49a.html#axzz1COXMLC9c>/a></BIBTEXT>	   </REF>      <REF>	   
 <BIBL>23</BIBL>	<BIBTEXT> Skidelsky, R. >i>John Maynard Keynes: The
 Economist as Saviour, 1920-1937>/i>. London: Macmillan, 1992.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>24</BIBL>	   <BIBTEXT> Smith, A.
 >i>The Wealth of Nations>/i>. New York: Random House, 1957.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>25</BIBL>	 <BIBTEXT> Trichet, J.C.
 "Stimulate No MoreâIt Is Now Time for All to Tighten." >i>Financial
 Times>/i>, July 22, 2010 (available at >a target="_blank"
 href='http://www.ft.com/cms/s/0/1b3ae97e-95c6-11df-b5ad-00144feab49a.html#
 axzz1COXMLC9c'>http://www.ft.com/cms/s/0/1b3ae97e-95c6-11df-b5ad-00144feab
 49a.html#axzz1COXMLC9c>/a></BIBTEXT>	   </REF>      <REF>	   
 <BIBL>26</BIBL>	<BIBTEXT> Weil, P. "Overlapping Families of
 Infinitely-Lived Agents." >i>Journal of Public Economics>/i>, 1989,
 >i>38>/i> (2), 183-198.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>27</BIBL>	<BIBTEXT> Wren-Lewis, S. "The Limits to
 Discretionary Fiscal Stabilisation Policy." >i>Oxford Review of Economic
 Policy>/i>, 2000, >i>16>/i> (4), 92-105.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:517-536




Template-Type: ReDIF-Article 1.0
Author-Name: Mario  GarcÃ­a-Molina 
Author-X-Name-First: Mario  
Author-X-Name-Last: GarcÃ­a-Molina 
Author-Name: Jeanne Kelly RuÃ­z-Tavera 
Author-X-Name-First: Jeanne Kelly 
Author-X-Name-Last: RuÃ­z-Tavera 
Title: Thirlwall's law and the two-gap model: toward a unified "dynamic gap" model 
Abstract:
 This paper puts forward a unified model of two of the most relevant
 demand-based explanations of economic growthâThirlwall's law and the
 two-gap model. Under certain specifications, it is shown that Thirlwall's
 law extended with capital flows is equivalent to the "external gap." Our
 unified model, expressed in growth rates, is particularly useful to
 explain short-term growth in developing countries. Relevant policy
 implications are also drawn from the results.
Journal: Journal of Post Keynesian Economics 
Pages: 269-290 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: economic development, economic growth, foreign trade, Keynesian models, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K511133X70468654 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Atesoglu, H. S.
 "Balance of Payments Constrained Growth." >i>Journal of Post Keynesian
 Economics>/i>, Summer 1993, 15 (4), 507-514.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Bacha, E. "Growth with
 Limited Supplies of Foreign Exchange: A Reappraisal of the Two Gap Model."
 In M. Syrquin, L. Taylor, and L. E. Westphal (eds.), >i>Economic Structure
 and Performance: Essays in Honor of Hollis B. Chenery.>/i> New York:
 Academic Press, 1984, pp. 263-280.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>3</BIBL>        <BIBTEXT> Bacha, E. "A Three-Gap Model of Foreign
 Transfers and the GDP Growth Rate in Developing Countries." >i>Journal of
 Development Economics>/i>, April 1990, 32 (2), 279-296.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Chenery, H.
 "Comparative Advantage and Development Policy." >i>American Economic
 Review>/i>, 1961, 51 (1), 18-51.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>5</BIBL>        <BIBTEXT> Chenery, H. "The Structuralist Approach to
 Development Policy." >i>Development Economics>/i>, 1975, 65 (2),
 311-316.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Chenery, H., and Adelman, I. "Foreign Aid and Economic
 Development: The Case of Greece." >i>Review of Economics and
 Statistics>/i>, 1966, 48 (1), 1-19.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>7</BIBL>	<BIBTEXT> Chenery, H., and Bruno, M. "Development
 Alternatives in an Open Economy: The Case of Israel." >i>Economic
 Journal>/i>, March 1962, 72 (285), 79-103.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Chenery, H., and McEwan, A.
 "Optimal Patterns of Growth and Aid: The Case of Pakistan." >i>Pakistan
 Development Review>/i>, Summer 1966, 6 (2), 209-242.</BIBTEXT>      </REF>
      <REF>	   <BIBL>9</BIBL>	 <BIBTEXT> Chenery, H., and Strout,
 A. M. "Foreign Assistance and Economic Development." >i>American Economic
 Review>/i>, September 1966, 56 (4), 679-733.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>10</BIBL>	     <BIBTEXT> Ferreira, A., and Canuto, O.
 "Thirlwall's Law and Foreign Capital in Brazil." >i>Monento
 EconÃ³mico>/i>, January-February 2003, 125, 18-29.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>11</BIBL>	<BIBTEXT> GarcÃ­a-Molina, M.
 "Capital Theory and the Origins of the Elasticity of Substitution,"
 >i>Cambridge Journal of Economics>/i>, 2005, 29 (3), 423-437.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>12</BIBL>	   <BIBTEXT>
 GarcÃ­a-Molina, M., and Quevedo, A. "Crecimiento econÃ³mico y balanza de
 pagos: Evidencia empÃ­rica para Colombia" [Economic Growth and Balance of
 Payments: Empirical Evidence for Colombia]. >i>Cuadernos de EconomÃ­a>/i>,
 2005, 24 (43), 83-104.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Harrod, R. >i>International
 Economics.>/i> Cambridge: Cambridge University Press, 1933.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Hieke, H.
 "Balance-of-Payments-Constrained Growth: A Reconsideration of the Evidence
 for the U. S. Economy." >i>Journal of Post Keynesian Economics>/i>, Spring
 1997, 19 (3), 313-324.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>15</BIBL>	<BIBTEXT> LeÃ³n-Ledesma, M. "An Application of
 Thirlwall's Law to the Spanish Economy." >i>Journal of Post Keynesian
 Economics>/i>, Spring 1999, 21 (3), 431-439.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>16</BIBL>	     <BIBTEXT> LÃ³pez, J., and Cruz, A.
 "Thirlwall's Law and Beyond: The Latin American Experience." >i>Journal of
 Post Keynesian Economics>/i>, Spring 2000, 22 (3), 477-493.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> McCombie, J.
 "Thirlwall's Law and Balance of Payments Constrained GrowthâMore on the
 Debate." >i>Applied Economics>/i>, 1992, 24 (5), 493-512.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> McGregor, P.,
 and Swales, J. "Thirlwall's Law and Balance of Payments Constrained
 Growth: Further Comment on the Debate." >i>Applied Economics>/i>, 1991, 23
 (1), 9-20.</BIBTEXT>	   </REF>      <REF>	    <BIBL>19</BIBL>	  
 <BIBTEXT> McKinnon, R. "Foreign Exchange Constraints in Economic
 Development and Efficient Aid Allocation." >i>Economic Journal>/i>, June
 1964, 74 (294), 388-409.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>20</BIBL>	<BIBTEXT> Moreno-Brid, J. "MÃ©xico: EconÃ³mico y
 restricciÃ³n de la balanza de pagos" [Mexico: Economic Growth and Balance
 of Payments Constraint]. >i>Comercio Exterio>/i>, June 1998,
 478-486.</BIBTEXT>	 </REF>      <REF>	  <BIBL>21</BIBL>	
 <BIBTEXT> Moreno-Brid, J. "MÃ©xico's Economic Growth and the Balance of
 Payments Constraint: A Cointegration Analysis." >i>International Review of
 Applied Economics>/i>, 1999, 13 (2), 150-159.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Pardo, J., and Reig, N.
 "Crecimiento, demanda y exportaciones en la economÃ­a Uruguaya 1960-2000"
 [Growth, Demand and Exports in the Uruguayan Economy 1960-2000]. Working
 Paper no. 1102, Department of EconomicsâdECON, Universidad de la
 RepÃºblica, Montevideo, Uruguay, 2002.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>23</BIBL>	    <BIBTEXT> Perraton, J. "Balance of Payments
 Constrained Growth and Developing Countries: An Examination of Thirlwall's
 Hypothesis." >i>International Review of Applied Economics>/i>, 2003, 17
 (1), 1-22.</BIBTEXT>	   </REF>      <REF>	    <BIBL>24</BIBL>	  
 <BIBTEXT> Perrotini, I. "La ley de Thirlwall y el crecimiento en la
 economÃ­a global: AnÃ¡lisis crÃ­tico del debate" [Thirlwall's Law and
 Growth in the Global Economy: Critical Analysis on the Debate]. >i>Revista
 Venezolana de AnÃ¡lisis de Coyuntura>/i>, July-December 2002, VIII (2),
 117-141.</BIBTEXT>	 </REF>      <REF>	  <BIBL>25</BIBL>	
 <BIBTEXT> Taylor, L. >i>Structuralist Macroeconomics: Applicable Models
 for the Third World.>/i> New York, Basic Books, 1983.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>26</BIBL>	 <BIBTEXT> Thirlwall, A. P.
 "Reflections on the Concept of Balance of Payments Constrained Growth."
 >i>Journal of Post Keynesian Economics>/i>, Spring 1997, 19 (3),
 377-384.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>	
 <BIBTEXT> Thirlwall, A. P. "The Balance of Payments Constraint as an
 Explanation of International Growth Rates Differences." >i>Banca Nazionale
 del Lavoro Quarterly Review>/i>, 1979, 128 (32), 33-45.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>28</BIBL>	 <BIBTEXT> Thirlwall, A.
 P., and Hussain, N. "The Balance of Payments Constraint, Capital Flows and
 Growth Rate Differences Between Developing Countries." >i>Oxford Economic
 Papers>/i>, 1982, 34 (3), 498-510.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>29</BIBL>	<BIBTEXT> Williamson, R. B. "The Role of Exports
 and Foreign Capital in Latin American Economic Growth." >i>Southern
 Economic Journal>/i>, 1978, 45 (2), 410-420.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:269-290




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brown
Author-X-Name-First: Christopher
Author-X-Name-Last: Brown
Title: Financial engineering, consumer credit, and the stability of effective demand
Abstract: 
 This paper examines the macroeconomic implications of recent developments in financial engineering, with particular emphasis on the post-1987 growth of markets for securities backed by credit card, installment, student loan, and home equity receivables. Three linkages of financial engineering to effective demand are identified: (1) funding effects, (2) liquidity preference or speculative effects, and (3) balance sheet or Minsky effects. Data from the Survey of Consumer Finances are used to investigate the importance of asset-backed security-related funding and balance sheet (Minsky) effects in the United States. Evidence is shown that financial engineering has boosted borrowing power at all income levels. The liberal use of expanded borrowing opportunities has fueled the growth of consumption---especially since 1995. However, a secularly rising share of U.S. households have entered the categories of "speculative" or "Ponzi" finance units---a factor that raises doubts about the sustainability of the current spending boom.
Journal: Journal of Post Keynesian Economics
Pages: 427-450
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290304
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290304
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:427-450




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Are we making progress toward a civilized society?
Abstract: 
 This paper explains, in terms of Galbraith's "conventional wisdom" and "innocent fraud" of mainstream economics, why the U.S. economy has experienced significant backsliding from the degree of progress our economic policies and institutions made toward producing a civilized economic society. It then sets out policy proposals for making progress toward a twenty-first-century "good society."
Journal: Journal of Post Keynesian Economics
Pages: 521-528
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290308
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290308
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:521-528




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley Phoa
Author-X-Name-First: Wesley
Author-X-Name-Last: Phoa
Author-Name: Sergio Focardi
Author-X-Name-First: Sergio
Author-X-Name-Last: Focardi
Author-Name: Frank Fabozzi
Author-X-Name-First: Frank
Author-X-Name-Last: Fabozzi
Title: How do conflicting theories about financial markets coexist?
Abstract: 
 There are many conflicting interpretations of security prices and price determination in financial markets. They range from academic theories based on efficient markets and rational expectations hypotheses, to more traditional methods of fundamental analysis, to theories of "value" and "growth" investing, to chart-reading and technical analysis, to notions such as "reflexivity." These interpretations are logically inconsistent with each other, but they seem to coexist, sometimes even on the same trading desk. In this paper, we seek to formulate an explanation for this strange coexistence, using some tools from critical theory to understand how financial markets operate. Structuralism is used to analyze various kinds of narratives appearing in the financial literature, which are intended to have explanatory force, and appearance of sometimes contradictory elements in such narratives; poststructuralism is used to explain the way in which contradictory interpretations coexist. We discuss some practical implications for security valuation, option valuation, trading strategies, market risk management, and volatility estimation.
Journal: Journal of Post Keynesian Economics
Pages: 363-391
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290301
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:363-391




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: A prolegomena to any future Post Keynesian education policy
Abstract: 
 This paper sets forth some Post Keynesian policy proposals concerning education. It first reviews U.S. education problems and the neoclassical solution to them, which relies on increasing competition and consumer choice. The paper then reviews the empirical literature on these topics, and concludes by setting forth a Post Keynesian approach to the U.S. education problems that is supported by these empirical findings. This approach would focus more on providing sufficient income to children of low-income households as well as additional educational spending. It would reject tracking students, and support standards and funding at larger levels of government than the local level.
Journal: Journal of Post Keynesian Economics
Pages: 455-472
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290305
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Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:455-472




Template-Type: ReDIF-Article 1.0
Author-Name: J. Raines
Author-X-Name-First: J.
Author-X-Name-Last: Raines
Author-Name: J. McLeod
Author-X-Name-First: J.
Author-X-Name-Last: McLeod
Author-Name: Charles Leathers
Author-X-Name-First: Charles
Author-X-Name-Last: Leathers
Title: Theories of stock prices and the Greenspan---Bernanke doctrine on stock market bubbles
Abstract: 
 The Greenspan---Bernanke doctrine on how the Federal Reserve responds to stock market bubbles reflects an ideological allegiance to the rational markets theories of stock prices while reluctantly accepting the analytical insights of the speculative markets theories of the Post Keynesians and Galbraith in acknowledging that bubbles occur. The strategy of supplying ample liquidity when a bubble bursts has some compatibility with Davidson's Post Keynesian role of the Federal Reserve as a credible market maker. But Greenspan and Bernanke reject Galbraith's policies for dealing with an inflating bubble.
Journal: Journal of Post Keynesian Economics
Pages: 393-408
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290302
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290302
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Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:393-408




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Porcile
Author-X-Name-First: Gabriel
Author-X-Name-Last: Porcile
Author-Name: Marcus Dutra
Author-X-Name-First: Marcus
Author-X-Name-Last: Dutra
Author-Name: Antonio Meirelles
Author-X-Name-First: Antonio
Author-X-Name-Last: Meirelles
Title: Technology gap, real wages, and learning in a balance-of-payments---constrained growth model
Abstract: 
 This paper argues that in developing countries, higher real wages---up to a certain critical point---may enhance the ability of workers to learn from and improve on foreign technology, with positive effects on international competitiveness and on the rate of economic growth consistent with current account equilibrium. Countries whose institutions severely hamper the increase in real wages could be trapped in a low-wage, slow-growth equilibrium. But learning opportunities derived from higher real wages are not boundless. Policies aimed at improving income distribution should be complemented by policies aimed at fostering the international diffusion of technology in order to sustain economic growth in the long run. These interactions between real wages and learning are studied within the context of a balance-of-payments---constrained growth model including two countries (North and South) with different levels of technological development.
Journal: Journal of Post Keynesian Economics
Pages: 473-500
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290306
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290306
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Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:473-500




Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nishiyama
Author-X-Name-First: Yasuo
Author-X-Name-Last: Nishiyama
Title: Monetary transmission---federal funds rate and CD rates
Abstract: 
 This paper investigates two different interpretations of the same empirical finding that long-term market rates Granger cause policy-controlled rates. Pollin (1991) interprets the finding in the usual manner (the structural position). Moore (1991) interprets the causality relationship in reverse (the accommodative position). This paper derives the term structure of CD rates. Then, using CD rates, it provides empirical evidence that appears consistent with Moore's interpretation. In addition, the causality relationship between long-term bond yields and the federal funds rate is examined. The results are consistent with the accommodative position under the assumption of the expectations theory of the term structure.
Journal: Journal of Post Keynesian Economics
Pages: 409-426
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290303
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290303
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Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:409-426




Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Falls
Author-X-Name-First: Gregory
Author-X-Name-Last: Falls
Author-Name: Paul Natke
Author-X-Name-First: Paul
Author-X-Name-Last: Natke
Title: An empirical analysis of a Keynesian investment theory using Brazilian firm-level panel data
Abstract: 
 This study utilizes a Post Keynesian theoretical model of investment behavior and firm-specific data from Brazilian firms to examine the role that sales, sales growth, financing costs, and internal cash flow play in the investment decisions of firms. In a broad sense, our results are similar to earlier studies that have found some inconsistencies in the relationship between either sales or cash flow and firm investment. Our study suggests even a model based on the Keynesian investment theory will not accurately predict firm behavior in chaotic economic and financial conditions. However, it can provide a foundation for such decisions.
Journal: Journal of Post Keynesian Economics
Pages: 501-519
Issue: 3
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290307
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290307
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Handle: RePEc:mes:postke:v:29:y:2007:i:3:p:501-519




Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Bresser-Pereira 
Author-X-Name-First: Luiz Carlos 
Author-X-Name-Last: Bresser-Pereira 
Author-Name: Marcio  Holland 
Author-X-Name-First: Marcio  
Author-X-Name-Last: Holland 
Title: Common currency and economic integration in Mercosul 
Abstract:
 Latin America has a long history of attempts to achieve regional
 integration, yet success has been modest. This paper contends that this is
 essentially due not so much to protectionist practices in the various
 countries, but to the lack of a common currency or, at least, of a tightly
 managed exchange rate band. We reviewed the optimum currency area criteria
 that indicate it is prudent to increase economic integration before
 attempting to establish exchange rates coordination. It seems fair to say
 that diminishing exchange rate instability could encourage trade and
 investment flows across Latin American economies. We also performed a very
 simplified exercise to understand how feasible efforts would be between
 policymakers in two large economies (Brazil and Argentina) to achieve
 exchange rate parity stability and step toward adopting a common currency.
Journal: Journal of Post Keynesian Economics 
Pages: 213-234 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: common currency, exchange rate, Mercosul (Southern Cone Common Market), 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=03754U148206T41M 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> AgÃ©nor, P., and
 Aizenman, J. "Capital Market Imperfections and the Theory of Optimum
 Currency Areas." School of Social Sciences, University of Manchester,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>2</BIBL>	    
 <BIBTEXT> Alesina, A., and Barro, R. "Currency Unions." National Bureau of
 Economic Research Working Paper 7927, Cambridge, MA, September
 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Bayoumi, T., and Eichengreen, B. "One Money or Many? Analyzing
 the Prospects for Monetary Unification in Various Parts of the World."
 >i>Princeton Studies in International Finance>/i>, September 1994, 76,
 1-52.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Berg, A.; Borensztein, E.; and Mauro, P. "An Evaluation of
 Monetary Regime Options for Latin America." Working Paper no. 178. Central
 Bank of Chile, Santiago, August 2002.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>5</BIBL>	  <BIBTEXT> Blanchard, O., and Quah, D. "The
 Dynamic Effects of Aggregate Demand and Supply Disturbances." >i>American
 Economic Review>/i>, 1989, 79 (4), 655-673.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Bresser-Pereira, L. C.
 "Exchange Rate: Fix, Float, or Manage It?" In M. Vernengo (ed.),
 >i>Monetary Integration and Dollarization: No Panacea.>/i> Cheltenham, UK:
 Edward Elgar, 2004, pp. xiii-xix.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>7</BIBL>        <BIBTEXT> Bresser-Pereira, L. C. "The Dutch Disease
 and Its Neutralization: A Ricardian Approach." >i>Revista de Economia
 PolÃ­tica>/i>, 2008, 28 (1), 47-71.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>8</BIBL>	<BIBTEXT> Bresser-Pereira, L. C. >i>Mondialisation
 et compÃ©tition: pourquoi quelques pays Ã©mergent rÃ©ussissent que
 d'autres non>/i> [Globalization and Competition: Why Some Emergent
 Countries Succeed While Others Don't]. Paris: La DÃ©couvert,
 2009.</BIBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	    
 <BIBTEXT> Bresser-Pereira, L. C., and Gala, P. "Foreign Savings,
 Insufficiency of Demand, and Low Growth." >i>Journal of Post Keynesian
 Economics>/i>, Spring 2008, 30 (3), 315-334.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>10</BIBL>	     <BIBTEXT> Bresser-Pereira, L. C., and
 Nakano, Y. "Uma estratÃ©gia de desenvolvimento com estabilidade" [A
 Strategy of Development with Stabilization]. >i>Revista de Economia
 PolÃ­tica>/i>, 2002, 21 (3), 146-177.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>11</BIBL>	   <BIBTEXT> Bresser-Pereira, L. C.; Gonzales, L.;
 and Lucinda, C. "Crise financeira nos anos 1990 e poupanÃ§a externa"
 [Financial Crises in the 1990s and Foreign Saving]. >i>Nova Economia>/i>,
 2009, 18 (3), 3-27.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>12</BIBL>	<BIBTEXT> Calderon, C.; Chong, A.; and Stein, E.
 "Does Trade Integration Generate Higher Business Cycle Synchronization?"
 Central Bank of Chile, Santiago, 2002.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>13</BIBL>	    <BIBTEXT> Calvo, G., and Reinhart, C. "Fear of
 Floating." >i>Quarterly Journal of Economics>/i>, 2002, 117 (2),
 379-408.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> De Grauwe, P. "Are Latin America and East Asia Optimal Currency
 Areas?" Paper presented at the Tenth Annual Meeting of the Latin American
 and Caribbean Economic Association, Paris, October 27-29, 2005.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>15</BIBL>	     <BIBTEXT> Edwards, S.
 "Monetary Unions, External Shocks and Economic Performance: A Latin
 American Perspective." >i>International Economic and Economic Policy>/i>,
 2006, 3 (3), 225-247.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>16</BIBL>	<BIBTEXT> Eichengreen, B. "Toward a New
 International Financial Architecture Practical Post-Asia Agenda."
 Institute for International Economics, Washington, DC, 1999.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>17</BIBL>	  <BIBTEXT> Fischer, S.
 "Exchange Rate Regimes: Is the Bipolar View Correct?" International
 Monetary Fund, Distinguished Lecture on Economics in Government, delivered
 at the meetings of the American Economic Association, New Orleans, January
 6, 2001 (available at >a target="_blank"
 href='http://www.imf.org/external/np/speeches/2001/010601a.htm'>www.imf.or
 g/external/np/speeches/2001/010601a.htm>/a></BIBTEXT>	    </REF>     
 <REF>	      <BIBL>18</BIBL>	     <BIBTEXT> Frankel, J. A. "No Single
 Currency Regime Is Right for All Countries or at All Times." National
 Bureau of Economic Research Working Paper no. 7338, Cambridge, MA,
 September 1999.</BIBTEXT>	</REF>	    <REF>	 <BIBL>19</BIBL>   
     <BIBTEXT> Frankel, J. A., and Rose, A. "Estimating the Effect of
 Currency Unions on Trade and Output." National Bureau of Economic Research
 Working Paper no. 7857, Cambridge, MA, August 2000.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Fritz, B., and MÃ¼hlich,
 L. "Regional Monetary Integration Among Developing Countries: New
 Opportunities for Macroeconomic Stability Beyond the Theory of Optimum
 Currency Areas?" GIGA (German Institute of Global and Area Studies)
 Working Paper no. 38, Hamburg, Germany, December 2006.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> Gonzalez, L.
 "Crises financeiras recentes: Revisitando as experiÄncias da AmÃ©rica
 Latina e da Ãsia" [Financial Crisis: Reviewing the Latin American and
 Asian Experiences]. Ph.D. dissertation, SÃ£o Paulo School of Economics of
 Getulio Vargas Foundation, SÃ£o Paulo, June 2007.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>22</BIBL>        <BIBTEXT> Hallwood, P., and
 MacDonald, R. >i>International Money and Finance.>/i> London:
 Wiley-Blackwell, 2000</BIBTEXT>      </REF>	  <REF>       
 <BIBL>23</BIBL>	<BIBTEXT> Hochreiter, E.; Schmidt-Hebber, K.; and
 Winckler, G. "Monetary Union: European Lessons, Latin American Prospects."
 Central Bank of Chile Working Paper no. 167, Santiago, July
 2002.</BIBTEXT>      </REF>	  <REF>        <BIBL>24</BIBL>	     
 <BIBTEXT> International Monetary Fund (IMF). >i>Annual Report on Exchange
 Arrangement and Exchange Restrictions (EAER).>/i> Washington, DC: IMF,
 various issues.</BIBTEXT>	</REF>	    <REF>	 <BIBL>25</BIBL>   
     <BIBTEXT> Larrain, F., and Tavares, J. "Regional Currencies Versus
 Dollarization: Options for Asia and the Americas." In. P. De Grauwe and J.
 MÃ©litz (eds.), >i>Prospects for Monetary Union After the Euro.>/i>
 Cambridge, MA: MIT Press, 2005, pp. 263-288.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>26</BIBL>	     <BIBTEXT> McKinnon, R. "Optimum
 Currency Areas." >i>American Economic Review>/i>, September 1963, 53,
 717-724.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>	
 <BIBTEXT> Mundell, R. "The Theory of Optimum Currency Areas." >i>American
 Economic Review>/i>, September 1961, 52, 657-665.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>28</BIBL>        <BIBTEXT> Neal, L. >i>The Economics
 of Europe and the European Union.>/i> Cambridge: Cambridge University
 Press, 2007.</BIBTEXT>      </REF>	 <REF>	      <BIBL>29</BIBL>	   
  <BIBTEXT> Organization for Economic Cooperation and Development (OECD).
 >i>Latin America Outlook 2009.>/i> Washington, DC: OECD, 2008 (available
 at >a target="_blank"
 href='http://www.oecd.org/document/5/0,3343,en_2649_33973_40692869_1_1_1_1
 ,00.html'>www.oecd.org/document/5/0,3343,en_2649_33973_40692869_1_1_1_1,00
 .html>/a></BIBTEXT>	  </REF>      <REF>	   <BIBL>30</BIBL>	 
 <BIBTEXT> Rajan, R. "Examining the Links Between Trade and Monetary
 Regionalism." University of Adelaide, Australia, 2002.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>31</BIBL>	 <BIBTEXT> Rose, A. "One
 Money, One Market: Estimating the Effect of Common Currency on Trade."
 University of California, Berkeley, 2000.</BIBTEXT>	  </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:213-234




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Aguiar de Medeiros 
Author-X-Name-First: Carlos Aguiar 
Author-X-Name-Last: de Medeiros 
Title: Financial dependency and growth cycles in Latin American countries 
Abstract:
 This paper argues that there was a remarkable similarity in the external
 cycles in Latin America's economic history. The desarrollo hacia fuera,
 the Economic Commission for Latin America and the Caribbean earlier
 designation for the World Bank's "outward-oriented" model, that prevailed
 in the last part of the nineteenth century until 1930, was from the
 beginning a financial-export model where financial integration to the
 world economy played a central role. An orthodox economic policy based on
 fiscal contraction, a high rate of interest, and incentives to external
 debt in order to sustain convertibility and free capital flows was a
 permanent strategy of this model. After a long period distant from the
 world financial markets, many Latin American countries received throughout
 the 1970s and especially during the 1990s, huge volumes of financial
 capital that brought about once again a similar pattern and strategy of
 international integration.
Journal: Journal of Post Keynesian Economics 
Pages: 79-99 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: economic growth, exchange rate policy, external debt, trade specialization, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=VV5Q7137V5N70376 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Athukorala, P. C.
 "Capital Inflows and the Real Exchange Rate: A Comparative Study of Asia
 and Latin America." >i>World Economy>/i>, April 2003, >i>26>/i> (4),
 613-637.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Calvo, G. "Capital Flows and Capital Market Crisis: The Simple
 Economics of Sudden Stops." >i>Journal of Applied Economics>/i>, November
 1998, >i>1>/i> (1), 35-54.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>3</BIBL>        <BIBTEXT> Chenery, H., and Bruno, M. "Development
 Alternatives in an Open Economy: The Case of Israel." >i>Economic
 Journal>/i>, 1962, >i>72>/i> (285), 79-103.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>4</BIBL>	    <BIBTEXT> Cumby, R., and Levich, R.
 "Sobre a DefiniÂ¸Ã£o e Magnitude de Recentes Fugas de Capital" [On
 Definition and Estimation of Recent Capital Flights]. In D. Lessard and J.
 Williamson (eds.), >i>Fuga de Capital e a DÃ­vida do Terceiro Mundo>/i>
 [Capital Flight and Third World Debt]. Rio de Janeiro: Forense
 UniversitÃ¡ria, 1987, pp. 45-121.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>5</BIBL>        <BIBTEXT> Darity, W., and Horn, B. >i>The Loan
 Pushers: The Role of Commercial Banks in the International Debt
 Crisis.>/i> Cambridge, MA: Ballinger, 1988.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> De Long, J. B.; Cooper, R.;
 and Friedman, M. "Financial Crises in the 1890s and 1990s: Must History
 Repeat?" >i>Brooking Papers on Economic Activity>/i>, 1999, >i>2>/i>,
 253-294.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Devlin, R. >i>Debt and Crisis in Latin America.>/i> Princeton:
 Princeton University Press, 1989.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>8</BIBL>        <BIBTEXT> Domar, E. "The Effect of Foreign
 Investment on the Balance of Payments." >i>American Economic Review>/i>,
 December 1950, >i>40>/i>, 805-826.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>9</BIBL>        <BIBTEXT> Dooley, M.; Folkerts-Landau, D.; and
 Garber P. "An Essay on the Revived Bretton Woods System." Working Paper
 no. w9971, National Bureau of Economic Research, Cambridge, MA, September
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Eichengreen, B., and Bordo, M. "Crises Now and Then: What
 Lessons Rise from the Last Era of Financial Globalization?" Working Paper
 no. 8716, National Bureau of Economic Research, Cambridge, MA,
 2002.</BIBTEXT>      </REF>	  <REF>        <BIBL>11</BIBL>	     
 <BIBTEXT> Eichengreen, B.; Bordo, M.; and Irwin, D. "Is Globalization
 Today Really Different Than Globalization a Hundred Years Ago?" Working
 Paper no. 7195, National Bureau of Economic Research, Cambridge, MA,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Eichengreen, B.; Kim, J.; and Bordo, M. "Was There Really an
 Earlier Period of International Financial Integration Comparable to
 Today?" Working Paper no. 6738, National Bureau of Economic Research,
 Cambridge, MA, 1998.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>13</BIBL>	<BIBTEXT> Foley, D. K. "Financial Fragility in
 Developing Economies." In A. K. Dutt and J. Ros (eds.), >i>Development
 Economics and Structuralist Macroeconomics: Essays in Honor of Lance
 Taylor.>/i> Cheltenham, UK: Edward Elgar, 2003, pp. 157-169.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>14</BIBL>	  <BIBTEXT> Furtado, C.
 >i>FormaÂ¸Ã£o EconÃ´mica da AmÃ©rica Latina>/i> [Economic Development of
 Latin America]. Rio de Janeiro: Lia Editora, 1970.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>15</BIBL>	<BIBTEXT> Furtado, C. >i>A Nova
 DependÄncia, DÃ­vida Externa e Monetarismo>/i> [The New Dependency,
 External Debt and Monetarism]. SÃ£o Paulo: Paz e Terra, 1982.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>16</BIBL>	   <BIBTEXT> Hausmann, R.,
 and Panizza, U. "The Determinants of Original Sin: An Empirical
 Investigation." >i>Journal of International Money and Finance>/i>, 2003,
 >i>22>/i> (7), 957-990.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>17</BIBL>	<BIBTEXT> Kaminsky, G.; Reinhart, C.; and VÃ©gh, C.
 "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic
 Policies." Working Paper no. 10780, National Bureau of Economic Research,
 Cambridge, MA, 2004.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>18</BIBL>	<BIBTEXT> Knapp, J. "Capital Exports and Growth."
 >i>Economic Journal>/i>, 1957, >i>67>/i> (267), 432-444.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>19</BIBL>	 <BIBTEXT> Kozul-Wright, R.
 "Globalization Now and Again." In K. S. Jomo (ed.), >i>Globalization Under
 Hegemony.>/i> New Delhi: Oxford University Press, 2006, pp.
 100-133.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Lopez, J.; Moreno-Brid, J. C.; and Anyul, M. P. "Financial
 Fragility and Financial Crisis in Mexico." >i>Metroeconomica>/i>, 2006,
 >i>57>/i> (3), 365-388.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>21</BIBL>	<BIBTEXT> MacKinnon, R. "The Dollar Standard and
 Its Crisis-Prone Periphery: New Rule for the Game." Address delivered on
 the occasion of CEMLA's (Centre for Latin America Monetary Studies)
 fiftieth anniversary, Mexico City, 2002.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>22</BIBL>	      <BIBTEXT> Magarinos, M. >i>Dialogos com Raul
 Prebisch>/i> [Dialogues with Raul Prebisch]. Mexico City: Fondo de Cultura
 Economica, 1991.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>  
      <BIBTEXT> Mahon, J. E. >i>Mobile Capital and Latin American
 Development.>/i> University Park: Penn State Press, 1996.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>24</BIBL>	 <BIBTEXT> Marichal, C.
 >i>A Century of Debt Crisis in Latin America.>/i> Princeton: Princeton
 University Press, 1989.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>25</BIBL>	<BIBTEXT> Medeiros, C., and Serrano, F. "Capital
 Flows to Emerging Markets: A Critical View Based on the Brazilian
 Experience." In M. Vernengo (ed.), >i>Monetary Integration and
 Dollarization: No Panacea.>/i> Upper Saddle River, NJ: Edward Elgar, 2006,
 pp. 218-245.</BIBTEXT>      </REF>	 <REF>	      <BIBL>26</BIBL>	   
  <BIBTEXT> Minsky, H. >i>Can "It" Happen Again? Essays on Instability and
 Finance.>/i> Armonk, NY: M. E. Sharpe, 1982.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>27</BIBL>	     <BIBTEXT> Moreno-Brid, J. C. "On
 Capital Flows and Balance-of-Payments-Constrained Growth Model."
 >i>Journal of Post Keynesian Economics>/i>, Winter 1998-99, >i>21>/i> (2),
 283-298.</BIBTEXT>	 </REF>      <REF>	  <BIBL>28</BIBL>	
 <BIBTEXT> Nayar, D. "Globalization and Development in the Long Twentieth
 Century." In K. S. Jomo (ed.), >i>Globalization Under Hegemony.>/i> New
 Delhi: Oxford University Press, 2006, pp. 71-100.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>29</BIBL>        <BIBTEXT> Patnaik, P. "Globalization
 of Capital and Terms of Trade Movements." Paper presented at the
 International Conference on Agrarian Reforms and Rural Development in Less
 Developed Countries, Kolkata, India, January 3-6, 2002.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>30</BIBL>	 <BIBTEXT> Perez, C.
 >i>Technological Revolutions and Financial Capital.>/i> Northampton, MA:
 Edward Elgar, 2002.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>31</BIBL>	<BIBTEXT> Prebisch, R. "El Ciclo EconÃ³mico y la
 Politica Monetaria" [Economic Cycle and Monetary Policy]. In E. Garcia
 Vasquez (ed.), >i>Obras de Raul Prebisch>/i>, vol. 2 [The Works of Raul
 Prebisch]. Buenos Aires: FundaciÃ³n Raul Prebisch, 1939, pp.
 647-657.</BIBTEXT>	 </REF>      <REF>	  <BIBL>32</BIBL>	
 <BIBTEXT> Prebisch, R. "El Desarrollo EconÃ³mico de la AmÃ©rica Latina y
 Algunos de sus Principales Problemas" [Economic Development of Latin
 America and Some of Its Major Constraints]. In R. Bielchowsky (ed.),
 >i>Cinquenta Anos de Pensamiento em la Cepal>/i> [Fifty Years of ECLAC
 Thought]. Santiago, Chile: Fondo de Cultura EconÃ³mica, 1998, pp. 63-131.
 [Originally published in 1949.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>33</BIBL>	<BIBTEXT> Reinhart, C. M.; Kenneth, S.; Rogoff, C.
 K.; and Savastano, M. A. "Addicted to Dollars." Working Paper no. 10015,
 National Bureau of Economic Research, Cambridge, MA, 2003.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>34</BIBL>	 <BIBTEXT> Schneider, B.
 >i>Resident Capital Outflows: Capital Flight or Normal Flows? A
 Statistical Interpretation.>/i> London: Overseas Development Institute,
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>35</BIBL>	     
 <BIBTEXT> Serrano, F., and Souza, D. "O Modelo de Dois Hiatos e o
 Supermultiplicador" [The Two Gap Model and the Supermultiplier].
 >i>Revista de Economia Contemporanea>/i>, 2000, >i>4>/i> (2),
 37-64.</BIBTEXT>      </REF>	   <REF>	<BIBL>36</BIBL>       
 <BIBTEXT> >i>Trade and Development Report, 2003>/i> (TDR). Geneva: UNCTAD
 (United Nations Conference on Trade Development), 2003.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>37</BIBL>	 <BIBTEXT> Triner, G. D.
 "International Capital and the Brazilian Encihamento, 1889-1892: An Early
 Example of Contagion Among Emerging Capital Markets." Paper presented at
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 Political Economy>/i>, 1992, >i>100>/i> (6), 1208-1231.</BIBTEXT>     
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    </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:79-99




Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Title: Taylor and Keynesian monetary policy rules 
Abstract:
 In this paper, the Taylor rule and the Keynesian monetary policy rules
 recently introduced by Atesoglu are empirically compared for the
 1994:2-2007:4 period. The findings reveal that the Atesoglu rule and the
 inflation-augmented Atesoglu rule are able to provide a better explanation
 of the federal funds rate than the Taylor rule. Results suggest that the
 Atesoglu rules based on the neutral interest rate idea of Keynes are
 likely to provide better predictions of future developments in monetary
 policy.
Journal: Journal of Post Keynesian Economics 
Pages: 485-492 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: Keynesian monetary policy rule, monetary policy, Taylor rule, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M6431J6583610716 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Atesoglu, H.S. "The
 Neutral Rate of Interest and a New Monetary Policy Rule." >i>Journal of
 Post Keynesian Economics>/i>, Summer 2007, >b>29>/b> (4),
 691-699.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Atesoglu, H.S. "A Keynesian Model for the 21st Century." In L.R.
 Wray and M. Forstater (eds.), >i>Keynes and Macroeconomics After 70 Years:
 Critical Assessment of The General Theory.>/i> Cheltenham, UK: Edgar
 Elgar, 2008a, pp. 123-136.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>3</BIBL>        <BIBTEXT> Atesoglu, H.S. "Monetary Policy Rules and
 U.S. Monetary Policy." >i>Journal of Post Keynesian Economics>/i>, Spring
 2008b, >b>30>/b> (3), 403-408.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>4</BIBL>        <BIBTEXT> Davidson, P. "Can, or Should, a Central
 Bank Inflation Target." >i>Journal of Post Keynesian Economics>/i>, Summer
 2006, >b>28>/b> (4), 689-703.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>5</BIBL>        <BIBTEXT> Keynes, J.M. >i>The General Theory of
 Employment, Interest and Money.>/i> London: Macmillan, 1936.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>6</BIBL>	 <BIBTEXT> Mishkin, F.S.
 >i>The Economics of Money, Banking and Financial Markets>/i>, 8th ed.
 Boston: Pearson-Addison-Wesley, 2007.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>7</BIBL>	  <BIBTEXT> Taylor, J.B. "Discretion Versus Policy
 Rules in Practice." >i>Carnegie-Rochester Conference Series on Public
 Policy>/i>, 1993, >b>39>/b>, 195-214.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>8</BIBL>	  <BIBTEXT> Taylor, J.B. "A Historical Analysis of
 Monetary Policy Rules." In J.B. Taylor (ed.), >i>Monetary Policy
 Rules.>/i> Chicago: University of Chicago Press, 1999, pp.
 319-341.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:485-492




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel A. Duran 
Author-X-Name-First: Miguel A. 
Author-X-Name-Last: Duran 
Title: The coordination problem: expectations and inaction 
Abstract:
 In a "Hayekian world," the market is a competitive exchange network that
 continuously solves a coordination problem. In this competitive context,
 expectations are endogenous, so planned actions are assumed to be mostly
 realizable. Nevertheless, economic crises are possible: not even
 spontaneously arising expectation-forming procedures avoid them. To show
 this, some Keynesian practical arguments concerning the beginning of
 recessions are applied. Moreover, Keynes's theory of liquidity preference
 shows that the Hayekian theory of expectations cannot deal with some key
 features of downturnsâin particular, with inaction.
Journal: Journal of Post Keynesian Economics 
Pages: 583-600 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: coordination problem, expectations, Hayek, inaction, Keynes, spontaneous order, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=10516N43P77P6814 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P.
 "Post-Keynesian Economics: Toward Coherence." >i>Cambridge Journal of
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    <BIBL>2</BIBL>	  <BIBTEXT> BÃ¶hm, S. "Subjectivism and
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 </REF>      <REF>	  <BIBL>5</BIBL>	<BIBTEXT> Butos, W.N., and
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 >i>Constitutional Political Economy>/i>, 1993, 4 (3), 303-329.</BIBTEXT>  
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 and Koppl, R.G. "The Varieties of Subjectivism: Keynes and Hayek on
 Expectations." >i>History of Political Economy>/i>, 1997, 29 (2),
 327-359.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Butos, W.N., and Koppl, R.G. "Carabelli and De Vecchi on Keynes
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 <BIBTEXT> Carabelli, A., and De Vecchi, N. "Individuals, Public
 Institutions and Knowledge: Hayek and Keynes." In P.L. Porta, R.
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 <BIBTEXT> Dequech, D. "On Some Arguments for the Rationality of
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 Universidade Estadual de Campinas, Brazil, 1999.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>16</BIBL>	      <BIBTEXT> Desai, M. "Equilibrium,
 Expectations and Knowledge." In J. Birner and R. van Zijp (eds.),
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 Economics and the History of Ideas>/i>. London: Routledge, 1994, pp.
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 <BIBTEXT> Dow, S.C. "Post Keynesian Methodology." In R. Holt and S.
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 <BIBL>18</BIBL>	<BIBTEXT> Dow, S.C. "Probability, Uncertainty and
 Convention. Economists' Knowledge and the Knowledge of Economic Actors."
 In J. Runde and S. Mizuhara (eds.), >i>The Philosophy of Keynes's
 Economics: Probability, Uncertainty and Convention>/i>. London: Routledge
 & Kegan Paul, 2003, pp. 207-215.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>19</BIBL>	<BIBTEXT> Duran, M.A. "Norm-Based Behavior and
 Corporate Malpractice." >i>Journal of Economic Issues>/i>, 2007, 41 (1),
 221-241.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Fleetwood, S. "Order Without Equilibrium: A Critical Realist
 Interpretation of Hayek's Notion of Spontaneous Order." >i>Cambridge
 Journal of Economics>/i>, 1996, 20 (6), 729-747.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>21</BIBL>	      <BIBTEXT> Garrison, R.W. "Full
 Employment and Intertemporal Co-ordination: A Rejoinder." >i>History of
 Political Economy>/i>, 1987, 19 (2), 335-341.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Hayek, F.A. >i>Monetary
 Theory and the Trade Cycle>/i>. London: Jonathan Cape, 1933. [Originally
 published in 1929.]</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>23</BIBL>	<BIBTEXT> Hayek, F.A. >i>Prices and Production>/i>.
 London: Routledge, 1935.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>24</BIBL>	<BIBTEXT> Hayek, F.A. "Economics and Knowledge."
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     <BIBL>25</BIBL>	    <BIBTEXT> Hayek, F.A. >i>Profit, Interest and
 Investment and Other Essays on the Theory of Industrial Fluctuations>/i>.
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 <BIBL>26</BIBL>	<BIBTEXT> Hayek, F.A. >i>The Constitution of
 Liberty>/i>. Chicago: University of Chicago Press, 1960.</BIBTEXT>	
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 >i>New Studies in Philosophy, Politics, Economics and the History of
 Ideas>/i>. London: Routledge & Kegan Paul, 1978.</BIBTEXT>	 </REF>    
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 >i>Individualism and Economic Order>/i>. Chicago: University of Chicago
 Press, 1980. [Originally published in 1948.]</BIBTEXT>      </REF>	
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 Legislation and Liberty: A New Statement of the Liberal Principles of
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 vol. VII: The General Theory of Employment, Interest and Money>/i>.
 London: Macmillan, 1973a. [Originally published in 1936.]</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>32</BIBL>	 <BIBTEXT> Keynes, J.M.
 "The General Theory of Employment." In >i>The Collected Writings of John
 Maynard Keynes, vol. XIV: The General Theory and After, Part II, Defence
 and Development>/i>. London: Macmillan, 1973b, pp. 109-123. [Originally
 published in 1937.]</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>33</BIBL>	<BIBTEXT> Kirzner, I.M. >i>Competition and
 Entrepreneurship>/i>. Chicago: University of Chicago Press,
 1973.</BIBTEXT>      </REF>	  <REF>        <BIBL>34</BIBL>	     
 <BIBTEXT> Koppl, R.G. "Retrospectives. Animal Spirits." >i>Journal of
 Economic Perspectives>/i>, 1991, 5 (3), 203-210.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>35</BIBL>	      <BIBTEXT> Koppl, R.G., and Butos,
 W.N. "Confidence in Keynes and Hayek: Reply to Burczak." >i>Review of
 Political Economy>/i>, 2001, 13 (1), 81-86.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>36</BIBL>	     <BIBTEXT> Koppl, R.G., and Yeager,
 L.B. "Big Players and Herding in Asset Markets: The Case of the Russian
 Ruble." >i>Explorations in Economic History>/i>, 1996, 33 (3),
 367-383.</BIBTEXT>	 </REF>      <REF>	  <BIBL>37</BIBL>	
 <BIBTEXT> Lachmann, L.M. "From Mises to Shackle: An Essay on Austrian
 Economics and the Kaleidic Society." >i>Journal of Economic
 Literature>/i>, 1976, 14 (1), 54-62.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>38</BIBL>	  <BIBTEXT> Lavoie, D. "The Market as a Procedure
 for Discovery and Conveyance of Inarticulate Knowledge." In J.C. Wood and
 R.N. Woods (eds.), >i>Friedrich A. Hayek: Critical Assessments>/i>, vol.
 IV. London: Routledge & Kegan Paul, 1991, pp. 213-233. [Originally
 published in 1986.]</BIBTEXT>	    </REF>	<REF>	    
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 Theory Do?" In J. Pheby (ed.), >i>New Directions in Post-Keynesian
 Economics>/i>. Aldershot, UK: Edward Elgar, 1989, pp. 48-58.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>40</BIBL>	  <BIBTEXT> Snippe, J.
 "Finance, Saving and Investment in Keynes's Economics: A Reply."
 >i>Cambridge Journal of Economics>/i>, 1986, 10 (4), 373-377.</BIBTEXT>   
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 "Momentary Equilibrium Versus the Wicksell Connection." In J.C. Wood and
 R.N. Woods (eds.), >i>Friedrich A. Hayek: Critical Assessments>/i>, vol.
 IV. London: Routledge & Kegan Paul, 1991, pp. 297-310. [Originally
 published in 1987.]</BIBTEXT>	    </REF>	<REF>	    
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 Rules and the Problem of Order." >i>Review of Austrian Economics>/i>,
 1999, 11 (1-2), 129-144.</BIBTEXT>	 </REF>      <REF>	 
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 Spontaneous Order and the Business Cycle." >i>Scottish Journal of
 Political Economy>/i>, 1997, 44 (1), 44-58.</BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:583-600




Template-Type: ReDIF-Article 1.0
Author-Name: SÃ©bastien Charles 
Author-X-Name-First: SÃ©bastien 
Author-X-Name-Last: Charles 
Title: Explaining persistent cycles in a short-run context: firms' propensity to invest and omnipotent shareholders 
Abstract:
 In this paper, a standard short-run Kaleckian macromodel is developed. The
 stability of equilibrium is studied and some comparative static exercises
 are made. The paper then takes into account different specifications for
 an endogenous propensity to invest and systematically analyze the
 short-run dynamics of the model. It is shown that when firms' managers
 adopt abnormal behaviors due to pressures from shareholders regarding the
 propensity to invest, the system exhibits persistent cycles and chaotic
 trajectories. The analysis emphasizes that, even in the short run,
 shareholders may generate instability, which represents a serious threat
 that should not be underestimated for a capitalist economy.
Journal: Journal of Post Keynesian Economics 
Pages: 409-426 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: fluctuations, Kaleckian model, propensity to invest, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T22T532745108221 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Asada, T. "Price
 Flexibility and Instability in a Macrodynamic Model with Debt Effect."
 >i>Journal of International Economic Studies>/i>, âMarchâ 2004,
 >i>18>/i>, 41-60.</BIBTEXT>	  </REF>      <REF>	   <BIBL>2</BIBL>  
      <BIBTEXT> Benhabib, J. >i>Cycles and Chaos in Economic
 Equilibrium.>/i> Princeton: Princeton University Press, 1992.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>3</BIBL>	  <BIBTEXT> Bhaduri, A.,
 and Marglin, S. "Unemployment and the Real Wage: The Economic Basis for
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 <BIBL>4</BIBL>        <BIBTEXT> Blecker, R. "Distribution, Demand and
 Growth in Neo-Kaleckian Macro-Models." In M. Setterfield (ed.), >i>The
 Economics of Demand-Led Growth.>/i> Cheltenham, UK: Edward Elgar, 2002,
 pp. 129-152.</BIBTEXT>      </REF>	 <REF>	      <BIBL>5</BIBL>	   
 <BIBTEXT> Chang, W. W., and Smyth, D. J. "The Existence and Persistence of
 Cycles in a Nonlinear Model: Kaldor's 1940 Model Re-Examined." >i>Review
 of Economic Studies>/i>, âJanuaryâ 1971, >i>38>/i> (1),
 37-46.</BIBTEXT>      </REF>	   <REF>	<BIBL>6</BIBL>	     
 <BIBTEXT> Charles, S. "Corporate Debt, Variable Retention Rate and the
 Appearance of Financial Fragility." >i>Cambridge Journal of Economics>/i>,
 2008a, >i>32>/i> (5), 781-795.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>7</BIBL>        <BIBTEXT> Charles, S. "Teaching Minsky's Financial
 Instability Hypothesis: A Manageable Suggestion." >i>Journal of Post
 Keynesian Economics>/i>, âFallâ 2008b, >i>31>/i> (1),
 125-138.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>       
 <BIBTEXT> Crotty, J. R. "Owner-Manager Conflict and Financial Theories of
 Investment Instability: A Critical Assessment of Keynes, Tobin and
 Minsky." >i>Journal of Post Keynesian Economics>/i>, âSummerâ 1990,
 >i>12>/i> (4), 519-542.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>9</BIBL>        <BIBTEXT> Day, R. H. >i>Complex Economic
 Dynamics.>/i> Cambridge, MA: MIT Press, 1994.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>10</BIBL>	     <BIBTEXT> Day, R. H., and Shafer, W.
 "Keynesian Chaos." >i>Journal of Macroeconomics>/i>, 1985, >i>7>/i> (3),
 277-295.</BIBTEXT>	 </REF>      <REF>	  <BIBL>11</BIBL>	
 <BIBTEXT> Delli Gatti, D., and Gallegati, M. "External Finance, Investment
 Expenditure and the Business Cycle." In W. Semmler (ed.), >i>Business
 Cycles: Theory and Empirical Methods.>/i> Boston: Kluwer Academic, 1994,
 pp. 269-288.</BIBTEXT>      </REF>	 <REF>	      <BIBL>12</BIBL>	   
  <BIBTEXT> Delli Gatti, D.; Gallegati, M.; and Gardini, L. "Investment,
 Confidence, Corporate Debt and Income Fluctuations." >i>Journal of
 Economic Behavior and Organization>/i>, 1993, >i>22>/i> (2),
 161-187.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Fazzari, S.; Hubbard, R. G.; and Petersen, B. C. "Financing
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 Activity>/i>, 1988, >i>1>/i>, 141-195.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>14</BIBL>	    <BIBTEXT> Grasman, J.; and Wentzel, J. J.
 "Co-Existence of a Limit Cycle and an Equilibrium in Kaldor's Business
 Cycle Model and Its Consequences." >i>Journal of Economic Behavior &
 Organization>/i>, 1994, >i>24>/i> (3), 369-377.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>15</BIBL>	     <BIBTEXT> Kaldor, N. "A Model of the
 Trade Cycle." >i>Economic Journal>/i>, âMarchâ 1940, >i>50>/i> (1),
 78-92.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Lavoie, M. >i>Foundations of Post-Keynesian Economic
 Analysis.>/i> Aldershot, UK: Edward Elgar, 1992.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>17</BIBL>	      <BIBTEXT> Lavoie, M., and Godley, W.
 "Kaleckian Models of Growth in a Coherent Stock-Flow Monetary Framework: A
 Kaldorian View." >i>Journal of Post Keynesian Economics>/i>, âWinterâ
 2001-2, >i>24>/i> (2), 277-312.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>18</BIBL>	<BIBTEXT> Lima, G. T., and Meirelles, A. J. A.
 "Endogenous Banking Mark-Up, Distributional Conflict and Capacity
 Utilization." >i>Metroeconomica>/i>, 2003, >i>54>/i> (2-3),
 366-384.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Lima, G. T., and Meirelles, A. J. A. "Debt, Financial Fragility
 and Economic Growth: A Post Keynesian Macromodel." >i>Journal of Post
 Keynesian Economics>/i>, âFallâ 2006, >i>29>/i> (1), 93-115.</BIBTEXT>
      </REF>	  <REF>        <BIBL>20</BIBL>	      <BIBTEXT> Ndikumana,
 L. "Debt Service, Financing Constraints and Fixed Investment: Evidence
 from Panel Data." >i>Journal of Post Keynesian Economics>/i>, âSpringâ
 1999, >i>21>/i> (3), 455-478.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>21</BIBL>	<BIBTEXT> Schinasi, G. J. "Fluctuations in a
 Dynamic, Intermediate-Run IS-LM Model." >i>Journal of Economic Theory>/i>,
 âDecemberâ 1982, >i>28>/i> (2), 369-375.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Semmler, W. "A Macroeconomic
 Limit Cycle with Financial Perturbations." >i>Journal of Economic Behavior
 and Organization>/i>, 1987, >i>8>/i> (3), 469-495.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>23</BIBL>	<BIBTEXT> Shone, R. >i>Economic
 Dynamics: Phase Diagrams and Their Economic Application.>/i> Cambridge:
 Cambridge University Press, 2002.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>24</BIBL>	<BIBTEXT> Taylor, L. >i>Structuralist
 Macroeconomics.>/i> New York: Basic Books, 1983.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:409-426




Template-Type: ReDIF-Article 1.0
Author-Name: Florencia Médici
Author-X-Name-First: Florencia
Author-X-Name-Last: Médici
Author-Name: Demian Tupac Panigo
Author-X-Name-First: Demian Tupac
Author-X-Name-Last: Panigo
Title: Balance-of-payment-constrained growth in unbalanced productive structures: disregarded terms of trade negative effects
Abstract: 
 The aim of this paper is to analyze the relation between foreign asset formation (FAF) and terms of trade (TOT) in countries characterized by unbalanced productive structures (UPS). This is done by modifying the structuralist thesis about the (overstated) positive effects of a rise in TOT on the balance-of-payment equilibrium gross domestic product growth rate. The theoretical analysis follows Thirlwall’s law and its subsequent modifications. The paper’s main contribution will be to explain and formalize the low—and even null—effects of TOT on balance-of-payment constraints due to the quasi-rent generated in the export sector of a UPS. To reinforce this idea, the empirical section econometrically shows the existence of a significant and positive relationship between TOT and FAF in developing countries.
Journal: Journal of Post Keynesian Economics
Pages: 192-217
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1065673
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065673
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:192-217




Template-Type: ReDIF-Article 1.0
Author-Name: Michalis Nikiforos
Author-X-Name-First: Michalis
Author-X-Name-Last: Nikiforos
Author-Name: Laura Carvalho
Author-X-Name-First: Laura
Author-X-Name-Last: Carvalho
Author-Name: Christian Schoder
Author-X-Name-First: Christian
Author-X-Name-Last: Schoder
Title: “Twin deficits” in Greece: in search of causality
Abstract: 
 The paper discusses the trajectories of the Greek public deficit and sovereign debt between 1980 and 2010 and its connection to the political and economic environment of the same period. We pay special attention to the causality between the public and the external deficits in the period after 1995, the post–Maastricht Treaty period. We argue that, due to the European monetary unification process and the adoption of the common currency, causality ran from the external deficit to the public deficit. This hypothesis is tested econometrically using both Granger causality and cointegration analyses. We find empirical support for this hypothesis.
Journal: Journal of Post Keynesian Economics
Pages: 302-330
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1065675
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065675
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:302-330




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Valdecantos
Author-X-Name-First: Sebastian
Author-X-Name-Last: Valdecantos
Author-Name: Gennaro Zezza
Author-X-Name-First: Gennaro
Author-X-Name-Last: Zezza
Title: Reforming the international monetary system: a stock-flow-consistent approach
Abstract: 
 The emergence and persistence of large trade imbalances as well as the volatility of financial flows among countries have been attributed, at least in part, to the inadequacy of the current international monetary system after the breakdown of Bretton Woods. From a different perspective, the current eurozone crisis is also the result, in our view, of a flawed institutional setting. These problems call for reforms to mitigate or avoid the recessionary bias that is the outcome of current systems, as Keynes predicted in the discussion preceding the Bretton Woods agreements. In this paper we briefly review the evidence on international imbalances, and survey the rapidly growing literature on the subject. We introduce a set of models based on the stock-flow-consistent approach pioneered by Godley (1999) and Lavoie and Godley (2003). We discuss how to use these models to explore potential reform of the international monetary system.
Journal: Journal of Post Keynesian Economics
Pages: 167-191
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1065679
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1065679
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:167-191




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Henry
Author-X-Name-First: John F.
Author-X-Name-Last: Henry
Title: Classical political economy: the subsistence wage, and job guarantee concerns
Abstract: 
 In the theoretical framework of classical political economy, including the revisions of Marx and the more recent work of Piero Sraffa and others, the concept of the subsistence wage figures prominently. Here, following a recounting of this concept and demonstrating its significance not only for classical theory but also for larger social concerns, I argue that the “base wage” (as it is sometimes termed) as articulated within a “Job Guarantee” program, is (or should be) comparable to the subsistence wage but requires modification to make it (roughly) equivalent. It will be demonstrated that adherents of the classical approach did not rest their wage theory on a quasi-neoclassical supply–demand approach (with some primitive marginal productivity notion lying behind a supposed demand for labor schedule), but understood wages as socially determined where institutional and historic forces established a normative standard around which market wages gravitated. Such an approach was shared by, among others, Thorstein Veblen and John Maynard Keynes.
Journal: Journal of Post Keynesian Economics
Pages: 280-301
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1075357
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1075357
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:280-301




Template-Type: ReDIF-Article 1.0
Author-Name: Ariel Dvoskin
Author-X-Name-First: Ariel
Author-X-Name-Last: Dvoskin
Author-Name: Germán David Feldman
Author-X-Name-First: Germán David
Author-X-Name-Last: Feldman
Title: Marcelo Diamand’s contributions to economic theory through the lens of the classical Keynesian approach: a formal representation of unbalanced productive structures
Abstract: 
 We examine both conceptually and in formal terms the contributions by the structuralist economist Marcelo Diamand, which all revolve around the notion of unbalanced productive structure, and its implications on income distribution, the general price level, and output dynamics in Latin American countries, with a special focus on Argentina. We argue that Diamand’s work provides a very useful framework to understand why institutionally and historically determined real wage and real exchange rates can, on the one hand, explain the relatively low productivity of the industrial sector and, on the other hand, cause devaluations to be both inflationary and contractionary, as has been the case in many Latin American countries that attempted to initiate an industrialization process by import substitution.
Journal: Journal of Post Keynesian Economics
Pages: 218-250
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1077143
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1077143
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:218-250




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: The random walk versus unbiased efficiency: can we separate the wheat from the chaff?
Abstract: 
 In the issue under investigation the wheat cannot be separated from the chaff because all we have is chaff. The random walk and unbiased efficiency are equally bad forecasters that should not be used as benchmarks for measuring forecasting accuracy. The simulation and econometric results show that when two forecasters are not independent they produce forecasts of similar quality, in which case it is erroneous to use the forward rate as a forecaster and the spot rate as a benchmark. Theoretical and intuitive explanations are presented for why the random walk and unbiased efficiency produce poor-quality forecasts that are almost identical. The failure of unbiased efficiency is explained primarily in terms of the post Keynesian view of the forward exchange rate.
Journal: Journal of Post Keynesian Economics
Pages: 251-279
Issue: 2
Volume: 38
Year: 2015
Month: 10
X-DOI: 10.1080/01603477.2015.1078734
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1078734
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Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:251-279




Template-Type: ReDIF-Article 1.0
Author-Name: Nelson H. Barbosa-Filho 
Author-X-Name-First: Nelson H. 
Author-X-Name-Last: Barbosa-Filho 
Author-Name: Codrina Rada von Arnim 
Author-X-Name-First: Codrina Rada 
Author-X-Name-Last: von Arnim 
Author-Name: Lance  Taylor 
Author-X-Name-First: Lance  
Author-X-Name-Last: Taylor 
Author-Name: Luca  Zamparelli 
Author-X-Name-First: Luca  
Author-X-Name-Last: Zamparelli 
Title: Cycles and trends in U.S. net borrowing flows 
Abstract:
 Trend and cyclical patterns of household, business, government, and
 foreign net borrowing shares of gross domestic product are reviewed using
 diagrams and covariance decompositions of the identity stating that the
 sum of the shares equals zero. Household and business net borrowing shares
 and thereby those sectors' contributions to effective demand are
 procyclical. Household borrowing over the cycle is led by residential
 investment. Consumption varies countercyclically, but it is offset by
 rising taxes as opposed to saving, suggesting that "consumption smoothing"
 by households as featured in much macro theory is not empirically
 important. Procyclicality of private net borrowing is countered by a
 countercyclical government deficit along traditional lines. In terms of
 trends, "twin" fiscal and foreign deficits appear infrequently, with the
 household and external deficits being much more closely related. The
 former is linked to a strong upward trend in health-care spending as a
 share of disposable income, with a corresponding downward trend in saving
 after the early 1980s.
Journal: Journal of Post Keynesian Economics 
Pages: 623-648 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: consumption smoothing, net borrowing, twin deficits, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H41N33Q15301557H 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Barbosa-Filho, N.H.,
 and Taylor, L. "Distributive and Demand Cycles in the U.S. EconomyâA
 Structuralist Goodwin Model." >i>Metroeconomica>/i>, 2006, 57 (3),
 389-411.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Bernanke, B. "The Global Saving Glut and the U.S. Current
 Account Deficit." Remarks at the Sandridge Lecture, Virginia Association
 of Economics, Richmond, VA, March 10, 2005 (available at >a
 target="_blank"
 href='http://www.federalreserve.gov/boarddocs/speeches/2005/200503102/defa
 ult.htm'>www.federalreserve.gov/boarddocs/speeches/2005/200503102/default.
 htm>/a></BIBTEXT>	</REF>	    <REF>	 <BIBL>3</BIBL>       
 <BIBTEXT> Chiarella, C.; Flaschel, P.; and Franke, R. >i>Foundations for a
 Disequilibrium Theory of the Business Cycle.>/i> Cambridge: Cambridge
 University Press, 2005.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>4</BIBL>        <BIBTEXT> Duesenberry, J.S. >i>Income, Saving, and
 the Theory of Consumer Behavior.>/i> Cambridge: Harvard University Press,
 1949.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Friedman, M. >i>A Theory of the Consumption Function.>/i>
 Princeton: Princeton University Press, 1957.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Gale, W.G., and Orszag, P.R.
 "Budget Deficits, National Saving, and Interest Rates," >i>Brookings
 Papers on Economic Activity>/i>, Fall 2004, 2, 101-187.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Godley, W., and
 Cripps, F. >i>Macroeconomics.>/i> New York: Oxford University Press,
 1983.</BIBTEXT>      </REF>	  <REF>        <BIBL>8</BIBL>	    
 <BIBTEXT> Goodwin, R. "A Growth Cycle." In C.H. Feinstein (ed.),
 >i>Socialism, Capitalism, and Growth.>/i> Cambridge: Cambridge University
 Press, 1967.</BIBTEXT>      </REF>	 <REF>	      <BIBL>9</BIBL>	   
 <BIBTEXT> Keynes, J.M. >i>The General Theory of Employment, Interest and
 Money.>/i> London: Macmillan, 1936.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>10</BIBL>	 <BIBTEXT> Mirowski, P. >i>More Heat than
 Light.>/i> New York: Cambridge University Press, 1989.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>11</BIBL>	 <BIBTEXT> Modigliani, F.,
 and Brumberg, R.E. "Utility Analysis and the Consumption Function: An
 Interpretation of Cross-Section Data." In K.K. Kurihara (ed.),
 >i>Post-Keynesian Economics.>/i> New Brunswick: Rutgers University Press,
 1954.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Taylor, L. >i>Reconstructing Macroeconomics.>/i> Cambridge:
 Harvard University Press, 2004.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>13</BIBL>	<BIBTEXT> Wolf, M. "Imbalances Will Require Global
 Solutions." >i>Financial Times>/i>, April 26, 2005.</BIBTEXT>	    </REF>  
Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:623-648




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Dunn 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Dunn 
Title: The modern food industry and public health: a Galbraithian perspective 
Abstract:
 John Kenneth Galbraith famously argued that many of the health problems
 faced by modern advanced economies were a result of increased consumption,
 ushered in by the large corporation. Although attracting a degree of
 attention and notoriety around the time of publication, Galbraith's
 analysis of the large corporation in >i>The New Industrial State>/i> has
 slipped somewhat from view. This paper considers Galbraith's approach to
 the firm, highlighting how it characterizes the modern food industry. The
 paper argues that Galbraith has much to contribute to the understanding of
 debates on the modern food governance, suggesting a range of regulatory
 responses.
Journal: Journal of Post Keynesian Economics 
Pages: 491-516 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: agriculture, food policy, Galbraith, theory of the firm, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=BG4U5Q7GL0770769 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Agrow. "Gap Narrows
 Between Prospective Agrochemical Market Leaders." >i>Agrow World Crop
 Protection News>/i>, March 29, >i>397>/i>, 2002, 1.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Anderson, S.J., and Dunn,
 S.P. "Galbraith and the Management of Specific Demand: Evidence from the
 Tobacco Industry." >i>Journal of Institutional Economics>/i>, 2006,
 >i>2>/i> (3), 273-296.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>3</BIBL>        <BIBTEXT> Blythman, J. >i>Shopped: The Shocking
 Power of British Supermarkets.>/i> London: Harper-Perennial,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Burchell, B., and Wilkinson, F. "Trust, Business Relationships
 and the Contractual Environment." >i>Cambridge Journal of Economics>/i>,
 1997, >i>21>/i> (2), 217-237.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>5</BIBL>        <BIBTEXT> >i>BusinessWeek.>/i> "Best Global Brands
 2008." 2008 (available at >a target="_blank"
 href='http://www.businessweek.com/interactive_reports/global_brand_2008.ht
 ml'>http://www.businessweek.com/interactive_reports/global_brand_2008.html
 >/a></BIBTEXT>      </REF>	 <REF>	      <BIBL>6</BIBL>	   
 <BIBTEXT> Centers for Disease Control and Prevention (CDC). "Physical
 Activity and Good Nutrition: Essentials Elements to Prevent Chronic
 Diseases and Obesity 2002." U.S. Department of Health and Human Services,
 Centers for Disease Control and Prevention, Atlanta, 2002.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Clarke, R.;
 Davies, S.; Dobson, P.; and Waterson, M. >i>Buyer Power and Competition in
 European Food Retailing.>/i> Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>
      </REF>	  <REF>        <BIBL>8</BIBL>	     <BIBTEXT> Competition
 Commission. "Supermarkets: A Report on the Supply of Groceries from
 Multiple Stores in the United Kingdom." London, 2000 (available at >a
 target="_blank"
 href='http://www.competition-commission.org.uk/rep_pub/reports/2000/446sup
 er.htm#full'>http://www.competition-commission.org.uk/rep_pub/reports/2000
 /446super.htm#full>/a></BIBTEXT>      </REF>	   <REF>       
 <BIBL>9</BIBL>        <BIBTEXT> Connor, J. "The Changing Structure of
 Global Food Markets: Dimensions, Effects, and Policy Implications." Paper
 presented at OECD Conference on Changing Dimensions of the Food Economy,
 The Hague, February 6-7, 2003.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>10</BIBL>	<BIBTEXT> Cowling, K., and Sugden, R. "The Essence
 of the Modern Corporation: Markets, Strategic Decision-Making and the
 Theory of the Firm." >i>Manchester School>/i>, January 1998a, >i>66>/i>
 (1), 59-86.</BIBTEXT>	    </REF>	<REF>	     <BIBL>11</BIBL>	   
 <BIBTEXT> Cowling, K., and Sugden, R. "Strategic Trade Policy
 Reconsidered: National Rivalry vs Free Trade vs International
 Cooperation." >i>Kyklos>/i>, 1998b, >i>51>/i> (3), 339-357.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Cowling, K., and
 Tomlinson, P.R. "Globalisation and Corporate Power." >i>Contributions to
 Political Economy>/i>, 2005, >i>24>/i> (1), 33-54.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>13</BIBL>	<BIBTEXT> Dawson, M. >i>The
 Consumer Trap: Big Business Marketing in American Life.>/i> Urbana and
 Chicago: University of Illinois Press, 2003.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>14</BIBL>	     <BIBTEXT> Deakin S.; Lane, C.; and
 Wilkinson, F. "âTrustâ or Law? Towards an Integrated Model of
 Contractual Relations Between Firms." >i>Journal of Law and Society>/i>,
 1994, >i>21>/i> (3), 329-349.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>15</BIBL>	<BIBTEXT> Deakin S.; Lane, C.; and Wilkinson, F.
 "Contract Law, Trust Relations and Incentives to Cooperation: A
 Comparative Study." In S. Deakin and J. Michie (eds.), >i>Contracts,
 Cooperation and Competition.>/i> Oxford: Oxford University Press, 1997,
 pp. 105-139.</BIBTEXT>      </REF>	 <REF>	      <BIBL>16</BIBL>	   
  <BIBTEXT> Deloitte. "Global Powers of Retailing 2007." New York, 2007
 (available at >a target="_blank"
 href='http://www.deloitte.com/view/en_GX/global/industries/consumer-busine
 ss-transportation/retail/8223fa0d6b1fb110VgnVCM100000ba42f00aRCRD.htm'>htt
 p://www.deloitte.com/view/en_GX/global/industries/consumer-business-transp
 ortation/retail/8223fa0d6b1fb110VgnVCM100000ba42f00aRCRD.htm>/a></BIBTEXT>
      </REF>	  <REF>        <BIBL>17</BIBL>	      <BIBTEXT> Dobson,
 P.W. "Buyer Power in Food Retailing: The European Experience." Paper
 presented at OECD Conference on Changing Dimensions of the Food Economy,
 The Hague, February 6-7, 2003.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>18</BIBL>	<BIBTEXT> Dobson, P.W., and Waterson, M.
 "Countervailing Power and Consumer Prices." >i>Economic Journal>/i>, March
 1997, >i>107>/i>, 418-430.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>19</BIBL>	<BIBTEXT> Dobson, P.W., and Waterson, M. "Retailer
 Power: Recent Developments and Policy Implications." >i>Economic
 Policy>/i>, April 1999, >i>28>/i>, 135-164.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>20</BIBL>	     <BIBTEXT> Dobson, P.W.; Clarke, R.;
 Davies, S.; and Waterson, M. "Buyer Power and Its Impact on Competition in
 the Food Distribution Sector of the European Union." >i>Journal of
 Industry, Competition and Trade>/i>, 2001, >i>1>/i> (3),
 247-281.</BIBTEXT>	 </REF>      <REF>	  <BIBL>21</BIBL>	
 <BIBTEXT> Dunn, S.P. "Uncertainty, Strategic Decision-Making and the
 Essence of the Modern Corporation: Extending Cowling and Sugden."
 >i>Manchester School>/i>, 2001, >i>69>/i> (1), 31-41.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Dunn, S.P.
 "Prolegomena to a Post Keynesian Health Economics." >i>Review of Social
 Economy>/i>, Autumn 2006, >i>64>/i> (3), 273-292.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>23</BIBL>        <BIBTEXT> Dunn, S.P. >i>The
 Uncertain Foundations of Post Keynesian Economics: Essays in
 Exploration.>/i> London: Routledge, 2008.</BIBTEXT>	  </REF>      <REF>
	<BIBL>24</BIBL>        <BIBTEXT> Dunn, S.P. >i>The Economics of
 John Kenneth Galbraith: Introduction, Persuasion and Rehabilitation.>/i>
 Cambridge: Cambridge University Press, 2011.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>25</BIBL>	     <BIBTEXT> Dunn, S.P., and Anderson,
 S.J. "J.K. Galbraith's Challenge to the Accepted Sequence: The Management
 of the Consumer." >i>Economica>/i>, 2006, >i>8>/i> (2), 337-351.</BIBTEXT>
      </REF>	  <REF>        <BIBL>26</BIBL>	      <BIBTEXT>
 >i>Economist.com.>/i> "Europe's Food Retailers: Hungry for Credit."
 January 4, 2001 (available at >a target="_blank"
 href='http://www.economist.com/PrinterFriendly.cfm?Story_ID=464964'>http:/
 /www.economist.com/PrinterFriendly.cfm?Story_ID=464964>/a></BIBTEXT>	  
 </REF>      <REF>	  <BIBL>27</BIBL>	 <BIBTEXT> Ewing, J.
 "Wal-Mart: Struggling in Germany." >i>BusinessWeek>/i>, April 11, 2005
 (available at >a target="_blank"
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 C. >i>P is for Pesticides>/i>. London: Ebury, 1991.</BIBTEXT>	    </REF> 
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 M. >i>Food Wars: The Global Battle for Mouths, Minds and Markets>/i>.
 London: Earthscan, 2004.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>44</BIBL>	<BIBTEXT> Lyson, T.A., and Raymer, A.L. "Stalking
 the Wily Multinational: Power and Control in the U.S. Food System."
 >i>Agriculture and Human Values>/i>, June 2000, >i>17>/i> (2),
 199-208.</BIBTEXT>	 </REF>      <REF>	  <BIBL>45</BIBL>	
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 Food Nation: What the All-American Meal Is Doing to the World>/i>. London:
 Penguin, 2002.</BIBTEXT>      </REF>	   <REF>	<BIBL>48</BIBL>    
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 <BIBTEXT> Simon, H.A. >i>Models of Man: Social and Rational>/i>. New York:
 Wiley, 1957.</BIBTEXT>      </REF>	 <REF>	      <BIBL>50</BIBL>	   
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 Behavioral Science." >i>American Economic Review>/i>, 1959, >i>49>/i> (3),
 253-283. [Reprinted in P.E. Earl (ed.), >i>Behavioural Economics>/i>, vol.
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     <BIBL>51</BIBL>	    <BIBTEXT> Simon, H.A. "Theories of Bounded
 Rationality." In C.B. McGuire and R. Radner (eds.), >i>Decision and
 Organisation>/i>. London: North-Holland, 1972, pp. 161-176.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>52</BIBL>	 <BIBTEXT> Simon, H.A.
 "From Substantive to Procedural Rationality." In S. Latis (ed.), >i>Method
 and Appraisal in Economics>/i>. Cambridge: Cambridge University Press,
 1976, pp. 129-148.</BIBTEXT>	   </REF>      <REF>	    <BIBL>53</BIBL>
	<BIBTEXT> Simon, H.A. "Rational Decision Making in Business
 Organisation." >i>American Economic Review>/i>, 1979, 69 (September),
 493-513.</BIBTEXT>	 </REF>      <REF>	  <BIBL>54</BIBL>	
 <BIBTEXT> Stanfield, J.R. >i>John Kenneth Galbraith>/i>. London:
 Macmillan, 1996.</BIBTEXT>	 </REF>      <REF>	  <BIBL>55</BIBL>  
      <BIBTEXT> United Nations Development Programme (UNDP). >i>Human
 Development Report 1999>/i>. Oxford: Oxford University Press and UNDP,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>56</BIBL>	     
 <BIBTEXT> Veblen, T.B. >i>The Theory of Business Enterprise>/i>. New York:
 Charles Scribners, 1904.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>57</BIBL>	<BIBTEXT> Williamson, O. "Herbert Simon and
 Organization Theory." In M. Augier and J. March (eds.), >i>Models of a
 Man: Essays in Memory of Herbert A. Simon>/i>. Cambridge: MIT Press, 2004,
 pp. 279-295.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:491-516




Template-Type: ReDIF-Article 1.0
Author-Name: Leila E. Davis
Author-X-Name-First: Leila E.
Author-X-Name-Last: Davis
Title: Identifying the “financialization” of the nonfinancial corporation in the U.S. economy: A decomposition of firm-level balance sheets
Abstract: 
 This paper develops the concept of the “financialization” of the nonfinancial corporation (NFC) by laying out the key stylized facts describing NFC financial behavior between 1950 and 2014 via a detailed decomposition of firm-level balance sheets. In the existing literature, the concept of the “financialization of the nonfinancial corporation” remains ambiguous; as such, clarification of the trends that have occurred in NFC financial behavior is an important prerequisite for analyses of why NFC behavior has changed and with what consequences. By systematically delineating the evidence for the “financialization” of NFCs, this paper contributes to the literature by establishing precisely how NFC financial behavior has changed in the post-1980 U.S. economy. The growing “financialization” of nonfinancial corporations is summarized by an increased share of financial assets in NFC portfolios, increasing indebtedness and equity repurchases among large firms, and deleveraging among smaller firms. The paper concludes by introducing the behavioral insights gained by approaching these stylized facts from a conceptual standpoint emphasizing the interdependence of portfolio and financing decisions and, thus, the links between the changes in financial behavior across NFC balance sheets.
Journal: Journal of Post Keynesian Economics
Pages: 115-141
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2015.1116370
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1116370
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Carrión Álvarez
Author-X-Name-First: Miguel
Author-X-Name-Last: Carrión Álvarez
Author-Name: Dirk Ehnts
Author-X-Name-First: Dirk
Author-X-Name-Last: Ehnts
Title: Samuelson and Davidson on ergodicity: A reformulation
Abstract: 
 The concept of ergodicity in economics seems to have the qualities of a shibboleth—a word or saying used by adherents of a party, sect, or belief, and usually regarded by others as empty of real meaning. It is in use by both neoclassical economics—after Samuelson (1965, p. 43), who used the term in his paper on what later became a foundation of the efficient market hypothesis—and post Keynesian economics—after Davidson, who picked up the term in order to highlight methodological differences. Considering the origin of the concept in statistical physics and its use in the topology of dynamical systems, which most economists are not conversant with, the importance ascribed to ergodicity in economic debate seems mystifying. We deconstruct the meaning of the term in the major contributions of Samuelson and Davidson. We suggest an alternative to (non)ergodicity to discuss the nature of randomness in the real world. While neoclassical theory assumes stochastic randomness, post Keynesians assume nonstochastic randomness, a term developed by the mathematician Kolmogorov (1986, p. 467). We argue that even in an ergodic world there is a problem with the idea that stochastic randomness can be dealt with by the financial system.
Journal: Journal of Post Keynesian Economics
Pages: 1-16
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1145062
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1145062
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Template-Type: ReDIF-Article 1.0
Author-Name: Anne Henow
Author-X-Name-First: Anne
Author-X-Name-Last: Henow
Title: Hartmut Elsenhans, 
Abstract: 
 Hartmut Elsenhans's Saving Capitalism from the Capitalists presents an intriguing argument: capitalist elites have induced unsustainable capitalism to the disadvantage of labor and the system as a whole. The author proposes a fairly unconventional solution. He suggests that democratic socialism can be the necessary political complement to our capitalist system. By drawing on the socialist capacity to empower labor and increase mass consumption, we could achieve a more balanced and sustainable capitalism. The book is ideally suited for readers of Keynesian and post Keynesian analysis on contemporary capitalism and it fits in the discourse on problems of low income growth, declining demand, and investment opportunities in major world economies.
Journal: Journal of Post Keynesian Economics
Pages: 142-144
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1145552
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1145552
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Cesaratto
Author-X-Name-First: Sergio
Author-X-Name-Last: Cesaratto
Title: The state spends first: Logic, facts, fictions, open questions
Abstract: 
 Keynesian (or Kaleckian) logic leads post Keynesian economists to presume that a variation of state revenues from taxes and sales of Treasury bonds are the result of a variation in state spending and not the other way around. In the past two decades, the exponents of modern monetary theory (MMT) have been at the forefront in asserting the Keynesian (or Kaleckian) logic of this proposition, filling a theoretical vacuum in post Keynesian thinking. The question is that MMT consolidates the Treasury and Central Bank (CB) so that the latter automatically creates purchasing power in favor of decisions of the former to spend. Critics, however, point out that most institutional arrangements forbid CBs to finance the Treasury directly. After Lavoie (2013), the debate has moved forward and seen some convergence. The present paper critically reviews for unfamiliar readers an otherwise almost esoteric but fundamental discussion.
Journal: Journal of Post Keynesian Economics
Pages: 44-71
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1147333
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1147333
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Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donnell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donnell
Title: Second contribution to the ENE critique: Reply to Davidson, part 1
Abstract: 
 On first encounter, the ergodic/nonergodic (ENE) approach has apparent plausibility. Although concerned by some of its problems for many years, it was only after more concentrated reflection on both its parts and their combinations that I became aware of its manifold deficiencies, some of which I outlined in my previous critique (O’Donnell, 2014). In this paper, facilitated by Davidson’s (2015b) rejoinder, these criticisms are deepened, broadened, and strengthened. Because the debate deals with fundamental matters in several disciplines, a considerable amount of investigation, unpacking, and logical dissection is required to clarify the argumentation beneath the compressed and seemingly smooth surface of the ENE position. For this reason, my reply is divided into two parts. This contribution primarily examines the central role of framing in ENE arguments, and clarifies the various misunderstandings and misrepresentations to which it leads. The subsequent contribution provides more detailed discussion of mathematical, stochastic, and methodological issues.
Journal: Journal of Post Keynesian Economics
Pages: 17-43
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1148617
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1148617
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Brennan
Author-X-Name-First: Jordan
Author-X-Name-Last: Brennan
Title: United States income inequality: The concept of countervailing power revisited
Abstract: 
 This article uses some of the conceptual infrastructure associated with J.K. Galbraith’s “countervailing power” argument to explore the deep history of U.S. income inequality. Two explanatory variables—institutional power and distributive conflict—have played an integral role in the shifting patterns of U.S. income inequality since the late nineteenth century. The “commodified” power of large firms, manifested in aggregate concentration and the markup, exacerbates inequality while the “countervailing” power of organized labor, manifested in union density and strike activity, mitigates inequality. One implication of this research is that U.S. income inequality is unlikely to diminish unless the labor movement (or a comparable social movement) is strengthened.
Journal: Journal of Post Keynesian Economics
Pages: 72-92
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1148618
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1148618
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim De Carvalho
Author-X-Name-First: Fernando J. Cardim
Author-X-Name-Last: De Carvalho
Title: Looking into the abyss? Brazil at the mid-2010s
Abstract: 
 In 2015, the Brazilian economy was afflicted by a lethal combination of a falling level of activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of rising unemployment emerge only after a lag. The domestic debate has opposed analysts who believe the crisis is due exclusively to past policy mistakes to analysts who believe that all was well until the government decided to implement austerity policies in 2015. A closer examination of the evidence shows that in fact both reasons contributed to causing the crisis, but it also suggests that its depth has a more proximate cause in the political collapse of the federal government in 2015, which led Brazilian society to an impasse for which a solution is not yet in view.
Journal: Journal of Post Keynesian Economics
Pages: 93-114
Issue: 1
Volume: 39
Year: 2016
Month: 1
X-DOI: 10.1080/01603477.2016.1152556
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1152556
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Kapeller
Author-X-Name-First: Jakob
Author-X-Name-Last: Kapeller
Author-Name: Bernhard Schütz
Author-X-Name-First: Bernhard
Author-X-Name-Last: Schütz
Title: Debt, boom, bust: a theory of Minsky-Veblen cycles
Abstract: 
 This article reflects on the economic development leading to the recent crisis and interprets this development as a series of events within a Minsky-Veblen cycle. To illustrate this claim we introduce conspicuous consumption concerns, as described by Veblen, into a stock-flow-consistent post Keynesian model and demonstrate that, under these conditions, a decrease in income equality leads to a corresponding increase in debt-financed consumption demand. Here Minskian dynamics come into play: if perceived economic stability causes banks' margins of safety to decrease sufficiently, increased credit demand is accommodated by credit supply giving rise to a debt-financed consumption boom. As the solvency of households decreases and interest rates move up, banks reduce lending, triggering household bankruptcies and, finally, a recession. What follows is a stable period of consolidation, where past debts are repaid, financial stability is regained and conspicuous consumption motives may gradually take over again. We illustrate this approach to the current crisis and its explanatory validity by extending our stock-flow-consistent model into a dynamic simulation.
Journal: Journal of Post Keynesian Economics
Pages: 781-814
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360409
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360409
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:781-814




Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nishiyama
Author-X-Name-First: Yasuo
Author-X-Name-Last: Nishiyama
Title: The endogenous money supply revisited in a more realistic institutional framework
Abstract: 
 Textbooks explain that the Federal Reserve's (Fed's) open market purchase results in the multiple creation of loans and deposits (i.e., "reserves make deposits"). However, post Keynesian economists have long argued that banks make loans first, create deposits in the process, and then look for reserves. Hence, "deposits make reserves." The study revisits this post Keynesian theory with a new insight into large New York banks that act as intermediaries (as primary dealers in the textbook case, and as correspondent banks in the post Keynesian case) between the Fed and the nation's banking sector. The Granger causality tests and estimated short-run adjustment dynamics provide unambiguously strong empirical evidence in favor of the post Keynesian theory and the study's new insight, that is, the deposit creation process begins at banks, and large New York banks are indeed effective intermediaries between the Fed and the nation's banking sector.
Journal: Journal of Post Keynesian Economics
Pages: 653-672
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360404
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360404
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:653-672




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Chena
Author-X-Name-First: Pablo
Author-X-Name-Last: Chena
Title: Balance-of-payments-constrained growth in Argentina (1976-2006)
Abstract: 
 This article explores the linkages between the balance of payment and income growth in countries for which exports are mainly food items while imports are mainly industrial goods. To capture the consequence of this structure of international specialization, the study proposes to modify the balance-of-payments-constrained growth "standard" rule (Thirlwall's law) by including the effects of different levels of elasticity of the domestic demand for food. An econometric model is used to test Argentina's behavior on the matter during the period 1976-2006.
Journal: Journal of Post Keynesian Economics
Pages: 699-718
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360406
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360406
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:699-718




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Publisher's Note on the Editorial Transition at the 
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 815-816
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360410
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360410
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:815-816




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Austin
Author-X-Name-First: Kenneth
Author-X-Name-Last: Austin
Title: Systemic equilibrium in a Bretton Woods II-type international monetary system: the special roles of reserve issuers and reserve accumulators
Abstract: 
 This article develops a model, based on balance-of-payment identities, of the new international monetary system (Bretton Woods II or BWII). It shows that if some countries engineer current account surpluses by exchange-rate manipulation and foreign-reserve accumulation, the burden of the corresponding current account deficits falls first on the reserve-issuing countries, unless those savings inflows are diverted elsewhere. The imbalances of the BWII period result from official, policy-driven reserve flows, rather than market-determined, private savings flows. The struggle to divert these unwanted financing flows is at the root of the "currency wars" within the system.
Journal: Journal of Post Keynesian Economics
Pages: 607-634
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360402
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360402
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:607-634




Template-Type: ReDIF-Article 1.0
Author-Name: Akhand Hossain
Author-X-Name-First: Akhand
Author-X-Name-Last: Hossain
Title: Monetary policy, inflation, and inflation volatility in Australia
Abstract: 
 This article presents an overview of monetary policy in Australia and highlights the persistence and volatility of inflation under successive monetary policy regimes, 1950-2010. A series of unit root tests specified both linearly and nonlinearly investigate whether inflation persistence has the characteristic of a unit root. The overall results for the full sample period, 1950-2010, and two subsample periods, 1970-2010 and 1993-2010, suggest that Australia's high inflation persistence does not incorporate a unit root, with the post-1993 analysis most emphatically yielding the result. High inflation persistence and volatility in Australia suggest that inflationary shock takes a long time to dissipate but does not permanently alter the low average level of inflation. The empirical results suggest that inflation and inflation volatility have a feedback relation while inflation volatility affects the rates of economic growth and unemployment.
Journal: Journal of Post Keynesian Economics
Pages: 745-780
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360408
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360408
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:745-780




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Alencar
Author-X-Name-First: Douglas
Author-X-Name-Last: Alencar
Author-Name: Eduardo Strachman
Author-X-Name-First: Eduardo
Author-X-Name-Last: Strachman
Title: Balance-of-payments-constrained growth in Brazil: 1951-2008
Abstract: 
 The aim of this study is to determine whether Brazil's economic growth has been constrained by the balance of payments in the long run. The question underpinning the analysis can be expressed as follows: Was economic growth in the period 1951-2008 constrained by the balance of payments? To answer this question, the study employs the externally constrained growth methodology developed by Lima and Carvalho (2009), among others. The main statistical method used is vector error correction. The conclusion is that the rate of economic growth in Brazil was restricted by the external sector in the period concerned, validating the theory of balance-of-payments growth constraint with regard to the economic history of Brazil.
Journal: Journal of Post Keynesian Economics
Pages: 673-698
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360405
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360405
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:673-698




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Tymoigne
Author-X-Name-First: Eric
Author-X-Name-Last: Tymoigne
Title: Measuring macroprudential risk through financial fragility: a Minskian approach
Abstract: 
 The paper uses the analytical framework developed by Hyman P. Minsky to construct an index of financial fragility for residential housing in the United States, the United Kingdom, and France. In the process, a clear difference is made between financial fragility, bubble, and fraud. The goal is to capture the growing interdependence between debt and asset price on the upside. The index is able to capture the rapid growth of financial fragility in residential housing from the early 2000s and an usually high level of financial fragility from 2004 in the United States. However, the construction of the index reveals that the data available are of limited quantity and quality for the purpose at hand. If the Financial Stability Oversight Council is serious about measuring systemic risk, better data about cash flows and loan underwriting should be collected in order to get an idea of the quality of leverage. This quality is measured by focusing on the means used to service debts instead of ability and willingness to service debt per se (i.e. credit risk).
Journal: Journal of Post Keynesian Economics
Pages: 719-744
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360407
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360407
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 36
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 817-819
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.1080/01603477.2014.11051776
File-URL: http://hdl.handle.net/10.1080/01603477.2014.11051776
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:817-819




Template-Type: ReDIF-Article 1.0
Author-Name: John Harvey
Author-X-Name-First: John
Author-X-Name-Last: Harvey
Title: Teaching Keynes's business cycle: an extension of Paul Davidson's capital market model
Abstract: 
 Paul Davidson's intermediate macroeconomics textbook, Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century, serves as an excellent introduction to the economics of Keynes. It opens with a rejection of Say's law, then works its way through the determinants and effects of consumption, investment, government spending, and trade. In addition, a great deal of time is spent discussing financial markets (domestic and international) and the balance that must be found between the need to provide liquidity and the instability created by "a large number of ignorant individuals." What is not as clear, however, is the nature of what Keynes discussed in chapter 22 of the General Theory: the trade cycle. That said, the ideal tool for addressing this already exists in the book. This article shows that by not ignoring the demand curve in Davidson's capital market model, a much more interesting story can be told. When entrepreneurs' expectations about the growth in demand for the products produced by capital are considered, the logical result is that, as gross investment falls over the expansion, so those expectations are bound to be disappointed. This sets the stage for possibly catastrophic collapses and offers a far more dynamic and Keynes-like story.
Journal: Journal of Post Keynesian Economics
Pages: 589-606
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360401
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360401
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:589-606




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Capehart
Author-X-Name-First: Kevin
Author-X-Name-Last: Capehart
Title: Thinking about a hairy situation
Abstract: 
 To satirize the theory that increases in the quantity of money cause increases in the price level, Richard Kahn theorized that increases in the quantity of hairpins cause increases in the percentage of women with long hair. If Kahn's satirical theory is taken seriously, then the situation in Japan in the 1990s requires some thought. In Japan in the 1990s, the percentage of long-haired women did not increase, despite an increase in the quantity of hairpins. This article considers such a situation by following Paul Krugman's thinking about a liquidity trap. The failure of an increase in the quantity of hairpins to increase the percentage of long-haired women is thought of as a failure of policymakers to credibly commit to a permanent increase in the quantity of hairpins.
Journal: Journal of Post Keynesian Economics
Pages: 635-652
Issue: 4
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360403
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360403
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Handle: RePEc:mes:postke:v:36:y:2014:i:4:p:635-652




Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok  Singh 
Author-X-Name-First: Tarlok  
Author-X-Name-Last: Singh 
Title: Testing the neoclassical long-run and the Keynesian short-run effects of investment on output and growth in India 
Abstract:
 This study examines the neoclassical long-run and the Keynesian short-run
 effects of investment on output and tests the null of noncausality between
 investment and growth in India. The long-run model is estimated using the
 single-equation and maximum-likelihood system estimators. All of the
 estimators suggest the cointegrating relationship between investment and
 output, and the results are robust to the choice of estimator. The
 conventional and new cumulative sum (CUSUM) tests show the long-run
 stability of equilibrium residuals and reinforce the cointegrating
 relationship. The error-correction model suggests bidirectional Granger
 causality between investment and growth. The investment constitutes around
 one-fourth of the total weight in aggregate demand and, as corollary of
 such major weight and the significant effects, it remains a potential
 source of short-run economic fluctuations. A sustained acceleration of
 investment is essentially crucial for the acceleration and sustainability
 of economic growth.
Journal: Journal of Post Keynesian Economics 
Pages: 271-298 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: cointegration, CUSUM, error-correction model, Keynesian, neoclassical, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V7H5736944T64282 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
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 Roots." >i>Econometrica>/i>, January 1990, 58 (1), 113-144.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>75</BIBL>	 <BIBTEXT> Solow, R.M. "A
 Contribution to the Theory of Economic Growth." >i>Quarterly Journal of
 Economics>/i>, February 1956, 70 (1), 65-94.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>76</BIBL>	     <BIBTEXT> Solow, R.M. "Technical
 Change and the Aggregate Production Function." >i>Review of Economics and
 Statistics>/i>, August 1957, 39 (3), 312-320.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>77</BIBL>	     <BIBTEXT> Solow, R.M. >i>Growth
 Theory: An Exposition>/i>, 2d ed. New York: Oxford University Press,
 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>78</BIBL>	     
 <BIBTEXT> Staiger, D., and Stock, J.H. "Instrumental Variables Regression
 with Weak Instruments." >i>Econometrica>/i>, May 1997, 65 (3),
 557-586.</BIBTEXT>	 </REF>      <REF>	  <BIBL>79</BIBL>	
 <BIBTEXT> Stock, J.H., and Watson, M.W. "A Simple Estimator of
 Cointegrating Vectors in Higher Order Integrated Systems."
 >i>Econometrica>/i>, July 1993, 61 (4), 783-820.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>80</BIBL>	      <BIBTEXT> Swan, T.W. "Economic Growth
 and Capital Accumulation." >i>Economic Record>/i>, November 1956, 32,
 334-361.</BIBTEXT>	 </REF>      <REF>	  <BIBL>81</BIBL>	
 <BIBTEXT> Wolff, E.N. "Capital Formation and Productivity Convergence Over
 the Long Term." >i>American Economic Review>/i>, June 1991, 81 (3),
 565-579.</BIBTEXT>	 </REF>      <REF>	  <BIBL>82</BIBL>	
 <BIBTEXT> Xiao, Z. "A Residual Based Test for the Null Hypothesis of
 Cointegration." >i>Economics Letters>/i>, August 199, 64 (2),
 133-141.</BIBTEXT>	 </REF>      <REF>	  <BIBL>83</BIBL>	
 <BIBTEXT> Xiao, Z., and Phillips, P.C.B. "A CUSUM Test for Cointegration
 Using Regression Residuals." >i>Journal of Econometrics>/i>, May 2002, 108
 (1), 43-61.</BIBTEXT>	    </REF>	<REF>	     <BIBL>84</BIBL>	   
 <BIBTEXT> Young, A. "Lessons from the East Asian NICs: A Contrarian View."
 >i>European Economic Review>/i>, April 1994, 38 (3-4), 964-973.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>85</BIBL>	     <BIBTEXT> Young, A.
 "The Tyranny of Numbers: Confronting the Statistical Realities of the East
 Asian Growth Experience." >i>Quarterly Journal of Economics>/i>, August
 1995, 110 (3), 641-680.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:271-298




Template-Type: ReDIF-Article 1.0
Author-Name: Elias Soukiazis
Author-X-Name-First: Elias
Author-X-Name-Last: Soukiazis
Author-Name: Micaela Antunes
Author-X-Name-First: Micaela
Author-X-Name-Last: Antunes
Title: Application of the balance-of-payments-constrained growth model to Portugal, 1965-2008
Abstract: 
 The present study aims to verify whether the balance-of-payments-constrained growth approach is suitable for explaining the Portuguese growth performance during the past decades. To smooth cyclical variations, 15-year overlapping periods are considered in the computation of "Thirlwall's law," assuming that income elasticity of imports is either constant or variable over time. It is shown that actual growth can accurately be predicted by the ratio of export growth to the income elasticity of the demand for imports. Evidence also reveals that Portugal grew slightly faster than the rate consistent with the balance-of-payments equilibrium accumulating external deficits over time. Considering the pre- and postaccession periods to the European Union, it is found that Portugal grew at a slower rate in the latter period, explained by a higher income elasticity of imports and lower export growth.
Journal: Journal of Post Keynesian Economics
Pages: 353-380
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340209
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340209
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Lewis
Author-X-Name-First: Kenneth
Author-X-Name-Last: Lewis
Author-Name: Laurence Seidman
Author-X-Name-First: Laurence
Author-X-Name-Last: Seidman
Title: Did the 2008 rebate fail? a response to Taylor and Feldstein
Abstract: 
 Did the 2008 rebate fail to stimulate consumer spending? In their influential American Economic Review articles, John Taylor and Martin Feldstein each claim that Bureau of Economic Analysis (BEA) aggregate time series data show that the 2008 rebate failed. Reexamining the BEA data, we find that the data instead show there is a high probability that the rebate stimulated consumption. Moreover, the hypothesis that a rebate has half the impact of ordinary disposable income cannot be rejected. Thus, we find that analysis of the BEA aggregate time series data is consistent with the conclusion from the microdata studies that the 2008 rebate stimulated consumer spending.
Journal: Journal of Post Keynesian Economics
Pages: 183-204
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340201
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Template-Type: ReDIF-Article 1.0
Author-Name: Photis Lysandrou
Author-X-Name-First: Photis
Author-X-Name-Last: Lysandrou
Title: The primacy of hedge funds in the subprime crisis
Abstract: 
 When the subprime crisis broke out in the summer of 2007, the hedge funds avoided blame by disassociating from those that supplied the subprime-backed products and by disappearing among those that bought these products. This twofold defense strategy has worked to perfection because almost everyone who has studied the crisis is convinced that it is the banks and not the hedge funds that were chiefly responsible for causing it. This article puts forward a different interpretation of events. Its central argument is that had it not been for the hedge funds' intermediary position between the investors seeking yield on the one hand and the banks that created the high yield bearing securities on the other, the supply of these securities would never have reached the proportions that were critical in precipitating the near collapse of the whole financial system. Take away hedge funds and a general financial crisis could still have occurred in 2007-8, but it is only because of the hedge funds that the crisis that actually occurred initially took on the form of a subprime crisis. The policy implication of this analysis is that regulatory controls on hedge fund activities must be far tighter than those currently proposed.
Journal: Journal of Post Keynesian Economics
Pages: 225-254
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340203
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe
Author-X-Name-First: Jesus
Author-X-Name-Last: Felipe
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Title: On Herbert Simon's criticisms of the Cobb-Douglas and the CES production functions
Abstract: 
 Scott Carter (2011) reproduces and discusses correspondence between Simon and Solow in 1971, where Simon first outlined his critique that estimations of production functions merely capture an underlying accounting identity. This idea culminated in a paper published by Simon in 1979 in the Scandinavian Journal of Economics. We extend Simon's argument that production functions should ideally be estimated using physical data, and discuss the serious problems that arise when they are estimated using constant-price monetary data. Simon also suggested that the good statistical fits to production functions could be derived from a markup pricing model, but he did not follow this up. We show that this can indeed account for the very good statistical fits of the Cobb-Douglas and other production functions. We conclude by showing how estimates of cost functions suffer from the same problem.
Journal: Journal of Post Keynesian Economics
Pages: 275-294
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340205
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:275-294




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Dan Xi
Author-X-Name-First: Dan
Author-X-Name-Last: Xi
Title: Exchange rate volatility and domestic consumption: a multicountry analysis
Abstract: 
 Inflation uncertainty, measured by the volatility of inflation, is said to have a negative effect on domestic consumption by making the public more cautious about their spending. Since exchange rate volatility contributes to inflation volatility, we conjecture that it could have a direct effect on domestic consumption. We demonstrate our conjecture by specifying a consumption function that includes a measure of exchange rate volatility, in addition to its usual determinants. The model is estimated for each of the 17 countries in the sample using the boundstesting approach to cointegration and error-correction modeling. The results reveal that in 12 of the countries, exchange rate volatility has short-run effects on consumption. Long-run effects are observed in only 9 countries.
Journal: Journal of Post Keynesian Economics
Pages: 319-330
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340207
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:319-330




Template-Type: ReDIF-Article 1.0
Author-Name: Bill Lucarelli
Author-X-Name-First: Bill
Author-X-Name-Last: Lucarelli
Title: German neomercantilism and the European sovereign debt crisis
Abstract: 
 The causes of the recent sovereign debt crisis within the eurozone are examined from the perspective of the peculiar institutional framework inherited from the Maastricht Treaty of 1992. The article argues that German neomercantilism is at the very core of Europe's descent into a seemingly irreversible phase of stagnation. In the absence of fiscal federalism, the sovereign debt crisis will only worsen, pushing the eurozone into a possible phase of debt-deflation.
Journal: Journal of Post Keynesian Economics
Pages: 205-224
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340202
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:205-224




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Carter
Author-X-Name-First: Scott
Author-X-Name-Last: Carter
Title: "On the Cobb-Douglas and all that …": the Solow-Simon correspondence over the aggregate neoclassical production function
Abstract: 
 The debate over the Cobb-Douglas production function has been raging ever since the mathematician Charles Cobb teamed up in 1928 with the economist Paul Douglas and developed this famous model of aggregate production and distribution. This article presents a heretofore unpublished exchange in 1971 over the efficacy of the Cobb-Douglas by two future Nobel Laureates, Robert Solow and Herbert Simon. Solow emerges as the defender of the Cobb-Douglas, and Simon the engaging critic. The correspondence demonstrates that the logical and empirical problems with the Cobb-Douglas were well known by the most advanced minds of mainstream economics. This calls into question the rationale for its continued use as an empirical corroboration of marginal productivity theory.
Journal: Journal of Post Keynesian Economics
Pages: 255-274
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340204
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:255-274




Template-Type: ReDIF-Article 1.0
Author-Name: André dos Santos
Author-X-Name-First: André
Author-X-Name-Last: dos Santos
Title: Inflation targeting in a Post Keynesian economy
Abstract: 
 Lima and Setterfield (2008) showed that it is possible to make inflation targeting compatible with an essentially Post Keynesian economy, yet they considered the process of expectations formation with exogenous credibility. This work reconstructs all of the Lima and Setterfield models, considering an endogenous process for explaining credibility. The results confirm that the combinations of Post Keynesian policies have a large capacity to lead the economy toward the desired levels of output and inflation, while orthodox policies are generally incompatible with the Post Keynesian environment. A novel finding is that convergence for the output and inflation targets also means that maximum credibility is obtained and that appropriate policies avoid systematic forecasting errors, which cause a crisis of confidence.
Journal: Journal of Post Keynesian Economics
Pages: 295-318
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340206
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:295-318




Template-Type: ReDIF-Article 1.0
Author-Name: Sacha Bourgeois-Gironde
Author-X-Name-First: Sacha
Author-X-Name-Last: Bourgeois-Gironde
Author-Name: Marianne Guille
Author-X-Name-First: Marianne
Author-X-Name-Last: Guille
Title: Keynes's animal spirits vindicated: an analysis of recent empirical and neural data on money illusion
Abstract: 
 The tendency of people to think of money in nominal, rather than real, terms is now well documented by recent empirical data. In particular, experimental and neurobiological data provide new insights on the individual and subindividual (neurobiological processes) anchoring of money illusion. The sensitivity of the reward brain system to the nominal format of money may explain money illusion at a biological level and provide a sort of physical demonstration of Keynes animal spirits hypothesis. These findings make it more difficult to ignore the hedonic or emotional dimension of money, which lies outside the scope of homo economicus.
Journal: Journal of Post Keynesian Economics
Pages: 331-352
Issue: 2
Volume: 34
Year: 2011
X-DOI: 10.2753/PKE0160-3477340208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340208
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Handle: RePEc:mes:postke:v:34:y:2011:i:2:p:331-352




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa
Author-X-Name-First: Imad
Author-X-Name-Last: Moosa
Title: Neoclassical versus Post Keynesian models of exchange rate determination: a comparison based on nonnested model selection tests and predictive accuracy
Abstract: 
 An attempt is made to evaluate the neoclassical and Post Keynesian approaches to exchange rate determination, represented respectively by the flexible price monetary model and a version of the flow model that takes into account market psychology, resulting in a bandwagon effect. For this purpose, nonnested model selection tests and measures of predictive accuracy are used to evaluate the two models. Based on monthly data covering four different exchange rates and the determining variables over the period 1990-2004, the results reveal the superiority of the Post Keynesian model.
Journal: Journal of Post Keynesian Economics
Pages: 169-185
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300202
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:169-185




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Whyman
Author-X-Name-First: Philip
Author-X-Name-Last: Whyman
Title: The case for the Swedish wage-earner funds: a Post Keynesian solution to the dynamic inefficiency of capitalism through the socialization of investment
Abstract: 
 Swedish wage-earner funds (WEFs) represented a distinctive form of socialization of investment intended to counter the dynamic inefficiency of capitalism and facilitate Post Keynesian economic policy. This paper reviews the theoretical arguments for the socialization of investment, before evaluating its performance. It found that WEFs performed creditably in relation to financial targets, but less effectively regarding democratic objectives, while macroeconomic influence was ultimately constrained by the limited size of the scheme and shocks arising from financial deregulation. The paper concludes that WEFs have, however imperfectly, contributed toward the legitimization of the concept of collective investment funds as an economic policy instrument.
Journal: Journal of Post Keynesian Economics
Pages: 227-258
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300205
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:227-258




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Isaac
Author-X-Name-First: Alan
Author-X-Name-Last: Isaac
Title: Inheriting inequality: institutional influences on the distribution of wealth
Abstract: 
 This paper presents simulation results for the distribution of wealth. The object is to illustrate the importance of institutions for understanding intergenerational wealth dynamics and the asymptotic tendency of wealth inequality. The focal institutions are the family and the state. Familial institutions, particularly marriage, prove to be core determinants of wealth inequality. State tax and transfer policies also have important effects on wealth inequality. The result that reductions in the estate tax exclusion can substantially increase wealth inequality provides a context for current public policy debates.
Journal: Journal of Post Keynesian Economics
Pages: 187-203
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300203
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:187-203




Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Neoclassical, mainstream, orthodox, and heterodox economics
Abstract: 
 This paper discusses the concepts of neoclassical, mainstream, orthodox, and heterodox economics, distinguishing temporally more general and more specific concepts. The concept of mainstream economics is based on prestige and influence and includes ideas taught in prestigious schools. Although the current mainstream (neoclassical economics included) is clearly diverse, commonality in it is more controversial. Heterodox economics can be defined negatively, in opposition either to the orthodoxy or to the mainstream. The lack of consensus generates communication problems. Another possibility would be to define heterodox economics positively, but the result in the current period may be an empty set.
Journal: Journal of Post Keynesian Economics
Pages: 279-302
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300207
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:279-302




Template-Type: ReDIF-Article 1.0
Author-Name: Jacqueline Agesa
Author-X-Name-First: Jacqueline
Author-X-Name-Last: Agesa
Author-Name: Richard Agesa
Author-X-Name-First: Richard
Author-X-Name-Last: Agesa
Title: Market structure-driven discrimination and the earnings of subordinate managers: an analysis by union density
Abstract: 
 Recent work examines the market structure/racial earnings relationship for union and nonunion workers and finds that standardized union earnings protect black workers from market structure-driven earnings discrimination. This study examines the market structure/racial earnings relationship for lowand mid-level managers in high-and low-union density industries. Our findings indicate that there is less market structure-driven discrimination of managers in highly unionized industries. We suggest that there is a spillover effect of reduced market structure-driven discrimination of managers in highly unionized industries that stems from standardized, more racially equitable wages of union workers.
Journal: Journal of Post Keynesian Economics
Pages: 205-225
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300204
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:205-225




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander
Author-X-Name-First: David
Author-X-Name-Last: Colander
Author-Name: Richard Holt
Author-X-Name-First: Richard
Author-X-Name-Last: Holt
Author-Name: J. Rosser
Author-X-Name-First: J.
Author-X-Name-Last: Rosser
Title: Live and dead issues in the methodology of economics
Abstract: 
 We attempt to clarify divisions made by us in previous work (Colander et al., 2004a; 2004b) between "orthodox, mainstream, and heterodox" in economics, following useful remarks in Dequech (2007-8), whom we thank. We also provide specific advice for heterodox economists—namely, worry less about methodology, focus on being economists first and heterodox economists second, and prepare ideas to leave the incubator of heterodoxy to enter the mainstream economic debate.
Journal: Journal of Post Keynesian Economics
Pages: 303-312
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300208
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:303-312




Template-Type: ReDIF-Article 1.0
Author-Name: John Harvey
Author-X-Name-First: John
Author-X-Name-Last: Harvey
Title: Teaching Post Keynesian exchange rate theory
Abstract: 
 The goal of this paper is to provide a model and method for those wishing to include the Post Keynesian perspective when teaching exchange rate theory. It begins by reviewing neoclassical approaches (purchasing power parity, the monetary model, and the Dornbusch model) and then develops a graphical Post Keynesian model that is based on Keynes's Z-D diagram, endogenous money, a currency market driven by portfolio capital flows, and no assumption of a tendency toward full employment or balanced trade. The model is then used to look at historical examples and policy.
Journal: Journal of Post Keynesian Economics
Pages: 147-168
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300201
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:147-168




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Haight
Author-X-Name-First: Alan
Author-X-Name-Last: Haight
Title: A Keynesian angle for the Taylor rule: mortgage rates, monthly payment illusion, and the scarecrow effect of inflation
Abstract: 
 Without a little inflation, bad investment drives out good. Moderate inflation enhances productivity by functioning like a scarecrow: the rise in nominal mortgage rates deters myopic home buyers, who naively watch the nominal interest rate (in its guise as the payment-to-income ratio) rather than the real rate. The recent house price bubble is often blamed on predatory, subprime lending; but low inflation created an environment conducive to such practices. Here a modified IS curve is used to derive a schedule of the neutral real interest rate—where "neutral" has the meaning established by Keynes (1964, p. 243). This shows that, contrary to the Taylor principle, a stabilizing monetary policy reaction function can be flatter than 45 degrees. The central bank need not be as hawkish as is presumed by those who fear that inflation is everywhere and always a runaway phenomenon. Inflation-induced self-selection of borrowers can enhance growth. Overzealous central bank discipline can cause crowding out
Journal: Journal of Post Keynesian Economics
Pages: 259-277
Issue: 2
Volume: 30
Year: 2007
X-DOI: 10.2753/PKE0160-3477300206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477300206
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Handle: RePEc:mes:postke:v:30:y:2007:i:2:p:259-277




Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Bresser-Pereira
Author-X-Name-First: Luiz
Author-X-Name-Last: Bresser-Pereira
Title: For a heterodox mainstream economics: an academic manifesto
Abstract: 
 The hard core of neoclassical economics (general equilibrium, rational expectations macroeconomics, and endogenous growth models) is essentially mistaken because it adopts a hypothetical-deductive method that is suitable for the methodological sciences, whereas a substantive social science requires an empirical or historical-deductive method. Although Marshallian microeconomics is also hypothetical-deductive, it is a major achievement because it actually founded a methodological science: economic decision making, later completed by game theory. As deductive thought allows for mathematical reasoning, the resulting models are apparently scientific and constitute the core of mainstream economics. But often they are economic "reasonings," not real theories able to predict and orient. This fact became obvious in the 2008 global financial crisis. Now is the time to change the mainstream; and the present paper is an academic manifesto in this direction. We need a modest and pragmatic economic theory—a Keynesian-structuralist economics that takes into consideration not just agency but structures and institutions too.
Journal: Journal of Post Keynesian Economics
Pages: 3-20
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350101
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Handle: RePEc:mes:postke:v:35:y:2012:i:1:p:3-20




Template-Type: ReDIF-Article 1.0
Author-Name: Nigel Allington
Author-X-Name-First: Nigel
Author-X-Name-Last: Allington
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Author-Name: Maureen Pike
Author-X-Name-First: Maureen
Author-X-Name-Last: Pike
Title: "Lack of Balance, Coordination and Sustainability in Economic Development": China's growth and the 2007 financial crisis
Abstract: 
 One explanation for the U.S. subprime crisis was the export-led growth strategy of China that allowed the country to build up substantial trade surpluses. This led to a world glut of savings and was responsible for low world interest rates and the cheap credit in, especially, the United States. Although the Asian countries had little exposure to the subprime assets, they did not escape the downturn because their export markets in the advanced countries collapsed. The rebound was rapid, taking a V-shaped path. This paper examines these issues for China and discusses whether it precipitated the 2007 financial crisis through its trade surplus. The evidence suggests that these surpluses and global imbalances, generally, were the handmaiden of the crisis and not the cause.
Journal: Journal of Post Keynesian Economics
Pages: 45-64
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350103
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Template-Type: ReDIF-Article 1.0
Author-Name: W. McCausland
Author-X-Name-First: W.
Author-X-Name-Last: McCausland
Author-Name: Ioannis Theodossiou
Author-X-Name-First: Ioannis
Author-X-Name-Last: Theodossiou
Title: Is manufacturing still the engine of growth?
Abstract: 
 This paper focuses on an interesting and controversial debate on the factors underlying economic growth. Kaldor's belief that increasing returns to manufacturing production are the driver of growth is confronted with data from 11 representative countries spanning nearly two decades. Various alternative and complementary specifications are investigated using a panel estimation methodology. The results show that growth in manufacturing output is an important determinant of both productivity growth and gross domestic product growth, and that, despite its increasing size, the service sector does not appear to play a similar role.
Journal: Journal of Post Keynesian Economics
Pages: 79-92
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350105
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Vaona
Author-X-Name-First: Andrea
Author-X-Name-Last: Vaona
Title: Further econometric evidence on the gravitation and convergence of industrial rates of return on regulating capital
Abstract: 
 The hypotheses of sectoral return rates on regulating capital either gravitating around or converging toward a common value is tested on data for various OECD countries by adopting two panel varying coefficient approaches. The null hypotheses receive some empirical support, which turns out to be stronger once focusing on manufacturing industries only. The paper offers a meta-analytic framework to assess the results obtained in the present contribution as well as in the past literature. Finally, implications for economic policies and future theoretical and empirical research are discussed.
Journal: Journal of Post Keynesian Economics
Pages: 113-136
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350107
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350107
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Elias Karakitsos
Author-X-Name-First: Elias
Author-X-Name-Last: Karakitsos
Title: The U.S. dimension of the euro zone debt crisis
Abstract: 
 This paper analyzes the contagion channels through which a Greek credit event would spread to the rest of the European Union and then to the United States. A credit crisis would be manifested as a shortage of liquidity, but the real cause would be bank credit risk, which would infect simultaneously the interbank, repo, and certificates of deposits markets. It would then infect the credit default swaps market and money market funds markets. In the past, the risk of a run on the banks was triggered by a purely random event, but nowadays the risk of a run on the entire financial system (whether traditional or shadow) has become systemic. This change in the nature of the risk is due to the excess liquidity in the world financial system. The more excessive the liquidity is, the higher the is probability that the risk will turn out to be systemic. The possibility that a Greek credit event can trigger a Lehman Brothers type of incident in the world financial system is high because the euro zone is not an optimum currency area and because EU policymakers treat it as an illiquidity rather than insolvency problem, which requires capital transfers. Despite this predicament, the losses of financial institutions are likely to be smaller than those triggered by Lehman Brothers because the risk appetite for risky assets is small and the degree of asset leverage is low, around 20 times equity capital, compared with 55 at the time of the Lehman Brothers collapse.
Journal: Journal of Post Keynesian Economics
Pages: 21-44
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350102
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferda Halicioglu
Author-X-Name-First: Ferda
Author-X-Name-Last: Halicioglu
Title: Balance-of-payments-constrained growth: the case of Turkey
Abstract: 
 In order to test the existence of Thirlwall's law for Turkey during the 1980-2008 period, a bounds test approach to cointegration is applied. The empirical results suggest that Thirlwall's law holds for Turkey. This study also suggests some policy recommendations to curb the deficits in the balance of payments.
Journal: Journal of Post Keynesian Economics
Pages: 65-78
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350104
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Handle: RePEc:mes:postke:v:35:y:2012:i:1:p:65-78




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Mota
Author-X-Name-First: Paulo
Author-X-Name-Last: Mota
Author-Name: Paulo Vasconcelos
Author-X-Name-First: Paulo
Author-X-Name-Last: Vasconcelos
Title: Nonconvex adjustment costs, hysteresis, and the macrodynamics of employment
Abstract: 
 This study provides new evidence on the effects of nonconvex employment adjustment costs at the aggregate level. Using the Preisach model of hysteresis, we find that hysteresis commonly found at the firm level due to nonconvex adjustment costs do not completely vanish at the macro level. Hysteresis signs are particularly present in small firms and less so in large ones. The consequence is that the equilibrium state of employment, instead of being unique, becomes path dependent, that is, determined by the history of previous adjustments. The key implication is that macroeconomic policies designed to stimulate the economy may have long-run effects.
Journal: Journal of Post Keynesian Economics
Pages: 93-112
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350106
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Handle: RePEc:mes:postke:v:35:y:2012:i:1:p:93-112




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Drumond
Author-X-Name-First: Carlos
Author-X-Name-Last: Drumond
Author-Name: Gabriel Porcile
Author-X-Name-First: Gabriel
Author-X-Name-Last: Porcile
Title: Inflation targeting in a developing economy: policy rules, growth, and stability
Abstract: 
 This paper aims to make a contribution to modeling monetary rules in open developing economies, in a context in which international capital flows are a force that has a decisive influence on the sustainable combination of the real exchange rate (RER) and the inflation rate. The intended contributions of the paper are twofold: it extends the Kaleckian model for an open economy to incorporate the effects of capital flows on the RER and interest rate, and it acknowledges the possibility of having different macroeconomic regimes that reflect different preferences for inflation and employment by the government. A monetary rule that considers its effects on both inflation and employment may be more conducive to stability than a regime that solely focuses on inflation. On the other hand, a regime that solely focuses on employment will be unstable if adaptive expectations prevail in the process of wage bargaining.
Journal: Journal of Post Keynesian Economics
Pages: 137-162
Issue: 1
Volume: 35
Year: 2012
X-DOI: 10.2753/PKE0160-3477350108
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350108
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Handle: RePEc:mes:postke:v:35:y:2012:i:1:p:137-162




Template-Type: ReDIF-Article 1.0
Author-Name: Alan G. Isaac
Author-X-Name-First: Alan G.
Author-X-Name-Last: Isaac
Title: Is there a Natural Rate?
Journal: Journal of Post Keynesian Economics
Pages: 453-470
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489955
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489955
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Template-Type: ReDIF-Article 1.0
Author-Name: J. S. L. McCombie
Author-X-Name-First: J. S. L.
Author-X-Name-Last: McCombie
Title: Economic Growth, Trade Interlinkages, and the Balance-of-Payments Constraint
Journal: Journal of Post Keynesian Economics
Pages: 471-505
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489956
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489956
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Handle: RePEc:mes:postke:v:15:y:1993:i:4:p:471-505




Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Balance-of-Payments-Constrained Growth: Evidence from the United States
Journal: Journal of Post Keynesian Economics
Pages: 507-514
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489957
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489957
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Daily Exchange Rate Variance
Journal: Journal of Post Keynesian Economics
Pages: 515-540
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489958
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489958
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Money, Interest Rates, and Monetarist Policy: Some More Unpleasant Monetarist Arithmetic?
Journal: Journal of Post Keynesian Economics
Pages: 541-569
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489959
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489959
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Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Marselli
Author-X-Name-First: Riccardo
Author-X-Name-Last: Marselli
Title: Treasury Financing and Bank Lending-Reserves Causality: The Case of Italy, 1975–1990
Journal: Journal of Post Keynesian Economics
Pages: 571-588
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489960
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489960
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Handle: RePEc:mes:postke:v:15:y:1993:i:4:p:571-588




Template-Type: ReDIF-Article 1.0
Author-Name: S. P. Chakravarty
Author-X-Name-First: S. P.
Author-X-Name-Last: Chakravarty
Title: Internal Conflicts and the External Debts of Latin America
Journal: Journal of Post Keynesian Economics
Pages: 589-607
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489961
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489961
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Handle: RePEc:mes:postke:v:15:y:1993:i:4:p:589-607




Template-Type: ReDIF-Article 1.0
Author-Name: Roy D. Adams
Author-X-Name-First: Roy D.
Author-X-Name-Last: Adams
Title: MACRO-VOGUE: Fashions in Macroeconomics: Featuring Old Threads, New Notions, and Glad Rags from Whole Cloth
Journal: Journal of Post Keynesian Economics
Pages: 609-619
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489962
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489962
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Template-Type: ReDIF-Article 1.0
Author-Name: Wray L. Randall
Author-X-Name-First: Wray
Author-X-Name-Last: L. Randall
Title: Abolish taxes
Journal: Journal of Post Keynesian Economics
Pages: 621-625
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489963
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489963
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 15
Journal: Journal of Post Keynesian Economics
Pages: 626-627
Issue: 4
Volume: 15
Year: 1993
Month: 7
X-DOI: 10.1080/01603477.1993.11489964
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489964
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Handle: RePEc:mes:postke:v:15:y:1993:i:4:p:626-627




Template-Type: ReDIF-Article 1.0
Author-Name: Esteban Pérez Caldentey
Author-X-Name-First: Esteban Pérez
Author-X-Name-Last: Caldentey
Author-Name: Nicole Favreau Negront
Author-X-Name-First: Nicole
Author-X-Name-Last: Favreau Negront
Author-Name: Luis Méndez Lobos
Author-X-Name-First: Luis
Author-X-Name-Last: Méndez Lobos
Title: Corporate debt in Latin America and its macroeconomic implications
Abstract: 
 This article provides an empirical analysis of nonfinancial corporate debt in six large Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru), distinguishing between bond-issuing and nonbond-issuing firms, and assessing the debt’s macroeconomic implications. The paper uses a sample of 2,241 firms listed on the stock markets of their respective countries, comprising 34 sectors of economic activity for the period 2009–2016. On the basis of liquidity, leverage, and profitability indicators, it shows that bond-issuing firms are in a worse financial position relative to nonbond-issuing firms. Using Minsky’s hedge/speculative/Ponzi taxonomy for financial fragility, we argue that there is a larger share of firms that are in a speculative or Ponzi position relative to the hedge category. Also, the share of hedge bond-issuing firms declines over time. Finally, the article presents the results of estimating a nonlinear threshold econometric model, which demonstrates that beyond a leverage threshold, firms’ investment contracts while they increase their liquidity positions. This has important macroeconomic implications since the listed and, in particular, bond-issuing firms (which tend to operate under high leverage levels) represent a significant share of assets and investment. This finding could account, in part, for the retrenchment in investment that the sample of countries included in the paper have experienced in the period under study and highlights the need to incorporate the international bond market in the analyses of monetary transmission mechanisms.
Journal: Journal of Post Keynesian Economics
Pages: 335-362
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2019.1616563
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1616563
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Template-Type: ReDIF-Article 1.0
Author-Name: Rafael S. M. Ribeiro
Author-X-Name-First: Rafael S. M.
Author-X-Name-Last: Ribeiro
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Title: Government expenditure ceiling and public debt dynamics in a demand-led macromodel
Abstract: 
 This article explores some key aspects of the debate about the potential efficacy of a fiscal rule that sets a government expenditure ceiling for the stabilization of the public debt-to-output ratio. We develop a demand-led macromodel that assumes a closed economy operating with excess productive capacity and show that a fiscal rule that sets a limit for government spending, excluding the payment of interests, may not ensure a non-explosive trajectory of the public debt-to-output ratio. Our model allows us to map out different outcomes in terms of the stabilization of the public debt stemming from the process of fiscal consolidation and conclude that the commitment of the fiscal authority to comply with the ceiling by cutting government spending is less likely to stabilize the public debt-to-output ratio in economies enduring excessively high interest rates accompanied by more regressive taxation systems. Our model also suggests that a more progressive tax structure may often increase the chances of achieving public debt stabilization in the long run.
Journal: Journal of Post Keynesian Economics
Pages: 363-389
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2018.1521289
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1521289
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:363-389




Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Exchange rates and the balance of payments: Reconciling an inconsistency in Post Keynesian theory
Abstract: 
 There already exist Post Keynesian alternatives to neoclassical trade and exchange rate theories. That focusing on the former explains the direction of trade as a function of absolute advantage, which is, in turn, driven by cost and technological differences. There is no automatic force causing these differences to diminish over time meaning that—unlike in Orthodoxy—it is possible for trade imbalances to be large and long-lasting. Meanwhile, Post Keynesian exchange rate theory argues that currency prices are set almost entirely by autonomous financial capital flows. If international investors’ forecast of profit from dollar-denominated assets improves, they buy dollars and the dollar appreciates. On the surface of it, these appear to be satisfactory real world-based approaches that offer much more explanatory power than comparative advantage, purchasing power parity, et cetera. When viewed together, however, an inconsistency emerges—for, a theory that is predicting the trade balance is simultaneously predicting the capital account balance (and the exchange rate at which these transactions are occurring). If Post Keynesian scholarship suggests that a particular nation would have the absolute advantage and should be experiencing a trade surplus, then it must also argue that autonomous capital flows will cooperate and create a corresponding deficit. But Post Keynesian exchange rate theorists see absolutely no reason to expect the latter except by coincidence. Although a tentative solution to this problem has been forwarded, it conflicts with other well-established Post Keynesian tenets. The goal of this article is to resolve the matter once and for all and by a means that leaves all the essential conclusions unchanged. The key lies in explicitly modeling the manner in which trade flows are financed. Once it is acknowledged that the necessary liquidity is endogenously created and that they do not have any direct impact on currency prices, then it is possible to show that trade flows are a function of absolute advantages while exchange rates are driven by international finance.
Journal: Journal of Post Keynesian Economics
Pages: 390-415
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2018.1548285
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1548285
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:390-415




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Rafael Ruiz
Author-X-Name-First: Juan Rafael
Author-X-Name-Last: Ruiz
Author-Name: Oana Andreea Cristian
Author-X-Name-First: Oana Andreea
Author-X-Name-Last: Cristian
Title: The Spanish crisis from a Minskyan perspective: A new episode of financial fragility
Abstract: 
 In this article, we study the development of the financial crisis in Spain from a Minskyan perspective. In the first part we present the theoretical framework based on Minsky and Kindleberger’s work where regulatory failures, financial innovation, and great optimism during the growth stage are key to explain the increased financial fragility. We then use the stages proposed by Kindleberger to show that the same ones can be identified and analyzed for the Spanish crisis, where the critical events have unfolded following a Minskyan approach, from the full capacity of the agents to meet payment obligations to their gradual inability of doing so. As this happened, the balance sheets interconnectedness of agents in the economy untied a severe contagion effect throughout the entire economy. We also document a variety of political shifts and regulatory mismanagement issues, both prior and after the crisis, with a significant impact on the evolution of the Spanish financial crisis.
Journal: Journal of Post Keynesian Economics
Pages: 416-442
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2019.1598268
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1598268
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:416-442




Template-Type: ReDIF-Article 1.0
Author-Name: Costas Lapavitsas
Author-X-Name-First: Costas
Author-X-Name-Last: Lapavitsas
Author-Name: Ivan Mendieta-Muñoz
Author-X-Name-First: Ivan
Author-X-Name-Last: Mendieta-Muñoz
Title: The historic rise of financial profits in the U.S. economy
Abstract: 
 The ratio of financial to nonfinancial profits in the U.S. economy has risen greatly during the last four decades, a period often called the financialization of capitalism, but the reasons for the increase are not well understood. This article tackles the issue by developing a model that incorporates the relationships between financial and nonfinancial capitalists that are characteristic of the period of financialization. It is shown that the ratio of financial to nonfinancial profits depends positively on the net interest margin and the noninterest income of banks, but negatively on the general rate of profit, the noninterest expenses of banks, and the ratio of the capital stock to interest-earning assets. Empirical estimation for the United States strongly supports the model and reveals that financial profits have varied mainly with respect to the net interest margin, although non-interest income has also been important.
Journal: Journal of Post Keynesian Economics
Pages: 443-468
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2019.1616561
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1616561
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:443-468




Template-Type: ReDIF-Article 1.0
Author-Name: Joshua N. Troncoso
Author-X-Name-First: Joshua N.
Author-X-Name-Last: Troncoso
Title: Time traders: Derivatives, Minsky and a reinterpretation of the causes of the 2008 Global Financial Crisis
Abstract: 
 There are two major competing theoretical explanations of the 2008 Global Financial Crisis: neoclassicism and pos Keynesianism. Neoclassicists assume that crises are exogenous and are thus concerned with assessing the proper regulation and enforcement regime. Central to the post Keynesian position is Hyman Minsky, whose financial instability hypothesis holds that crises are due to the structure of financial assets in complex economies and are thus endogenous. This article uses qualitative financial data to show how derivatives and other exotic instruments (neoclassical analyses) bypassed the deflationary safety valve in Minsky’s financial instability hypothesis. In his model, uncertainty and risk valuations either push demand prices for financial assets below what banks are willing to sell or greater risk valuations will push the costs of producing assets above what the market will pay; initiating a deflationary break. Derivatives broke this mechanism. Lenders in the 2000s used complex financial instruments to artificially eliminate risk, which made the supply-price of financial assets inelastic to upward shifts in uncertainty. Without supply-side risk to push prices above the demand curve, lenders bypassed the mechanism responsible for popping speculative bubbles and initiating deflationary market corrections. Thus, Minsky’s ponzi phase was more difficult to stop than his model would have predicted.
Journal: Journal of Post Keynesian Economics
Pages: 469-486
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2018.1533414
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1533414
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:469-486




Template-Type: ReDIF-Article 1.0
Author-Name: Ivan D. Velasquez
Author-X-Name-First: Ivan D.
Author-X-Name-Last: Velasquez
Title: Two Harvard economists on monetary economics: Lauchlin Currie and Hyman Minsky on financial systems and crises
Abstract: 
 In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post Keynesian economics. There, Minsky delivered some lectures, and Lauchlin Currie attended two of those lectures at the National University of Colombia. Although Currie is not as well-known as Minsky in the American academy, both are outstanding figures in the development of non-orthodox approaches to monetary economics. Both alumni of the economics Ph.D. program at Harvard had a debate in Bogotá. Unfortunately, there are no formal records of this, so here a question arises: What could have been their respective positions? The aim of this article is to discuss Currie’s and Minsky’s perspectives on monetary economics and to speculate on what might have been said during their debate.
Journal: Journal of Post Keynesian Economics
Pages: 487-501
Issue: 3
Volume: 42
Year: 2019
Month: 7
X-DOI: 10.1080/01603477.2018.1548903
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1548903
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Handle: RePEc:mes:postke:v:42:y:2019:i:3:p:487-501




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus  Ferreiro 
Author-X-Name-First: Jesus  
Author-X-Name-Last: Ferreiro 
Author-Name: M. Teresa Garcia-Del-Valle 
Author-X-Name-First: M. Teresa 
Author-X-Name-Last: Garcia-Del-Valle 
Author-Name: Carmen  Gomez 
Author-X-Name-First: Carmen  
Author-X-Name-Last: Gomez 
Title: Is the composition of public expenditures converging in EMU countries? 
Abstract:
 The literature on fiscal policy is paying increasing attention to the
 impact of the composition of public expenditures on long-term economic
 growth. Public policy endogenous growth models recommend to change the
 composition of public expenditures to items considered as productive
 expenditures. Based on these models, European institutions are encouraging
 to increase the share of outlays, such as public investments, research and
 development, active labor market policies, and so on. This paper analyzes
 whether a convergence to a new pattern of public finances with a higher
 share of productive expenditures is arising in the euro zone.
Journal: Journal of Post Keynesian Economics 
Pages: 459-484 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: European Monetary Union, productive public expenditures, public expenditures, quality of public finances, 
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Title: Stage-of-Fabrication Inventory Behavior in Durable Goods Manufacturing Industries
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Author-X-Name-First: William
Author-X-Name-Last: McLeod
Title: The Doctrine of Inherent Productivity: Keynes, Sraffa, and Kalecki
Journal: Journal of Post Keynesian Economics
Pages: 630-640
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489767
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489767
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Handle: RePEc:mes:postke:v:11:y:1989:i:4:p:630-640




Template-Type: ReDIF-Article 1.0
Author-Name: Luigi L. Pasinetti
Author-X-Name-First: Luigi L.
Author-X-Name-Last: Pasinetti
Title: Government Deficit Spending Is Not Incompatible with the Cambridge Theorem of the Rate of Profit: A Reply to Fleck and Domenghino
Journal: Journal of Post Keynesian Economics
Pages: 641-647
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489768
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489768
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul C. Dalziel
Author-X-Name-First: Paul C.
Author-X-Name-Last: Dalziel
Title: Cambridge (U.K.) versus Cambridge (Mass.): A Keynesian Solution of “Pasinetti’s Paradox”
Journal: Journal of Post Keynesian Economics
Pages: 648-653
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489769
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489769
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D. 
Author-X-Name-First: P. D.
Author-X-Name-Last: 
Title: Editor’s Comment on the Debate between Dalziel, Pasinetti, and Fleck-Domenghino
Journal: Journal of Post Keynesian Economics
Pages: 654-654
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489770
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489770
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Financing Social Security—Who Pays?
Journal: Journal of Post Keynesian Economics
Pages: 655-660
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489771
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489771
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 661-662
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489772
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489772
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Ninth Keynes Seminar at the University of Kent at Canterbury, U.K., 17 November 1989, on the Theme Keynes as Philosopher-Economist
Journal: Journal of Post Keynesian Economics
Pages: 663-663
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489773
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489773
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Post Keynesian Economics Study Group
Journal: Journal of Post Keynesian Economics
Pages: 664-664
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489774
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489774
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 11
Journal: Journal of Post Keynesian Economics
Pages: 665-667
Issue: 4
Volume: 11
Year: 1989
Month: 7
X-DOI: 10.1080/01603477.1989.11489775
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489775
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Template-Type: ReDIF-Article 1.0
Author-Name: Rogier  De Langhe 
Author-X-Name-First: Rogier  
Author-X-Name-Last: De Langhe 
Title: Mainstream economics: searching where the light is 
Abstract:
 The starting point of this paper is the question of how to explain
 mainstream economics' great level of acceptance in the face of its poor
 empirical track record. An explanation is provided in terms of a
 combination of unification and, most importantly, inference to the best
 explanation. This paper asks whether the appeal of mainstream economics to
 inference to the best explanation is justified and as a consequence
 questions one of the main reasons for the dominance of mainstream
 economics today. The final section integrates the ideas from the previous
 sections into a general framework for explanatory pluralism.
Journal: Journal of Post Keynesian Economics 
Pages: 137-150 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: explanatory pluralism, inference to the best explanation, mainstream economics, unification, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=RU48R30G0J7U7922 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Allais, M. "The
 Economic Science of Today and Global Disequilibrium." In M. Baldassarri,
 J. McCallum, and R. Mundell (eds.), >i>Global Disequilibrium in the World
 Economy.>/i> Basingstoke, UK: Macmillan, 1992, pp. 1-26.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Aumann, R. "What
 Is Game Theory Trying to Accomplish?" In K. Arrow and S. Honkapohja
 (eds.), >i>Frontiers of Economics.>/i> Oxford: Blackwell, 1985, pp.
 909-924.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Boulding, K. >i>Economic Analysis.>/i> New York: Harper,
 1955.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Cartwright, N. >i>How the Laws of Physics Lie.>/i> Oxford:
 Oxford University Press, 1983.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>5</BIBL>        <BIBTEXT> De Langhe, R. "Why Should >i>I>/i> Adopt
 Pluralism?" In R. Garnett, E. Olsen, and M. Starr (eds.), >i>Pluralism in
 Economics and Economies.>/i> London: Routledge, 2009, pp. 87-98.</BIBTEXT>
      </REF>	  <REF>        <BIBL>6</BIBL>	     <BIBTEXT> Friedman, M.
 >i>Essays in Positive Economics.>/i> Chicago: University of Chicago Press,
 1953.</BIBTEXT>      </REF>	  <REF>        <BIBL>7</BIBL>	    
 <BIBTEXT> Friedman, M. "Explanation and Scientific Understanding."
 >i>Journal of Philosophy>/i>, 1974, 71 (1), 5-19.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>8</BIBL>	      <BIBTEXT> Garfinkel, A. >i>Forms of
 Explanation.>/i> New Haven: Yale University Press, 1981.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Giere, R.
 >i>Science Without Laws.>/i> Chicago: University of Chicago Press,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Hollander, S. "Exogenous Factors and Classical Economics." In U.
 Himmelstrand (ed.), >i>Interfaces in Economic and Social Analysis.>/i> New
 York: Routledge, 1992.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>11</BIBL>	<BIBTEXT> Jackson, F., and Pettit, P. "In Defense
 of Explanatory Ecumenism." >i>Economics and Philosophy>/i>, 1992, 8 (1),
 1-21.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	     
 <BIBTEXT> Kincaid, H. >i>Individualism and the Unity of Science.>/i>
 Lanham, MD: Rowman and Littlefield, 1997.</BIBTEXT>	  </REF>      <REF>
	<BIBL>13</BIBL>        <BIBTEXT> Kitcher, P. "Explanatory
 Unification." >i>Philosophy of Science>/i>, 1981, 48 (4),
 507-531.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> Kitcher, P. "Explanatory Unification and the Causal Structure of
 the World." In P. Kitcher and W. Salmon (eds.), >i>Minnesota Studies in
 the Philosophy of Science, Volume 13: Scientific Explanation.>/i>
 Minneapolis: University of Minnesota Press, 1989, pp. 410-505.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>15</BIBL>	    <BIBTEXT> Kitcher, P.
 "Unification as a Regulative Ideal." >i>Perspectives on Science>/i>, 1999,
 7 (3), 337-348.</BIBTEXT>	</REF>	    <REF>	 <BIBL>16</BIBL>   
     <BIBTEXT> Lawson, T. "The Nature of Heterodox Economics." >i>Cambridge
 Journal of Economics>/i>, 2006, 30 (4), 483-505.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>17</BIBL>	      <BIBTEXT> Levins, R. "The Strategy of
 Model Building in Population Biology." >i>American Scientist>/i>, 1966, 54
 (4), 421-431.</BIBTEXT>      </REF>	  <REF>        <BIBL>18</BIBL>	   
   <BIBTEXT> Lipton, P. >i>Inference to the Best Explanation.>/i> London:
 Routledge, 1991.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>  
      <BIBTEXT> MÃ¤ki, U. "Ontological Unification: Double and Doubtful."
 >i>Philosophy of the Social Sciences>/i>, 2001, 31 (4), 488-506.</BIBTEXT>
      </REF>	  <REF>        <BIBL>20</BIBL>	      <BIBTEXT> Matthewson,
 J., and Weisberg, M. "The Structure of Tradeoffs in Model Building."
 >i>Synthese>/i>, 2008 (available at >a target="_blank"
 href='http://www.springerlink.com/content/j127376grp53g314/'>www.springerl
 ink.com/content/j127376grp53g314/>/a></BIBTEXT>      </REF>	  <REF>    
    <BIBL>21</BIBL>	   <BIBTEXT> Mill, J.S. >i>The Collected Works of
 John Stuart Mill, Volume IIâThe Principles of Political Economy with
 Some of Their Applications to Social Philosophy (Books I-II).>/i> Ed. J.M.
 Robson. Toronto: University of Toronto Press; London: Routledge and Kegan
 Paul, 1965a.</BIBTEXT>      </REF>	 <REF>	      <BIBL>22</BIBL>	   
  <BIBTEXT> Mill, J.S. >i>The Collected Works of John Stuart Mill, Volume
 IIIâThe Principles of Political Economy with Some of Their Applications
 to Social Philosophy (Books III-V and Appendices).>/i> Ed. J.M. Robson.
 Toronto: University of Toronto Press; London: Routledge and Kegan Paul,
 1965b.</BIBTEXT>      </REF>	   <REF>	<BIBL>23</BIBL>       
 <BIBTEXT> Mill, J.S. >i>The Collected Works of John Stuart Mill, Volume
 IVâEssays of Economics and Society Part I.>/i> Ed. J.M. Robson. Toronto:
 University of Toronto Press; London: Routledge and Kegan Paul,
 1967.</BIBTEXT>      </REF>	  <REF>        <BIBL>24</BIBL>	     
 <BIBTEXT> Odenbaugh, J. "Complex Systems, Tradeoffs and Mathematical
 Modeling: A Response to Sober and Orzack." >i>Philosophy of Science>/i>,
 2003, 70 (5), 1496-1507.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>25</BIBL>	<BIBTEXT> Orzack, S., and Sober, E. "A Critical
 Assessment of Levins' âThe Strategy of Model Building in Population
 Biology.â" >i>Quarterly Review of Biology>/i>, 1993, 68 (4),
 533-546.</BIBTEXT>	 </REF>      <REF>	  <BIBL>26</BIBL>	
 <BIBTEXT> Peter, F. "Critical Realism, Feminist Epistemology, and the
 Emancipatory Potential of Science: A Comment on Lawson and Harding."
 >i>Feminist Economics>/i>, 2003, 9 (1), 93-101.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>27</BIBL>	     <BIBTEXT> Samuelson, P. >i>Foundations
 of Economic Analysis.>/i> Cambridge: Harvard University Press, 1983.
 [Originally published in 1947.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>28</BIBL>	<BIBTEXT> Weisberg, M. "Qualitative Theory and
 Chemical Explanation." >i>Philosophy of Science>/i>, 2004, 71 (5),
 1071-1081.</BIBTEXT>	   </REF>      <REF>	    <BIBL>29</BIBL>	  
 <BIBTEXT> Weisberg, M. >i>Biology and Philosophy>/i>, 2006, 21, 5 (Special
 Issue), 603-755.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:137-150




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: A Platform for Nobel Laureate William Vickrey
Journal: Journal of Post Keynesian Economics
Pages: 493-494
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490124
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490124
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Template-Type: ReDIF-Article 1.0
Author-Name: William Vickrey
Author-X-Name-First: William
Author-X-Name-Last: Vickrey
Title: A Trans-Keynesian Manifesto (Thoughts about an Asset-Based Macroeconomics)
Journal: Journal of Post Keynesian Economics
Pages: 495-510
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490125
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490125
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Handle: RePEc:mes:postke:v:19:y:1997:i:4:p:495-510




Template-Type: ReDIF-Article 1.0
Author-Name: Michele I. Naples
Author-X-Name-First: Michele I.
Author-X-Name-Last: Naples
Title: Business Failures and the Expenditure Multiplier, or How Recessions become Depressions
Journal: Journal of Post Keynesian Economics
Pages: 511-523
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490126
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490126
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Template-Type: ReDIF-Article 1.0
Author-Name: John Cornwall
Author-X-Name-First: John
Author-X-Name-Last: Cornwall
Author-Name: Wendy Cornwall
Author-X-Name-First: Wendy
Author-X-Name-Last: Cornwall
Title: The Unemployment Problem and the Legacy of Keynes
Journal: Journal of Post Keynesian Economics
Pages: 525-542
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490127
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490127
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Deficits, Inflation, and Monetary Policy
Journal: Journal of Post Keynesian Economics
Pages: 543-571
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490128
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490128
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Template-Type: ReDIF-Article 1.0
Author-Name: L. F. M. Groot
Author-X-Name-First: L. F. M.
Author-X-Name-Last: Groot
Author-Name: H. M. M. Peeters
Author-X-Name-First: H. M. M.
Author-X-Name-Last: Peeters
Title: A Model of Conditional and Unconditional Social Security in an Efficiency Wage Economy: The Economic Sustainability of a Basic Income
Journal: Journal of Post Keynesian Economics
Pages: 573-597
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490129
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490129
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Deprez
Author-X-Name-First: Johan
Author-X-Name-Last: Deprez
Title: Open-Economy Expectations, Decisions, and Equilibria: Applying Keynes’ Aggregate Supply and Demand Model
Journal: Journal of Post Keynesian Economics
Pages: 599-615
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490130
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490130
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brown
Author-X-Name-First: Christopher
Author-X-Name-Last: Brown
Title: Consumer Credit and the Propensity to Consume: Evidence from 1930
Journal: Journal of Post Keynesian Economics
Pages: 617-638
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490131
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490131
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: A Post Keynesian Explanation of U.S. Inflation
Journal: Journal of Post Keynesian Economics
Pages: 639-649
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490132
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490132
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Handle: RePEc:mes:postke:v:19:y:1997:i:4:p:639-649




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: On the Costs of Inflation and Unemployment
Journal: Journal of Post Keynesian Economics
Pages: 651-666
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490133
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490133
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 19
Journal: Journal of Post Keynesian Economics
Pages: 667-668
Issue: 4
Volume: 19
Year: 1997
Month: 7
X-DOI: 10.1080/01603477.1997.11490134
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490134
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Template-Type: ReDIF-Article 1.0
Author-Name: Shirley J. Gedeon 
Author-X-Name-First: Shirley J. 
Author-X-Name-Last: Gedeon 
Title: Money supply endogeneity under a currency board regime: the case of Bosnia and Herzegovina 
Abstract:
 A currency board is a monetary regime based on an explicit commitment to
 exchange domestic currency for a specified foreign currency at a fixed
 exchange rate. Currency boards are thought to exhibit properties of money
 supply endogeneity and monetary self-regulation, eliminating the need for
 discretionary monetary policy. This paper offers a theoretical and
 institutional explanation why, under the strict currency board regime in
 Bosnia and Herzegovina, it is possible to observe credit expansion in the
 presence of persistent trade deficits. It explains how the lender of last
 resort function is reestablished through private discount window
 arrangements between domestic and foreign parent banks, illustrating a de
 facto privatization and decentralization of monetary policy.
Journal: Journal of Post Keynesian Economics 
Pages: 97-114 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: Bosnia and Herzegovina, currency board, Eastern Europe, endogenous money supply, Post Keynesian monetary theory, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G00Q104L7K8800P8 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Balino, T.; Enoch, C.;
 Ize, A.; Santiprabhob, V.; and Stella, P. "Currency Board Arrangements:
 Issues and Experiences." IMF Occasional Paper no. 151, Washington, DC,
 August 1997.</BIBTEXT>      </REF>	 <REF>	      <BIBL>2</BIBL>	   
 <BIBTEXT> Central Bank of Bosnia and Herzegovina (CBBH). >i>Annual
 Report.>/i> Sarajevo, 2007a.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>3</BIBL>        <BIBTEXT> Central Bank of Bosnia and Herzegovina
 (CBBH). >i>Bulletin>/i>, no. 4. Sarajevo, 2007b.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>4</BIBL>	     <BIBTEXT> Demekas, D., and Chivakul,
 M. "Managing Financial Stability in Bosnia & Herzegovina." In K. Kozaric
 (ed.), >i>Monetary Stability in the Function of the Financial
 Stability.>/i> Sarajevo: Central Bank of Bosnia and Herzegovina,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Desquilbet, J.-B., and Nenovsky, N. "Credibility and Adjustment:
 Gold Standards Versus Currency Boards." Discussion Paper no. 39, Bulgarian
 National Bank, Sofia, 2004.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>6</BIBL>        <BIBTEXT> Dobrev, D. "The Currency Board in
 Bulgaria: Design, Peculiarities and Management of Foreign Exchange Cover."
 Discussion Paper no. 9, Bulgarian National Bank, Sofia, 1999.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>7</BIBL>	  <BIBTEXT> Dornbusch, R.,
 and Giavazzi, F. "Hard Currency and Sound Credit: A Financial Agenda for
 Central Europe." >i>European Investment Bank Papers>/i>, 1999, 4 (2),
 25-32.</BIBTEXT>      </REF>	   <REF>	<BIBL>8</BIBL>	     
 <BIBTEXT> Dow, S. "Endogenous Money: Structuralist." In P. Arestis and M.
 Sawyer (eds.), >i>A Handbook of Alternative Monetary Economics.>/i>
 Northampton, MA: Edward Elgar, 2007, pp. 35-51.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Gedeon, S., and Djonlagic, D.
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Title: Financial Markets and The Complementarity of Asymmetric Information and Fundamental Uncertainty
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Title: Property Rights, Public Choice, and Pigovianism
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Title: The Soft-Budget Constraint and the Theory of Endogenous Money: A Note on Szego’s Critique of Kornai
Journal: Journal of Post Keynesian Economics
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Year: 1993
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavlina R. Tcherneva 
Author-X-Name-First: Pavlina R. 
Author-X-Name-Last: Tcherneva 
Title: Bernanke's paradox: can he reconcile his position on the federal budget with his recent charge to prevent deflation? 
Abstract:
 This paper examines Federal Reserve Chairman Ben Bernanke's recipe for
 deflation fighting and the specific policy actions he took in the
 aftermath of the 2008 financial crisis. Both in his academic and policy
 work, Bernanke has made the case that monetary policy is able to stem
 deflationary forces largely because of its "fiscal components," and that
 governments such as those in the United States or Japan face no
 constraints in financing these fiscal components. On the other hand, he
 has recently expressed strong concerns with the size of the federal budget
 deficit, calling for its reversal in the name of financial sustainability.
 This paper argues that these positions are fundamentally at odds with each
 other and resolves the paradox by arguing on theoretical and technical
 grounds that there are no fundamental differences in financing
 conventional government spending programs and what Bernanke considers to
 be the fiscal components of monetary policy.
Journal: Journal of Post Keynesian Economics 
Pages: 411-434 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: Bernanke, crowding out, deflation, financial sustainability, monetary policy, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H517544542321NN3 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 href='http://www.columbia.edu/~mw2230/jmcb.pdf'>http://www.columbia.edu/~m
 w2230/jmcb.pdf>/a></BIBTEXT>	   </REF>      <REF>	    <BIBL>34</BIBL>
	<BIBTEXT> Wray, L.R. >i>Money and Credit in Capitalist Economies:
 The Endogenous Money Approach.>/i> Cheltenham, UK: Edward Elgar,
 1990.</BIBTEXT>      </REF>	  <REF>        <BIBL>35</BIBL>	     
 <BIBTEXT> Wray, L.R. >i>Modern Money: The Key to Full Employment and Price
 Stability.>/i> Cheltenham, UK: Edward Elgar, 1998.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>36</BIBL>	<BIBTEXT> Wray, L.R. (ed.).
 >i>Credit and State Theories of Money.>/i> Cheltenham, UK: Edward Elgar,
 2004.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:411-434




Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Can the Social Security Trust Fund Contribute to Savings?
Journal: Journal of Post Keynesian Economics
Pages: 155-170
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489837
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489837
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:155-170




Template-Type: ReDIF-Article 1.0
Author-Name: Henry J. Aaron
Author-X-Name-First: Henry J.
Author-X-Name-Last: Aaron
Title: Comment
Journal: Journal of Post Keynesian Economics
Pages: 171-171
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489838
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489838
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:171-171




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Comment
Journal: Journal of Post Keynesian Economics
Pages: 172-174
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489839
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489839
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:172-174




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sarantis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Sarantis
Title: Distribution and Terms of Trade Dynamics, Inflation, and Growth
Journal: Journal of Post Keynesian Economics
Pages: 175-198
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489840
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489840
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:175-198




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Nils Folsom
Author-X-Name-First: Roger Nils
Author-X-Name-Last: Folsom
Title: Portfolio Adjustments and the Demand for Money in the Face of Expected Inflation: An Uncertainties Perspective
Journal: Journal of Post Keynesian Economics
Pages: 199-209
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489841
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489841
File-Format: text/html
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:199-209




Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt
Author-X-Name-First: Amitava Krishna
Author-X-Name-Last: Dutt
Title: Interest Rate Policy in LDCs: A Post Keynesian View
Journal: Journal of Post Keynesian Economics
Pages: 210-232
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489842
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489842
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:210-232




Template-Type: ReDIF-Article 1.0
Author-Name: Frederic S. Lee
Author-X-Name-First: Frederic S.
Author-X-Name-Last: Lee
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 233-235
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489843
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489843
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:233-235




Template-Type: ReDIF-Article 1.0
Author-Name: Philippe Mongin
Author-X-Name-First: Philippe
Author-X-Name-Last: Mongin
Title: The Early Full-Cost Debate and the Problem of Empirically Testing Profit Maximization
Journal: Journal of Post Keynesian Economics
Pages: 236-251
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489844
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489844
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:236-251




Template-Type: ReDIF-Article 1.0
Author-Name: Frederic S. Lee
Author-X-Name-First: Frederic S.
Author-X-Name-Last: Lee
Title: Marginalist Controversy and Post Keynesian Price Theory
Journal: Journal of Post Keynesian Economics
Pages: 252-263
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489845
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489845
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:252-263




Template-Type: ReDIF-Article 1.0
Author-Name: Peter E. Earl
Author-X-Name-First: Peter E.
Author-X-Name-Last: Earl
Title: Normal Cost Versus Marginalist Models of Pricing: A Behavioral Perspective
Journal: Journal of Post Keynesian Economics
Pages: 264-281
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489846
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489846
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:264-281




Template-Type: ReDIF-Article 1.0
Author-Name: Catherine C. Langlois
Author-X-Name-First: Catherine C.
Author-X-Name-Last: Langlois
Title: The Empirical Testing of Pricing Rules: Response to a Symposium
Journal: Journal of Post Keynesian Economics
Pages: 282-292
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489847
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489847
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:282-292




Template-Type: ReDIF-Article 1.0
Author-Name: Liliana Basile
Author-X-Name-First: Liliana
Author-X-Name-Last: Basile
Author-Name: Neri Salvadori
Author-X-Name-First: Neri
Author-X-Name-Last: Salvadori
Title: Kalecki’S Pricing Theory Revisited
Journal: Journal of Post Keynesian Economics
Pages: 293-297
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489848
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489848
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:293-297




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: A Post Keynesian Positive Contribution to “Theory”
Journal: Journal of Post Keynesian Economics
Pages: 298-303
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489849
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489849
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:298-303




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 304-304
Issue: 2
Volume: 13
Year: 1990
Month: 12
X-DOI: 10.1080/01603477.1990.11489850
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489850
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Handle: RePEc:mes:postke:v:13:y:1990:i:2:p:304-304




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Kalinowski
Author-X-Name-First: Thomas
Author-X-Name-Last: Kalinowski
Author-Name: Vladimir Hlasny
Author-X-Name-First: Vladimir
Author-X-Name-Last: Hlasny
Title: Can a comparative capitalism approach explain fiscal policy activism?
Abstract: 
 This study investigates the implications of models of capitalism for the responsiveness of countries’ fiscal policies during business cycles using new data for member countries of the Organization for Economic Cooperation and Development and China. We expand the literature by adding the category of East Asian nonliberal capitalism to the established distinction of liberal market economies and nonliberal coordinated market economies. These three differ substantially not just in their fiscal policies, but also in monetary policies, degree of financial market orientation, exchange rate regime, and labor market organization. As in previous studies, we find that governments of liberal economies adopt more countercyclical fiscal policies. Departing from existing studies, however, among the nonliberal models of capitalism, (East Asian) state-led models have more countercyclical fiscal policies than (European) coordinated market economies, perhaps as countercyclical as liberal economies, both historically and during the 2007–9 crisis. This is due to less independent central banks, managed float of exchange rates, and limited financial market orientation and financial openness in East Asia, which allow for more active fiscal policy. Among political factors, left-of-center governments, fractionalized party systems, and election years are associated weakly with countercyclical fiscal policy, as expected. Labor market coordination and welfare generosity have unclear roles in regard to fiscal policy, a topic for future research.
Journal: Journal of Post Keynesian Economics
Pages: 376-412
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2016.1273068
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1273068
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:376-412




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Barradas
Author-X-Name-First: Ricardo
Author-X-Name-Last: Barradas
Author-Name: Sérgio Lagoa
Author-X-Name-First: Sérgio
Author-X-Name-Last: Lagoa
Title: Financialization and Portuguese real investment: A supportive or disruptive relationship?
Abstract: 
 The article makes an empirical analysis of the relationship between financialization and real investment by Portuguese nonfinancial corporations from 1979 to 2013. In theory, while financialization leads to a rise in financial investments by nonfinancial corporations and thus deviates funds from real investment, it also intensifies the pressure for financial payments and therefore restricts the funds available for real investment. We estimate an aggregate investment function including control variables (profitability, debt, cost of capital and output growth) and two measures of financialization (financial receipts and financial payments). The study concludes that there is a long-term investment equation, and finds evidence that the process of financialization has hampered real investment largely as a result of financial payments. The article also finds that profitability and debt are both detrimental to real investment.
Journal: Journal of Post Keynesian Economics
Pages: 413-439
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1286940
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1286940
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:413-439




Template-Type: ReDIF-Article 1.0
Author-Name: Angel Asensio
Author-X-Name-First: Angel
Author-X-Name-Last: Asensio
Title: Insights on endogenous money and the liquidity preference theory of interest
Abstract: 
 It is argued that the debate between “structuralist” and “horizontalist” has long been obscured because of inadequate treatment, in both approaches, of the credit-money supply and of the total money supply. As a result, endogenous money models still have serious limitations today. On the one hand, the bank loan markup and the loan interest rate are exogenous in the horizontalist model, which supposes that they do not depend on the money/liquidity market conditions (as if bank loans did not compete with the existing liquidity). On the other hand, although interest rates are endogenous in the structuralist model, they result from inappropriate treatment of the loan supply and money/liquidity supply. This article aims to remove these shortcomings. It offers a theoretical framework and formal modeling where the creditworthy demand for loans determines the bank loan supply, given the central bank refinancing interest rate, while the total supply and demand for liquidity-money determines the markup and the market rate of interest in accordance with Keynes’s liquidity preference theory. In this framework, the post Keynesian theory of endogenous money and Keynes’s “verticalist” view prove to be analytically complementary.
Journal: Journal of Post Keynesian Economics
Pages: 327-348
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1319248
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1319248
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:327-348




Template-Type: ReDIF-Article 1.0
Author-Name: Norberto Montani Martins
Author-X-Name-First: Norberto Montani
Author-X-Name-Last: Martins
Author-Name: Camila Cabral Pires-Alves
Author-X-Name-First: Camila Cabral
Author-X-Name-Last: Pires-Alves
Author-Name: André de Melo Modenesi
Author-X-Name-First: André de Melo
Author-X-Name-Last: Modenesi
Author-Name: Karla Vanessa Batista da Silva Leite
Author-X-Name-First: Karla Vanessa Batista da Silva
Author-X-Name-Last: Leite
Title: The transmission mechanism of monetary policy: Microeconomic aspects of macroeconomic issues
Abstract: 
 The article analyzes the transmission mechanism of monetary policy in light of microeconomic theory. We address the influence of microeconomic factors on the transmission of monetary policy while taking into account the contributions of conventional price formation and competition theory and heterodox microeconomic theories, including work inspired by the post Keynesians. We found a multiplicity of results regarding changes in price levels and inflation derived from shifts in demand and costs. These results challenge the conventional view, which postulates a single behavior in the circuit from changes in interest rates to demand, prices, and inflation. We conclude that microeconomic and macroeconomic aspects should be integrated to properly explain monetary policy and analyze its effects and transmission mechanism.
Journal: Journal of Post Keynesian Economics
Pages: 300-326
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1319249
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1319249
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:300-326




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Maria Carabelli
Author-X-Name-First: Anna Maria
Author-X-Name-Last: Carabelli
Author-Name: Mario Aldo Cedrini
Author-X-Name-First: Mario Aldo
Author-X-Name-Last: Cedrini
Title: Keynes against Kalecki on economic method
Abstract: 
 In the past twenty years, there has been considerable debate on the “coherence” of post Keynesian economics, in view of post Keynesian economists’ ambitions to develop a paradigmatic alternative to neoclassical economics. Given the growing importance of methodological aspects in this discussion, this article addresses the differences of approach to economic theory between the fathers of the two most important strands in post Keynesian economics. We thus focus on Keynes’s criticism of Kalecki’s theory of the business cycle and the tensions between Keynes’s logical approach and Kaleki’s formal modeling. We show that in criticizing Kalecki’s theory, Keynes made use of the same methodological criticism (based on detecting logical fallacies in reasoning) he had employed to attack both the classical theory and contemporary “pseudo-mathematical” models. After illustrating these fundamental differences between Keynes and Kalecki about the proper way of doing economics, we draw some conclusions on the possible future evolution of post Keynesian economics.
Journal: Journal of Post Keynesian Economics
Pages: 349-375
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1331317
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1331317
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:349-375




Template-Type: ReDIF-Article 1.0
Author-Name: Yeva Nersisyan
Author-X-Name-First: Yeva
Author-X-Name-Last: Nersisyan
Author-Name: Flavia Dantas
Author-X-Name-First: Flavia
Author-X-Name-Last: Dantas
Title: Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance
Abstract: 
 In this article, the authors use the concept of the hierarchy of money found in the works of Minsky (2008[1986]), Foley (1987), Wray (1990), and Bell (2001) to analyze the process of liquidity creation in modern capitalist economies where shadow banks play an active role. They abandon the narrow focus on banks as the creators of money as well as the idea that nonbank financial institutions are mere intermediaries between savers and borrowers. Instead, the authors demonstrate that, similar to banks, nonbank financial institutions and foreign banks (through their cross-border activities) create liquidity endogenously by leveraging over the liabilities of entities hierarchically above them. The authors further elucidate Kregel’s concept of “fictitious” liquidity in the context of the hierarchy of financial liabilities, distinguishing it from “true” liquidity. By bringing shadow banks and the euro-currency markets into to the pyramid of financial liabilities, they develop a more complete framework of liquidity creation in modern capitalist economies. Their “extended” pyramid is useful for analyzing not only the fragility that may arise from the interactions between firms, households and banks, but also that which may originate through the interactions between banks, shadow banks and foreign banks.
Journal: Journal of Post Keynesian Economics
Pages: 279-299
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1356686
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1356686
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:279-299




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcing the Levy Economic Institute’s 9 Hyman P. Minsky summer seminar
Journal: Journal of Post Keynesian Economics
Pages: 440-440
Issue: 3
Volume: 40
Year: 2017
Month: 7
X-DOI: 10.1080/01603477.2017.1399767
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1399767
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Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:440-440




Template-Type: ReDIF-Article 1.0
Author-Name: Jerry Ravetz
Author-X-Name-First: Jerry
Author-X-Name-Last: Ravetz
Title: Economics as an Elite Folk Science: The Suppression of Uncertainty
Journal: Journal of Post Keynesian Economics
Pages: 165-184
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490021
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490021
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:165-184




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 185-186
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490022
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490022
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:185-186




Template-Type: ReDIF-Article 1.0
Author-Name: Steven R. Cunningham
Author-X-Name-First: Steven R.
Author-X-Name-Last: Cunningham
Author-Name: Jon Vilasuso
Author-X-Name-First: Jon
Author-X-Name-Last: Vilasuso
Title: Is Keynesian Demand Management Policy Still Viable?
Journal: Journal of Post Keynesian Economics
Pages: 187-210
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490023
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490023
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:187-210




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Eisner
Author-X-Name-First: Robert
Author-X-Name-Last: Eisner
Title: Keynes is Not Dead, Just Drugged and Dormant
Journal: Journal of Post Keynesian Economics
Pages: 211-229
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490024
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490024
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:211-229




Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari
Author-X-Name-First: Steven M.
Author-X-Name-Last: Fazzari
Title: Why Doubt the Effectiveness of Keynesian Fiscal Policy?
Journal: Journal of Post Keynesian Economics
Pages: 231-248
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490025
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490025
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:231-248




Template-Type: ReDIF-Article 1.0
Author-Name: James K. Galbraith
Author-X-Name-First: James K.
Author-X-Name-Last: Galbraith
Title: John Maynard Nosferatu
Journal: Journal of Post Keynesian Economics
Pages: 249-260
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490026
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490026
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:249-260




Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: The Viability of Economic Policy and the Priorities of Economic Policy
Journal: Journal of Post Keynesian Economics
Pages: 261-277
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490027
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490027
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:261-277




Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: The Institutional Context of the MacroEconomy and Demand Management Policy: Comment on Cunningham and Vilasuso
Journal: Journal of Post Keynesian Economics
Pages: 279-283
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490028
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490028
File-Format: text/html
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Handle: RePEc:mes:postke:v:17:y:1994:i:2:p:279-283




Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Is Keynesian Policy Dead after All These Years?
Journal: Journal of Post Keynesian Economics
Pages: 285-306
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490029
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490029
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein
Author-X-Name-First: Gerald
Author-X-Name-Last: Epstein
Title: Keynesian Demand Management is Alive and Ill
Journal: Journal of Post Keynesian Economics
Pages: 307-310
Issue: 2
Volume: 17
Year: 1994
Month: 12
X-DOI: 10.1080/01603477.1994.11490030
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Template-Type: ReDIF-Article 1.0
Author-Name: Leonard Silk
Author-X-Name-First: Leonard
Author-X-Name-Last: Silk
Title: Yes, Virginia, Institutionalists Do Exist
Journal: Journal of Post Keynesian Economics
Pages: 3-9
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489776
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: A Simple Model of Bank Intermediation
Journal: Journal of Post Keynesian Economics
Pages: 10-28
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489777
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Goodhart
Author-X-Name-First: Charles
Author-X-Name-Last: Goodhart
Title: Has Moore Become Too Horizontal?
Journal: Journal of Post Keynesian Economics
Pages: 29-34
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489778
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Jarsulic
Author-X-Name-First: Marc
Author-X-Name-Last: Jarsulic
Title: Endogenous Credit and Endogenous Business Cycles
Journal: Journal of Post Keynesian Economics
Pages: 35-48
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489779
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Carroll
Author-X-Name-First: Sidney
Author-X-Name-Last: Carroll
Title: Taxing Wealth: An Accessions Tax Proposal for the U.S.
Journal: Journal of Post Keynesian Economics
Pages: 49-69
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489780
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Blecker
Author-X-Name-First: Robert A.
Author-X-Name-Last: Blecker
Title: Markup Pricing, Import Competition, and the Decline of the American Steel Industry
Journal: Journal of Post Keynesian Economics
Pages: 70-87
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489781
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: The Illusion of the Economic Margin
Journal: Journal of Post Keynesian Economics
Pages: 88-97
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489782
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing
Author-X-Name-First: Yu
Author-X-Name-Last: Hsing
Title: On the Relationship between Inflation and Unemployment: New Evidence from Six Industrialized Nations
Journal: Journal of Post Keynesian Economics
Pages: 98-108
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489783
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard F. Naish
Author-X-Name-First: Howard F.
Author-X-Name-Last: Naish
Title: Labor Market Externalities and the Downward Inflexibility of Nominal Wages
Journal: Journal of Post Keynesian Economics
Pages: 109-126
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489784
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Template-Type: ReDIF-Article 1.0
Author-Name: Catherine Langlois
Author-X-Name-First: Catherine
Author-X-Name-Last: Langlois
Title: Markup Pricing versus Marginalism: A Controversy Revisited
Journal: Journal of Post Keynesian Economics
Pages: 127-151
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489785
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: A Keynesian Theory of Banking: A Comment on Dymski
Journal: Journal of Post Keynesian Economics
Pages: 152-156
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489786
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary A. Dymski
Author-X-Name-First: Gary A.
Author-X-Name-Last: Dymski
Title: Keynesian versus Credit Theories of Money and Banking: A Reply to Wray
Journal: Journal of Post Keynesian Economics
Pages: 157-163
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489787
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Only in America: Neither the Homeless Nor the Yachtless are Economic Problems
Journal: Journal of Post Keynesian Economics
Pages: 164-166
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489788
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 167-168
Issue: 1
Volume: 12
Year: 1989
Month: 9
X-DOI: 10.1080/01603477.1989.11489789
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489789
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Template-Type: ReDIF-Article 1.0
Author-Name: Giulio  Guarini 
Author-X-Name-First: Giulio  
Author-X-Name-Last: Guarini 
Title: Paradoxes in Lucas's 1988 model with variable returns 
Abstract:
 The point of this paper is that the introduction of variable returns to
 scale in Lucas's 1988 model can produce paradoxical results: there can be
 negative relationships between the rate of growth of income and the rate
 of growth of human capital, between physical and human capital, and
 between the rate of growth of human capital and the rate of growth of
 wages. Moreover, the author argues the following "ontological paradox":
 the main equations of Lucas's 1988 model depend on the cardinal
 measurability of the external effects of human capital represented by a
 variable that is not cardinally measurable.
Journal: Journal of Post Keynesian Economics 
Pages: 83-95 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: human capital, Lucas's 1988 model, paradoxical results, variable returns to scale, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=83PTG70871804180 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arrow, K.J. "The
 Economic Implications of Learning by Doing." >i>Review of Economic
 Studies>/i>, 1962, 29, 155-173.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> Brian, A. >i>Increasing Returns and Path
 Dependence in the Economy>/i>. Ann Arbor: University of Michigan Press,
 1994.</BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Buchanan, J.M., and Yoon, J.Y. >i>The Return to Increasing
 Returns>/i>. Ann Arbor: University of Michigan Press, 1994.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Card, D. "The
 Causal Effect of Education on Earnings." In O. Ashenfelter and D. Card
 (eds.), >i>Handbook of Labor Economics>/i>, vol. 3. Amsterdam: Elsevier
 Science, 1999, pp. 1801-1863.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>5</BIBL>        <BIBTEXT> Corsi, M. >i>Division of Labour, Technical
 Change and Economic Growth>/i>. Aldershot, UK: Avebury, 1991.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>6</BIBL>	  <BIBTEXT> Corsi, M., and
 Guarini, G. "La fonction de productivitÃ© de Sylos Labini: aspects
 thÃ©oriques et empiriques" [The Production Function of Sylos Labini:
 Theoretical and Empirical Aspects]. >i>Revue d'Ã©conomie industrielle>/i>,
 2007, 118 (2), 55-78.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>7</BIBL>        <BIBTEXT> Dixit, A.K., and Stiglitz, J.E.
 "Monopolistic Competition and Optimum Product Diversity: Reply."
 >i>American Economic Review>/i>, 1993, 83, 302-304.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>8</BIBL>	<BIBTEXT> European Economic
 Community. >i>Metodi di previsione dello sviluppo economico a lungo
 termine>/i> [Methods of Long-Term Forecasts of Economic Development].
 Paris: Informazioni statistiche, 1961.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>9</BIBL>	   <BIBTEXT> Guarini, R., and Tassinari, F.
 >i>Statistica economicaâProblemi e metodi di analisi>/i> [Economic
 StatisticsâProblems and Methods of Analysis]. Bologna: Mulino,
 1990.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Harcourt, G. >i>Some Cambridge Controversies in the Theory of
 Capital>/i>. Cambridge: Cambridge University Press, 1972.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>11</BIBL>	 <BIBTEXT> Hufbauer, G.C.
 >i>Synthetic Materials and the Theory of International Trade>/i>.
 Cambridge: Harvard University Press, 1966.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>12</BIBL>	     <BIBTEXT> Kaldor, N. "The
 Determinateness of Static Equilibrium." >i>Review of Economic Studies>/i>,
 1934, 1 (2), 122-136.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Kaldor, N. "The Irrelevance of
 Equilibrium Economics." >i>Economic Journal>/i>, 1972, 82 (328),
 1237-1255.</BIBTEXT>	   </REF>      <REF>	    <BIBL>14</BIBL>	  
 <BIBTEXT> Kaldor, N. "The Role of Increasing Returns, Technical Progress
 and Cumulative Causation in the Theory of International Trade and Economic
 Growth." >i>Economie Appliquee>/i>, 1981, 34 (4), 593-615.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>15</BIBL>	 <BIBTEXT> Kaldor, N., and
 Mirrlees, J.A. "A New Model of Economic Growth." >i>Review of Economic
 Studies>/i>, June 1962, 29 (3), 174-192.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>16</BIBL>	      <BIBTEXT> Krugman, P.R. "Increasing Returns,
 Monopolistic Competition, and International Trade." >i>Journal of
 International Economics>/i>, 1979, 9 (4), 469-479.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>17</BIBL>	<BIBTEXT> Lucas, R.E. "On the
 Mechanics of Economic Development." >i>Journal of Monetary Economics>/i>,
 1988, 22 (1), 3-42.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>18</BIBL>	<BIBTEXT> McCombie, J., and Roberts, M. "Returns to
 Scale and Regional Growth: The Static Dynamic Verdoorn Law Paradox
 Revisited." >i>Journal of Regional Science>/i>, 2007, 47 (2),
 179-208.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Psacharopoulos, G. "Returns to Investment in Education: A Global
 Update." >i>World Development>/i>, 1994, 22 (9), 1325-1343.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Psacharopoulos,
 G., and Patrinos, H.A. "Returns to Investment in Education: A Further
 Update." >i>Education Economics>/i>, 2004, 12 (2), 111-134.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> Solow, R.M.
 "Technical Change and the Aggregate Production Function." >i>Review of
 Economics and Statistics>/i>, 1957, 39, 312-320.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>22</BIBL>	      <BIBTEXT> Solow, R.M. >i>Lezioni
 sulla teoria della crescita endogena>/i> [Lectures on Endogenous Growth
 Theory]. Rome: La Nuova Italia Scientifica, 1994.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>23</BIBL>        <BIBTEXT> Sraffa, P. "The Laws of
 Returns Under Competitive Conditions." >i>Economic Journal>/i>, 1926, 36,
 535-550.</BIBTEXT>	 </REF>      <REF>	  <BIBL>24</BIBL>	
 <BIBTEXT> Steedman, I. "On Measuring âKnowledgeâ in New (Endogenous)
 Growth Theory." In N. Salvadori (ed.), >i>Old and New Growth Theories: An
 Assessment>/i>. Cheltenham, UK: Edward Elgar, 2003, pp. 127-133.</BIBTEXT>
      </REF>	  <REF>        <BIBL>25</BIBL>	      <BIBTEXT> Sylos
 Labini, P. "Why the Interpretation of the Cobb-Douglas Production Function
 Must Be Radically Changed." >i>Structural Change and Economic
 Dynamics>/i>, 1995, 6 (4), 485-504.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>26</BIBL>	 <BIBTEXT> Thirlwall, A.-P. >i>The Nature of
 Economic Growth>/i>. Aldershot, UK: Edward Elgar, 2002.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>27</BIBL>	 <BIBTEXT> Toner, P.
 >i>Main Currents in Cumulative Causation: The Dynamics of Growth and
 Development>/i>. New York: Macmillan, 1999.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>28</BIBL>	     <BIBTEXT> Verdoorn, P.J. "Fattori che
 regolano lo sviluppo della produttivitÃ  del lavoro." >i>L'Industria>/i>,
 1949, 61, 3-10.</BIBTEXT>	</REF>	    <REF>	 <BIBL>29</BIBL>   
     <BIBTEXT> Weitzman, M.L. "Increasing Returns and the Foundations of
 Unemployment Theory." >i>Economic Journal>/i>, 1982, 92 (368),
 787-804.</BIBTEXT>	 </REF>      <REF>	  <BIBL>30</BIBL>	
 <BIBTEXT> Wicksteed, P.H. >i>An Essay on the Co-ordination of the Laws of
 Distribution>/i>. London: Macmillan, 1894.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>31</BIBL>	     <BIBTEXT> Willis, R.J. "Wage
 Determinants: A Survey and Reinterpretation of Human Capital Earnings
 Functions." In O. Ashenfelter and R. Layard (eds.), >i>Handbook of Labor
 Economics>/i>. Amsterdam: Elsevier, 1986, pp. 525-602.</BIBTEXT>     
 </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:83-95




Template-Type: ReDIF-Article 1.0
Author-Name: Zoraide Bezerra Gomes 
Author-X-Name-First: Zoraide Bezerra 
Author-X-Name-Last: Gomes 
Author-Name: AndrÃ© LuÃ­s Cabral de LourenÃ§o 
Author-X-Name-First: AndrÃ© LuÃ­s Cabral 
Author-X-Name-Last: de LourenÃ§o 
Title: The applicability of the employer of last resort program to Brazil 
Abstract:
 This paper aims to present the conceptual and theoretical framework of the
 employer of last resort (ELR) program and to verify the possibility of its
 application to the Brazilian economy. The initial hypothesis, based on the
 theory of Minsky (1986) and Wray (2003), is that if the government acts as
 an ELR, structural unemployment could be mitigated without generating an
 inflationary process or incurring the possible curses caused by labor
 market reform policies. In the present study, we identify main obstacles
 for the application of ELR to Brazil once it has been adequately adapted
 to national specificities.
Journal: Journal of Post Keynesian Economics 
Pages: 291-310 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: employer of last resort, new consensus, structural unemployment, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=2RW6027604775523 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bastos, C. P. M.
 "InflaÃ§Ã£o e estabilizaÃ§Ã£o" [Inflation and Stabilization]. In J. L.
 Fiori and C. A. Medeiros (eds.), >i>PolarizaÃ§Ã£o mundial e
 crescimento>/i> [World Polarization and Growth]. PetrÃ³polis: Vozes, 2001,
 pp. 201-241.</BIBTEXT>      </REF>	 <REF>	      <BIBL>2</BIBL>	   
 <BIBTEXT> Behring, E., and Boschetti, I. >i>PolÃ­tica social: Fundamentos
 e histÃ³ria>/i>, 2d ed. [Social Policy: Fundamentals and History]. SÃ£o
 Paulo: Cortez, 2007.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>3</BIBL>        <BIBTEXT> Black, J. >i>Oxford Dictionary of
 Economics>/i>, 2d ed. Oxford: Oxford University Press, 2002.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>4</BIBL>	 <BIBTEXT> Blanchard, O.
 >i>Macroeconomia>/i>, 3d ed. SÃ£o Paulo: Pearson, 2004.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>5</BIBL>	<BIBTEXT> Carvalho, V. R.,
 and Lima, G. T. "A restriÃ§Ã£o externa como fator limitante do crescimento
 econÃ´mico brasileiro: Um teste empÃ­rico" [External Constraint as a
 Limiting Factor of Brazilian Economic Growth: An Empirical Test].
 >i>Economia>/i>, 2008, 9 (2), 285-307.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>6</BIBL>	   <BIBTEXT> Fair, R. "The Fair-Parke Program for
 the Estimation and Analysis of Nonlinear Econometric Models: User's
 Guide." August 2003 (available at >a target="_blank"
 href='http://fairmodel.econ.yale.edu/fp/FP.PDF'>http://fairmodel.econ.yale
 .edu/fp/FP.PDF>/a></BIBTEXT>	   </REF>      <REF>	    <BIBL>7</BIBL> 
       <BIBTEXT> FeijÃ³, C. A., and de Carvalho, P. G. M. "Desemprego nos
 paÃ­ses da OCDE: PosiÃ§Ãµes em debate" [Unemployment in OECD Countries:
 Positions in Debate]. >i>EconÃ´mica>/i>, 1999, 1 (2).</BIBTEXT>     
 </REF>      <REF>	  <BIBL>8</BIBL>	<BIBTEXT> Fullwiler, S. T.
 "Macroeconomic Stabilization Through an Employer of Last Resort." Working
 Paper no. 44, Wartburg College and the Center for Full Employment and
 Price Stability, August 2005 (available at >a target="_blank"
 href='http://www.cfeps.org/pubs/wp-pdf/WP44-Fullwiler.pdf'>www.cfeps.org/p
 ubs/wp-pdf/WP44-Fullwiler.pdf>/a></BIBTEXT>	  </REF>      <REF>	  
 <BIBL>9</BIBL>        <BIBTEXT> Godley, W., and Lavoie, M. >i>Monetary
 Economics: An Integrated Approach to Credit, Money, Income, Production and
 Wealth.>/i> Hampshire: Palgrave Macmillan, 2007.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>10</BIBL>	      <BIBTEXT> Kalecki, M. "Os aspectos
 polÃ­ticos do pleno emprego" [Political Aspects of Full Employment]. In J.
 Miglioli (ed.), >i>Crescimento e ciclo das economias capitalistas>/i>, 2d
 ed. [Growth and Cycle of the Capitalist Economies]. SÃ£o Paulo: Hucitec,
 1987a, pp. 54-60. [Originally published in 1943.]</BIBTEXT>	  </REF>   
   <REF>	<BIBL>11</BIBL>        <BIBTEXT> Kalecki, M. "SalÃ¡rios
 nominais e reais" [Monetary and Real Wages]. In J. Miglioli (ed.),
 >i>Crescimento e ciclo das economias capitalistas>/i>, 2d ed. [Growth and
 Cycle of the Capitalist Economies]. SÃ£o Paulo: Hucitec, 1987b, pp. 71-91.
 [Originally published in 1939.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>12</BIBL>	<BIBTEXT> Keynes, J. M. >i>A teoria geral do
 emprego, do juro e da moeda>/i> [The General Theory of Employment,
 Interest and Money]. SÃ£o Paulo: Abril Cultural, 1983. [Originally
 published in 1936.]</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>13</BIBL>	<BIBTEXT> Lessa, C. "Presentation." In L. R. Wray
 (ed.), >i>Trabalho e moeda hoje: A chave para o pleno emprego e a
 estabilidade dos preÃ§os>/i> [Understanding Modern Money: The Key to Full
 Employment and Price Stability]. Rio de Janeiro: UFRJ/Contraponto Editora,
 2003, pp. 7-9.</BIBTEXT>      </REF>	   <REF>	<BIBL>14</BIBL>    
    <BIBTEXT> Marx, K. >i>O capital.>/i> Rio de Janeiro: Bertrand Brasil,
 1988. [Originally published in 1867.]</BIBTEXT>      </REF>	  <REF>    
    <BIBL>15</BIBL>	   <BIBTEXT> Minsky, H. >i>Stabilizing an Unstable
 Economy.>/i> New Haven: Yale University Press, 1986.</BIBTEXT>      </REF>
      <REF>	   <BIBL>16</BIBL>	  <BIBTEXT> Pigeon, M.-A., and
 Wray, L. R. "Did the Clinton Rising Tide Raise All Boats?" Public Policy
 Brief no. 45, Levy Economics Institute of Bard College,
 Annandale-on-Hudson, NY, 1998.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>17</BIBL>	<BIBTEXT> Thirlwall, A. P. >i>A Natureza do
 crescimento econÃ´mico: Um referencial alternativo para compreender o
 desempenho das naÃ§Ãµes>/i> [The Nature of Economic Growth: An Alternative
 Framework for Understanding the Performance of Nations]. BrasÃ­lia: Ipea,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>18</BIBL>	     
 <BIBTEXT> Verdoorn, P. J. "Fattori che regolano lo sviluppo della
 produttivita del lavoro" [Factors That Regulate the Increase of Labor
 Productivity]. In >i>L'industria>/i>, 1949, 1, 3-10.</BIBTEXT>      </REF>
      <REF>	   <BIBL>19</BIBL>	  <BIBTEXT> Villela, M. do Carmo de
 Farias. "Desemprego: A realidade brasileira em nÃºmeros" [Unemployment: A
 Brazilian Reality in Numbers]. UFRJ, Rio de Janeiro, 2005.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Westcott, G.;
 Svensson, P.-G.; and ZÃ¶llner, H. F. K. (eds.). >i>Health Policy
 Implications of Unemployment.>/i> Copenhagen: World Health Organization,
 Regional Office for Europe, 1985.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>21</BIBL>	<BIBTEXT> Wray, L. R. >i>Trabalho e moeda hoje: A
 chave para o pleno emprego e a estabilidade dos preÃ§os>/i> [Understanding
 Modern Money: The Key to Full Employment and Price Stability]. Rio de
 Janeiro: UFRJ/Contraponto Editora, 2003.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>22</BIBL>	      <BIBTEXT> Wray, L. R. "The Employer of Last
 Resort Programme: Could It Work for Developing Countries?" Economic and
 Labour Market Papers, Geneva, 2007 (available at >a target="_blank"
 href='http://www.cfeps.org/elm07-5.pdf'>www.cfeps.org/elm07-5.pdf>/a></BIB
 TEXT>	    </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:291-310




Template-Type: ReDIF-Article 1.0
Author-Name: Randall Bausor
Author-X-Name-First: Randall
Author-X-Name-Last: Bausor
Title: Time and the Structure of Economic Analysis
Journal: Journal of Post Keynesian Economics
Pages: 163-179
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489353
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489353
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:163-179




Template-Type: ReDIF-Article 1.0
Author-Name: G. L. S. Shackle
Author-X-Name-First: G. L. S.
Author-X-Name-Last: Shackle
Title: Comment
Journal: Journal of Post Keynesian Economics
Pages: 180-181
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489354
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489354
File-Format: text/html
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:180-181




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes
Journal: Journal of Post Keynesian Economics
Pages: 182-198
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489355
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489355
File-Format: text/html
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:182-198




Template-Type: ReDIF-Article 1.0
Author-Name: James R. Wible
Author-X-Name-First: James R.
Author-X-Name-Last: Wible
Title: The Rational Expectations Tautologies
Journal: Journal of Post Keynesian Economics
Pages: 199-207
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489356
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489356
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:199-207




Template-Type: ReDIF-Article 1.0
Author-Name: Sheldon Danziger
Author-X-Name-First: Sheldon
Author-X-Name-Last: Danziger
Author-Name: Jacques Van Der Gaag
Author-X-Name-First: Jacques
Author-X-Name-Last: Van Der Gaag
Author-Name: Eugene Smolensky
Author-X-Name-First: Eugene
Author-X-Name-Last: Smolensky
Author-Name: Michael K. Taussig
Author-X-Name-First: Michael K.
Author-X-Name-Last: Taussig
Title: The Life-Cycle Hypothesis and the Consumption Behavior of the Elderly
Journal: Journal of Post Keynesian Economics
Pages: 208-227
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489357
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489357
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:208-227




Template-Type: ReDIF-Article 1.0
Author-Name: Ken-Ichi Watanabe
Author-X-Name-First: Ken-Ichi
Author-X-Name-Last: Watanabe
Title: An Adaptation of Weintraub’s Model
Journal: Journal of Post Keynesian Economics
Pages: 228-245
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489358
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489358
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:228-245




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Mirowski
Author-X-Name-First: Philip
Author-X-Name-Last: Mirowski
Author-Name: Arthur R. Schwartz
Author-X-Name-First: Arthur R.
Author-X-Name-Last: Schwartz
Title: The Falling Share of Corporate Taxation
Journal: Journal of Post Keynesian Economics
Pages: 245-256
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489359
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489359
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:245-256




Template-Type: ReDIF-Article 1.0
Author-Name: Gordon C. Winston
Author-X-Name-First: Gordon C.
Author-X-Name-Last: Winston
Title: Productivity-Reducing Supply-Side Policies
Journal: Journal of Post Keynesian Economics
Pages: 257-265
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489360
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489360
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:257-265




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey M. Hodgson
Author-X-Name-First: Geoffrey M.
Author-X-Name-Last: Hodgson
Title: Worker Participation and Macroeconomic Efficiency
Journal: Journal of Post Keynesian Economics
Pages: 266-275
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489361
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489361
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:266-275




Template-Type: ReDIF-Article 1.0
Author-Name: Morton Owen Schapiro
Author-X-Name-First: Morton Owen
Author-X-Name-Last: Schapiro
Author-Name: Dennis A. Ahlburg
Author-X-Name-First: Dennis A.
Author-X-Name-Last: Ahlburg
Title: Suicide: The Ultimate Cost of Unemployment
Journal: Journal of Post Keynesian Economics
Pages: 276-280
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489362
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489362
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:276-280




Template-Type: ReDIF-Article 1.0
Author-Name: Martin J. Watts
Author-X-Name-First: Martin J.
Author-X-Name-Last: Watts
Author-Name: Noel G. Gaston
Author-X-Name-First: Noel G.
Author-X-Name-Last: Gaston
Title: The “Reswitching” of Consumption Bundles: A Parallel to the Capital Controversies?
Journal: Journal of Post Keynesian Economics
Pages: 281-288
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489363
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489363
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:281-288




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: On the New Cambridge School
Journal: Journal of Post Keynesian Economics
Pages: 289-294
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489364
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489364
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:289-294




Template-Type: ReDIF-Article 1.0
Author-Name: E. Roy Weintraub
Author-X-Name-First: E. Roy
Author-X-Name-Last: Weintraub
Title: Substantive Mountains and Methodological Molehills
Journal: Journal of Post Keynesian Economics
Pages: 295-303
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489365
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489365
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:295-303




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Dow
Author-X-Name-First: Sheila
Author-X-Name-Last: Dow
Title: Substantive Mountains and Methodological Molehills: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 304-308
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489366
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489366
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:304-308




Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey T. Young
Author-X-Name-First: Jeffrey T.
Author-X-Name-Last: Young
Title: Comment on “Hollander’s Ricardo”
Journal: Journal of Post Keynesian Economics
Pages: 309-313
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489367
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489367
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:309-313




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Henry
Author-X-Name-First: John F.
Author-X-Name-Last: Henry
Title: Comment: Ideology in the Ricardo Debate
Journal: Journal of Post Keynesian Economics
Pages: 314-317
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489368
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489368
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:314-317




Template-Type: ReDIF-Article 1.0
Author-Name: Polly Reynolds Alien
Author-X-Name-First: Polly Reynolds
Author-X-Name-Last: Alien
Title: Gains from Foreign Investment: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 318-322
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489369
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489369
File-Format: text/html
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:318-322




Template-Type: ReDIF-Article 1.0
Author-Name: David R. Richardson
Author-X-Name-First: David R.
Author-X-Name-Last: Richardson
Title: Foreign Investment: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 323-326
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489370
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489370
File-Format: text/html
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:323-326




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 327-327
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489371
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489371
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:327-327




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrections
Journal: Journal of Post Keynesian Economics
Pages: 328-328
Issue: 2
Volume: 5
Year: 1982
Month: 12
X-DOI: 10.1080/01603477.1982.11489372
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489372
File-Format: text/html
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Handle: RePEc:mes:postke:v:5:y:1982:i:2:p:328-328




Template-Type: ReDIF-Article 1.0
Author-Name: John Hall
Author-X-Name-First: John
Author-X-Name-Last: Hall
Author-Name: Udo Ludwig
Author-X-Name-First: Udo
Author-X-Name-Last: Ludwig
Title: Explaining persistent unemployment in eastern Germany
Abstract: 
 Relatively high rates of persistent unemployment plaguing the eastern region of Germany are argued to be caused especially by two factors engendering slack labor demand relative to supply. Demand for East German labor declined as (1) rapid privatization was followed by cross-regional capital flows, resulting in high levels of capital intensity and a dramatic shedding of labor. Reindustrialization and service-sector expansion proved too weak to generate sufficient labor demand. (2) Related to privatization, business headquarters moved to the west of Germany, resulting in a notable pattern of reindustrialization and the eastern region's specialization in intermediates vis-à-vis finished goods, engendering weak labor demand.
Journal: Journal of Post Keynesian Economics
Pages: 601-619
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290404
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290404
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:601-619




Template-Type: ReDIF-Article 1.0
Author-Name: H. Atesoglu
Author-X-Name-First: H.
Author-X-Name-Last: Atesoglu
Title: The neutral rate of interest and a new monetary policy rule
Abstract: 
 In this paper, a new monetary policy rule is introduced. The proposed rule is based on Keynes's neutral rate of interest idea, a concept defined in the General Theory. The primary goal of the proposed rule is to ensure that the macroeconomy produces an output equal to its full-employment level. Monetary policy implied by the proposed rule is compared with the actual monetary policy in recent years.
Journal: Journal of Post Keynesian Economics
Pages: 689-697
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290408
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290408
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:689-697




Template-Type: ReDIF-Article 1.0
Author-Name: Servaas Storm
Author-X-Name-First: Servaas
Author-X-Name-Last: Storm
Author-Name: C. Naastepad
Author-X-Name-First: C.
Author-X-Name-Last: Naastepad
Title: It is high time to ditch the NAIRU
Abstract: 
 According to the mainstream theory of equilibrium unemployment, persistent unemployment is caused (mainly) by "excessive" labor market regulation, whereas aggregate demand, capital accumulation, and technological progress have no lasting effect on unemployment. We argue that the mainstream nonaccelerating inflation rate of unemployment (NAIRU) model is only a special case of a general model of equilibrium unemployment, in which aggregate demand, investment, and endogenous technological progress have long-term effects. It follows that the labor market policy prescriptions (i.e., to drastically deregulate), following from the standard NAIRU model, can by no means be generalized. Empirical support for the general model is provided by an econometric analysis for 20 Organization for Economic Cooperation and Development (OECD) countries (1984-97): demand factors are the overriding determinants of structural unemployment in the OECD.
Journal: Journal of Post Keynesian Economics
Pages: 531-554
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290401
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290401
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:531-554




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Georgios Chortareas
Author-X-Name-First: Georgios
Author-X-Name-Last: Chortareas
Title: Natural equilibrium real interest rate estimates and monetary policy design
Abstract: 
 Practical monetary policy concerns and recent theoretical developments have revived interest in the concept of a "natural" equilibrium real interest rate. The natural real interest rate is potentially an important concept for monetary policy makers and some researchers have suggested that the concept of a "real interest rate gap" can be used to evaluate the stance of monetary policy or even set policy. Obtaining an estimate for the equilibrium real interest rate, however, is not straightforward, and the existence of alternative approaches to this task generates uncertainty about those estimates. In this paper, we discuss some conceptual, policy, and modeling issues pertaining to the U.S. equilibrium interest rate. Such issues include the distinction between "natural" and "neutral" real interest rates, the determination of the natural real interest rate in an open economy context, the different ways that productivity may affect the natural equilibrium real interest rate, and the sensitivity of theoretical measures of the natural equilibrium real interest rates to various parameterizations.
Journal: Journal of Post Keynesian Economics
Pages: 621-643
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290405
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290405
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:621-643




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 29
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 699-701
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.1080/01603477.2007.11051526
File-URL: http://hdl.handle.net/10.1080/01603477.2007.11051526
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:699-701




Template-Type: ReDIF-Article 1.0
Author-Name: Diane Zannoni
Author-X-Name-First: Diane
Author-X-Name-Last: Zannoni
Author-Name: Edward Mckenna
Author-X-Name-First: Edward
Author-X-Name-Last: Mckenna
Title: The right to a job: a Post Keynesian perspective
Abstract: 
 Until the 1970s, the idea that workers had a right to a job was a subject of lively debate, at least among progressives. The dominance of the neoclassical perspective since that time has all but eliminated discussion of such a right. In this paper, we argue that a Post Keynesian understanding of a capitalist economy, along with an account of the nature of a person that we believe best fits the Post Keynesian view, not only makes possible a rebirth of interest in the idea of a right to a job but also provides a strong reason for believing that Post Keynesians must be committed to such a right.
Journal: Journal of Post Keynesian Economics
Pages: 555-571
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290402
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290402
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:555-571




Template-Type: ReDIF-Article 1.0
Author-Name: Oscar De-Juan
Author-X-Name-First: Oscar
Author-X-Name-Last: De-Juan
Title: The conventional versus the natural rate of interest: implications for central bank autonomy
Abstract: 
 The analysis of the "natural rate of interest" fills one of the most important and controversial chapters in the history of economic thought. It continues to be a highly topical subject in modern macroeconomics because it is the keystone of the new monetary policy. On classical and Post Keynesian grounds, this paper considers that the "money" rate of interest rate is a (re)distributive variable. At any moment we can refer to the "conventional" rate of interest, on which economic agents base their investments in real and financial assets. But this rate lacks the necessary conditions to be called "natural." There is no gravity center for market interest rates. Neither the general rate of profit nor the potential or warranted rate of growth can make a claim to this role. A unique relationship between the rates of interest and inflation, as suggested by Wicksell and the new macroeconomic consensus, does not exist. Given this, the ability of monetary authorities to influence the market interest rate, both in the short and the long run, is enhanced.
Journal: Journal of Post Keynesian Economics
Pages: 645-666
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290406
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290406
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:645-666




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Carter
Author-X-Name-First: Scott
Author-X-Name-Last: Carter
Title: Real wage productivity elasticity across advanced economies, 1963-1996
Abstract: 
 The question of a constant wage share (Bowley's Law) has long been both an empirical and theoretical point of contention between rival theories of macroeconomic (functional) distribution. This paper explores some of these theoretical debates and issues related to Bowley's Law in contextualizing a simple empirical test of the real wage productivity elasticity of a cross section of 15 advanced economies across the 34-year period from 1963 to 1996. The evidence supports the hypothesis of a structural break in functional distribution on or around 1979 when real wages exhibit productivity inelasticity and the share of wages in national income starts a downward trajectory almost across the board. This is especially striking given the wide variety of labor market institutions and conditions across the 15 advanced economies. The paper concludes by posing the question that in light of the evidence presented perhaps a possible rethinking is in order (especially vis-à-vis possible national union strategies) regarding Marx's predictions on the fate of the working class as capitalism progresses.
Journal: Journal of Post Keynesian Economics
Pages: 573-600
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290403
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290403
File-Format: text/html
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Handle: RePEc:mes:postke:v:29:y:2007:i:4:p:573-600




Template-Type: ReDIF-Article 1.0
Author-Name: Jesús Cuaresma
Author-X-Name-First: Jesús
Author-X-Name-Last: Cuaresma
Author-Name: Ernest Gnan
Author-X-Name-First: Ernest
Author-X-Name-Last: Gnan
Title: The natural rate of interest: which concept? which estimation method? which policy conclusions?
Abstract: 
 The natural rate of interest has become popular again both in academic and monetary policy circles. But which concept are we actually talking about? This paper argues that there are many—theoretical and empirical—uncertainties that limit the application of the natural rate in practical monetary policy. Examples of natural rate of interest estimates for the euro area are compared, as well as monetary policy rules derived from them. The paper concludes with a tentative longer-term perspective on the future outlook for the natural rate in the euro area, touching upon effects from aging, productivity developments, private and public savings, as well as globalization.
Journal: Journal of Post Keynesian Economics
Pages: 667-688
Issue: 4
Volume: 29
Year: 2007
X-DOI: 10.2753/PKE0160-3477290407
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477290407
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Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Findlay
Author-X-Name-First: M. C.
Author-X-Name-Last: Findlay
Author-Name: E. E. Williams
Author-X-Name-First: E. E.
Author-X-Name-Last: Williams
Title: A Fresh Look at the Efficient Market Hypothesis: How the Intellectual History of Finance Encouraged a Real “Fraud-on-The-Market”
Journal: Journal of Post Keynesian Economics
Pages: 181-199
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490277
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490277
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:181-199




Template-Type: ReDIF-Article 1.0
Author-Name: Murray Glickman
Author-X-Name-First: Murray
Author-X-Name-Last: Glickman
Title: Seeking Explanations Not Preserving Theorems: Corporate Finance, Confidence, Asymmetric Information, and the UK Macroeconomy
Journal: Journal of Post Keynesian Economics
Pages: 201-233
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490278
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490278
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim De Carvalho
Author-X-Name-First: Fernando J. Cardim
Author-X-Name-Last: De Carvalho
Title: The IMF as Crisis Manager: An Assessment of the Strategy in Asia and of Its Criticisms
Journal: Journal of Post Keynesian Economics
Pages: 235-266
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490279
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490279
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Template-Type: ReDIF-Article 1.0
Author-Name: John S.L. McCombie
Author-X-Name-First: John S.L.
Author-X-Name-Last: McCombie
Title: The Solow Residual, Technical Change, and Aggregate Production Functions
Journal: Journal of Post Keynesian Economics
Pages: 267-297
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490280
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490280
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Template-Type: ReDIF-Article 1.0
Author-Name: Murray C. Kemp
Author-X-Name-First: Murray C.
Author-X-Name-Last: Kemp
Author-Name: Koji Shimomura
Author-X-Name-First: Koji
Author-X-Name-Last: Shimomura
Title: The Gains from Free Trade When Workers Are Not Indifferent to Their Occupations
Journal: Journal of Post Keynesian Economics
Pages: 299-300
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490281
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490281
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:299-300




Template-Type: ReDIF-Article 1.0
Author-Name: John Marangos
Author-X-Name-First: John
Author-X-Name-Last: Marangos
Title: A Post Keynesian View of Transition to Market Capitalism: Developing a Civilized Society
Journal: Journal of Post Keynesian Economics
Pages: 301-311
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490282
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490282
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin S. Nell
Author-X-Name-First: Kevin S.
Author-X-Name-Last: Nell
Title: The Endogenous/Exogenous Nature of South Africa’s Money Supply Under Direct and Indirect Monetary Control Measures
Journal: Journal of Post Keynesian Economics
Pages: 313-329
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490283
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490283
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:313-329




Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Title: Post Keynesian Economics and Nihilism
Journal: Journal of Post Keynesian Economics
Pages: 331-347
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490284
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490284
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:331-347




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Brown
Author-X-Name-First: Andrew
Author-X-Name-Last: Brown
Title: A Comment on Dow’s “Post Keynesianism and Critical Realism: What Is the Connection?”
Journal: Journal of Post Keynesian Economics
Pages: 349-355
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490285
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490285
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:349-355




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Brown’s Comment: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 357-360
Issue: 2
Volume: 23
Year: 2000
Month: 12
X-DOI: 10.1080/01603477.2000.11490286
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490286
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Handle: RePEc:mes:postke:v:23:y:2000:i:2:p:357-360




Template-Type: ReDIF-Article 1.0
Author-Name: PEPITA OULD-AHMED
Author-X-Name-First: PEPITA
Author-X-Name-Last: OULD-AHMED
Title: Barter hysteresis in post-Soviet Russia: an institutional and Post Keynesian perspective
Abstract: 
 Barter in Russia mainly comes from liquidity shortage. However, barter persists despite the conditions of its emergence having vanished. This paper proposes an institutional and Post Keynesian interpretation of this fact, qualified as "barter hysteresis." In a context of radical uncertainty, the lack of liquidity generates adaptative behaviors and institutional creations that will survive the monetary shortage. Network-organized barter acts as an alternative payment and financing institution while supporting the production activities. Hysteresis then stems from the fact that the entry into such a private payment system may be viewed as an uncertain irreversible investment with sunk costs.
Journal: Journal of Post Keynesian Economics
Pages: 95-116
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051382
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051382
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:95-116




Template-Type: ReDIF-Article 1.0
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Author-Name: MATIAS VERNENGO
Author-X-Name-First: MATIAS
Author-X-Name-Last: VERNENGO
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Author-Name: MATIAS VERNENGO
Author-X-Name-First: MATIAS
Author-X-Name-Last: VERNENGO
Title: State money and the real world: or chartalism and its discontents
Abstract: 
 Recent emphasis on chartalism is an important extension of the monetary theory within Post Keynesian analysis. However, chartalism as the main interpretation for the existence of money has some limitations. Sovereignty, understood as the power to tax and to collect in the token of choice, is not the main explanation for the existence of money, even if modern money is ultimately chartal money. The view according to which institutions that provide bridges between the present and the future create the conditions for economic agents to be willing to hold money is far more instructive. The state is certainly one of those institutions, but so are banks, and other financial institutions, which, during certain historical periods, might have had more importance.
Journal: Journal of Post Keynesian Economics
Pages: 57-67
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051383
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051383
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:57-67




Template-Type: ReDIF-Article 1.0
Author-Name: DAVID DEQUECH
Author-X-Name-First: DAVID
Author-X-Name-Last: DEQUECH
Title: Conventional and unconventional behavior under uncertainty
Abstract: 
 When discussing the relation between rationality and conventions under non-neoclassical uncertainty, almost all economists focus on the rationality of following a convention. This paper contributes to the construction of an alternative approach, which argues that conventions and rationality are compatible but reasonable behavior may be conventional or (partly) unconventional. The paper reviews several arguments for the reasonableness of following a convention. It then stresses the importance of factors such as creativity and an optimistic disposition to face uncertainty (animal spirits) and shows how these factors are crucial for determining whether behavior will be conventional or not.
Journal: Journal of Post Keynesian Economics
Pages: 145-168
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051384
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051384
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:145-168




Template-Type: ReDIF-Article 1.0
Author-Name: DAN COFFEY
Author-X-Name-First: DAN
Author-X-Name-Last: COFFEY
Author-Name: PHILIP R. TOMLINSON
Author-X-Name-First: PHILIP R.
Author-X-Name-Last: TOMLINSON
Title: Globalization, vertical relations, and the J-mode firm
Abstract: 
 This paper is concerned with two overlapping issues. In the first instance, we consider the apparent tensions between the visible effects of globalization upon the Japanese economy and the claims of successive commentators that novel Japanese production systems of coordination and vertical supply are particularly conducive to both national and regional industrial stability. Second, we set out a critical reassessment of the lessons that the literature has drawn to date from both the evident successes and current difficulties of Japan's post-World War II economy; taking as the frame of reference contributions such as Aoki (1988; 1990b; 1994) on the J-mode firm, Katzner (1999) on comparative economy and culture, and Porter et al. (2000) on Japan's present economic crisis. This paper argues that (1) the basis for many of the claims of historic novelty in forms of material organization in Japanese industry is surprisingly weak, (2) these claims have encouraged an unwarranted tendency toward neglect of the problems posed for the national and regional economy by the globalizing activities of Japan's large transnational corporations, and (3) analysis should dwell less on the supposed novelties at the point of interface between production unit and market or in the conduct of vertical supply relations, and more on the lessons to be drawn from a careful study of the past achievements of, and current political-economic impasse in, state strategic planning and the role of industrial policy.
Journal: Journal of Post Keynesian Economics
Pages: 117-144
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051385
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051385
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:117-144




Template-Type: ReDIF-Article 1.0
Author-Name: STEVEN PRESSMAN
Author-X-Name-First: STEVEN
Author-X-Name-Last: PRESSMAN
Author-Name: Richard Holt
Author-X-Name-First: Richard
Author-X-Name-Last: Holt
Title: Teaching Post Keynesian economics to undergraduate students
Abstract: 
 This paper argues that providing alternative perspectives, such as Post Keynesian economics, is important to students and for the success of the economics profession. Comparing and contrasting different views allow students to develop critical reasoning skills that they will need later in their lives. Such knowledge is important to students in understanding how changes occur in economic thinking. Finally, it is explained how a student-oriented supplementary volume is one way to enrich an economics course.
Journal: Journal of Post Keynesian Economics
Pages: 169-186
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051386
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051386
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:169-186




Template-Type: ReDIF-Article 1.0
Author-Name: JANI BEKÓ
Author-X-Name-First: JANI
Author-X-Name-Last: BEKÓ
Title: The validity of the balance-of-payments-constrained growth model for a small economy in transition: the case of Slovenia
Abstract: 
 The paper estimates the validity of the balance-of-payments-constrained growth model in the case of the Slovenian economy with a cointegration approach. Three main conclusions can be drawn from the analysis. First, the results identified a long-run relationship between real gross domestic product and variables of real exports. Second, as the results from the basic model suggest, to ease the pressure from the balance-of-payments constraints on output growth, shifts in elasticities of export and import flows are required. Third, owing to the reported modernization needs of the Slovenian economy, persistence of import patterns, and empirically documented strong dependence of exports on sufficient imports, manipulation of export demand seems to be more justified.
Journal: Journal of Post Keynesian Economics
Pages: 69-93
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051387
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051387
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:69-93




Template-Type: ReDIF-Article 1.0
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Author-Name: MALCOLM SAWYER
Author-X-Name-First: MALCOLM
Author-X-Name-Last: SAWYER
Title: Reinventing fiscal policy
Abstract: 
 Recent developments in macroeconomic policy, both in terms of theory and practice, have elevated monetary policy while fiscal policy has been downgraded. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of monetary policy to target inflation. Elsewhere we have critically examined the significance of this shift, which led us to question the effectiveness of monetary policy. We have also explored the role of fiscal policy and have argued that fiscal policy should be reinstated. This contribution aims to consider further that particular conclusion. We consider at length fiscal policy within the current "new consensus" theoretical framework. We find the proposition of this thinking, that fiscal policy provides at best a limited role, unconvincing. We examine the possibility of crowding out and the Ricardian Equivalence Theorem (RET). A short review of quantitative estimates of fiscal policy multipliers gives credence to our theoretical conclusions. Our overall conclusion is that, under specified conditions, fiscal policy is a powerful tool for macroeconomic policy.
Journal: Journal of Post Keynesian Economics
Pages: 3-25
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051388
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051388
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:3-25




Template-Type: ReDIF-Article 1.0
Author-Name: CLIFFORD S. POIROT Jr.
Author-X-Name-First: CLIFFORD S.
Author-X-Name-Last: POIROT Jr.
Title: Did the currency board resolve Bulgaria's financial crisis of 1996-97?
Abstract: 
 &lt;P&gt; This paper analyzes the causes behind the Bulgarian financial crisis of 1996 and 1997. IMF staff economists and the policy adopted by the IMF focuses on a monetary explanation for banking and financial crises in transitional economies. Accordingly, the solution they offer is a monetary solution-- specifically, a currency board. Currency boards in effect force governments to adhere to a specific monetary rule. This prevents the development of necessary central bank functions. &lt;/P&gt;&lt;P&gt;The paper argues that the financial crisis in Bulgaria was due to poor banking regulation and the problems associated with valuing capital assets in transitional economies. The crisis was therefore not caused by purely monetary phenomena such as too much liquidity. Rather, it was the outcome of the interaction of chaotic hysteresis and financial fragility.&lt;/P&gt;
Journal: Journal of Post Keynesian Economics
Pages: 27-55
Issue: 1
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051389
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051389
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Handle: RePEc:mes:postke:v:26:y:2003:i:1:p:27-55




Template-Type: ReDIF-Article 1.0
Author-Name: Tony Lawson
Author-X-Name-First: Tony
Author-X-Name-Last: Lawson
Title: Connections and Distinctions: Post Keynesianism and Critical Realism
Journal: Journal of Post Keynesian Economics
Pages: 3-14
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490224
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490224
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:3-14




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Post Keynesianism and Critical Realism: What Is the Connection?
Journal: Journal of Post Keynesian Economics
Pages: 15-33
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490225
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490225
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:15-33




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Lewis
Author-X-Name-First: Paul
Author-X-Name-Last: Lewis
Author-Name: Jochen Runde
Author-X-Name-First: Jochen
Author-X-Name-Last: Runde
Title: A Critical Realist Perspective on Paul Davidson’s Methodological Writings On—And Rhetorical Strategy For—Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 35-56
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490226
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490226
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:35-56




Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Title: Post Keynesian Economics and Critical Realism: A Reply to Parsons
Journal: Journal of Post Keynesian Economics
Pages: 57-70
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490227
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490227
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:57-70




Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Post Keynesian Economics and Realist Philosophy
Journal: Journal of Post Keynesian Economics
Pages: 71-103
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490228
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490228
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:71-103




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Walters
Author-X-Name-First: Bernard
Author-X-Name-Last: Walters
Author-Name: David Young
Author-X-Name-First: David
Author-X-Name-Last: Young
Title: Is Critical Realism the Appropriate Basis for Post Keynesianism?
Journal: Journal of Post Keynesian Economics
Pages: 105-123
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490229
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490229
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:105-123




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Taxonomy, Communication, and Rhetorical Strategy
Journal: Journal of Post Keynesian Economics
Pages: 125-129
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490230
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490230
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:125-129




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Moreno-Brid
Author-X-Name-First: Juan Carlos
Author-X-Name-Last: Moreno-Brid
Author-Name: Esteban Pérez
Author-X-Name-First: Esteban
Author-X-Name-Last: Pérez
Title: Balance-of-Payments-Constrained Growth in Central America: 1950–96
Journal: Journal of Post Keynesian Economics
Pages: 131-147
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490231
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490231
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:131-147




Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: The “Real Interest” Fallacy and the Fed’s COLA
Journal: Journal of Post Keynesian Economics
Pages: 149-159
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490232
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490232
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:149-159




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement: Sixth International Post Keynesian Workshop
Journal: Journal of Post Keynesian Economics
Pages: 160-160
Issue: 1
Volume: 22
Year: 1999
Month: 9
X-DOI: 10.1080/01603477.1999.11490233
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490233
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Handle: RePEc:mes:postke:v:22:y:1999:i:1:p:160-160




Template-Type: ReDIF-Article 1.0
Author-Name: Yannis  Panagopoulos 
Author-X-Name-First: Yannis  
Author-X-Name-Last: Panagopoulos 
Author-Name: Aristotelis  Spiliotis 
Author-X-Name-First: Aristotelis  
Author-X-Name-Last: Spiliotis 
Title: Alternative money theories: a G7 testing 
Abstract:
 The aim of this paper is to present the ways different schools of economic
 thought approach the money supply processâthat is, the money-income
 relationship as well as the money multiplier model. First, we briefly
 discuss the arguments among the different Post Keynesian schools of
 thought, on these two issues as well as the different orthodox views.
 Then, using econometric causality techniques, we search which theoretical
 approach "better fits the data" in the G7 economies. The results favor the
 idea that in most of the G7 economiesâwith the possible exceptions of
 France and Japanâthe "road" of nonorthodox money generation process
 (with some peculiarities for each country) seems to be followed.
Journal: Journal of Post Keynesian Economics 
Pages: 601-622 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: cointegration, money theories, VARs, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=975847L0718VLJ36 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:601-622




Template-Type: ReDIF-Article 1.0
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Title: Washington consensus and financial liberalization
Abstract: 
 The aim of this contribution is not to assess the overall performance of the Washington Consensus. It is, rather, to look critically at the Washington Consensus from the point of view of interest rate liberalization. Not only is the theoretical angle of financial liberalization discussed in this contribution, but the empirical side will also be appraised. The paper argues that from this perspective, the Washington Consensus has been a failure. Based on this assessment, the paper also evaluates the "revised" Washington Consensus, always from the financial liberalization perspective. The latter argues for completing the "first-generation" liberalizing reforms, which, of course, include the financial liberalization point of view. In this regard, the paper concludes that both the Washington Consensus and the "revised" Washington Consensus are not very promising. This conclusion is pertinent despite the concession by the Washington Consensus/"revised" Washington Consensus supporters that two important prerequisites of "early"--that is, the 1970s--financial liberalization attempts were not mentioned initially when proposing the initial "ten commandments" of the Washington Consensus. These two prerequisites were: sequencing in financial liberalization policies, where capital flows should follow the establishment of liberalized and robust domestic financial systems, and institutional preconditions, where sound financial institutions should be in place before financial liberalization is introduced. As shown in this contribution, the problematic nature of the financial liberalization aspect of Washington Consensus/"revised" Washington Consensus is by far deeper and more serious than the two preconditions alluded to in Williamson (2004-5). In fact, the evidence of the past 30 years or so demonstrates that the implementation of the 10 commandments of the Washington Consensus has proved to be a disaster for developing and other countries that pursue the Washington Consensus-type of policies. Our critique, therefore, of the Washington Consensus/"revised" Washington Consensus is based both on the theoretical underpinnings of the financial liberalization thesis and on the experience with the implementation of these policies in a number of countries.
Journal: Journal of Post Keynesian Economics
Pages: 251-271
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051432
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051432
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:251-271




Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDE GNOS
Author-X-Name-First: CLAUDE
Author-X-Name-Last: GNOS
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Title: The Washington consensus and multinational banking in Latin America
Abstract: 
 The dramatic increase in multinational banks in the late 1990s is a direct result of Washington Consensus-type policies that emphasize the removal of barriers to the free flow of financial capital. In Latin America, foreign banks now control almost half of the total banking activity. Inevitably, the direct implication of such circumstances is a fall in the profits of domestic banks. In response to this, domestic banks react by curtailing their overall lending in the short run, thereby preventing small borrowers from accession to credit, and eventually increasing their lending to riskier projects and borrowers in the medium run. Either way, the multinationalization of the banking system in emerging markets will tend to increase the fragility of the overall system rather than decrease it. Evidence of both scenarios has been reported. Adopting an endogenous money approach, the authors advocate policies that, although recognizing that deregulation and liberalization may be difficult to stop, would, nonetheless, address some of the more contentious consequences of multinational banking.
Journal: Journal of Post Keynesian Economics
Pages: 315-331
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051433
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051433
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:315-331




Template-Type: ReDIF-Article 1.0
Author-Name: HA-JOON CHANG
Author-X-Name-First: HA-JOON
Author-X-Name-Last: CHANG
Author-Name: ILENE GRABEL
Author-X-Name-First: ILENE
Author-X-Name-Last: GRABEL
Title: Reclaiming development from the Washington consensus
Abstract: 
 This paper summarizes our new book, Reclaiming Development: An Alternative Economic Policy Manual (Chang and Grabel, 2004). It begins from the premise that the view that there is no alternative to neoliberal economic policies in developing countries is fundamentally and dangerously incorrect. The "no alternative" dictum has commonly been associated with popularizations (and arguably, misinterpretations) of Williamson's original statement of the "Washington Consensus." We demonstrate that feasible alternatives to neo-liberal policies exist that can promote rapid economic development that is equitable, stable, and sustainable. Some of these are proposals for strategies not yet adopted. But many others have already proven their worth in practice across the globe. We offer them in order to shatter the idea that there is no alternative, and to contribute to the vigorous campaign now underway across the globe to "reclaim development" from the neoliberal orthodoxy.
Journal: Journal of Post Keynesian Economics
Pages: 273-291
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051434
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051434
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:273-291




Template-Type: ReDIF-Article 1.0
Author-Name: ALCINO F. CÂMARA NETO
Author-X-Name-First: ALCINO F. CÂMARA
Author-X-Name-Last: NETO
Author-Name: MATIAS VERNENGO
Author-X-Name-First: MATIAS
Author-X-Name-Last: VERNENGO
Title: Fiscal policy and the Washington consensus: a Post Keynesian perspective
Abstract: 
 The debt crisis of the early 1980s prompted several analyses that emphasized the negative role of fiscal deficits on economic development. This negative view of fiscal deficits was consolidated in the "Washington Consensus" agenda. International financial crises--recurrent in a world of true uncertainty with unregulated capital flows and flexible exchange rates--have led to perennial fiscal adjustment. Alternatives to the permanent fiscal adjustment, the main legacy of the Washington Consensus, from a Post Keynesian perspective, are presented. It is emphasized that the notion of the euthanasia of the rentier is a necessary complement to the socialization of investment.
Journal: Journal of Post Keynesian Economics
Pages: 333-343
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051435
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051435
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:333-343




Template-Type: ReDIF-Article 1.0
Author-Name: LUIZ CARLOS BRESSER-PEREIRA
Author-X-Name-First: LUIZ CARLOS
Author-X-Name-Last: BRESSER-PEREIRA
Author-Name: CARMEN AUGUSTA VARELA
Author-X-Name-First: CARMEN AUGUSTA
Author-X-Name-Last: VARELA
Title: The second Washington consensus and Latin America's quasi-stagnation
Abstract: 
 It took more than ten years for Latin America to overcome the debt crisis, which turned into a fiscal crisis of the state. Yet in the early 1990s, most of Latin America had undergone deep reforms (particularly trade liberalization and privatization), and, thanks to exchange rate devaluation and fiscal adjustment, they had reduced the foreign and the public debt. Yet growth was not resumed. The basic reason for that was the adoption of the growth cum foreign savings strategy coupled with financial opening (the "second" Washington Consensus). The huge capital inflows created serious solvency problems, as the foreign indebtedness threshold was exceeded. On the other hand, capital inflows appreciated the national currencies, artificially increasing wages and consumption, having as trade-offs the reduction of domestic savings and, again, the increase of foreign debt. Despite sizable direct investments, the total investment rate remained constant, as growth did not resume. Only the foreign financial and patrimonial debt increased.
Journal: Journal of Post Keynesian Economics
Pages: 231-250
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051436
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051436
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:231-250




Template-Type: ReDIF-Article 1.0
Author-Name: CLAUDE GNOS
Author-X-Name-First: CLAUDE
Author-X-Name-Last: GNOS
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Title: What is next for the Washington consensus? The fifteenth anniversary, 1989-2004
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 187-193
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051437
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051437
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:187-193




Template-Type: ReDIF-Article 1.0
Author-Name: JOHN WILLIAMSON
Author-X-Name-First: JOHN
Author-X-Name-Last: WILLIAMSON
Title: The strange history of the Washington consensus
Abstract: 
 The term "Washington Consensus" was originally used to describe a list of ten reforms that I argued were practically universally agreed in Washington to be desirable in most Latin American countries as of 1989. It acquired alternative meanings over the years, one of which was a summary of the policies toward their client countries of the Washington-based international financial institutions (IFIs), and another of which was what critics imagined the policies of those institutions to be (a list that tends to consist of policies that never did command a consensus, even in Washington). It is argued that in its original sense, the Washington Consensus consists of policies that still amount to a sensible--but incomplete--reform agenda, but that some of the deviations between my original list and what the IFIs have advocated are undesirable. However, even the original list needs to be supplemented in order to provide a policy agenda for Latin America today. The paper sketches the reform agenda recently laid out by a group of Latin American economists and published by the Institute for International Economics, which adds countercyclical macro policies, institutional reforms, and a concern with income distribution to the original emphasis on liberalization.
Journal: Journal of Post Keynesian Economics
Pages: 195-206
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051438
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051438
File-Format: text/html
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Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:195-206




Template-Type: ReDIF-Article 1.0
Author-Name: JUAN CARLOS MORENO-BRID
Author-X-Name-First: JUAN CARLOS
Author-X-Name-Last: MORENO-BRID
Author-Name: ESTEBAN PÉREZ CALDENTEY
Author-X-Name-First: ESTEBAN PÉREZ
Author-X-Name-Last: CALDENTEY
Author-Name: PABLO RUÍZ NÁPOLES
Author-X-Name-First: PABLO RUÍZ
Author-X-Name-Last: NÁPOLES
Title: The Washington consensus: a Latin American perspective fifteen years later
Abstract: 
 The paper analyzes the economic and social development of Latin America after nearly two decades of macroeconomic policies and reforms in line with the "Washington Consensus." It shows that these policies lowered inflation and induced an export boom but failed to boost domestic investment and to remove the balance-of-payments binding constraint on the region's long-term path of economic expansion. Four alternative explanations of such poor performance of the Washington Consensus are compared. In particular, the paper argues that, contrary to mainstream opinion, in Latin America, there is no clear association between the depth of macroeconomic reforms and economic growth performance.
Journal: Journal of Post Keynesian Economics
Pages: 345-365
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051439
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051439
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Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: A Post Keynesian view of the Washington consensus and how to improve it
Abstract: 
 The evidence of the past 15 years has demonstrated that attempting to implement the 10 reforms of the Washington Consensus has ultimately proven to be a disaster for developing nations. If the empirical evidence is of the failure of the Washington Consensus, then why does the G-7, the World Bank, and the IMF seek to tie aid for Latin American nations' economic problems to a demand for the nation to move toward full adoption of the 10 consensus reforms? This paper provides an explanation and suggests alternative policies to achieve success.
Journal: Journal of Post Keynesian Economics
Pages: 208-230
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051440
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051440
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Template-Type: ReDIF-Article 1.0
Author-Name: JOSÉ ANTONIO OCAMPO
Author-X-Name-First: JOSÉ ANTONIO
Author-X-Name-Last: OCAMPO
Title: Beyond the Washington consensus: what do we mean?
Abstract: 
 This paper underscores the need to overcome the fundamental problems of the "Washington Consensus" that have not been entirely solved in its recent reformulations calling for a "second generation of reforms." Such problems are its narrow view of macroeconomic stability; its disregard for the role that policy interventions in the productive sector can play in inducing investment and accelerating growth; its tendency to subordinate social policies to economic policies; and, finally, its tendency to forget that it is citizens who should choose what economic and social institutions they prefer. The examination of the frustrating experience of Latin America under structural reforms provides the empirical backdrop for the analysis.
Journal: Journal of Post Keynesian Economics
Pages: 293-314
Issue: 2
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051441
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051441
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Issawi
Author-X-Name-First: Charles
Author-X-Name-Last: Issawi
Title: The 1973 Oil Crisis and After
Journal: Journal of Post Keynesian Economics
Pages: 3-26
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489099
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489099
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Balogh
Author-X-Name-First: Thomas
Author-X-Name-Last: Balogh
Title: Monetarism and the Oil Price Crisis
Journal: Journal of Post Keynesian Economics
Pages: 27-46
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489100
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489100
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The United States Internal Revenue Service: Fourteenth member of OPEC?
Journal: Journal of Post Keynesian Economics
Pages: 47-58
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489101
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489101
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: The Missing Theory of Money Wages
Journal: Journal of Post Keynesian Economics
Pages: 59-78
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489102
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489102
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Life-Cycle Saving and Bequest Behavior
Journal: Journal of Post Keynesian Economics
Pages: 79-99
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489103
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489103
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis Seton
Author-X-Name-First: Francis
Author-X-Name-Last: Seton
Title: Devaluation Packages in Small Countries
Journal: Journal of Post Keynesian Economics
Pages: 100-112
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489104
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489104
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: On Not Quantifying the Nonquantifiable
Journal: Journal of Post Keynesian Economics
Pages: 113-128
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489105
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489105
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Template-Type: ReDIF-Article 1.0
Author-Name: Aron Katsenelinboigen
Author-X-Name-First: Aron
Author-X-Name-Last: Katsenelinboigen
Title: L. V. Kantorovich: The Political Dilemma in Scientific Creativity
Journal: Journal of Post Keynesian Economics
Pages: 129-147
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489106
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489106
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Template-Type: ReDIF-Article 1.0
Author-Name: John E. Elliott
Author-X-Name-First: John E.
Author-X-Name-Last: Elliott
Title: Marx’s Grundrisse: Vision of Capitalism’s Creative Destruction
Journal: Journal of Post Keynesian Economics
Pages: 148-169
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489107
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489107
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Samuel Johnson: A Closet Post Keynesian?
Journal: Journal of Post Keynesian Economics
Pages: 170-171
Issue: 2
Volume: 1
Year: 1978
Month: 12
X-DOI: 10.1080/01603477.1978.11489108
File-URL: http://hdl.handle.net/10.1080/01603477.1978.11489108
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Template-Type: ReDIF-Article 1.0
Author-Name: Toralf Pusch 
Author-X-Name-First: Toralf 
Author-X-Name-Last: Pusch 
Author-Name: Arne Heise 
Author-X-Name-First: Arne 
Author-X-Name-Last: Heise 
Title: Central banks, trade unions, and reputationâis there room for an expansionist maneuver in the European Union? 
Abstract:
 It is now a few years since the introduction of the common currency, and
 Europe is still experiencing high unemployment. The conventional logic
 attributes this problem to flaws in the labor market. In this paper, we
 look at the changes that occur if trade unions and the central bank have
 different options to choose from in a climate of uncertainty. In a
 single-stage game, the most probable outcome is a high unemployment rate.
 Results change dramatically if the game is repeated. However, this effect
 does not occur if the central bank puts a too high weight on price
 stability.
Journal: Journal of Post Keynesian Economics 
Pages: 105-126 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: employment, EMU, labor unions, market constellations, monetary policy, noncooperative game theory, Post Keynesian theory, reputation building, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A102260347612J87 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 Aggregate Demand Management Policies." >i>Review of Radical Political
 Economics>/i>, 2006, >i>38>/i> (2), 214-242.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>52</BIBL>	     <BIBTEXT> Watt, A. "The Role of Wage
 Setting in a Growth Strategy for Europe." In P. Arestis, M. Baddeley, and
 J. McCombie (eds.), >i>Economic Growth: New Directions in Theory and
 Policy.>/i> Cheltenham, UK: Edward Elgar, 2007, pp. 179-199.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>53</BIBL>	  <BIBTEXT> Watt, A., and
 Hallwirth, V. "The Policy Mix and Policy Coordination in EMUâHow Can It
 Contribute to Higher Growth and Employment?" >i>Transfer>/i>, 2003,
 >i>9>/i> (4), 610-632.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:33:y:2010:i:1:p:105-126




Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Alexiou 
Author-X-Name-First: Constantinos Alexiou
Author-X-Name-Last: 
Author-Name: Christos Pitelis 
Author-X-Name-First: Christos Pitelis
Author-X-Name-Last: 
Title: On capital shortages and European unemployment: a panel data investigation
Abstract: 
 In view of the little attention that the relationship between capital stock and unemployment has received, this paper aims at exploring the relationship between those two variables. A Post Keynesian framework comprising a set of demand-side variables provides the basis on which the econometric investigation is conducted. In this context, the application of panel data analysis to EU countries provides evidence on this hitherto untested issue. In so doing, it also explores the extent to which the emergence of the new economic orthodoxy in Europe may be held responsible for the dire state that European labor markets are currently in.
Journal: Journal of Post Keynesian Economics
Pages: 613-640
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051371
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051371
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:613-640




Template-Type: ReDIF-Article 1.0
Author-Name: J. Barkley Rosser Jr 
Author-X-Name-First: J. Barkley Rosser Jr
Author-X-Name-Last: 
Title: Weintraub on the evolution of mathematical economics: a review essay
Abstract: 
 This essay discusses the implications for the evolution of mathematical economics of the ideas presented in E. Roy Weintraub's &lt;I&gt;How Economics Became a Mathematical Science&lt;/I&gt;. A central issue in the discussion is the nature of formalism and axiomatization in mathematical economics, how that has evolved in mathematics, and how that evolution has influenced developments in economics. It is argued that modern mathematical economics has followed mathematics itself in moving beyond hyper-formalistic approaches such as Bourbakism to the use of other approaches, such as computer simulation and more inductive methods. The essay will also argue that mathematics is useful in developing Post Keynesian economics.
Journal: Journal of Post Keynesian Economics
Pages: 575-589
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051372
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051372
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:575-589




Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner 
Author-X-Name-First: Donald W. Katzner
Author-X-Name-Last: 
Title: Why mathematics in economics?
Abstract: 
 This paper suggests that mathematics may have become so important in economics for four reasons: (1) to make use of existing human capital, (ii) to attain scientific respectability, (3) to help assure security with respect to claims of truth, and (4) because economics was created primarily by Western economists to understand Western economic behavior.
Journal: Journal of Post Keynesian Economics
Pages: 561-574
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051373
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051373
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 25
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 699-701
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051374
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051374
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:699-701




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Roncaglia 
Author-X-Name-First: Alessandro Roncaglia
Author-X-Name-Last: 
Title: Energy and market power: an alternative approach to the economics of oil
Abstract: 
 After recalling the existence of two competitive approaches to economics, the "subjective" and the "objective" one, and the main stylized facts about the energy sector,the paper critically examines different versions of "mainstream" economics of oil and sketches an alternative approach, based on the notion of "trilateral oligopoly." Some implications of this approach (dynamic rather than static substitution, an environmental policy based not on fears of scarcity but on the notion of sustainable development, the need for antitrust intervention for stabilizing oil prices) are then examined.
Journal: Journal of Post Keynesian Economics
Pages: 641-659
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051375
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051375
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson 
Author-X-Name-First: Paul Davidson
Author-X-Name-Last: 
Title: Is "mathematical science" an oxymoron when used to describe economics?
Abstract: 
 This paper interprets Weintraub's book, &lt;I&gt;How Economics Became a Mathematical Science&lt;/I&gt;, to suggest why Keynes's General Theory has never had any real impact on the theories and models proposed by rigorous mainstream economic theorists. What is meant by "rigor" and "proof" in mathematical analysis? Mathematicians' and economists' views about these concepts keep changing. Debreu taught economists about axiomatics, formalism, and rigor as the Bourbaki mathematicians reconstructed the meaning of these terms. As a result, mainstream economic theory has lost any connection with the real world. Weintraub's analysis shows that the mathematical scientist emperor of mainstream economics is without clothes.
Journal: Journal of Post Keynesian Economics
Pages: 527-545
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051376
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051376
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Medlen 
Author-X-Name-First: Craig Medlen
Author-X-Name-Last: 
Title: The trouble with Q
Abstract: 
 Q theory predicts not just an absolute increase in new investment during stock market booms but a &lt;I&gt;relative&lt;/I&gt; increase compared to buying companies on the stock market and a &lt;I&gt;relative&lt;/I&gt; decline in new investment expenditures compared to buying companies on the stock market during a stock market decline. The facts concerning the ratio of new investment to mergers and acquisitions not only do not corroborate Q theory but would constitute strong evidence for any theory that would predict the exact opposite of what Q theory predicts.
Journal: Journal of Post Keynesian Economics
Pages: 693-698
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051377
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051377
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:693-698




Template-Type: ReDIF-Article 1.0
Author-Name: Bala Shanmugam 
Author-X-Name-First: Bala Shanmugam
Author-X-Name-Last: 
Author-Name: Mahendhiran Nair 
Author-X-Name-First: Mahendhiran Nair
Author-X-Name-Last: 
Author-Name: Ong Wee Li 
Author-X-Name-First: Ong Wee Li
Author-X-Name-Last: 
Title: The endogenous money hypothesis: empirical evidence from Malaysia (1985-2000)
Abstract: 
 This paper examines the endogenous money supply hypothesis in the Malaysian environment from 1985 to 2000. The results are consistent with the Post Keynesian hypothesis, whereby the money supply in Malaysia was endogenous over the study period. The empirical results also showed a long-run cointegrating relationship between money income and the M3 money supply in Malaysia. While this supports the liquidity preference approach, causality between the total bank loans and the M3 money supply may also support the accommodationist view. However, the results did not support the structuralist approach, nor did it show opposition to this approach.
Journal: Journal of Post Keynesian Economics
Pages: 599-611
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051378
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051378
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:599-611




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow 
Author-X-Name-First: Sheila C. Dow
Author-X-Name-Last: 
Title: Understanding the relationship between mathematics and economics
Abstract: 
 Weintraub's study shows that mathematics does not provide a fixed point of reference for economics. He explains how the notions of rigor and consistency have changed within mathematics over the years, and how it has proved impossible to express mathematics itself as a complete formal system. As a result, we can see more clearly that there is methodological confusion embedded in much applied economics, which gives priority to mathematical expression. In providing this account, Weintraub raises historiographical issues, which we address here--notably who should construct histories, given the normative content of all approaches (including science studies)?
Journal: Journal of Post Keynesian Economics
Pages: 547-560
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051379
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051379
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:547-560




Template-Type: ReDIF-Article 1.0
Author-Name: E. Roy Weintraub 
Author-X-Name-First: E. Roy Weintraub
Author-X-Name-Last: 
Title: Reconstructing the past: a response to four readers
Abstract: 
 In this paper, the author of &lt;I&gt;How Economics Became a Mathematical Science&lt;/I&gt; (Duke University Press, 2002) responds to four papers (from Paul Davidson, Sheila Dow, Donald Katzner,and J. Barkley Rosser Jr.) written for a symposium on his book. In addition to specific responses to points raised by the readers, the author argues, for economists, the historical commonplace that there can be no privileged perspective from which to view the past; there is no right way to write history, only more or less interesting ways.
Journal: Journal of Post Keynesian Economics
Pages: 591-598
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051380
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051380
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:591-598




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Loría 
Author-X-Name-First: Eduardo Loría
Author-X-Name-Last: 
Title: The Mexican economy: balance-of-payments-constrained growth model--the importance of the exchange rate, 1970-1999
Abstract: 
 We argue that the main constraint for the Mexican economy to grow remains inside the structural deficit of the current account as well as in the real exchange rate level. An annual structural econometric model (1970-99) (estimated through weighted two-stage least squares) is estimated to identify the determinants of the four balances that constitute the current account balance. The main objective is to detect only long-run relationships and, consequently, to analyze the sensibility of the overall system to the exchange rate. By doing this, we enforce the introspective features of Thirlwall's Law through what may be called the "extended exchange rate Thirlwall's Law." A detailed analysis of the joint residuals coming out from the structural estimations are performed in order to demonstrate that all the variables involved in the behavioral equations are cointegrated, since they are all "white noise" and normally distributed.
Journal: Journal of Post Keynesian Economics
Pages: 661-691
Issue: 4
Volume: 25
Year: 2003
X-DOI: 10.1080/01603477.2003.11051381
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051381
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Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:661-691




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew V. Fung 
Author-X-Name-First: Matthew V. 
Author-X-Name-Last: Fung 
Title: The potential contributions of behavioral finance to Post Keynesian and institutionalist finance theories 
Abstract:
 In their paper "Behavioral Finance and Post Keynesian-Institutionalist
 Theories of Financial Markets," Raines and Leathers discuss how the
 theories of Keynes, Davidson, and Galbraith could explain financial
 bubbles and crises and show how those theories are both confirmed by
 actual events and supported by some findings in behavioral finance. The
 current paper comments on their discussion and explores the potential
 contributions of behavioral finance to future developments of Post
 Keynesian and Institutionalist theories in other fields in finance,
 especially portfolio theory and asset pricing theory.
Journal: Journal of Post Keynesian Economics 
Pages: 555-574 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: asset pricing theory, behavioral finance, financial bubbles, portfolio theory, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K7G5XU0354J76139 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Asch, S. >i>Social
 Psychology>/i>. Englewood Cliffs, NJ: Prentice Hall, 1952.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Baker, M., and
 Wurgler, J. "Investor Sentiment in the Stock Market." >i>Journal of
 Economic Perspectives>/i>, Spring 2007, >i>21>/i> (2), 129-151.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Barber, B.M.,
 and Odean, T. "Trading Is Hazardous to Your Wealth: The Common Stock
 Investment Performance of Individual Investors." >i>Journal of
 Finance>/i>, April 2000, >i>55>/i> (2), 773-806.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>4</BIBL>	     <BIBTEXT> Campbell, J.Y. "Asset
 Pricing at the Millennium." >i>Journal of Finance>/i>, August 2000,
 >i>55>/i> (4), 1515-1567.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>5</BIBL>        <BIBTEXT> Campbell, J.Y., and Cochrane, J.H.
 "Explaining the Poor Performance of Consumption-Based Asset Pricing
 Models." >i>Journal of Finance>/i>, December 2000, >i>55>/i> (6),
 2863-2878.</BIBTEXT>	   </REF>      <REF>	    <BIBL>6</BIBL>	 
 <BIBTEXT> Davidson, P. "Financial Markets, Investment and Employment." In
 J.A. Kregel, E. Matzner, and A. Roncaglia (ed.), >i>Barriers to Full
 Employment>/i>. New York: St. Martin's Press, 1988.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Eichner, A.S. >i>The
 Macrodynamics of Advanced Market Economies>/i>. Armonk, NY: M.E. Sharpe,
 1987.</BIBTEXT>      </REF>	  <REF>        <BIBL>8</BIBL>	    
 <BIBTEXT> Fama, E.F., and French, K.R. "The Cross-Section of Expected
 Stock Returns." >i>Journal of Finance>/i>, June 1992, >i>47>/i> (2),
 427-465.</BIBTEXT>	 </REF>      <REF>	  <BIBL>9</BIBL>       
 <BIBTEXT> Fama, E.F., and French, K.R. "Size and Book-to-Market Factors in
 Earnings and Returns." >i>Journal of Finance>/i>, March 1995, >i>50>/i>
 (1), 131-155.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	   
   <BIBTEXT> Findlay, M.C., and Williams, E.E. "Financial Economics at 50:
 An Oxymoronic Tautology." >i>Journal of Post Keynesian Economics>/i>,
 Winter 2008-9, >i>31>/i> (2), 213-226.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>11</BIBL>	    <BIBTEXT> Fisher, K.L., and Statman, M.
 "Consumer Confidence and Stock Returns." >i>Journal of Portfolio
 Management>/i>, Fall 2003, >i>30>/i> (1), 115-127.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>12</BIBL>	<BIBTEXT> Fung, M.V. "Developments
 in Behavioral Finance and Experimental Economics and Post Keynesian
 Finance Theory." >i>Journal of Post Keynesian Economics>/i>, Fall 2006,
 >i>29>/i> (1), 19-39.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Gervais, S., and Odean, T. "Learning to
 Be Overconfident." >i>Review of Financial Studies>/i>, Spring 2001,
 >i>14>/i> (1), 1-27.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>14</BIBL>	<BIBTEXT> Jefferson, T., and King, J.E. "Can Post
 Keynesians Make Better Use of Behavioral Economics?" >i>Journal of Post
 Keynesian Economics>/i>, Winter 2010-11, >i>33>/i> (2), 209-232.</BIBTEXT>
      </REF>	  <REF>        <BIBL>15</BIBL>	      <BIBTEXT> Kahneman,
 D., and Tversky, A. "Prospect Theory: An Analysis of Decision Under Risk."
 >i>Econometrica>/i>, March 1979, >i>47>/i> (2), 263-292.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Keynes, J.M.
 >i>The General Theory of Employment, Interest and Money>/i>. London:
 Macmillan, 1936.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>  
      <BIBTEXT> Lavoie, M. "Post Keynesian Consumer Theory: Potential
 Synergies with Consumer Research and Economic Psychology." >i>Journal of
 Economic Psychology>/i>, April 2004, >i>5>/i> (5), 639-649.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> Lawrence, E.R.;
 McCabe, G.; and Prakash, A.J. "Answering Financial Anomalies:
 Sentiment-Based Stock Pricing." >i>Journal of Behavioral Finance>/i>,
 2007, >i>8>/i> (3), 161-171.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>19</BIBL>	<BIBTEXT> Markowitz, H. "Portfolio Selection."
 >i>Journal of Finance>/i>, March 1952, >i>7>/i> (1), 77-91.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Milgram, S.
 >i>Obedience to Authority>/i>. New York: Harper and Row, 1974.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>21</BIBL>	    <BIBTEXT> Neal, R., and
 Wheatley, S.M. "Do Measures of Investor Sentiments Predict Returns?"
 >i>Journal of Financial and Quantitative Analysis>/i>, December 1998,
 >i>33>/i> (4), 523-547.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>22</BIBL>	<BIBTEXT> Nofsinger, J.R. >i>The Psychology of
 Investing>/i>, 3d ed. Upper Saddle River, NJ: Pearson Prentice Hall,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>23</BIBL>	     
 <BIBTEXT> Polkovnichenko, V. "Household Portfolio Diversification: A Case
 for Rank-Dependent Preferences." >i>Review of Financial Studies>/i>,
 Winter 2005, >i>18>/i> (4), 1467-1502.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>24</BIBL>	    <BIBTEXT> Raines, J.P., and Leathers, C.G.
 "Behavioral Finance and Post Keynesian-Institutionalist Theories of
 Financial Markets." >i>Journal of Post Keynesian Economics>/i>, Summer
 2011, >i>33>/i> (4), 539-553.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>25</BIBL>	<BIBTEXT> Semenov, A. "Departures from Rational
 Expectations and Asset Pricing Anomalies." >i>Journal of Behavioral
 Finance>/i>, 2009, >i>10>/i> (4), 234-241.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>26</BIBL>	     <BIBTEXT> Shefrin, H. >i>A Behavioral
 Approach to Asset Pricing>/i>. Burlington, MA: Elsevier Academic Press,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>27</BIBL>	     
 <BIBTEXT> Shefrin, H., and Statman, M. "Behavioral Capital Asset Pricing
 Theory." >i>Journal of Financial and Quantitative Analysis>/i>, September
 1994, >i>29>/i> (3), 323-349.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>28</BIBL>	<BIBTEXT> Shefrin, H., and Statman, M. "Behavioral
 Portfolio Theory." >i>Journal of Financial and Quantitative Analysis>/i>,
 June 2000, >i>35>/i> (2), 127-151.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>29</BIBL>	<BIBTEXT> Shiller, R. >i>Irrational Exuberance.>/i>
 New York: Broadway Books, 2001.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>30</BIBL>	<BIBTEXT> Shiller, R. >i>Irrational Exuberance>/i>,
 2d ed. Princeton: Princeton University Press, 2005.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>31</BIBL>	 <BIBTEXT> Statman, M. "Foreign
 Stocks in Behavioral Portfolios." >i>Financial Analysts Journal>/i>,
 March-April 1999, >i>55>/i> (2), 12-16.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>32</BIBL>	     <BIBTEXT> Thompson, J.R.; Baggett, L.S.;
 Wojciechowski, W.C.; and Williams, E.E. "Nobels for Nonsense." >i>Journal
 of Post Keynesian Economics>/i>, Fall 2006, >i>29>/i> (1), 3-18.</BIBTEXT>
      </REF>	
Handle: RePEc:mes:postke:v:33:y:2011:i:4:p:555-574




Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari
Author-X-Name-First: Steven M.
Author-X-Name-Last: Fazzari
Author-Name: Tracy L. Mott
Author-X-Name-First: Tracy L.
Author-X-Name-Last: Mott
Title: The Investment Theories of Kalecki and Keynes: An Empirical Study of Firm Data, 1970–1982
Journal: Journal of Post Keynesian Economics
Pages: 171-187
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489611
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489611
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Handle: RePEc:mes:postke:v:9:y:1986:i:2:p:171-187




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Terzi
Author-X-Name-First: Andrea
Author-X-Name-Last: Terzi
Title: The Independence of Finance from Saving: A Flow-of-Funds Interpretation
Journal: Journal of Post Keynesian Economics
Pages: 188-197
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489612
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489612
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Handle: RePEc:mes:postke:v:9:y:1986:i:2:p:188-197




Template-Type: ReDIF-Article 1.0
Author-Name: Kurt W. Rothschild
Author-X-Name-First: Kurt W.
Author-X-Name-Last: Rothschild
Title: Is There a Weitzman Miracle?
Journal: Journal of Post Keynesian Economics
Pages: 198-211
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489613
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489613
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Handle: RePEc:mes:postke:v:9:y:1986:i:2:p:198-211




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The Simple Macroeconomics of a Nonergodic Monetary Economy versus a Share Economy: Is Weitzman’s Macroeconomics Too Simple?
Journal: Journal of Post Keynesian Economics
Pages: 212-225
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489614
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489614
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Handle: RePEc:mes:postke:v:9:y:1986:i:2:p:212-225




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: A Tale of Two Taxpayers: The Effects of the Economic Recovery and Tax Act of 1981
Journal: Journal of Post Keynesian Economics
Pages: 226-236
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489615
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Post Keynesian Monetary Theory for an Open Economy
Journal: Journal of Post Keynesian Economics
Pages: 237-257
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489616
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Systemic Financial Fragility: A Simplified View
Journal: Journal of Post Keynesian Economics
Pages: 258-266
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489617
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Template-Type: ReDIF-Article 1.0
Author-Name: Shaun P. Hargreaves Heap
Author-X-Name-First: Shaun P.
Author-X-Name-Last: Hargreaves Heap
Title: Risk and Culture: A Missing Link in the Post Keynesian Tradition
Journal: Journal of Post Keynesian Economics
Pages: 267-278
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489618
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitava Krishna Dutt
Author-X-Name-First: Amitava Krishna
Author-X-Name-Last: Dutt
Title: Wage Rigidity and Unemployment: The Simple Diagrammatics of Two Views
Journal: Journal of Post Keynesian Economics
Pages: 279-290
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489619
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Rabin
Author-X-Name-First: Alan
Author-X-Name-Last: Rabin
Author-Name: Ziad Keilany
Author-X-Name-First: Ziad
Author-X-Name-Last: Keilany
Title: A Note on the Incompatibility of the Pigou Effect and a Liquidity Trap
Journal: Journal of Post Keynesian Economics
Pages: 291-296
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489620
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas J. Cunningham
Author-X-Name-First: Thomas J.
Author-X-Name-Last: Cunningham
Title: Growing out of Deficits: Debt Dynamics in a Disequilibrium Model
Journal: Journal of Post Keynesian Economics
Pages: 297-306
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489621
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Normal Profits, Wages, and Prices
Journal: Journal of Post Keynesian Economics
Pages: 307-308
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489622
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Change of Address
Journal: Journal of Post Keynesian Economics
Pages: 309-309
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489623
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: International Summer School
Journal: Journal of Post Keynesian Economics
Pages: 310-310
Issue: 2
Volume: 9
Year: 1986
Month: 12
X-DOI: 10.1080/01603477.1986.11489624
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace C. Peterson
Author-X-Name-First: Wallace C.
Author-X-Name-Last: Peterson
Author-Name: Paul S. Estenson
Author-X-Name-First: Paul S.
Author-X-Name-Last: Estenson
Title: The Recovery: Supply-Side or Keynesian?
Journal: Journal of Post Keynesian Economics
Pages: 447-462
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489521
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Template-Type: ReDIF-Article 1.0
Author-Name: Saul Estrin
Author-X-Name-First: Saul
Author-X-Name-Last: Estrin
Author-Name: Peter Holmes
Author-X-Name-First: Peter
Author-X-Name-Last: Holmes
Title: Uncertainty, Efficiency, and Economie Planning in Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 463-473
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489522
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: International Comparisons of Productivity Growth: Verdoorn’s Law Revisited
Journal: Journal of Post Keynesian Economics
Pages: 474-492
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489523
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: Demand for and Supply of International Reserves: A Simultaneous Approach
Journal: Journal of Post Keynesian Economics
Pages: 493-503
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489524
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. K.
Author-X-Name-First: J. A.
Author-X-Name-Last: K.
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 504-507
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489525
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Template-Type: ReDIF-Article 1.0
Author-Name: John Kenneth Galbraith
Author-X-Name-First: John Kenneth
Author-X-Name-Last: Galbraith
Title: Eulogy
Journal: Journal of Post Keynesian Economics
Pages: 508-509
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489526
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Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: A Jevonian Seditionist: A Mutiny to Enhance the Economic Bounty?
Journal: Journal of Post Keynesian Economics
Pages: 510-529
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489527
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Bond
Author-X-Name-First: Patrick
Author-X-Name-Last: Bond
Title: A Student’s Appreciation of Sidney Weintraub
Journal: Journal of Post Keynesian Economics
Pages: 530-532
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489528
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Sidney Weintraub—An Economist of the Real World
Journal: Journal of Post Keynesian Economics
Pages: 533-539
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489529
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: Sidney Weintraub’s Macrofoundations of Microeconomics and the Theory of Distribution
Journal: Journal of Post Keynesian Economics
Pages: 540-558
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489530
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Sylos-Labini
Author-X-Name-First: Paolo
Author-X-Name-Last: Sylos-Labini
Title: Weintraub on the Price Level and Macroeconomics
Journal: Journal of Post Keynesian Economics
Pages: 559-574
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489531
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rothschild
Author-X-Name-First: Kurt
Author-X-Name-Last: Rothschild
Title: Some Notes on Weintraub’s Eclectic Theory of Income Shares
Journal: Journal of Post Keynesian Economics
Pages: 575-593
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489532
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Template-Type: ReDIF-Article 1.0
Author-Name: Eileen Appelbaum
Author-X-Name-First: Eileen
Author-X-Name-Last: Appelbaum
Title: Employment and the Distribution of Earned Income
Journal: Journal of Post Keynesian Economics
Pages: 594-602
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489533
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Template-Type: ReDIF-Article 1.0
Author-Name: David J. Hoaas
Author-X-Name-First: David J.
Author-X-Name-Last: Hoaas
Title: The Personal and Professional Papers of Sidney Weintraub
Journal: Journal of Post Keynesian Economics
Pages: 603-606
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489534
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Bernstein
Author-X-Name-First: Michael A.
Author-X-Name-Last: Bernstein
Title: The Methodological Resolution of the Cambridge Controversies: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 607-611
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489535
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Template-Type: ReDIF-Article 1.0
Author-Name: Avi J. Cohen
Author-X-Name-First: Avi J.
Author-X-Name-Last: Cohen
Title: Issues in the Cambridge Controversies
Journal: Journal of Post Keynesian Economics
Pages: 612-615
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489536
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 616-616
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489537
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume VII
Journal: Journal of Post Keynesian Economics
Pages: 617-619
Issue: 4
Volume: 7
Year: 1985
Month: 7
X-DOI: 10.1080/01603477.1985.11489538
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Template-Type: ReDIF-Article 1.0
Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: The Postwar Growth in Monopoly Power
Journal: Journal of Post Keynesian Economics
Pages: 3-13
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489539
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Template-Type: ReDIF-Article 1.0
Author-Name: David R. Richardson
Author-X-Name-First: David R.
Author-X-Name-Last: Richardson
Title: On Proposals for a Clearing Union
Journal: Journal of Post Keynesian Economics
Pages: 14-27
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489540
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank J. Sammartino
Author-X-Name-First: Frank J.
Author-X-Name-Last: Sammartino
Author-Name: Richard A. Kasten
Author-X-Name-First: Richard A.
Author-X-Name-Last: Kasten
Title: The Distributional Consequences of Taxing Social Security Benefits: Current Law and Alternative Schemes
Journal: Journal of Post Keynesian Economics
Pages: 28-46
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489541
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Template-Type: ReDIF-Article 1.0
Author-Name: Maurice MacDonald
Author-X-Name-First: Maurice
Author-X-Name-Last: MacDonald
Title: Goverenment Welfare Benefits and the Social Safety Net
Journal: Journal of Post Keynesian Economics
Pages: 47-65
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489542
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari
Author-X-Name-First: Steven M.
Author-X-Name-Last: Fazzari
Title: Keynes, Harrod, and the Rational Expections Reveolution
Journal: Journal of Post Keynesian Economics
Pages: 66-80
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489543
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489543
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali F. Darrat
Author-X-Name-First: Ali F.
Author-X-Name-Last: Darrat
Title: Anticipated Money and Real Output in Italy: Some Tests of a Rational Expectation Approach
Journal: Journal of Post Keynesian Economics
Pages: 81-90
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489544
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489544
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Placone
Author-X-Name-First: Dennis
Author-X-Name-Last: Placone
Author-Name: Holley Ulbrich
Author-X-Name-First: Holley
Author-X-Name-Last: Ulbrich
Author-Name: Myles Wallace
Author-X-Name-First: Myles
Author-X-Name-Last: Wallace
Title: The Crowding Out Debate: It’s Over When it’s Over and it isn’t Over Yet
Journal: Journal of Post Keynesian Economics
Pages: 91-96
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489545
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele I. Naples
Author-X-Name-First: Michele I.
Author-X-Name-Last: Naples
Title: Dynamic Adjustment and Long-Run Inflation in a Marxian Model
Journal: Journal of Post Keynesian Economics
Pages: 97-112
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489546
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Template-Type: ReDIF-Article 1.0
Author-Name: James E. Price
Author-X-Name-First: James E.
Author-X-Name-Last: Price
Title: The Remarakable Career of the Inflationary Gap
Journal: Journal of Post Keynesian Economics
Pages: 113-120
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489547
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489547
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan P. Goldstein
Author-X-Name-First: Jonathan P.
Author-X-Name-Last: Goldstein
Title: Pricing, Accumulation, and Crisis in Post Keyesian Theory
Journal: Journal of Post Keynesian Economics
Pages: 121-134
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489548
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: A Markup Theory of Bank Loan Rates
Journal: Journal of Post Keynesian Economics
Pages: 135-144
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489549
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Author-Name: F. S. Lee
Author-X-Name-First: F. S.
Author-X-Name-Last: Lee
Title: “Kalkecki’s Pricing Theory”: Two Comments
Journal: Journal of Post Keynesian Economics
Pages: 145-148
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489550
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Author-Name: Daniel Larkins
Author-X-Name-First: Daniel
Author-X-Name-Last: Larkins
Title: Comment on Aggregant Inventory Behavior: Response to Uncertainty and Interest Rates
Journal: Journal of Post Keynesian Economics
Pages: 149-150
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489551
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Author-Name: Anthony Myatt
Author-X-Name-First: Anthony
Author-X-Name-Last: Myatt
Title: Exchange Rates, Tight Money, and Macroeconomic Policy: a Comment
Journal: Journal of Post Keynesian Economics
Pages: 151-153
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489552
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Author-Name: Ching-Chong Lai
Author-X-Name-First: Ching-Chong
Author-X-Name-Last: Lai
Author-Name: Chau-Nan Chen
Author-X-Name-First: Chau-Nan
Author-X-Name-Last: Chen
Title: Flexible Exchange Rates, Tight Money Effects, and Macroeconomic Policy: Reply
Journal: Journal of Post Keynesian Economics
Pages: 154-158
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489553
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Author-Name: Phyllis Deane
Author-X-Name-First: Phyllis
Author-X-Name-Last: Deane
Author-Name: Keith Griffin
Author-X-Name-First: Keith
Author-X-Name-Last: Griffin
Author-Name: Geoff Harcourt
Author-X-Name-First: Geoff
Author-X-Name-Last: Harcourt
Title: Joan Robinson Memorial Appeal
Journal: Journal of Post Keynesian Economics
Pages: 159-160
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489554
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Author-Name: Pierangelo Garegnani
Author-X-Name-First: Pierangelo
Author-X-Name-Last: Garegnani
Title: Sraffa Papers
Journal: Journal of Post Keynesian Economics
Pages: 160-160
Issue: 1
Volume: 8
Year: 1985
Month: 9
X-DOI: 10.1080/01603477.1985.11489555
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Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Stephen P. Dunn
Author-X-Name-First: Stephen P.
Author-X-Name-Last: Dunn
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Post Keynesian Economics and Its Critics
Journal: Journal of Post Keynesian Economics
Pages: 527-549
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490212
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Author-Name: Myron J. Gordon
Author-X-Name-First: Myron J.
Author-X-Name-Last: Gordon
Title: The Performance and Market Value of U.S. Nonfinancial Corporations, 1987–97
Journal: Journal of Post Keynesian Economics
Pages: 551-560
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490213
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Author-Name: John M. Legge
Author-X-Name-First: John M.
Author-X-Name-Last: Legge
Title: : A Review
Journal: Journal of Post Keynesian Economics
Pages: 561-570
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490214
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Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Keynes’ Principle of Effective Demand versus the Bedlam of the New Keynesians
Journal: Journal of Post Keynesian Economics
Pages: 571-588
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490215
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Author-Name: Marko Lah
Author-X-Name-First: Marko
Author-X-Name-Last: Lah
Author-Name: Andrej Sušjan
Author-X-Name-First: Andrej
Author-X-Name-Last: Sušjan
Title: Rationality of Transitional Consumers: A Post Keynesian View
Journal: Journal of Post Keynesian Economics
Pages: 589-602
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490216
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Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: A Post Keynesian Explanation of Employment in the United States
Journal: Journal of Post Keynesian Economics
Pages: 603-610
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490217
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Author-Name: Paul Tompkinson
Author-X-Name-First: Paul
Author-X-Name-Last: Tompkinson
Title: The Gains from Trade in a Ricardian Model When Workers Have Preferences among Occupations
Journal: Journal of Post Keynesian Economics
Pages: 611-620
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490218
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Author-X-Name-Last: Bender
Author-Name: Ioannis Theodossiou
Author-X-Name-First: Ioannis
Author-X-Name-Last: Theodossiou
Title: International Comparisons of the Real Wage—Employment Relationship
Journal: Journal of Post Keynesian Economics
Pages: 621-637
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490219
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Author-Name: William A. Jackson
Author-X-Name-First: William A.
Author-X-Name-Last: Jackson
Title: Basic Income and the Right to Work: A Keynesian Approach
Journal: Journal of Post Keynesian Economics
Pages: 639-662
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490220
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Author-Name: John Hudson
Author-X-Name-First: John
Author-X-Name-Last: Hudson
Title: A Generalized Theory of Output Determination
Journal: Journal of Post Keynesian Economics
Pages: 663-678
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490221
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Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: An Irreverent Overview of the History of Money from the Beginning of the Beginning through to the Present
Journal: Journal of Post Keynesian Economics
Pages: 679-687
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490222
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Author-Name: The Editors
Title: Author index to Volume 21
Journal: Journal of Post Keynesian Economics
Pages: 689-691
Issue: 4
Volume: 21
Year: 1999
Month: 7
X-DOI: 10.1080/01603477.1999.11490223
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Template-Type: ReDIF-Article 1.0
Author-Name: Arne  Heise 
Author-X-Name-First: Arne  
Author-X-Name-Last: Heise 
Title: A Post Keynesian theory of economic policyâfilling a void 
Abstract:
 The traditional theory of economic policy of the Tinbergen-Theil-type has
 come under severe criticism: in the ontological setting of the "new
 classical macroeconomics" based on the rational expectations hypothesis,
 economic policy is ineffective or neutral with respect to real variables.
 In the ontological setting of Hayekian economics based on informational
 deficiencies, economic policy is without orientation and, therefore, more
 harmful than helpful. Therefore, both criticisms are united in their
 rejection of state interventions. In this paper, a Post Keynesian
 alternative is presented which is situated between nomocratic abstinence
 and teleological controllability.
Journal: Journal of Post Keynesian Economics 
Pages: 383-401 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: economic policy, policy coordination, Post Keynesianism, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B25280618307851J 
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File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 >b>14>/b> (4), 322-331.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>41</BIBL>	<BIBTEXT> Keynes, J.M. "Is It Possible for
 Governments and Central Banks to Do Anything on Purpose to Remedy
 Unemployment?" In D. Moggridge (ed.), >i>The Collected Writings of John
 Maynard Keynes, Vol. XX: Activities 1929-1931. Rethinking Employment and
 Unemployment Policies>/i>, London, Macmillan, 1981a, pp. 529-544.
 [Originally published in 1931.</BIBTEXT>      </REF>	   <REF>       
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 Writings of John Maynard Keynes, Vol. IX: Essays in Persuasion>/i>, London
 1981b, pp. 335-366. [Originally published in 1933.]</BIBTEXT>	    </REF> 
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 General Theory of Employment, Interest and Money.>/i> London: Macmillan,
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>44</BIBL>	     
 <BIBTEXT> Lapavistas, C. "Political Economy of Central Banks: Agents of
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 Elgar, 2001, pp. 179-219.</BIBTEXT>	  </REF>      <REF>	  
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 of Man: Social and Rational>/i>. New York: John Wiley & Sons,
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 Theory of Economic Policy>/i>. Amsterdam: North-Holland, 1952.</BIBTEXT>  
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 </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:383-401




Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Melmies 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Melmies 
Title: New Keynesians versus Post Keynesians on the theory of prices 
Abstract:
 The aim of this paper is to compare New Keynesian and Post Keynesian
 economics on the theory of prices. In the past two decades, there has been
 a revival in explanations of price rigidity with the emergence of the "new
 Keynesian" economists. These economists try to explain the price
 stickiness that all of the empirical studies on the topic confirm. This
 paper takes up the question of whether these study findings are compatible
 with the Post Keynesian theory of prices. On a deeper level, the paper
 explores the compatibility between the new Keynesian and Post Keynesian
 theory of prices.
Journal: Journal of Post Keynesian Economics 
Pages: 445-466 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: auctioneer, new Keynesian economics, Post Keynesian economics, price theory, sticky prices, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=0015RR4176413TM1 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 479-508.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> Downward, P. >i>Pricing Theory in Post-Keynesian Economics: A
 Realist Approach.>/i> Cheltenham, UK: Edward Elgar, 1999.</BIBTEXT>	 
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 Loupias, C.; Martins, F.; and Sabbatini, R. >i>Pricing Decisions in the
 Euro Area: How Firms Set Prices and Why.>/i> Oxford: Oxford University
 Press, 2007.</BIBTEXT>      </REF>	 <REF>	      <BIBL>14</BIBL>	   
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 Keynesian Economics?" >i>Journal of Economic Literature>/i>,
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 Predictable Behavior." >i>American Economic Review>/i>, âSeptemberâ
 1983, >i>73>/i> (4), 560-595.</BIBTEXT>      </REF>	  <REF>       
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 Wages and Output." >i>Economic Journal>/i>, âMarchâ 1939, >i>49>/i>
 (193), 34-51.</BIBTEXT>      </REF>	  <REF>        <BIBL>20</BIBL>	   
   <BIBTEXT> King, J. E. >i>Conversations with Post Keynesians.>/i> New
 York: St. Martin's Press, 1995.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>21</BIBL>	<BIBTEXT> Lavoie, M. >i>Introduction to
 Post-Keynesian Economics.>/i> London: Palgrave Macmillan, 2006.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Lawson, T.
 >i>Economics and Reality.>/i> London and New York: Routledge,
 1997.</BIBTEXT>      </REF>	  <REF>        <BIBL>23</BIBL>	     
 <BIBTEXT> Lee, F. S. >i>Post Keynesian Price Theory.>/i> Cambridge:
 Cambridge University Press, 1998.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>24</BIBL>	<BIBTEXT> Lee, F. S. "Administered Price Hypothesis
 and the Dominance of Neoclassical Price Theory: The Case of the Industrial
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 (eds.), >i>Research in the History of Economic Thought and
 Methodology>/i>, vol. 17. Greenwich, CT: JAI Press, 1999, pp.
 23-42.</BIBTEXT>      </REF>	   <REF>	<BIBL>25</BIBL>       
 <BIBTEXT> Lee, F. S., and Downward, P. "Post Keynesian Pricing Theory
 âReconfirmedâ? A Critical Review of >i>Asking About Prices.>/i>"
 >i>Journal of Post Keynesian Economics>/i>, âSpringâ 2001, >i>23>/i>
 (3), 465-483.</BIBTEXT>      </REF>	  <REF>        <BIBL>26</BIBL>	   
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 Evidence from Survey Data." European Central Bank Working Papers Series
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 Their Relative Inflexibility." Senate Document no. 13, 74th Congress, 1st
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 >i>Prices and Quantities: A Macroeconomic Analysis.>/i> Oxford: Basil
 Blackwell, 1981.</BIBTEXT>	 </REF>      <REF>	  <BIBL>31</BIBL>  
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 Competition.>/i> London: Macmillan, 1933.</BIBTEXT>	  </REF>      <REF>
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 "State Money and the Real World: Or Chartalism and Its Discontents."
 >i>Journal of Post Keynesian Economics>/i>, âFallâ 2003, >i>26>/i>
 (1), 57-67.</BIBTEXT>	    </REF>	<REF>	     <BIBL>33</BIBL>	   
 <BIBTEXT> Romer, D. "The New Keynesian Synthesis." >i>Journal of Economic
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 </REF>      <REF>	  <BIBL>34</BIBL>	 <BIBTEXT> Sheshinski, E.,
 and Weiss, Y. "Inflation and Costs of Price Adjustment." >i>Review of
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 Introduction to Competing Schools of Thought.>/i> Brookfield, VT: Edward
 Elgar, 1994.</BIBTEXT>      </REF>	 <REF>	      <BIBL>36</BIBL>	   
  <BIBTEXT> Stiglitz, J. E. "Price Rigidities and Market Structure."
 >i>American Economic Review>/i>, 1984, >i>74>/i> (2), 350-355.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>37</BIBL>	    <BIBTEXT> Taylor, J. B.
 "Staggered Wage Setting in a Macro Model." >i>American Economic
 Review>/i>, âMayâ 1979, >i>69>/i>, 108-113.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:445-466




Template-Type: ReDIF-Article 1.0
Author-Name: Guilherme R. Magacho
Author-X-Name-First: Guilherme R.
Author-X-Name-Last: Magacho
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Title: Verdoorn’s law and productivity dynamics: An empirical investigation into the demand and supply approaches
Abstract: 
 According to Verdoorn’s law, productivity growth is endogenous to output growth, due to the existence of increasing returns to scale, broadly defined. Such an idea is at the root of both the endogenous growth theory and the Kaldorian approach. While in Kaldor’s view, a country’s growth is demand-driven, in the endogenous growth theory, growth is determined by the growth of the factors of production and hence growth is supply-constrained. This article empirically tests both assumptions for Verdoorn’s law by using a dynamic panel of manufacturing industries for seventy countries at different stages of development for the years between 1963 and 2009. In order to distinguish between these approaches, two different specifications are estimated where the growth of output and the supply of factors of production are instrumentalized by system generalized method of moments (GMM)estimators. The results show that, if it is assumed that the growth rates of countries are demand-driven, a faster growth of output increases productivity growth due to the existence of increasing returns. Alternatively, if it is assumed that output growth is driven by the growth of the supply of the factors of production, it is not possible to conclude that productivity growth is induced by output growth.
Journal: Journal of Post Keynesian Economics
Pages: 600-621
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1299580
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1299580
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Handle: RePEc:mes:postke:v:40:y:2017:i:4:p:600-621




Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Marchionatti
Author-X-Name-First: Roberto
Author-X-Name-Last: Marchionatti
Author-Name: Lisa Sella
Author-X-Name-First: Lisa
Author-X-Name-Last: Sella
Title: Is neo-Walrasian macroeconom(etr)ics a dead end? An assessment of recent criticisms of DSGE models
Abstract: 
 After the 2008 “new Great Crisis,” it is widely recognized that mainstream macroeconom(etr)ics—the last result of Lucas’s anti-Keynesian revolution of the 1980s, which tried to give macroeconomics sound neo‐Walrasian microeconomic bases —has failed to anticipate and then appraise the crisis. Has this crisis revealed a failure of this macroeconom(etr)ics as a scientific theory? Mainstream macroeconomists defend their models on the basis of their alleged superiority in terms of clarity and coherence. The thesis of this article is that this claim about superiority is false. The study argues that the reasons for the failure of mainstream macroeconom(etr)ics—in particular its poor predictive performance and interpretative weakness—reside in the implications of the neo-Walrasian legacy and the problems connected with the implementation of that program.
Journal: Journal of Post Keynesian Economics
Pages: 441-469
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1319250
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1319250
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Handle: RePEc:mes:postke:v:40:y:2017:i:4:p:441-469




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandra Brito
Author-X-Name-First: Alessandra
Author-X-Name-Last: Brito
Author-Name: Miguel Foguel
Author-X-Name-First: Miguel
Author-X-Name-Last: Foguel
Author-Name: Celia Kerstenetzky
Author-X-Name-First: Celia
Author-X-Name-Last: Kerstenetzky
Title: The contribution of minimum wage valorization policy to the decline in household income inequality in Brazil: A decomposition approach
Abstract: 
 There is a vast literature that estimates the effect of the minimum wage on wage inequality in various countries. However, as the minimum wage directly affects nonlabor income of families in some countries (in the Brazilian case via the benefits of the pension system and of certain social programs), this article extends the empirical analysis by studying the effects of the minimum wage on the level of inequality of household income as a whole. To accomplish that we employ a decomposition method that gauges the contribution of the increases in the minimum wage that occurred in recent decades in Brazil through the labor and nonlabor sources of household income. The results show that the minimum wage had a contribution of 64 percent to the observed fall in income inequality between 1995 and 2014 and that pensions were the most relevant channel over this period.
Journal: Journal of Post Keynesian Economics
Pages: 540-575
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1333436
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1333436
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Handle: RePEc:mes:postke:v:40:y:2017:i:4:p:540-575




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Fernández-Huerga
Author-X-Name-First: Eduardo
Author-X-Name-Last: Fernández-Huerga
Author-Name: Jorge García-Arias
Author-X-Name-First: Jorge
Author-X-Name-Last: García-Arias
Author-Name: Ana Salvador
Author-X-Name-First: Ana
Author-X-Name-Last: Salvador
Title: Labor supply: Toward the construction of an alternative conception from post Keynesian and institutional economics
Abstract: 
 Post Keynesian and institutional economics have traditionally maintained a critical stance toward the orthodox model of labor supply, questioning many of its underlying assumptions. Nevertheless, this critical view has not led to the formulation of an alternative conception of labor supply that is sufficiently coherent and structured to be generally accepted within these branches of the literature. Accordingly, the purpose of this study is to contribute to the construction of such an alternative. To do so, the article starts by analyzing the relationship between the reasons that lead to individuals offering their labor and what that activity can bring to human beings in return. Secondly, the authors present an alternative concept of what workers contribute at work. They then analyze how the decision-making process regarding the labor supply actually takes place. Finally, the article concludes by briefly presenting certain additional points, in particular how differentiation is an inherent feature of the labor supply.
Journal: Journal of Post Keynesian Economics
Pages: 576-599
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1338968
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1338968
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Handle: RePEc:mes:postke:v:40:y:2017:i:4:p:576-599




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa
Author-X-Name-First: Imad
Author-X-Name-Last: Moosa
Title: Covered interest parity: The untestable hypothesis
Abstract: 
 Although post Keynesian economists advocate the realistic bankers’ view of the forward exchange rate, neoclassical economists formulate (CIP) as a testable hypothesis. In reality, CIP represents a formula used by bankers to calculate the forward rates they quote to their customers. This article provides arguments for the post Keynesian view of the forward exchange rate and suggests that CIP is not a theory, that it is a microeconomic relation, and that it is a hedging rather than an arbitrage condition. An empirical illustration shows that deviations from CIP are observed whenever published data are used, but these deviations disappear when transaction data are used instead. It is concluded that CIP is an untestable hypothesis.
Journal: Journal of Post Keynesian Economics
Pages: 470-486
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1352451
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1352451
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Template-Type: ReDIF-Article 1.0
Author-Name: Mevlut Tatliyer
Author-X-Name-First: Mevlut
Author-X-Name-Last: Tatliyer
Title: Inflation targeting and the need for a new central banking framework
Abstract: 
 This article critically analyzes inflation targeting (IT) both theoretically and empirically. IT came into prominence in the 1990s and 1 central bank after another adopted this regime in the 1990s and 2000s. Proponents of IT mainly argued that IT regime was successful on the grounds that it resulted in lower inflation rates and hence better economic performances. However, inflation rates in the world were in a downward trend from the 1980s well into the 2000s, and both IT and non-IT regimes managed to decrease their inflation rates. In addition, focusing too much on price stability through IT paved the way for permanently higher than necessary interest rates and disinflationary “tight” monetary policy periods when inflation rate was above an arbitrarily targeted level. Tight monetary policy can and do affect the real economy negatively and overemphasizing price stability may hurt the economy in terms of lower potential output, decreasing investment and more unequal income distribution. Post Keynesians offer valuable alternatives within the framework of parking-it approach to the existing monetary policy paradigm. Our main conclusion is that central banks should set the policy interest rate as low as possible and keep it there, in line with Keynesian “cheap money” policy.
Journal: Journal of Post Keynesian Economics
Pages: 512-539
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1368026
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Template-Type: ReDIF-Article 1.0
Author-Name: Karsten Kohler
Author-X-Name-First: Karsten
Author-X-Name-Last: Kohler
Title: Currency devaluations, aggregate demand, and debt dynamics in economies with foreign currency liabilities
Abstract: 
 The article uses a post Kaleckian model to analyze how currency devaluations affect aggregate demand and capital accumulation in an economy with foreign currency liabilities in the short-run. In benchmark post Kaleckian open economy models, currency devaluations have two effects. First, they change international price competitiveness and thus affect net exports. Second, devaluations change income distribution and thereby affect consumption and investment demand. The overall effect on aggregate demand and investment is ambiguous and depends on parameter values. Existing models, however, disregard balance sheet effects that arise from foreign currency-denominated external debt. The article develops a novel post Kaleckian open economy model that introduces foreign currency-denominated external debt and balance sheet effects to examine the demand-effects of devaluations. Furthermore, the article models the dynamics of external and domestic corporate debt. It discusses how an economy may end up in a vicious cycle of foreign-currency indebtedness and derives the conditions under which indebtedness becomes stable or unstable. It shows that the existence of foreign currency-denominated debt means that contractionary devaluations are more likely, and that foreign interest rate hikes, and high illiquidity and risk premia compromise debt sustainability. Devaluations only stabilize debt ratios if they succeed in boosting domestic capital accumulation.
Journal: Journal of Post Keynesian Economics
Pages: 487-511
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1368027
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Day Haight
Author-X-Name-First: Alan Day
Author-X-Name-Last: Haight
Title: The Piketty-Kaldor paradox of growth: Reply to Medlen
Abstract: 
 Despite the yawning gap between their time horizons, there are a few interesting similarities between Piketty and Keynes. A graph of the Piketty-Kaldor paradox of growth (where a lower growth rate leads to a higher saving rate) is similar to the familiar graph of the Keynesian paradox of thrift (where a lower saving rate leads to higher investment). Keynes showed that cautious spending can lead to recession, and Piketty showed that cautious growth can lead to maldistribution.
Journal: Journal of Post Keynesian Economics
Pages: 636-637
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1372205
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Medlen
Author-X-Name-First: Craig
Author-X-Name-Last: Medlen
Title: Reply to Alan Day Haight
Abstract: 
 Alan Day Haight is incorrect in understanding Piketty’s paradox as a “dynamic version” of Keynes’ paradox of thrift. Keynes’ paradox of thrift deals with equilibrium conditions relating to the flows of savings and investment. In contrast, the capital output ratio central to Piketty’s paradox deals with a stock (capital) relative to a flow (output). Balanced growth cannot be considered an “equilibrium” condition without specifying an adjustment mechanism whereby balanced growth is re-established when the capital-output ratio becomes unbalanced. As illustrated by the Harrod-Domar case this unbalancing can be particularly degenerative when idle capacity develops.
Journal: Journal of Post Keynesian Economics
Pages: 638-640
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1376588
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1376588
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Medlen
Author-X-Name-First: Craig
Author-X-Name-Last: Medlen
Title: Piketty’s paradox, capital spillage, and inequality
Journal: Journal of Post Keynesian Economics
Pages: 622-635
Issue: 4
Volume: 40
Year: 2017
Month: 10
X-DOI: 10.1080/01603477.2017.1392869
File-URL: http://hdl.handle.net/10.1080/01603477.2017.1392869
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 311-312
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490112
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490112
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Template-Type: ReDIF-Article 1.0
Author-Name: Hubert Hieke
Author-X-Name-First: Hubert
Author-X-Name-Last: Hieke
Title: Balance-Of-Payments–Constrained Growth: A Reconsideration of the Evidence for the U.S. Economy
Journal: Journal of Post Keynesian Economics
Pages: 313-325
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490113
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490113
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: Balance-Of-Payments–Constrained Growth Model and Its Implications for the United States
Journal: Journal of Post Keynesian Economics
Pages: 327-335
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490114
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490114
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin I. Bairam
Author-X-Name-First: Erkin I.
Author-X-Name-Last: Bairam
Title: Levels of Economic Development and Appropriate Specification of the Harrod Foreign-Trade Multiplier
Journal: Journal of Post Keynesian Economics
Pages: 337-344
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490115
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Template-Type: ReDIF-Article 1.0
Author-Name: John S.L. McCombie
Author-X-Name-First: John S.L.
Author-X-Name-Last: McCombie
Title: On the Empirics of Balance-Of-Payments–Constrained Growth
Journal: Journal of Post Keynesian Economics
Pages: 345-375
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490116
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Template-Type: ReDIF-Article 1.0
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: Reflections on the Concept of Balance-Of-Payments–Constrained Growth
Journal: Journal of Post Keynesian Economics
Pages: 377-385
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490117
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490117
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Template-Type: ReDIF-Article 1.0
Author-Name: James A. Yunker
Author-X-Name-First: James A.
Author-X-Name-Last: Yunker
Title: The Adverse Economic Consequences of Extremely High Capital-Wealth Inequality
Journal: Journal of Post Keynesian Economics
Pages: 387-422
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490118
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490118
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Reconciliation of the Supply and Demand for Endogenous Money
Journal: Journal of Post Keynesian Economics
Pages: 423-428
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490119
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490119
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter G.A. Howells
Author-X-Name-First: Peter G.A.
Author-X-Name-Last: Howells
Title: The Demand for Endogenous Money: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 429-435
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490120
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Aparecida Feijo
Author-X-Name-First: Carmem Aparecida
Author-X-Name-Last: Feijo
Title: Growth and Inflation in the Brazilian Industrial Sector in the 1970s: A Post Keynesian Model
Journal: Journal of Post Keynesian Economics
Pages: 437-460
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490121
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490121
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim De Carvalho
Author-X-Name-First: Fernando J. Cardim
Author-X-Name-Last: De Carvalho
Title: Financial Innovation and the Post Keynesian Approach to the “Process of Capital Formation”
Journal: Journal of Post Keynesian Economics
Pages: 461-487
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490122
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490122
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Handle: RePEc:mes:postke:v:19:y:1997:i:3:p:461-487




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 489-490
Issue: 3
Volume: 19
Year: 1997
Month: 3
X-DOI: 10.1080/01603477.1997.11490123
File-URL: http://hdl.handle.net/10.1080/01603477.1997.11490123
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Handle: RePEc:mes:postke:v:19:y:1997:i:3:p:489-490




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 303-303
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489944
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489944
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Template-Type: ReDIF-Article 1.0
Author-Name: Rod Cross
Author-X-Name-First: Rod
Author-X-Name-Last: Cross
Title: Hysteresis and Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 305-308
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489945
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489945
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:305-308




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: The Elephant and the Butterfly
Journal: Journal of Post Keynesian Economics
Pages: 309-322
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489946
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489946
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis
Journal: Journal of Post Keynesian Economics
Pages: 323-345
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489947
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489947
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Towards a Long-Run Theory of Effective Demand: Modeling Macroeconomic Systems with Hysteresis
Journal: Journal of Post Keynesian Economics
Pages: 347-364
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489948
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489948
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Title: Conflict, Wage Determination, and Hysteresis in U.K. Wage Determination
Journal: Journal of Post Keynesian Economics
Pages: 365-386
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489949
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489949
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:365-386




Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: Is Investing for the Long Term Theory or Just Mumbo-Jumbo?
Journal: Journal of Post Keynesian Economics
Pages: 387-393
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489950
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489950
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:387-393




Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. McKenna
Author-X-Name-First: Edward J.
Author-X-Name-Last: McKenna
Author-Name: Diane C. Zannoni
Author-X-Name-First: Diane C.
Author-X-Name-Last: Zannoni
Title: Philosophical Foundations of Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 395-407
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489951
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489951
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:395-407




Template-Type: ReDIF-Article 1.0
Author-Name: Christine Amsler
Author-X-Name-First: Christine
Author-X-Name-Last: Amsler
Title: Keynes and bank rate policy: Interest rates inconsistent with full employment
Journal: Journal of Post Keynesian Economics
Pages: 409-425
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489952
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489952
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:409-425




Template-Type: ReDIF-Article 1.0
Author-Name: Patrick L. Mason
Author-X-Name-First: Patrick L.
Author-X-Name-Last: Mason
Title: Variable Labor Effort, Involuntary Unemployment, and Effective Demand: Irreconcilable Concepts?
Journal: Journal of Post Keynesian Economics
Pages: 427-442
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489953
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489953
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:427-442




Template-Type: ReDIF-Article 1.0
Author-Name: Norman C. Miller
Author-X-Name-First: Norman C.
Author-X-Name-Last: Miller
Title: Short-Run Disequilibrium and Long-Run Deviations from Purchasing Power Parity
Journal: Journal of Post Keynesian Economics
Pages: 443-450
Issue: 3
Volume: 15
Year: 1993
Month: 3
X-DOI: 10.1080/01603477.1993.11489954
File-URL: http://hdl.handle.net/10.1080/01603477.1993.11489954
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Handle: RePEc:mes:postke:v:15:y:1993:i:3:p:443-450




Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Author-Name: Severin Reissl
Author-X-Name-First: Severin
Author-X-Name-Last: Reissl
Title: Further insights on endogenous money and the liquidity preference theory of interest
Abstract: 
 We present a simple stock-flow consistent (SFC) model to discuss some recent claims made by Angel Asensio in a paper published in this journal regarding the relationship between endogenous money theory and the liquidity preference theory of the rate of interest. We incorporate Asensio’s assumptions as far as possible and use simulation experiments to investigate his arguments regarding the presence of a crowding-out effect, the relationship between interest rates and credit demand, and the ability of the central bank to steer interest rates through varying the stock of money. We show that in a fully-specified SFC model, some of Asensio’s conclusions are not generally valid (most importantly, the presence of a crowding-out effect is ambiguous), and that in any case, his use of a non-SFC framework leads him to leave aside important mechanisms which can contribute to a better understanding of the behavior of interest rates. More generally, this paper once more demonstrates the utility of the SFC approach in research on monetary economics.
Journal: Journal of Post Keynesian Economics
Pages: 503-526
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2018.1548286
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1548286
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Handle: RePEc:mes:postke:v:42:y:2019:i:4:p:503-526




Template-Type: ReDIF-Article 1.0
Author-Name: Giancarlo Bertocco
Author-X-Name-First: Giancarlo
Author-X-Name-Last: Bertocco
Author-Name: Andrea Kalajzić
Author-X-Name-First: Andrea
Author-X-Name-Last: Kalajzić
Title: On the monetary nature of the interest rate in a Keynes–Schumpeter perspective
Abstract: 
 Keynes, in the General Theory, explains the monetary nature of the interest rate by means of the liquidity preference theory. The objective of this article is twofold. The first objective is to point out the limits of the liquidity preference theory. The fundamental limitation of this theory is that it does not allow to realize the intent declared by Keynes in 1933 to elaborate a monetary theory of production The second objective is to present a more solid theory of the monetary nature of the interest rate. It will be shown that an essential element of this explanation is Schumpeter’s analysis of the role of bank money in a capitalist economy. In fact, this analysis represents a fundamental tool to explain the characteristics that, according to Keynes, distinguish a monetary economy from a real-exchange economy
Journal: Journal of Post Keynesian Economics
Pages: 527-553
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2018.1562305
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1562305
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Template-Type: ReDIF-Article 1.0
Author-Name: Hartmut Elsenhans
Author-X-Name-First: Hartmut
Author-X-Name-Last: Elsenhans
Title: Rising mass incomes as a condition of capitalist growth. Preserving capitalism through the empowerment of labor in the past and the present
Abstract: 
 Capitalism is market-regulated production for profit. Net profit depends on net investment spending. Net investment spending ultimately requires rising mass incomes. Both the transition to capitalism and its continued existence require social embeddedness and labor having negotiating power. Such a configuration is not an inevitable nor automatic result of history. Rather, this configuration is regularly threatened, because capitalists are not interested in preserving labor’s strength. Labor supports said configuration indirectly by the wage struggle. Where negotiating power of labor does not exist, market relations do not lead to capitalism but instead to the shedding of labor, to marginality, and to relations of rent appropriation. Today’s marginality-ridden economies of the Global South have become competitive in lines of production which are important for the leading industrial countries; however, they are competitive not on the basis of low real wages but on the basis of enhanced opportunities for currency devaluation. The tendency of wage restraint, in both the Global South and West, increases the danger of global underconsumption. There are considerable residual difficulties in bringing labor with different historical and cultural backgrounds in the West and in the South together in order to strengthen labor against international big business
Journal: Journal of Post Keynesian Economics
Pages: 554-589
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2019.1672560
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1672560
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Template-Type: ReDIF-Article 1.0
Author-Name: Olga Mikheeva
Author-X-Name-First: Olga
Author-X-Name-Last: Mikheeva
Title: Financing of innovation: national development banks in newly industrialized countries of East Asia
Abstract: 
 Contemporary literature on innovation tends to overlook the issue of financing, whereas financial history suggests that banks have been essential to financing of new industries. Emerging literature ondevelopment banking, although inspiring, remains focused on financing policies. The article aims to rearticulate a coevolutionary nature of industrial and financial interests, following the works of Schumpeter and Minsky, by looking at the 4 cases of national development banks, tasked with long-term financing of industries, from newly industrialized countries of East Asia—South Korea, Taiwan, Singapore, and Malaysia. The study suggests that innovation in finance, as well as organizational innovation in financial institutions, represent essential elements of financing of innovative activities. Further, organizational innovation in financial institutions, such as development banks, might signify a disposition to face uncertainty, which characterizes economic and technological unknowns inherent in financing of innovation.
Journal: Journal of Post Keynesian Economics
Pages: 590-619
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2019.1640065
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Template-Type: ReDIF-Article 1.0
Author-Name: Verónica De Jesús
Author-X-Name-First: Verónica
Author-X-Name-Last: De Jesús
Author-Name: Julio López
Author-X-Name-First: Julio
Author-X-Name-Last: López
Title: On wage- and profit-led demand regimes: learning from the evidence
Abstract: 
 This paper contributes to the empirical research around the “wage-led” or “profit-led” demand regimes. It first reviews how Kalecki, and then Steindl, approached the relationship between economic growth and income distribution. Then, empirical analysis carried out under the probabilistic approach to econometric modeling shows statistical evidence, estimated through cointegration analysis, that in the long run, in three very open economies—Mexico, France, and Korea—the wage share is positively associated with demand and output. It finally discusses the macroeconomic dilemma that almost all countries have to face, i.e., a positive effect of a high-wage policy on demand and employment may diverge from a negative effect on output compatible with external equilibrium.
Journal: Journal of Post Keynesian Economics
Pages: 620-637
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2019.1672562
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Template-Type: ReDIF-Article 1.0
Author-Name: Raquel A. Ramos
Author-X-Name-First: Raquel A.
Author-X-Name-Last: Ramos
Title: A Minskyan account of emerging currencies dynamics
Abstract: 
 The currencies of a few emerging market economies (EMEs) have been following a specific dynamic since the early 2000s: They are strongly subordinated to international financial conditions, appreciating in moments of tranquility and presenting sharp depreciations in peaks of uncertainty. What is the mechanism behind it? To answer this question, this article applies the Minskyan framework to the context of money managers and their portfolio allocation decisions. The approach provides a detailed account of the mechanisms of the appreciation phase, thus complementing the emerging currencies’ literature that is focused on crisis episodes. The result is a dynamic characterized by deviation-amplifying systems—the opposite of the mainstream view where fundamentals lead to an equilibrium-seeking mechanism. Apart from these contributions to the exchange rate literature, it enriches the Minskyan literature for providing a broader reading of the original framework that allows it to be transposed to a larger set of contexts and for identifying the main elements to be translated in an analysis of a different context. 
Journal: Journal of Post Keynesian Economics
Pages: 638-661
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2019.1640066
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcing the Levy Economic Institute’s 11th Hyman P. Minsky Summer Seminar
Journal: Journal of Post Keynesian Economics
Pages: 662-662
Issue: 4
Volume: 42
Year: 2019
Month: 10
X-DOI: 10.1080/01603477.2019.1683392
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Template-Type: ReDIF-Article 1.0
Author-Name: John F. Walker
Author-X-Name-First: John F.
Author-X-Name-Last: Walker
Author-Name: Harold G. Vatter
Author-X-Name-First: Harold G.
Author-X-Name-Last: Vatter
Title: Why Has the United States Operated Below Potential Since World World II?
Journal: Journal of Post Keynesian Economics
Pages: 327-346
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489745
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bunting
Author-X-Name-First: David
Author-X-Name-Last: Bunting
Title: The Consumption Function “Paradox”
Journal: Journal of Post Keynesian Economics
Pages: 347-359
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489746
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Template-Type: ReDIF-Article 1.0
Author-Name: Tracy Mott
Author-X-Name-First: Tracy
Author-X-Name-Last: Mott
Title: A Post Keynesian Perspective on a “Cashless Competitive Payments System”
Journal: Journal of Post Keynesian Economics
Pages: 360-369
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489747
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Template-Type: ReDIF-Article 1.0
Author-Name: Leland B. Yeager
Author-X-Name-First: Leland B.
Author-X-Name-Last: Yeager
Title: A Competitive Payments System: Some Objections Considered
Journal: Journal of Post Keynesian Economics
Pages: 370-377
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489748
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence H. White
Author-X-Name-First: Lawrence H.
Author-X-Name-Last: White
Title: Alternative Perspectives on the Cashless Competitive Payments System
Journal: Journal of Post Keynesian Economics
Pages: 378-384
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489749
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: Anti Systems
Journal: Journal of Post Keynesian Economics
Pages: 385-398
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489750
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Template-Type: ReDIF-Article 1.0
Author-Name: Lynn Mainwaring
Author-X-Name-First: Lynn
Author-X-Name-Last: Mainwaring
Title: Global Accumulation with a Dual Southern Economy
Journal: Journal of Post Keynesian Economics
Pages: 399-423
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489751
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Template-Type: ReDIF-Article 1.0
Author-Name: John B. Davis
Author-X-Name-First: John B.
Author-X-Name-Last: Davis
Title: Axiomatic General Equilibrium Theory and Referentiality
Journal: Journal of Post Keynesian Economics
Pages: 424-438
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489752
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann Hansen
Author-X-Name-First: Ann
Author-X-Name-Last: Hansen
Title: Inventories, Inflation, and Price Expectations
Journal: Journal of Post Keynesian Economics
Pages: 439-459
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489753
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chong Lai
Author-X-Name-First: Ching-Chong
Author-X-Name-Last: Lai
Author-Name: Wen-Ya Chang
Author-X-Name-First: Wen-Ya
Author-X-Name-Last: Chang
Title: The Fleming Proposition with Oligopolistic Pricing
Journal: Journal of Post Keynesian Economics
Pages: 460-473
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489754
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rousseas
Author-X-Name-First: Stephen
Author-X-Name-Last: Rousseas
Title: On the Endogeneity of Money Once More
Journal: Journal of Post Keynesian Economics
Pages: 474-478
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489755
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: On the Endogeneity of Money Once More
Journal: Journal of Post Keynesian Economics
Pages: 479-487
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489756
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: On the Endogeneity of Money Once More
Journal: Journal of Post Keynesian Economics
Pages: 488-490
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489757
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Template-Type: ReDIF-Article 1.0
Author-Name: Miles Groves
Author-X-Name-First: Miles
Author-X-Name-Last: Groves
Author-Name: Frederic Lee
Author-X-Name-First: Frederic
Author-X-Name-Last: Lee
Author-Name: William Milberg
Author-X-Name-First: William
Author-X-Name-Last: Milberg
Title: The Power of Ideas and the Impact of One Man Alfred Eichner 1937–1988
Journal: Journal of Post Keynesian Economics
Pages: 491-496
Issue: 3
Volume: 11
Year: 1989
Month: 3
X-DOI: 10.1080/01603477.1989.11489758
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Template-Type: ReDIF-Article 1.0
Author-Name: AndrÃ©  De Melo Modenesi 
Author-X-Name-First: AndrÃ©  
Author-X-Name-Last: De Melo Modenesi 
Author-Name: Rui Lyrio Modenesi 
Author-X-Name-First: Rui Lyrio 
Author-X-Name-Last: Modenesi 
Title: Capital controls and financial liberalization: removing the ideological bias 
Abstract:
 To label the defense of capital controls (CC) as a left-wing proposal is a
 misconstruction. Such labeling uses the Borsa economicist criterion, which
 reduces the dichotomy between Right and Left to a distinction between
 liberalism and interventionism. Yet, under this criterion, the use of CC
 cannot be labeled as a leftist proposal. The interventionism underlying
 the defense of CC, as pioneered by Keynes and developed by Tobin, Davidson
 (and other Post Keynesians), Stiglitz, and Rodrik, is not the fruit of an
 ideological conviction favoring widespread and indiscriminate state
 intervention. For them, CC are instruments to be used under specific
 economic circumstances. To call CC a practice typical of left-wing
 governments is also a misinterpretation. Among the countries using strict
 forms of CC since the 1990sâChile, China, India, Malaysia, and
 Thailandâonly China's government may be called leftist. The other
 countries' political panorama is more complex than may suppose those who
 believe in a simple and direct relationship between CC and political
 ideology. The discussion should be stripped of the prevalent ideological
 bias: CC are not inherent to the political leanings of the governments
 that adopt them but are an expedient used under a pragmatic justification.
 Recognizing this is an important step toward a more objective analysis of
 the incidental opportunity of using CC, without prejudice. CC should be
 used whenever the benefits surpass the costs of their implementation.
Journal: Journal of Post Keynesian Economics 
Pages: 561-582 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: capital controls, financial liberalization, left, right, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=QL618370L041205G 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Alesina, A., and
 Tabelini, G. "External Debt, Capital Flight and Political Risk."
 >i>Journal of International Economics>/i>, 1989, 27 (4),
 199-220.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Alesina, A.; Grilli, V.; and Milesi-Ferretti, G.M. "The
 Political Economy of Capital Controls." Working Paper 4353, National
 Bureau of Economic Research, Cambridge, MA, May 1993.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Alves, A.J., Jr.;
 Ferrari Filho, F.; and Paula, L.F. "The Post Keynesian Critique of
 Conventional Current Crises Models and Davidson's Proposal to Reform the
 International Monetary System." >i>Journal of Post Keynesian
 Economics>/i>, Winter 1999-2000, 22 (2), 207-225.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>4</BIBL>	      <BIBTEXT> Angelis, M. "Capital
 Movements, Tobin Tax, and Permanent Fire Prevention: A Critical Note."
 >i>Journal of Post Keynesian Economics>/i>, Winter 1999-2000, 22 (2),
 187-195.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> Arestis, P., and Demetriades, P. "Financial Liberalization: The
 Experience of Developing Countries." >i>Eastern Economic Journal>/i>, Fall
 1999, 25 (4), 441-457.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>6</BIBL>        <BIBTEXT> Arestis, P., and Sawyer, M. "How Many
 Cheers for the Tobin Transactions Tax?" >i>Cambridge Journal of
 Economics>/i>, 1997, 21 (6), 753-768.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>7</BIBL>	  <BIBTEXT> Ariyoshi, A.; Habiermeier, K.; Laurens,
 B.; Otker-robe, I.; Canales-krijenko, J.; and Kirilenko, A. "Capital
 Controls: Country Experiences with Their Use and Liberalization." >i>IMF
 Occasional Papers>/i>, May 2000, >i>190.>/i></BIBTEXT>      </REF>	
 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Bank of Thailand (BOT).
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 >i>Bank of Thailand News>/i>, December 22, 2006, 52.</BIBTEXT>      </REF>
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 <BIBTEXT> Bobbio, N. >i>Direita e Esquerda: RazÃµes e Significados de Uma
 DistinÃ§Ã£o PolÃ­tica>/i> [Right and Left: Reasons and Meanings of a
 Political Distinction]. SÃ£o Paulo: Universidade Estadual Paulista
 (UNESP), 2001.</BIBTEXT>      </REF>	   <REF>	<BIBL>12</BIBL>    
    <BIBTEXT> Borsa, G. "Sinistra e destra alle soglie del duemila" [Left
 and Right at the Threshold of the Twenty-First Century]. >i>Il Mulino>/i>,
 1998, 43 (4), 612-621.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Boughton, J.M. "Harry Dexter White and
 the International Monetary Fund." >i>Finance & Development>/i>, September
 1998, 35 (3), 39-41.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>14</BIBL>	<BIBTEXT> Carvalho, F.J.C. "The IMF as Crisis
 Manager: An Assessment of the Strategy in Asia and of Its Criticisms."
 >i>Journal of Post Keynesian Economics>/i>, Winter 2000-2001, 23 (2),
 235-266.</BIBTEXT>	 </REF>      <REF>	  <BIBL>15</BIBL>	
 <BIBTEXT> Carvalho, F.J.C. "Controles de capitais e recuperaÃ§Ã£o da
 iniciativa em polÃ­tica econÃ´mica" [Capital Controls and Economic Policy
 Efficacy]. In J.A. Paula (ed.), >i>A Economia PolÃ­tica da MudanÃ§a>/i>
 [The Political Economy of Changing]. Belo Horizonte: AutÄntica, 2003, pp.
 235-244.</BIBTEXT>	 </REF>      <REF>	  <BIBL>16</BIBL>	
 <BIBTEXT> Carvalho, F.J.C. "Controles de capitais: uma agenda de pesquisa"
 [Capital Controls: A Research Agenda]. In J. SicsÃº and F. Ferrari Filho
 (eds.), >i>CÃ¢mbio e Controles de Capitais>/i> [Exchange Rate and Capital
 Controls]. Rio de Janeiro: Campus-Elsevier, 2005, pp. 246-262.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>17</BIBL>	    <BIBTEXT> Carvalho,
 J.F.C., and SicsÃº, J. "ControvÃ©rsias recentes sobre controle de
 capitais" [Recent Controversies About Capital Controls]. Revista de
 Economia PolÃ­tica, April-June 2004, 24 (2), 163-184.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> Carvalho,
 J.F.C., and SicsÃº, J. "ExperiÄncias de controles do fluxo de capitais:
 focando o caso da MalÃ¡sia" [Capital Control Experiences: The Case of
 Malaysia]. >i>Economia e Sociedade>/i>, July-December 2005, 14 (2),
 365-374.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Cornford, A., and Kregel, J. "Globalisation, Capital Flows and
 International Regulation." Levy Economics Institute of Bard College
 Working Paper 161, Annandale-on- Hudson, May 1996.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>20</BIBL>	<BIBTEXT> Davidson, P.
 >i>International Money and the Real World.>/i> London: Macmillan,
 1982.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
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 Keynesian Economics>/i>, Winter 1992-93, 15 (2), 153-179.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Davidson, P.
 "Are Grains of Sand in the Wheels of International Finance Sufficient to
 do the Job when Boulders are Often Required?" >i>Economic Journal>/i>, May
 1997, 107 (442), 671-686.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>23</BIBL>	<BIBTEXT> Davidson, P. "Capital Movements, Tobin
 Tax, and Permanent Fire Prevention: A Response to de Angelis." >i>Journal
 of Post Keynesian Economics>/i>, Winter 1999-2000, 22 (2),
 197-206.</BIBTEXT>	 </REF>      <REF>	  <BIBL>24</BIBL>	
 <BIBTEXT> Davidson, P. >i>Financial Markets, Money and the Real World.>/i>
 Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>25</BIBL>	 <BIBTEXT> Felix, D. "On Drawing General Policy
 Lessons from Recent Latin America Currency Crises." >i>Journal of Post
 Keynesian Economics>/i>, Winter 1997-98, 20 (2), 191-221.</BIBTEXT>	 
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 Milesi-Ferretti, G.M. "Economic Effects and Structural Determinants of
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 517-551.</BIBTEXT>	 </REF>      <REF>	  <BIBL>27</BIBL>	
 <BIBTEXT> International Monetary Fund. >i>Annual Report on Exchange
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 Veto-Players, and Capital Controls Policy Stability." >i>International
 Studies Quarterly>/i>, 2003, 47 (1), 1-22.</BIBTEXT>	   </REF>     
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 on Money.>/i> London: Macmillan, 1930.</BIBTEXT>      </REF>	   <REF>   
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 Employment, Interest and Money.>/i> London: Macmillan, 1973.</BIBTEXT>    
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 >i>The Collected Writings of John Maynard Keynes>/i>, vol. IX. London:
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       <BIBTEXT> Keynes, J.M. >i>The Collected Writings of John Maynard
 Keynes>/i>, vol. XXV. London: Macmillan, 1980b.</BIBTEXT>	</REF>	   
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 Implications of Financial Globalisation for National Policy Autonomy."
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       <BIBL>34</BIBL>	      <BIBTEXT> Kregel, J. "East Asia Is Not
 Mexico: The Difference Between Balance of Payments Crises and Debt
 Deflations." Jerome Levy Economics Institute Working Paper no. 235,
 Annandale-on-Hudson, May 1998.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>35</BIBL>	<BIBTEXT> Kregel, J. "Yes, âITâ Did Happen
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 >i>Financial Keynesianism and Market Instability.>/i> Cheltenham, UK:
 Edward Elgar, 2001, pp. 194-213.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>36</BIBL>	<BIBTEXT> Kregel, J. "Can We Create a Stable
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 Development and International Financial Instability." >i>G-24 Discussion
 Paper Series>/i>, October 2004b, 32.</BIBTEXT>      </REF>	 <REF>	   
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 Nagel (ed.), >i>Policymaking and Prosperity: A Multinational
 Anthology.>/i> New York: Lexington Books, 2003, pp. 1-22.</BIBTEXT>	 
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 <BIBTEXT> Stiglitz, J. >i>Globalization and Its Discontents.>/i> London:
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Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:561-582




Template-Type: ReDIF-Article 1.0
Author-Name: J. Patrick Raines 
Author-X-Name-First: J. Patrick 
Author-X-Name-Last: Raines 
Author-Name: Charles G. Leathers 
Author-X-Name-First: Charles G. 
Author-X-Name-Last: Leathers 
Title: Behavioral finance and Post Keynesian-institutionalist theories of financial markets 
Abstract:
 The author of a paper in a previous issue of Journal of Post Keynesian
 Economics suggested that developments in behavioral finance might lead
 Post Keynesian economists to a new "general theory of financial behavior."
 We note that Post Keynesian-Institutionalist theories of financial markets
 have provided a "general theory" that has been repeatedly validated by
 recent real-world events from the stock market bubble and crash of 1987 to
 the current global financial crisis. After reviewing the psychological and
 institutional behavioral foundations of the Post
 Keynesian-Institutionalist theories that are rooted in the analyses of
 John Maynard Keynes, Paul Davidson, and John Kenneth Galbraith, we explain
 why developments in behavioral finance appear to have limited potential
 for making substantive contributions to those behavioral foundations.
Journal: Journal of Post Keynesian Economics 
Pages: 539-554 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: behavioral finance, Davidson, Galbraith, Keynes, nonergodic financial markets, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T7656J080K362465 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Barberis, N., and
 Thaler, R. "A Survey of Behavioral Finance." National Bureau of Economic
 Research Working Paper no. 9222, Cambridge, MA, 2002.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Carter, M.
 "Uncertainty, Liquidity and Speculation: A Keynesian Perspective on
 Financial Innovation in the Debt Markets." >i>Journal of Post Keynesian
 Economics>/i>, Winter 1991-92, >i>14>/i> (2), 169-182.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Davidson, P.
 >i>Money and the Real World>/i>, 2d ed. New York: John Wiley & Sons,
 1978.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Davidson, P. >i>Financial Markets, Money and the Real World>/i>.
 Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>5</BIBL>	<BIBTEXT> Davidson, P. >i>John Maynard Keynes.>/i>
 Basingstoke, UK: Palgrave Macmillan, 2007.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Davidson, P. "How to Solve
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 2008b, >i>30>/i> (4), 669-676.</BIBTEXT>      </REF>	   <REF>       
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 and Market Failure." >i>Challenge>/i>, May-June 2008c, >i>51>/i> (3),
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 <BIBTEXT> Dow, S. "Mainstream Methodology, Financial Markets, and Global
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 UK: Edward Elgar, 2010, pp. 246-262.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>11</BIBL>	  <BIBTEXT> Forbes, W. >i>Behavioural Finance.>/i>
 Chichester, UK: John Wiley & Sons, 2009.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>12</BIBL>	      <BIBTEXT> Fung, M.V. "Developments in
 Behavioral Finance and Experimental Economics and Post Keynesian Finance
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 (1), 19-39.</BIBTEXT>	    </REF>	<REF>	     <BIBL>13</BIBL>	   
 <BIBTEXT> Galbraith, J.K. "The 1929 Parallel." >i>Atlantic Monthly>/i>,
 January 1987, 62-66.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>14</BIBL>	<BIBTEXT> Galbraith, J.K. >i>The Great Crash.>/i>
 Boston: Houghton Mifflin, 1988.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>15</BIBL>	<BIBTEXT> Galbraith, J.K. >i>A Short History of
 Financial Euphoria>/i>. Boston: Houghton Mifflin, 1993.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Gunduz, C.
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 Approach to Understanding Bubbles." >i>Journal of Psychology and Financial
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 <BIBTEXT> Kahneman, D., and Tversky, A. "Prospect Theory: An Analysis of
 Decision Under Risk." >i>Econometrica>/i>, March 1979, >i>47>/i> (2),
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 209-223.</BIBTEXT>	 </REF>      <REF>	  <BIBL>21</BIBL>	
 <BIBTEXT> Leathers, C.G., and Raines, J.P. "John Kenneth Galbraith's
 Contributions to the Theory and Analysis of Speculative Financial
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 551-568.</BIBTEXT>	 </REF>      <REF>	  <BIBL>22</BIBL>	
 <BIBTEXT> Pressman, S. "Kahneman, Tversky, and Institutional Economics."
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 <BIBTEXT> Sent, E.-M. "Behavioral Economics: How Psychology Made Its
 (Limited) Way Back into Economics." >i>History of Political Economy>/i>,
 2004, >i>36>/i> (4), 735-760.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>24</BIBL>	<BIBTEXT> Shefrin, H. >i>Beyond Greed and Fear:
 Finance and the Psychology of Investing>/i>. Boston: Harvard Business
 School Press, 2000.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>25</BIBL>	<BIBTEXT> Shiller, R. >i>Irrational Exuberance>/i>.
 New York: Broadway Books, 2001.</BIBTEXT>	</REF>	    <REF>	
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 Markets." >i>Journal of Psychology and Financial Markets>/i>, 2002,
 >i>3>/i> (2), 87-93.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>27</BIBL>	<BIBTEXT> Shiller, R. "From Efficient Markets
 Theory to Behavioral Finance." >i>Journal of Economic Perspectives>/i>,
 Winter 2003, >i>17>/i> (1), 83-104.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>28</BIBL>	 <BIBTEXT> Shiller, R. "Tools for Financial
 Innovation: Neoclassical Versus Behavioral Finance." >i>Financial
 Review>/i>, February 2006, >i>41>/i> (1), 1-8.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>29</BIBL>	     <BIBTEXT> Taffler, R., and Tuckett, D.
 "Emotional Finance: Understanding What Drives Investors." >i>Professional
 Investor Magazine>/i>, Autumn 2007, 18-20.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Tuckett, D., and Taffler, R.
 "Phantastic Objects and the Financial Market's Sense of Reality: A
 Psychoanalytic Contribution to the Understanding of Stock Market
 Instability." >i>International Journal of Psychoanalysis>/i>, 2008,
 >i>84>/i> (2), 389-412.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>31</BIBL>	<BIBTEXT> Tversky, A., and Kahneman, D. "Judgment
 Under Uncertainty: Heuristics and Biases." >i>Science>/i>, September 27,
 1974, >i>185>/i> (4157), 1124-1131.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>32</BIBL>	 <BIBTEXT> "What's in a Name?" >i>Journal of
 Behavioral Finance>/i>, 2003, >i>4>/i> (1), 2.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:33:y:2011:i:4:p:539-554




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander 
Author-X-Name-First: David 
Author-X-Name-Last: Colander 
Author-Name: Richard P. F. Holt 
Author-X-Name-First: Richard P. F. 
Author-X-Name-Last: Holt 
Author-Name: J. Barkley Rosser 
Author-X-Name-First: J. Barkley 
Author-X-Name-Last: Rosser 
Title: How to win friends and (possibly) influence mainstream economists 
Abstract:
 In the paper "Conversation or Monologue: On Advising Heterodox
 Economists," we are taken to task by MatÃ­as Vernengo on a number of
 issues made in Colander, Holt, and Rosser (2004b; 2007-8). In this paper,
 we respond to two central arguments made by Vernengo, and stand by our
 earlier arguments that (1) heterodox economists hurt themselves by
 self-labeling themselves as heterodox because mainstream economics no
 longer is limited to a neoclassical orthodoxy, and that (2) heterodox
 economists would be well served to spend less time writing about
 methodology and more time writing about policy issues.
Journal: Journal of Post Keynesian Economics 
Pages: 397-408 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: complex system, cutting edge, heterodox, mainstream, methodology, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J662248123U25138 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arrow, K. J., and
 Debreu, G. "Existence of an Equilibrium for a Competitive Economy."
 >i>Econometrica>/i>, 1954, >i>22>/i> (3), 265-290.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>2</BIBL>        <BIBTEXT> Colander, D. "The Death of
 Neoclassical Economics." >i>Journal of the History of Economic
 Thought>/i>, 2000, >i>22>/i> (2), 127-143.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Colander, D. (ed.). >i>Post
 Walrasian Macroeconomics: Beyond the Dynamic Stochastic General
 Equilibrium Model.>/i> New York: Cambridge University Press,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Colander, D. (ed.). "Moving Beyond the Rhetoric of Pluralism:
 Suggestions for an âInside-the-Mainstream Heterodoxy.â" In R. Garnett,
 E. K. Olsen, and M. Starr (eds.), >i>Economics and Pluralism.>/i> New
 York: Routledge, 2009, pp. 36-47.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>5</BIBL>        <BIBTEXT> Colander, D. (ed.). "The Domain of
 Austrian Economics." >i>Advances in Austrian Economics>/i>, 2010a,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>6</BIBL>	   
 <BIBTEXT> Colander, D. (ed.). "How Did Macro Theory Get So Far Off Track,
 and What Can Heterodox Macroeconomists Do to Get It Back on Track?" In E.
 Hein, T. Niechoj, and E. Stockhammer (eds.), >i>Macroeconomic Policies on
 Shaky FoundationsâWhither Mainstream Economics?>/i> Marburg, Germany:
 Metropolis, 2010b, forthcoming.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>7</BIBL>        <BIBTEXT> Colander, D.; Holt, R. P. F.; and Rosser,
 J. B., Jr. >i>The Changing Face of Economics: Conversations with Cutting
 Edge Economists.>/i> Ann Arbor: University of Michigan Press,
 2004a.</BIBTEXT>      </REF>	   <REF>	<BIBL>8</BIBL>	     
 <BIBTEXT> Colander, D.; Holt, R. P. F.; and Rosser, J. B., Jr. "The
 Changing Face of Mainstream Economics." >i>Review of Political
 Economy>/i>, 2004b, >i>16>/i> (4), 485-499.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Colander, D.; Holt, R. P. F.;
 and Rosser, J. B., Jr. "Live and Dead Issues in the Methodology of
 Economics." >i>Journal of Post Keynesian Economics>/i>, âWinterâ
 2007-8, >i>30>/i> (2), 303-312.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>10</BIBL>	<BIBTEXT> Colander, D.; Howitt, D. P.; Kirman, A.;
 Leijonhufvud, A.; and Mehrling, P. "Beyond DSGE Models: Toward an
 Empirically Based Macroeconomics." >i>American Economic Review>/i>,
 âMayâ 2008, >i>98>/i> (2), 236-240.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>11</BIBL>	     <BIBTEXT> Davidson, P. "Reality and Economic
 Theory." >i>Journal of Post Keynesian Economics>/i>, âSummerâ 1996,
 >i>18>/i> (4), 479-508.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>12</BIBL>	<BIBTEXT> Holt, R. P. F. "The Philosophical
 Foundations of Hyman Minsky's Writings." Paper presented at the Eastern
 Economic Association Annual Meeting, Cincinnati, âApril 1â,
 1990.</BIBTEXT>      </REF>	  <REF>        <BIBL>13</BIBL>	     
 <BIBTEXT> Holt, R. P. F. "Hyman Minsky and the Mainstream." Paper
 presented at the Eastern Economic Association, Washington, DC, âFebruary
 20â, 2004.</BIBTEXT>      </REF>	 <REF>	      <BIBL>14</BIBL>	   
  <BIBTEXT> Holt, R. P. F. "Post Keynesian Economics and the Development of
 Public Policy." Paper presented at the Eastern Economic Association, New
 York, âFebruaryâ 2007a.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>15</BIBL>	<BIBTEXT> Holt, R. P. F. "Post Keynesian Economics
 and Public Policy." Paper presented at the International Conference of the
 Association for Pluralism in Economics, Salt Lake City, Utah, âJune
 3â, 2007b.</BIBTEXT>      </REF>	 <REF>	      <BIBL>16</BIBL>	   
  <BIBTEXT> Holt, R. P. F., and Pressman, S. "The Post-Keynesian Critique
 of the Mainstream Theory of the State and the Post-Keynesian Approaches to
 Economic Policy." In G. C. Harcourt (ed.), >i>Handbook of Post-Keynesian
 Economics.>/i> Oxford: Oxford University Press, 2010,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>17</BIBL>	   
  <BIBTEXT> Minsky, H. P. "Central Banking and Money Market Changes."
 >i>Quarterly Journal of Economics>/i>, âMayâ 1957a, >i>71>/i> (2),
 171-187.</BIBTEXT>	 </REF>      <REF>	  <BIBL>18</BIBL>	
 <BIBTEXT> Minsky, H. P. "Monetary Systems and Accelerator Models."
 >i>American Economic Review>/i>, âDecemberâ 1957b, >i>47>/i> (6),
 859-883.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Minsky, H. P. "A Linear Model of Cyclical Growth." >i>Review of
 Economics and Statistics>/i>, âMayâ 1959, >i>41>/i> (2),
 133-145.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Minsky, H. P. "The Transition to a Market Economy." Working
 Paper no. 66, Jerome Levy Economics Institute of Bard College,
 Annandale-on-Hudson, âNovemberâ 1991.</BIBTEXT>	  </REF>      <REF>
	<BIBL>21</BIBL>        <BIBTEXT> Rodrik, D. >i>Has Globalization
 Gone Too Far?>/i> Washington, DC: Institute of International Economics,
 1997.</BIBTEXT>      </REF>	  <REF>        <BIBL>22</BIBL>	     
 <BIBTEXT> Rodrik, D. >i>One Economics, Many Recipes: Globalization,
 Institutions, and Economic Growth.>/i> Princeton: Princeton University
 Press, 2007.</BIBTEXT>      </REF>	 <REF>	      <BIBL>23</BIBL>	   
  <BIBTEXT> Rosser, J. B., Jr. "Complex Dynamics in New Keynesian and Post
 Keynesian Economics." In R. Rotheim (ed.), >i>New Keynesian Economics/Post
 Keynesian Alternatives.>/i> London: Routledge, 1998, pp.
 288-302.</BIBTEXT>	 </REF>      <REF>	  <BIBL>24</BIBL>	
 <BIBTEXT> Rosser, J. B., Jr. "Complex Dynamics and Post Keynesian
 Economics." In M. Setterfield (ed.), >i>Complexity, Endogenous Money and
 Macroeconomic Theory: Essays in Honour of Basil J. Moore.>/i> Cheltenham,
 UK: Edward Elgar, 2006, pp. 74-98.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>25</BIBL>	<BIBTEXT> Rosser, J. B., Jr.; Holt, R. P. F.; and
 Colander, D. >i>European Economics at a Crossroads.>/i> Cheltenham, UK:
 Edward Elgar, 2010.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>26</BIBL>	<BIBTEXT> Vernengo, M. "Conversation or Monologue?
 On Advising Heterodox Economists." >i>Journal of Post Keynesian
 Economics>/i>, 2010, >i>32>/i> (3), 389-396.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:397-408




Template-Type: ReDIF-Article 1.0
Author-Name: John Harvey
Author-X-Name-First: John
Author-X-Name-Last: Harvey
Title: Using the  to explain the U.S. business cycle, 1950-2009
Abstract: 
 Despite its professed emphasis on the real world, the post Keynesian literature lacks a history of business cycle fluctuations in a particular economy. This is an extremely important oversight. Not only might such a study be useful to researchers, but students are anxious to acquire practical as well as theoretical knowledge and to see historical applications of theory. This article fills that gap by offering both theory and evidence regarding U.S. cycles from 1950 through the Great Recession. The theory is derived from Keynes's General Theory, while the evidence is composed of a simple statistical analysis along with a narrative covering each expansion and recession. It will be argued that, despite mainstream descriptions of capitalism as a relatively stable system occasionally interrupted by exogenous shocks, business cycles are systemic and a manifestation of the instability inherent to the capitalist system. The complete story cannot be told without reference to fiscal and monetary policy, oil shocks, strikes, and so on—but most of it can.
Journal: Journal of Post Keynesian Economics
Pages: 391-414
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360301
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360301
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:391-414




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Lainé
Author-X-Name-First: Michael
Author-X-Name-Last: Lainé
Title: Do animal spirits rely on somatic markers? Keynes in light of neuroscience
Abstract: 
 Thanks to neuroscience, the brain is no longer a black box. It is possible to investigate its basic functioning and see whether its teachings may buttress Keynes's concept of animal spirits. Seven features constitute them: duality of reasoning; automatic analogical assessment; automatic decision; anchorage in emotions; intermediation between body and soul; beyond the rational/irrational dichotomy; and conventional basis. This article aims to compare these features comprising animal spirits with Damasio's "somatic marker hypothesis." It appears that both theories are very much in tune, in that they emphasize analogical induction, the intelligence of emotions, and the automaticity of cognition and action. It may prove useful, as a way to stimulate further research, to enrich and deepen animal spirits thanks to somatic markers.
Journal: Journal of Post Keynesian Economics
Pages: 439-466
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360303
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360303
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:439-466




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Carmona
Author-X-Name-First: Pablo
Author-X-Name-Last: Carmona
Title: Capital account regulation in Iceland: does anybody know what is going to happen?
Abstract: 
 This article analyzes the capital account regulation (CAR) applied in Iceland after the banking crash of October 2008, focusing on the determinants behind the implementation of this policy tool, its effects on economic performance, and its possible costs for the Icelandic economy. The previous literature on the topic is useful for these purposes but it does not provide an adequate framework for analyzing the Icelandic experience because Iceland is a very particular case within the group of countries that have historically resorted to CAR. Our main conclusions are that capital account regulation has been essential in stabilizing the currency after the banking crash, providing space for expansionary monetary policy, and keeping public debt yields low. Even though great uncertainty still surrounds the long-term prospects of the Icelandic economy, CAR implementation has been a step toward a promising future economic scenario.
Journal: Journal of Post Keynesian Economics
Pages: 491-512
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360305
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360305
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:491-512




Template-Type: ReDIF-Article 1.0
Author-Name: Luis Alonso González
Author-X-Name-First: Luis
Author-X-Name-Last: Alonso González
Author-Name: Bruno Sovilla
Author-X-Name-First: Bruno
Author-X-Name-Last: Sovilla
Title: The remittance multiplier (-1) theorem
Abstract: 
 This article analyzes the effect of remittances on aggregate demand and equilibrium income within a Keynesian model. Our analysis demonstrates that the composition of aggregate demand varies because remittances produce an increase in consumption and a contraction in the external sector. The total value of aggregate demand is then reduced by the value of remittances in national currency. Consequently, we confirm that the remittance multiplier is (-1).
Journal: Journal of Post Keynesian Economics
Pages: 541-554
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360307
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360307
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:541-554




Template-Type: ReDIF-Article 1.0
Author-Name: Ehsan Ahmed
Author-X-Name-First: Ehsan
Author-X-Name-Last: Ahmed
Author-Name: J. Rosser
Author-X-Name-First: J.
Author-X-Name-Last: Rosser
Author-Name: Jamshed Uppal
Author-X-Name-First: Jamshed
Author-X-Name-Last: Uppal
Title: Are there nonlinear speculative bubbles in commodities prices?
Abstract: 
 Daily price movements of seventeen commodities are tested for the possible presence of nonlinear speculative bubbles during 1991-2012. A VAR model for logarithmic first differences of each is estimated with one-year Treasury bill rates, U.S. dollar value, a world stock market index, and an overall commodities price index using Hamilton regime switching and Hurst rescaled range tests. Residuals after removing ARCH for all seventeen commodity price series are tested for remaining nonlinearity using the BDS test. These tests fail to reject the presence of bubble-like trends and nonlinearity beyond ARCH for all seventeen commodity series. However, we note that we are unable to overcome the misspecified fundamentals problem, which means we cannot argue that we have definitely found speculative bubbles. At most we can argue that our results indicate that these markets appear to exhibit excess volatility and unexplained trends.
Journal: Journal of Post Keynesian Economics
Pages: 415-438
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360302
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360302
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:415-438




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Ana González
Author-X-Name-First: Ana
Author-X-Name-Last: González
Title: Bank credit and the housing market in OECD countries
Abstract: 
 Relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The macroeconomic doctrine of the new consensus macroeconomics completely ignores bank credit. However, the Great Recession has highlighted the importance of bank credit. The purpose of this article is to revisit this important macroeconomic variable. Consequently, we propose to endogenize the volume of bank credit by paying special attention to those variables that are related to the real estate market, which can be considered as key to the evolution of bank credit. Our theoretical hypothesis is tested by means of a sample of nine economies of the Organization for Economic Cooperation and Development (OECD) from 1970 to 2011. For this purpose, we apply the cointegration technique, which permits the modeling of the long-run equilibrium relationship and the short-run dynamics along with an error-correction term.
Journal: Journal of Post Keynesian Economics
Pages: 467-490
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360304
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360304
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:467-490




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Ferrari-Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari-Filho
Author-Name: André Cunha
Author-X-Name-First: André
Author-X-Name-Last: Cunha
Author-Name: Julimar da Silva Bichara
Author-X-Name-First: Julimar
Author-X-Name-Last: da Silva Bichara
Title: Brazilian countercyclical economic policies as a response to the Great Recession: a critical analysis and an alternative proposal to ensure macroeconomic stability
Abstract: 
 This article analyzes Brazilian macroeconomic policy and its economic performance as a response to the Great Recession. First, we present a theoretical analysis of Keynesian economic policies to coordinate and stabilize the dynamic of monetary economies. Second, we analyze Brazilian macroeconomic policy efforts to overcome the effects of the Great Recession, and we show the relationship between this policy and the main economic indicators, such as gross domestic product and inflation. In doing so, we argue that, although the Brazilian economic policy response to the global financial crisis and Great Recession seem to incorporate Keynesian economic policies, it is not possible to argue that the Brazilian economy be considered a Keynesian paradigm. Finally, in light of the Keynesian theory, we present an economic strategy to sustain the dynamism of the Brazilian economy.
Journal: Journal of Post Keynesian Economics
Pages: 513-540
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360306
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360306
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:513-540




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Garcimartín
Author-X-Name-First: Carlos
Author-X-Name-Last: Garcimartín
Author-Name: José Alonso
Author-X-Name-First: José
Author-X-Name-Last: Alonso
Author-Name: Luis Rivas
Author-X-Name-First: Luis
Author-X-Name-Last: Rivas
Title: Balance-of-payments-constrained growth and convergence: one more piece of the jigsaw
Abstract: 
 Broadly speaking, the balance-of-payments-constraint hypothesis as developed by Thirlwall (1979) has been empirically supported. Yet, it fails to interpret correctly the necessary conditions for convergence. Although the neoclassical explanation of economic growth is not necessarily the correct one, it is a fact that some countries have indeed converged to others. When Thirlwall's model accounts for the possibility of convergence, it shows two main puzzling implications since it depends on income elasticities. First, a higher income elasticity to exports/imports ratio in backward countries not only implies convergence but divergence in the long run. Second, the non-price competitiveness is higher in the backward countries since they have a higher ratio. This study aims at developing a model that is able to reconcile the balance-of-payments-constraint hypothesis with convergence. Subsequently, it is applied to countries of the Organization for Economic Cooperation and Development (OECD).
Journal: Journal of Post Keynesian Economics
Pages: 555-585
Issue: 3
Volume: 36
Year: 2014
X-DOI: 10.2753/PKE0160-3477360308
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360308
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Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:555-585




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew V. Fung 
Author-X-Name-First: Matthew V. 
Author-X-Name-Last: Fung 
Title: Comments on "can Post Keynesians make better use of behavioral economics?" 
Abstract:
 The paper "Can Post Keynesians Make Better Use of Behavioral Economics?"
 argues that "there is scope for a successful engagement between behavioral
 economics and Post Keynesian economics if it is based on explicitly stated
 common ground defined in terms of methodology." That argument limits the
 ways Post Keynesians can engage with behavioral economics. I suggest that
 Post Keynesians should also engage with behavioral economics on a
 theoretical level and discuss some ways Post Keynesians have already done
 so.
Journal: Journal of Post Keynesian Economics 
Pages: 235-250 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: behavioral economics, heuristics, nonergodicity, Post Keynesian economics, psychology, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=345506051K7J4602 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 Advanced Market Economies.>/i> Armonk, NY: M. E. Sharpe, 1987.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>20</BIBL>	    <BIBTEXT>
 FernÃ¡ndez-Huerga, E. "The Economic Behavior of Human Beings: The
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      <BIBL>21</BIBL>	     <BIBTEXT> Fung, M. V. "Developments in
 Behavioral Finance and Experimental Economics and Post Keynesian Finance
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 (1), 19-39.</BIBTEXT>	    </REF>	<REF>	     <BIBL>22</BIBL>	   
 <BIBTEXT> Galbraith, James K. "Innovation and Predation." In B. Laperche
 and D. Uzunidis (eds.), >i>Powerful Finance and Innovation Trends in a
 High-Risk Economy.>/i> Basingstoke, UK: Palgrave Macmillan, 2008, pp.
 13-18.</BIBTEXT>      </REF>	   <REF>	<BIBL>23</BIBL>       
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 Houghton Mifflin, 1967.</BIBTEXT>	</REF>	    <REF>	
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 T. "Heuristic Judgment Theory." >i>Journal of Economic Issues>/i>, March
 1998, >i>32>/i> (1), 47-64.</BIBTEXT>	    </REF>	<REF>	    
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 D., and Tversky, A. "Prospect Theory: An Analysis of Decision Under Risk."
 >i>Econometrica>/i>, March 1979, >i>47>/i> (2), 263-292.</BIBTEXT>	
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 1954.</BIBTEXT>      </REF>	  <REF>        <BIBL>29</BIBL>	     
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 with Consumer Research and Economic Psychology." >i>Journal of Economic
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 Economic Incentives: New Behavioral Economics and Successful Economic
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   <BIBTEXT> Loasby, B. J. "Cognition, Imagination and Institutions in
 Demand Creation." >i>Journal of Evolutionary Economics>/i>, 2001,
 >i>11>/i> (1), 7-21.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>35</BIBL>	<BIBTEXT> Mtigwe, B. "Theoretical Milestones in
 International Business: The Journey to International Entrepreneurship
 Theory." >i>Journal of International Entrepreneurship>/i>, March 2006,
 >i>4>/i> (1), 5-25.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>36</BIBL>	<BIBTEXT> Pixley, J. >i>Emotions in Finance:
 Distrust and Uncertainty in Global Markets.>/i> Cambridge: Cambridge
 University Press, 2004.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>37</BIBL>	<BIBTEXT> Sent, E.-M. "Behavioral Economics: How
 Psychology Made Its (Limited) Way Back into Economics." >i>History of
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 1972.</BIBTEXT>      </REF>	  <REF>        <BIBL>39</BIBL>	     
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 Edinburgh: Edinburgh University Press, 1979.</BIBTEXT>      </REF>	
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 >i>54>/i> (3), 430-455.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:235-250




Template-Type: ReDIF-Article 1.0
Author-Name: Alvaro  Angeriz 
Author-X-Name-First: Alvaro  
Author-X-Name-Last: Angeriz 
Author-Name: Philip  Arestis 
Author-X-Name-First: Philip  
Author-X-Name-Last: Arestis 
Title: The consensus view on interest rates and fiscal policy: reality or innocent fraud? 
Abstract:
 Current economic policy upgrades monetary policy and downgrades fiscal
 policy. Monetary policy involves the manipulation of the central bank
 interest rate, with the specific objective of achieving the main goal of
 monetary policy, which is, in most cases, the inflation rate. Fiscal
 policy should not be used as an instrument of stabilization policy. This
 raises two issues. The first is the theoretical underpinnings of this mode
 of economic policy. The second is the extent the quantitative impact of
 monetary and fiscal policy in the real world adhere to the principles set
 out by theory. Both aspects are investigated in this paper. We summarize
 results drawn from the euro area, the United States, and the United
 Kingdom. Two important conclusions emerge: the empirical results point to
 a relatively weak effect of interest rate changes on inflation. Also,
 monetary policy can have long-run effects on real magnitudes. Fiscal
 policy does have strong effects after all.
Journal: Journal of Post Keynesian Economics 
Pages: 567-586 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, GDP, inflation, interest rate policy, macroeconomic models, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H277601120847777 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Angeloni, I.; Kashyap,
 A.; Mojon, B.; and Terlizzese, D. "Monetary Transmission in the Euro Area:
 Where Do We Stand?" European Central Bank Working Paper Series no. 114,
 Frankfurt, 2002.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>   
     <BIBTEXT> Arestis, P. >i>Is There a New Consensus in
 Macroeconomics?>/i> Basingstoke, UK: Palgrave Macmillan, 2007.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>3</BIBL>	   <BIBTEXT> Arestis, P.,
 and Sawyer. M. "Reinventing Fiscal Policy." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2003, >i>26>/i> (1), 3-25.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>4</BIBL>	    <BIBTEXT> Arestis, P., and Sawyer, M.
 "Can Monetary Policy Affect the Real Economy?" >i>European Review of
 Economics and Finance>/i>, 2004, >i>3>/i> (3), 7-30.</BIBTEXT>      </REF>
      <REF>	   <BIBL>5</BIBL>	 <BIBTEXT> Arestis, P., and Sawyer,
 M. "Fiscal Policy Matters." >i>Public Finance>/i>, 2006, >i>54>/i> (3-4),
 133-153.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Bank of England. >i>Economic Models at the Bank of England.>/i>
 London: Bank of England, 1999.</BIBTEXT>      </REF>	   <REF>       
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 Bank of England.>/i> London: Bank of England. September 2000
 Update.</BIBTEXT>	</REF>	    <REF>	 <BIBL>8</BIBL>       
 <BIBTEXT> >i>Bank of England Quarterly Bulletin>/i> (BEQB). "The New Bank
 of England Quarterly Model." 2004, >i>44>/i> (2), 188-193.</BIBTEXT>	  
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 >i>82>/i> (6), 1095-1117.</BIBTEXT>	  </REF>      <REF>	  
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 Gilchrist, S. "The Financial Accelerator in a Quantitative Business Cycle
 Framework." In J. Taylor and M. Woodford (eds.), >i>Handbook of
 Macroeconomics>/i>, vol. 1. Amsterdam: North-Holland, 1999, pp.
 1341-1393.</BIBTEXT>	   </REF>      <REF>	    <BIBL>11</BIBL>	  
 <BIBTEXT> Brayton, F., and Tinsley, P. "A Guide to FRB/US: A Macroeconomic
 Model of the United States." Federal Reserve Board Working Paper,
 Washington, DC, 1996.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>12</BIBL>	<BIBTEXT> Briotti, M.G. "Economic Reactions to
 Public Finance Consolidation: A Survey of the Literature." Occasional
 Paper Series no. 38, European Central Bank, Frankfurt, 2005.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>13</BIBL>	  <BIBTEXT> Clarida, R.;
 Gali, J.; and Gertler, M. "The Science of Monetary Policy: A New Keynesian
 Perspective." >i>Journal of Economic Literature>/i>, 1999, >i>37>/i> (4),
 1661-1707.</BIBTEXT>	   </REF>      <REF>	    <BIBL>14</BIBL>	  
 <BIBTEXT> Coenen, G., and Straub, R. "Does Government Spending Crowd in
 Private Consumption? Theory and Empirical Evidence for the Euro Area."
 Working Paper 05/159, International Monetary Fund, Washington, DC, and
 Working Paper Series no. 513, European Central Bank, Frankfurt,
 2005.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	     
 <BIBTEXT> European Central Bank. "Recent Findings on Monetary Transmission
 in the Euro Area." >i>Monthly Bulletin>/i>, October 2002.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> European
 Commission, "Public Finances in EMUâ2003." European EconomyâReports
 and Studies no. 3. Office for Official Publications of the European
 Communities (OOPEC), Luxembourg, 2003.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>17</BIBL>	    <BIBTEXT> Fagan, G.; Henry, J.; and Mestre, R.
 "An Area-Wide Model for the Euro Area." >i>Economic Modelling>/i>, 2005,
 >i>22>/i> (1), 39-59.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>18</BIBL>	<BIBTEXT> GalÃ­, J.; LÃ³pez-Salido, J.D.; and
 VallÃ©s, J. "Understanding the Effects of Government Spending on
 Consumption." Working Paper Series no. 339, European Central Bank,
 Frankfurt, 2004.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>  
      <BIBTEXT> Ghosh, A., and Phillips, S. "Warning: Inflation May Be
 Harmful to Your Growth." >i>IMF Staff Papers>/i>, 1998, >i>45>/i> (4),
 672-710.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Goodhart, C.A.E. "The Future of Central Banking." In P. Arestis
 (ed.), >i>Is There a New Consensus in Macroeconomics?>/i> Basingstoke, UK:
 Palgrave Macmillan, 2007, pp. 61-81.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>21</BIBL>	  <BIBTEXT> Harrison, R.; Nikolov, K.; Quinn, M.;
 Ramsey, G.; Scott, A.; and Thomas, R. >i>The Bank of England Quarterly
 Model.>/i> London: Bank of England, 2005.</BIBTEXT>	  </REF>      <REF>
	<BIBL>22</BIBL>        <BIBTEXT> Hemming, R.; Kell, M.; and
 Mahfouz, S. "The Effectiveness of Fiscal Policy in Stimulating Economic
 Activity: A Review of the Literature." Working Paper 02/208, International
 Monetary Fund, Washington, DC, 2002.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>23</BIBL>	  <BIBTEXT> Hemming, R.; Mahfouz, S.; and
 Schimmelpfennig, A. "Fiscal Policy and Economic Activity in Advanced
 Economies." Working Paper 02/87, International Monetary Fund, Washington,
 DC, 2002.</BIBTEXT>	  </REF>      <REF>	   <BIBL>24</BIBL>	 
 <BIBTEXT> Honjo, K. "The Golden Rule and the Economic Cycles." Working
 Paper 07/199, International Monetary Fund, Washington, DC, 2007.</BIBTEXT>
      </REF>	  <REF>        <BIBL>25</BIBL>	      <BIBTEXT> Monetary
 Policy Committee. >i>The Transmission Mechanism of Monetary Policy.>/i>
 London: Bank of England, 1999.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>26</BIBL>	<BIBTEXT> Peersman, G., and Smets, F. "The Monetary
 Transmission Mechanism in the Euro Area: More Evidence from VAR Analysis."
 Working Paper Series no. 91, European Central Bank, Frankfurt,
 2001.</BIBTEXT>      </REF>	  <REF>        <BIBL>27</BIBL>	     
 <BIBTEXT> Poole, W. "Communicating the Fed's Policy Stance." In P. Arestis
 (ed.), >i>Is There a New Consensus in Macroeconomics?>/i> Basingstoke, UK:
 Palgrave Macmillan, 2007, pp. 186-206.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>28</BIBL>	    <BIBTEXT> Sarel, M. "Nonlinear Effects of
 Inflation on Economic Growth." >i>IMF Staff Papers>/i>, 1996, >i>43>/i>
 (1), 199-215.</BIBTEXT>      </REF>	  <REF>        <BIBL>29</BIBL>	   
   <BIBTEXT> Smets, F., and Wouters, R. "An Estimated Stochastic Dynamic
 General Equilibrium Model of the Euro Area." >i>Journal of the European
 Economic Association>/i>, 2003, >i>1>/i> (4), 1123-1175.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>30</BIBL>	 <BIBTEXT> Van Els, P.;
 Locarno, A.; Morgan, J.; and Villetelle, J.P. "Monetary Policy
 Transmission in the Euro Area: What Do Aggregate and National Structural
 Models Tell Us?" Working Paper Series no. 94, European Central Bank
 Frankfurt, 2001.</BIBTEXT>	 </REF>      <REF>	  <BIBL>31</BIBL>  
      <BIBTEXT> Wicksell, K. >i>Interest and Prices.>/i> Translation by
 R.F. Kahn. New York: Kelley, 1965. [Originally published in German in
 1898.]</BIBTEXT>      </REF>	   <REF>	<BIBL>32</BIBL>       
 <BIBTEXT> Wren-Lewis, S. "The Limits to Discretionary Fiscal Stabilisation
 Policy." >i>Oxford Review of Economic Policy>/i>, 2000, >i>16>/i> (1),
 92-105.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:567-586




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Davidson 
Title: Making dollars and sense of the U.S. government debt 
Abstract:
 This paper explain why, given Keynes's General Theory, worries over the
 size of the government's national debt per se are foolish. It is more
 important to educate politicians and the public that government fiscal
 policy should be designed to make sure that aggregate market demand will
 produce sufficient profits so that entrepreneurs will hire all domestic
 workers willing and able to work. Empirical evidence is provided to
 demonstrate the correctness of this concept of fiscal policy of the
 balancing wheel for full employment effective demand.
Journal: Journal of Post Keynesian Economics 
Pages: 661-666 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: deficits, national debt, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G70P38H638635X17 
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Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:661-666




Template-Type: ReDIF-Article 1.0
Author-Name: TONY LAWSON
Author-X-Name-First: TONY
Author-X-Name-Last: LAWSON
Title: The (confused) state of equilibrium analysis in modern economics: an explanation
Abstract: 
 Modern economics produces many interpretations of the category of equilibrium as well as competing views of its relevance or worth for economic theorizing. In particular, interpretations and valuations often differ systematically between mainstream and heterodox contributions. I argue that these differences are best explained through understanding the competing ontological presuppositions of the mainstream and heterodox traditions. If correct, this explanation reinforces the assessment advanced elsewhere (Lawson, 2003) that mainstream and heterodox traditions are best distinguished not according to substantive claims or policy stances but rather precisely in terms of their ontological commitments.
Journal: Journal of Post Keynesian Economics
Pages: 423-444
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051442
File-URL: http://hdl.handle.net/10.1080/01603477.2005.11051442
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Template-Type: ReDIF-Article 1.0
Author-Name: GIUSEPPE FONTANA
Author-X-Name-First: GIUSEPPE
Author-X-Name-Last: FONTANA
Title: A history of Post Keynesian economics since 1936: some hard (and not so hard) questions for the future
Abstract: 
 This paper discusses three controversial questions to which I was naturally led by the reading of John E. King's A History of Post Keynesian Economics Since 1936 (2002). First, did King unduly play down the role of the second generation of Post Keynesian economists? Second, how revolutionary were Keynes's writings, and how radical should Post Keynesian economics be? Finally, what is the future of Post Keynesian economics?
Journal: Journal of Post Keynesian Economics
Pages: 409-421
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051443
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Template-Type: ReDIF-Article 1.0
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Author-Name: SANTONU BASU
Author-X-Name-First: SANTONU
Author-X-Name-Last: BASU
Author-Name: SUSHANTA MALLICK
Author-X-Name-First: SUSHANTA
Author-X-Name-Last: MALLICK
Title: Financial globalization: the need for a single currency and a global central bank
Abstract: 
 Financial globalization, by definition, means the integration of financial markets of all countries of the world into one. This is only possible provided uniformity can be brought in the terms and conditions across the globe for raising international loans. The existence of different currencies with their different degrees of convertibility prevents uniformity in the terms and the conditions for loans. Consequently, not only does the existence of different currencies act as a barrier to such integration, but it disproportionately benefits the developed countries. This problem can only be eliminated provided a single worldwide currency is introduced. In its absence, financial globalization remains incomplete.
Journal: Journal of Post Keynesian Economics
Pages: 507-531
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051444
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Template-Type: ReDIF-Article 1.0
Author-Name: TONY LAWSON
Author-X-Name-First: TONY
Author-X-Name-Last: LAWSON
Title: Reorienting history (of economics)
Abstract: 
 In his response to my original paper "The (Confused) State of Equilibrium Analysis in Modern Economics: An Explanation," Weintraub sets forth a competing account of the nature of equilibrium theorizing in economics. Weintraub supposes (1) his account is better because (2) his approach to understanding economics is more historical than my own. I suggest that neither of these claims is correct.
Journal: Journal of Post Keynesian Economics
Pages: 455-470
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051445
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Template-Type: ReDIF-Article 1.0
Author-Name: NINA SHAPIRO
Author-X-Name-First: NINA
Author-X-Name-Last: SHAPIRO
Title: Competition and aggregate demand
Abstract: 
 This paper examines the macroeconomic effects of competition. The Kaleckian view of these effects is considered along with the neoclassical, with special attention paid to the degree of monopoly and its effect on investment. Both the product and price competition of firms are examined, and the macroeconomics consequences of imperfect competition are shown to be quite different than the ones highlighted in economics.
Journal: Journal of Post Keynesian Economics
Pages: 541-549
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051446
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Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian
Abstract: 
 This paper responds to the criticism that many heterodox economists, who want to be labeled as Post Keynesians, are rejected by my defining Post Keynesian theory as limited to those theories that adopt Keynes's analytical framework of aggregate demand and supply functions derived from the rejection of three restrictive classical axioms--that is, the gross substitution axiom, the neutral money axiom, and the ergodic axiom (or ordering axiom in deterministic models).
Journal: Journal of Post Keynesian Economics
Pages: 393-408
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051447
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Template-Type: ReDIF-Article 1.0
Author-Name: MEHMET FATIH CIN
Author-X-Name-First: MEHMET FATIH
Author-X-Name-Last: CIN
Title: Industrial price determination process in the Turkish private manufacturing industry between 1980 and 2000: a Keynesian approach
Abstract: 
 The Keynesian price model depends especially on some microeconomic factors other than causality relationship between money supply and general price level. Departing from aggregate demand-augmented wage-cost markup version of the Keynesian model is analyzed by using cointegration analysis for the determination of the prices in Turkish private manufacturing industries for the 1980-2000 period. The results support a long-run relationship among prices and demand and unit wage cost, and have also found positive pressure on prices from demand and unit wage cost. Findings are consistent with the Keynesian theoretical expectation.
Journal: Journal of Post Keynesian Economics
Pages: 491-505
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051448
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Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:491-505




Template-Type: ReDIF-Article 1.0
Author-Name: MARC LAVOIE
Author-X-Name-First: MARC
Author-X-Name-Last: LAVOIE
Title: Changing definitions: a comment on Davidson's critique of King's history of Post Keynesianism
Abstract: 
 In a review of John King's book, Paul Davidson has argued that King had been in error when including Sraffians and Kaleckians in his Post Keynesian classification. Davidson seems to believe that Post Keynesianism should be restricted to Fundamental Keynesianism. It is shown that King followed the taxonomy proposed by Davidson in the 1970s and early 1980s. Hence, Davidson cannot blame King for using these definitions. The paper concludes by claiming that despite their idiosyncrasies, heterodox theories contain a large amount of commonalities that ought to be underlined.
Journal: Journal of Post Keynesian Economics
Pages: 371-376
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051449
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Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:371-376




Template-Type: ReDIF-Article 1.0
Author-Name: GREG HANNSGEN
Author-X-Name-First: GREG
Author-X-Name-Last: HANNSGEN
Title: Minsky's acceleration channel and the role of money
Abstract: 
 Hyman Minsky suggested a possible channel through which monetary policy could affect the economy. He asserted that rising interest rates due to contractionary monetary policy compromised the balance sheets of firms that had financed long-term positions in illiquid assets with short-term borrowing. As interest rates rose, the debt service costs of a project increased relative to the present discounted value of its future revenue streams. A model based on Minsky's theory confirms its plausibility. The model also shows that anti-inflationary policy potentially destabilizes if used too aggressively. A vector autoregression analysis suggests that postwar U.S. data are consistent with Minsky's theory.
Journal: Journal of Post Keynesian Economics
Pages: 471-489
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051450
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Template-Type: ReDIF-Article 1.0
Author-Name: H. SONMEZ ATESOGLU
Author-X-Name-First: H. SONMEZ
Author-X-Name-Last: ATESOGLU
Title: Monetary policy and long-term interest rates
Abstract: 
 Empirical relations between the federal funds rate and long-term interest rates are analyzed by employing the vector error correction modeling and cointegration techniques. The findings reveal a cointegration relation and a unidirectional causality from the federal funds rate to the long-term interest rates and are supportive of the horizontalist rather than the structuralist view of the money supply endogeneity. Findings also reveal that changes in the federal funds rate do not have much of an effect on the long-term interest rates in the short run. These results raise doubts concerning the effectiveness of monetary policy in the short run.
Journal: Journal of Post Keynesian Economics
Pages: 533-539
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051451
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Template-Type: ReDIF-Article 1.0
Author-Name: E. ROY WEINTRAUB
Author-X-Name-First: E. ROY
Author-X-Name-Last: WEINTRAUB
Title: On Lawson on equilibrium
Abstract: 
 Methodologist-philosopher Tony Lawson's distinction between the theoretic and the ontic is insufficient to untangle what he regards as a set of complex confusions concerning economists' use of the idea of equilibrium. His problem is better approached through a historical excavation of "equilibrium" and the frameworks of thought in which the equilibrium idea is embedded. In particular, this requires serious attention to the history of mathematics, because economists' use of the idea of equilibrium was intertwined with their understanding of mathematics.
Journal: Journal of Post Keynesian Economics
Pages: 445-454
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051452
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Template-Type: ReDIF-Article 1.0
Author-Name: SHEILA C. DOW
Author-X-Name-First: SHEILA C.
Author-X-Name-Last: DOW
Title: Axioms and Babylonian thought: a reply
Abstract: 
 Paul Davidson has criticized Babylonian thought as supporting an "anything goes" approach to Post Keynesian economics. This note explains Babylonian thought, not as the dual of classical logic but as another form of logic that is rigorous in light of the nonergodic nature of social systems, and the uncertainty this entails. It is argued that Babylonian thought is one way of understanding Keynes's "ordinary logic," while Davidson's use of the term "axiomatic" appears problematic. But the ergodic axiom is so compatible with the open-systems ontology on which Babylonian thought is based that there is, in fact, scope for broad agreement.
Journal: Journal of Post Keynesian Economics
Pages: 385-391
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051453
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Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:385-391




Template-Type: ReDIF-Article 1.0
Author-Name: J.E. KING
Author-X-Name-First: J.E.
Author-X-Name-Last: KING
Title: Unwarping the record: a reply to Paul Davidson
Abstract: 
 This is a reply to Paul Davidson's review, in the winter 2003-4 issue of JPKE, of my book, A History of Post Keynesian Economics Since 1936. After attempting to clear up some minor misunderstandings, I criticize Davidson's characterization of Marx and Sraffa as "classical economists," of Kalecki as an "imperfectionist," and of Minsky and Eichner as "mainstream Keynesians." Hicks, however, should be regarded as a New Keynesian rather than a Post Keynesian. Davidson and I also differ on more fundamental questions concerning the degree of coherence that is required in macroeconomic theory and on the related issue of whether Post Keynesianism should be a small tent or a large one.
Journal: Journal of Post Keynesian Economics
Pages: 377-384
Issue: 3
Volume: 27
Year: 2005
X-DOI: 10.1080/01603477.2005.11051454
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Template-Type: ReDIF-Article 1.0
Author-Name: Soltan S. Dzarasov 
Author-X-Name-First: Soltan S. 
Author-X-Name-Last: Dzarasov 
Title: The Post Keynesian alternative for the Russian economy 
Abstract:
 This paper is focused on Post Keynesian economics as an alternative
 perspective on the modern Russian economy. Neoclassical foundations of the
 radical market reforms in the former USSR are analyzed, and their perilous
 effects on economy and population are demonstrated. Post Keynesianism is
 treated as a viable and coherent alternative to neoclassical orthodoxy.
 The contribution to this body of thought of Keynes, Kalecki, Robinson,
 Sraffa, and some others is recognized. The historical, cultural, and
 socioeconomic conditions specific to Russia are considered as
 insurmountable obstacles for any neoclassical reforms agenda. The paper
 discusses ten Post Keynesian models that fit to Russian conditions,
 particularly when they are synthesized with some insights of economists
 from this country. Taken as a whole, Russian experience in building
 capitalism is viewed as a unique experiment testing the validity of
 neoclassical economics with disastrous results that vindicate the Post
 Keynesian alternative.
Journal: Journal of Post Keynesian Economics 
Pages: 17-40 
Issue: 1 
Volume: 33 
Year: 2010 
Month: 10 
Keywords: market reforms in Russia, neoclassical economics, Post Keynesianism, transition economies, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=881T68110K71415V 
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X-Bibl:
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 >i>Macroeconomics: The Dynamics of Commodity Production.>/i> London:
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 Dominance of Supply and Demand Theories: R. C. Dutt Lectures, 1976.>/i>
 New Delhi: Orient Longman, 1978.</BIBTEXT>	 </REF>      <REF>	 
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 2003b.</BIBTEXT>      </REF>	   <REF>	<BIBL>7</BIBL>	     
 <BIBTEXT> Boycko, M.; Shleyfer, A.; and Vishny, R. >i>Privatizing
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 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Carabelli, A. M. >i>On
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       <BIBL>10</BIBL>	      <BIBTEXT> Davidson, P. >i>Money &
 Employment.>/i> London: Macmillan, 1990.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>11</BIBL>	      <BIBTEXT> Dow, S. C. "Post Keynesian and
 Critical Realism: What Are the Connections?" >i>Journal of Post Keynesian
 Economics>/i>, Fall 1999, >i>22>/i> (1), 15-34.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>12</BIBL>	     <BIBTEXT> Dzarasov, S. S.
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 University of Rome "La Sapienza," 1996, pp. 173-190.</BIBTEXT>      </REF>
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 Capitalism (The Limits of the Monetarist Methods of Economic
 Stabilization)]. >i>Voposy ekonomiki>/i>, August 1997, >i>8>/i>,
 73-90.</BIBTEXT>      </REF>	   <REF>	<BIBL>14</BIBL>       
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 Biddle (eds.), >i>Research in the History of Economic Thought and
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Author-Name: Luigi L. Pasinetti
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Title: Nicholas Kaldor: A Few Personal Notes
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Pages: 331-340
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Volume: 5
Year: 1983
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Title: Introduction
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Volume: 5
Year: 1983
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Year: 1983
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Title: Allyn Young on Increasing Returns
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Year: 1983
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Author-X-Name-Last: de Ridder
Title: Increasing Returns, Productivity, and Output Growth: The Case of the United States
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Title: Industrialization and the Rate of Growth: Eastern Europe 1955-75
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Author-X-Name-Last: Wickens
Title: Verdoorn’s Law and Kaldor’s Law: A Revisionist Interpretation?
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Year: 1983
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Title: Kaldor’s Laws in Retrospect
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Title: Tax Reform and Incomes Policy: A VATIP Proposal
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Year: 1983
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Title: A “Phillipsoid” Wage-Push Flation: “In-,” “Stag-,” or “Slump-”
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Year: 1983
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Title: A Neo-Cambridge Model of Income Distribution and Unemployment
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Year: 1983
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Title: A Doubtful Post Keynesian Unemployment Model
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Year: 1983
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Title: An Economic Theory of Business Strategy: A Review Article
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Author-Name: John T. Warner
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Author-X-Name-Last: Warner
Title: A Note: Presidential Elections and Federal Reserve Policy
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Title: Kalecki’s Degree of Monopoly
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Pages: 493-503
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Year: 1983
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Title: Self-Interest and Incompetence
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Pages: 363-373
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Volume: 23
Year: 2001
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Title: Effective Supply and Effective Demand
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Pages: 375-381
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Author-Name: Luigi L. Pasinetti
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Author-X-Name-Last: Pasinetti
Title: The Principle of Effective Demand and Its Relevance in the Long Run
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Pages: 383-390
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Author-Name: Paul Davidson
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Author-X-Name-Last: Davidson
Title: The Principle of Effective Demand: Another View
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Pages: 391-409
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Volume: 23
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Author-Name: Andrea Boitani
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Author-Name: Domenico Delli Gatti
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Author-X-Name-Last: Gatti
Title: Effective Demand and Coordination Failures
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Title: Long-Run Monetary Facts of the United States
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Pages: 441-448
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Title: Efficiency Wages in Kaleckian Models of Employment
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Pages: 449-464
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490293
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Author-Name: Paul Downward
Author-X-Name-First: Paul
Author-X-Name-Last: Downward
Author-Name: Frederic Lee
Author-X-Name-First: Frederic
Author-X-Name-Last: Lee
Title: Post Keynesian Pricing Theory “Reconfirmed”? A Critical Review of 
Journal: Journal of Post Keynesian Economics
Pages: 465-483
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490294
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Author-Name: Clifford S. Poirot
Author-X-Name-First: Clifford S.
Author-X-Name-Last: Poirot
Title: Financial Integration Under Conditions of Chaotic Hysteresis: The Russian Financial Crisis of 1998
Journal: Journal of Post Keynesian Economics
Pages: 485-507
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490295
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Author-Name: Alfonso Palacio Vera
Author-X-Name-First: Alfonso Palacio
Author-X-Name-Last: Vera
Title: The Endogenous Money Hypothesis: Some Evidence from Spain (1987–1998)
Journal: Journal of Post Keynesian Economics
Pages: 509-526
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490296
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Author-Name: Ali A. Bolbol
Author-X-Name-First: Ali A.
Author-X-Name-Last: Bolbol
Author-Name: Mark A. Lovewell
Author-X-Name-First: Mark A.
Author-X-Name-Last: Lovewell
Title: Three Views on Stock Markets and Corporate Behavior: Tobin, Veblen, and Marx
Journal: Journal of Post Keynesian Economics
Pages: 527-543
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490297
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Errata
Journal: Journal of Post Keynesian Economics
Pages: 544-544
Issue: 3
Volume: 23
Year: 2001
Month: 3
X-DOI: 10.1080/01603477.2001.11490298
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Template-Type: ReDIF-Article 1.0
Author-Name: Johann Graf Lambsdorff 
Author-X-Name-First: Johann Graf 
Author-X-Name-Last: Lambsdorff 
Title: Savings and investmentsâan old debate in times of trouble 
Abstract:
 Central banks are widely regarded as being capable of controlling the
 interest rate. From this perspective, the classical viewpoint on savings
 and investments is criticized for assuming that the interest rate
 equilibrates the two but credited for observing that investments are not
 indeterminate. Keynes correctly stated that any level of investment
 generates the necessary savings. This is what I label the "IS-logic,"
 which is shown to hold under more general assumptions. But the IS-logic
 does not recognize the limitations imposed by a considerate central bank.
 These insights are applied to the 2007-8 financial crisis to generate
 insights for reform.
Journal: Journal of Post Keynesian Economics 
Pages: 645-666 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: financial crisis, interest rate, liquidity trap, loanable funds, monetary policy rule, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=M5110054151W424L 
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X-Bibl:
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 Effective During Financial Crises?" National Bureau of Economic Research
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 >i>Horizontalists and Verticalists: The Macroeconomics of Credit
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 A. "The Quest for Prosperity Without Inflation." >i>Journal of Monetary
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 King, 1940.</BIBTEXT>	    </REF>	<REF>	     <BIBL>38</BIBL>	   
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 (4), 977-1002.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:33:y:2011:i:4:p:645-666




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Bustillo 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Bustillo 
Author-Name: Carlos RodrÃ­guez 
Author-X-Name-First: Carlos 
Author-X-Name-Last: RodrÃ­guez 
Title: The influence of trade union bargaining power on EU processing trade 
Abstract:
 In this paper, we approach empirically the influence of trade union (TU)
 bargaining power on delocalization strategies by analyzing the
 determinants of processing trade data as a proxy for delocalization and
 using an index that measures TU bargaining power as the main explanatory
 variable. Trade processing data were collected for European countries for
 the period 1995-2000. In addition to finding that market- and cost-related
 determinants exert the expected influence on trade processing flows, our
 results suggest that TU bargaining power had a negative effect on
 delocalization strategies in the period considered. This result points to
 the conclusion that deunionization favors delocalization strategies by
 firms, which is, in fact, the trend observed in most developed countries
 recently.
Journal: Journal of Post Keynesian Economics 
Pages: 621-644 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: bargaining power, delocalization, off shoring, processing trade, trade union, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V0237T731MJW531W 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Athukorala, P., and
 Yamashita, N. "Production Fragmentation and Trade Integration: East Asia
 in a Global Context." >i>North American Journal of Economics and
 Finance>/i>, 2006, >i>17>/i> (3), 233-256.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Baldone, S.; Sdoagati, F.;
 and Tajoli, L. "Patterns and Determinants of International Fragmentation
 of Production: Evidence from Outward Processing Trade Between the EU and
 Central Eastern European Countries." >i>Weltwirtschaftliches Archiv>/i>,
 2001, >i>137>/i> (1), 80-104.</BIBTEXT>      </REF>	  <REF>       
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 <BIBTEXT> Jones, R.W., and Kierzkowski, H. "The Role of Services in
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 <BIBTEXT> Markusen, J.R. >i>Multinational Firms and the Theory of
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 Venables, A.J. >i>Multinational Firms in the World Economy>/i>. Princeton:
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony J. Barbera
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Barbera
Title: Inflation, Tax Rules, and Investment: Some Additional Evidence
Journal: Journal of Post Keynesian Economics
Pages: 315-326
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489625
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Smolensky
Author-X-Name-First: Eugene
Author-X-Name-Last: Smolensky
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 327-329
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489626
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary E. Corcoran
Author-X-Name-First: Mary E.
Author-X-Name-Last: Corcoran
Author-Name: Paul N. Courant
Author-X-Name-First: Paul N.
Author-X-Name-Last: Courant
Title: Sex-Role Socialization and Occupational Segregation: An Exploratory Investigation
Journal: Journal of Post Keynesian Economics
Pages: 330-346
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489627
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Moffitt
Author-X-Name-First: Robert
Author-X-Name-Last: Moffitt
Title: Historical Growth in Participation in Aid to Families with Dependent Children: Was There a Structural Shift?
Journal: Journal of Post Keynesian Economics
Pages: 347-363
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489628
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Smolensky
Author-X-Name-First: Eugene
Author-X-Name-Last: Smolensky
Author-Name: David Betson
Author-X-Name-First: David
Author-X-Name-Last: Betson
Author-Name: Myung-Hoon Lee
Author-X-Name-First: Myung-Hoon
Author-X-Name-Last: Lee
Author-Name: Jacques Van Der Gaag
Author-X-Name-First: Jacques
Author-X-Name-Last: Van Der Gaag
Title: An Application of a Dynamic Cost-of-Living Index to the Evaluation of Changes in Social Welfare
Journal: Journal of Post Keynesian Economics
Pages: 364-380
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489629
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Author-Name: John E. Elliott
Author-X-Name-First: John E.
Author-X-Name-Last: Elliott
Author-Name: Barry S. Clark
Author-X-Name-First: Barry S.
Author-X-Name-Last: Clark
Title: Keynes’s  and Social Justice
Journal: Journal of Post Keynesian Economics
Pages: 381-394
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489630
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Author-Name: Albert Arouh
Author-X-Name-First: Albert
Author-X-Name-Last: Arouh
Title: The Mumpsimus of Economists and the Role of Time and Uncertainty in the Progress of Economic Knowledge
Journal: Journal of Post Keynesian Economics
Pages: 395-423
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489631
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Author-X-Name-First: Jeffrey P.
Author-X-Name-Last: Baldani
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: A Balanced Budget Multiplier for Interest Payments
Journal: Journal of Post Keynesian Economics
Pages: 424-439
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489632
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Author-Name: Edward A. Downe
Author-X-Name-First: Edward A.
Author-X-Name-Last: Downe
Title: Minsky’s Model of Financial Fragility: A Suggested Addition
Journal: Journal of Post Keynesian Economics
Pages: 440-454
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489633
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Author-Name: John F. Tomer
Author-X-Name-First: John F.
Author-X-Name-Last: Tomer
Title: Developing Organizational Comparative Advantage via Industrial Policy
Journal: Journal of Post Keynesian Economics
Pages: 455-472
Issue: 3
Volume: 9
Year: 1987
Month: 3
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Author-Name: Odysseus Katsaitis
Author-X-Name-First: Odysseus
Author-X-Name-Last: Katsaitis
Title: The Crowding out Debate
Journal: Journal of Post Keynesian Economics
Pages: 473-476
Issue: 3
Volume: 9
Year: 1987
Month: 3
X-DOI: 10.1080/01603477.1987.11489635
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Author-Name: Eugene Smolensky
Author-X-Name-First: Eugene
Author-X-Name-Last: Smolensky
Author-Name: Siobhán Reilly
Author-X-Name-First: Siobhán
Author-X-Name-Last: Reilly
Author-Name: Eirik Evenhouse
Author-X-Name-First: Eirik
Author-X-Name-Last: Evenhouse
Title: Should Public Assistance Be Targeted?
Journal: Journal of Post Keynesian Economics
Pages: 3-28
Issue: 1
Volume: 18
Year: 1995
Month: 9
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Author-Name: Kunal Sen
Author-X-Name-First: Kunal
Author-X-Name-Last: Sen
Author-Name: Rajendra R. Vaidya
Author-X-Name-First: Rajendra R.
Author-X-Name-Last: Vaidya
Title: The Determination of Industrial Prices in India: A Post Keynesian Approach
Journal: Journal of Post Keynesian Economics
Pages: 29-52
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490057
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Author-Name: Nita Thacker
Author-X-Name-First: Nita
Author-X-Name-Last: Thacker
Title: Monetary Regimes and the Term Structure of Forward Premia
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Pages: 53-64
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490058
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Author-Name: J.E. King
Author-X-Name-First: J.E.
Author-X-Name-Last: King
Title: Sidney Weintraub: The Genesis of an Economic Heretic
Journal: Journal of Post Keynesian Economics
Pages: 65-88
Issue: 1
Volume: 18
Year: 1995
Month: 9
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Author-Name: Peter G.A. Howells
Author-X-Name-First: Peter G.A.
Author-X-Name-Last: Howells
Title: The Demand for Endogenous Money
Journal: Journal of Post Keynesian Economics
Pages: 89-106
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490060
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed H.I. Dore
Author-X-Name-First: Mohammed H.I.
Author-X-Name-Last: Dore
Title: Dynamic Games in Macro Models: A Critical Appraisal
Journal: Journal of Post Keynesian Economics
Pages: 107-123
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490061
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Author-Name: Saeid Mahdavi
Author-X-Name-First: Saeid
Author-X-Name-Last: Mahdavi
Title: Some Empirical Evidence on the Temporal Relationships between Foreign Inflows and Aggregate Spending Categories in the United States
Journal: Journal of Post Keynesian Economics
Pages: 125-139
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490062
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan O’Connell
Author-X-Name-First: Joan
Author-X-Name-Last: O’Connell
Title: Indirect Taxes and the Cambridge Model
Journal: Journal of Post Keynesian Economics
Pages: 141-151
Issue: 1
Volume: 18
Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490063
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Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 152-152
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Year: 1995
Month: 9
X-DOI: 10.1080/01603477.1995.11490064
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Author-Name: Javid Taheri
Author-X-Name-First: Javid
Author-X-Name-Last: Taheri
Title: On the Persistence of High Unemployment in the OECD Countries: The Real Debt Resistance Hypothesis
Journal: Journal of Post Keynesian Economics
Pages: 481-502
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Neil Dias Karunaratne
Author-X-Name-First: Neil Dias
Author-X-Name-Last: Karunaratne
Title: Paradox of Hysteresis and Real-Wage Flexibility in Australia
Journal: Journal of Post Keynesian Economics
Pages: 503-514
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Robert Drago
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Author-X-Name-Last: Drago
Title:  by Eileen Appelbaum and Rosemary Batt: A Review
Journal: Journal of Post Keynesian Economics
Pages: 515-524
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Frederic L. Pryor
Author-X-Name-First: Frederic L.
Author-X-Name-Last: Pryor
Author-Name: Elliott Sulcove
Author-X-Name-First: Elliott
Author-X-Name-Last: Sulcove
Title: A Note on Volatility
Journal: Journal of Post Keynesian Economics
Pages: 525-544
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: P. Arestis
Author-X-Name-First: P.
Author-X-Name-Last: Arestis
Author-Name: I. Biefang-Frisancho Mariscal
Author-X-Name-First: I. Biefang-Frisancho
Author-X-Name-Last: Mariscal
Title: The Endogenous Money Stock: Empirical Observations from the United Kingdom
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Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Morris Altman
Author-X-Name-First: Morris
Author-X-Name-Last: Altman
Title: Business Cycle Volatility and Economic Growth: The Historical Record, 1870–1986
Journal: Journal of Post Keynesian Economics
Pages: 561-577
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Hay
Author-X-Name-First: Donald
Author-X-Name-Last: Hay
Author-Name: Helen Louri
Author-X-Name-First: Helen
Author-X-Name-Last: Louri
Title: An Empirical Note on the Investment Behavior of U.K. Firms, 1960–85
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Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Leon Podkaminer
Author-X-Name-First: Leon
Author-X-Name-Last: Podkaminer
Title: Household Behavior under “Austerity” Stabilization of Hyperinflation: The Roots of Fragility
Journal: Journal of Post Keynesian Economics
Pages: 593-605
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Steve Keen
Author-X-Name-First: Steve
Author-X-Name-Last: Keen
Title: Finance and Economic Breakdown: Modeling Minsky’s “Financial Instability Hypothesis”
Journal: Journal of Post Keynesian Economics
Pages: 607-635
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: John Thornton
Author-X-Name-First: John
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Author-Name: Philip Molyneux
Author-X-Name-First: Philip
Author-X-Name-Last: Molyneux
Title: Macroeconomic Determinants of Tariff Policy in a Developing Economy: Costa Rica, 1963–92
Journal: Journal of Post Keynesian Economics
Pages: 636-644
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: The Editors
Title: Author Index to Volume 17
Journal: Journal of Post Keynesian Economics
Pages: 645-646
Issue: 4
Volume: 17
Year: 1995
Month: 7
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Author-Name: Clive Beed
Author-X-Name-First: Clive
Author-X-Name-Last: Beed
Title: Philosophy of Science and Contemporary Economics: An Overview
Journal: Journal of Post Keynesian Economics
Pages: 459-494
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489863
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Author-Name: David F. Ruccio
Author-X-Name-First: David F.
Author-X-Name-Last: Ruccio
Title: Postmodernism and Economics
Journal: Journal of Post Keynesian Economics
Pages: 495-510
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489864
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: “Truth” and “Discourse” in the Social Construction of Economic Reality: An Essay on the Relation of Knowledge to Socioeconomic Policy
Journal: Journal of Post Keynesian Economics
Pages: 511-524
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489865
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Roy Weintraub
Author-X-Name-First: E. Roy
Author-X-Name-Last: Weintraub
Title: Surveying Dynamics
Journal: Journal of Post Keynesian Economics
Pages: 525-543
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489866
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Template-Type: ReDIF-Article 1.0
Author-Name: David P. Ellerman
Author-X-Name-First: David P.
Author-X-Name-Last: Ellerman
Title: Myth and Metaphor in Orthodox Economics
Journal: Journal of Post Keynesian Economics
Pages: 545-564
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489867
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Mirowski
Author-X-Name-First: Philip
Author-X-Name-Last: Mirowski
Title: Postmodernism and the Social Theory of Value
Journal: Journal of Post Keynesian Economics
Pages: 565-582
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489868
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony J. Laramie
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Laramie
Title: Taxation and Kalecki’s Distribution Factors
Journal: Journal of Post Keynesian Economics
Pages: 583-594
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489869
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 595-595
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489870
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 13
Journal: Journal of Post Keynesian Economics
Pages: 596-597
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489871
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 598-598
Issue: 4
Volume: 13
Year: 1991
Month: 7
X-DOI: 10.1080/01603477.1991.11489872
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyman P. Minsky
Author-X-Name-First: Hyman P.
Author-X-Name-Last: Minsky
Author-Name: Charles J. Whalen
Author-X-Name-First: Charles J.
Author-X-Name-Last: Whalen
Title: Economic Insecurity and the Institutional Prerequisites for Successful Capitalism
Journal: Journal of Post Keynesian Economics
Pages: 155-170
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490102
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Critiques and Alternatives: Reflections on Some Recent (and Not so Recent) Controversies
Journal: Journal of Post Keynesian Economics
Pages: 171-180
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490103
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Template-Type: ReDIF-Article 1.0
Author-Name: Constantine Glezakos
Author-X-Name-First: Constantine
Author-X-Name-Last: Glezakos
Author-Name: Jeffrey B. Nugent
Author-X-Name-First: Jeffrey B.
Author-X-Name-Last: Nugent
Title: Relative Price Variability, Inflation Rate Uncertainty, and Postwar Investment of the United States
Journal: Journal of Post Keynesian Economics
Pages: 181-194
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490104
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashima Goyal
Author-X-Name-First: Ashima
Author-X-Name-Last: Goyal
Title: Sticky Relative Prices, Dynamics, and the Closure Debate
Journal: Journal of Post Keynesian Economics
Pages: 195-224
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490105
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob B. Madsen
Author-X-Name-First: Jakob B.
Author-X-Name-Last: Madsen
Title: Pricing-To-Market and the Efficiency of Macroeconomic Policies in Open Economies with Floating Exchange Rates
Journal: Journal of Post Keynesian Economics
Pages: 225-242
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490106
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony J. Laramie
Author-X-Name-First: Anthony J.
Author-X-Name-Last: Laramie
Author-Name: Douglas Mair
Author-X-Name-First: Douglas
Author-X-Name-Last: Mair
Author-Name: Anne Miller
Author-X-Name-First: Anne
Author-X-Name-Last: Miller
Author-Name: Theo Stratopoulos
Author-X-Name-First: Theo
Author-X-Name-Last: Stratopoulos
Title: The Impact of Taxation on Gross Private Nonresidential Fixed Investment in a Kaleckian Model: Some Empirical Evidence
Journal: Journal of Post Keynesian Economics
Pages: 243-256
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490107
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Payson
Author-X-Name-First: Steven
Author-X-Name-Last: Payson
Title: Regardless of Philosophy, Economics Will Not Be a Science until it Is  on Science
Journal: Journal of Post Keynesian Economics
Pages: 257-274
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490108
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Real Wages, Employment Structure, and the Aggregate Demand Curve in a Kaleckian Short-Run Model
Journal: Journal of Post Keynesian Economics
Pages: 275-288
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490109
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff M. Konz
Author-X-Name-First: Jeff M.
Author-X-Name-Last: Konz
Title: Capital Flows, Competition, and Profit Rate Convergence
Journal: Journal of Post Keynesian Economics
Pages: 289-306
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490110
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Call for Participants
Journal: Journal of Post Keynesian Economics
Pages: 307-307
Issue: 2
Volume: 19
Year: 1996
Month: 12
X-DOI: 10.1080/01603477.1996.11490111
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Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Findlay 
Author-X-Name-First: M. C. 
Author-X-Name-Last: Findlay 
Author-Name: E. E. Williams 
Author-X-Name-First: E. E. 
Author-X-Name-Last: Williams 
Title: Financial economics at 50: an oxymoronic tautology 
Abstract:
 The discipline of financial economics is now 50 years old. This paper
 discusses the evolution of the discipline and describes its present state
 as being an equilibrium pricing model cojoined with a notion about the
 efficiency of financial markets. It provides a critique of this "joint
 hypothesis" and demonstrates that the two parts really do not fit together
 very well except by making extreme and unrealistic assumptions. The paper
 concludes with a discussion of how uncertainty has been redefined as risk,
 which has further been redefined as virtual certainty. Hence, by adding
 assumptions and redefinitions, the core theory of financial economics as
 it presently stands is the mere observation that markets clear at a point
 in time.
Journal: Journal of Post Keynesian Economics 
Pages: 213-226 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: efficient market hypothesis, equilibrium pricing, financial economics, risk, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K14512W8781Q127H 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Campbell, J.Y. "Asset
 Pricing at the Millennium." >i>Journal of Finance>/i>, August 2000, 55
 (4), 1515-1567.</BIBTEXT>	</REF>	    <REF>	 <BIBL>2</BIBL>    
    <BIBTEXT> Campbell, J.Y.; Lo, A.W.; and MacKinlay, A.C. >i>The
 Econometrics of Financial Markets.>/i> Princeton: Princeton University
 Press, 1997.</BIBTEXT>      </REF>	 <REF>	      <BIBL>3</BIBL>	   
 <BIBTEXT> Capek, M. >i>The Philosophical Impacts of Contemporary
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 Random Character of Stock Market Prices.>/i> Cambridge, MA: MIT Press,
 1964.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Davidson, P. >i>John Maynard Keynes: Great Thinkers in
 Economics.>/i> New York: Palgrave Macmillan, 2007.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>6</BIBL>        <BIBTEXT> Fama, E. "Efficient
 Capital Markets: A Review of Theory and Empirical Work." >i>Journal of
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      <BIBL>7</BIBL>	    <BIBTEXT> Fama, E., and French, K. "The Equity
 Premium." >i>Journal of Finance>/i>, April 2002, 57 (2),
 637-659.</BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>       
 <BIBTEXT> Fama, E., and French, K. "The Value Premium and the CAPM."
 >i>Journal of Finance>/i>, October 2006, 61 (5), 2163-2185.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Findlay, M.C.,
 and Williams, E.E. "A Positivist Evaluation of the New Finance."
 >i>Financial Management>/i>, Summer 1980, 9 (2), 7-18.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Findlay, M.C.,
 and Williams, E.E. "Better Betas Didn't Help the Boat People." >i>Journal
 of Portfolio Management>/i>, Fall 1986, 4-9.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Findlay, M.C., and Williams,
 E.E. "A Fresh Look at the Efficient Market Hypothesis: How the
 Intellectual History of Finance Encouraged a Real âFraud on the
 Market.â" >i>Journal of Post Keynesian Economics>/i>, Winter 2000-1, 23
 (2), 181-199.</BIBTEXT>      </REF>	  <REF>        <BIBL>12</BIBL>	   
   <BIBTEXT> Findlay, M.C.; Williams, E.E.; and Thompson, J.R. "Why We All
 Held Our Breath When the Market Reopened." >i>Journal of Portfolio
 Management>/i>, Spring 2003, 91-100.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>13</BIBL>	  <BIBTEXT> French, K., and Roll, R. "Stock Market
 Variances: The Arrival of Information and the Reaction of Traders."
 >i>Journal of Financial Economics>/i>, 1986, 17 (1), 5-26.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Friedman, M.
 >i>Essays in Positive Economics.>/i> Chicago: University of Chicago Press,
 1953.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	     
 <BIBTEXT> Halpern, P. >i>The Pursuit of Destiny.>/i> Cambridge, MA:
 Perseus, 2000.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>    
    <BIBTEXT> Keynes, J.M. >i>The Treatise on Probability.>/i> London:
 Macmillan, 1921.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>  
      <BIBTEXT> Keynes, J.M. >i>The General Theory of Employment, Interest
 and Money.>/i> London: Macmillan, 1936.</BIBTEXT>	</REF>	    <REF>  
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 Profit.>/i> New York: Harper and Row, 1921.</BIBTEXT>	    </REF>     
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 Traders." >i>Journal of Finance>/i>, 2006, 61 (1), 195-229.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Lucas, R. "Asset
 Prices in an Exchange Economy." >i>Econometrica>/i>, 1978, 46 (6),
 1429-1445.</BIBTEXT>	   </REF>      <REF>	    <BIBL>21</BIBL>	  
 <BIBTEXT> Markowitz, H. "Portfolio Selection." >i>Journal of Finance>/i>,
 March 1952, 7 (1), 77-91.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>22</BIBL>	<BIBTEXT> Mirowski, P. "From Mandelbrot to Chaos in
 Economic Theory." >i>Southern Economic Journal>/i>, October 1990, 57 (2),
 289-307.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>	
 <BIBTEXT> Modigliani, F., and Miller, M. "The Cost of Capital, Corporation
 Finance, and the Theory of Investment." >i>American Economic Review>/i>,
 June 1958, 48 (3), 261-297.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>24</BIBL>	<BIBTEXT> Radner, R. "Existence of Equilibrium of
 Plans, Prices, and Price Expectations in a Sequence of Markets."
 >i>Econometrica>/i>, 1972, 40 (2), 289-303.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>25</BIBL>	     <BIBTEXT> Roberts, H. "Stock Market
 âPatternsâ and Financial Analysis: Methodological Suggestions."
 >i>Journal of Finance>/i>, March 1959, 14 (1), 1-10.</BIBTEXT>      </REF>
      <REF>	   <BIBL>26</BIBL>	  <BIBTEXT> Roll, R. "Rational
 Infinitely-Lived Assets Must be Non-Stationary." Working Paper, UCLA,
 Anderson School of Management, November 1, 2000.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>27</BIBL>	      <BIBTEXT> Shiller, R.F. "Behavioral
 Economics and Institutional Innovation." >i>Southern Economic Journal>/i>,
 2005, 72 (2), 269-283.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>28</BIBL>	<BIBTEXT> Thompson, J.R.; Williams, E.E.; and
 Findlay, M.C. >i>Models for Investors in Real World Markets.>/i> New York:
 John Wiley & Sons, 2003.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>29</BIBL>	<BIBTEXT> Tobin, J. "On the Efficiency of the
 Financial System." >i>Lloyds Bank Review>/i>, July 1984, 153,
 1-17.</BIBTEXT>      </REF>	  <REF>        <BIBL>30</BIBL>	     
 <BIBTEXT> Weintraub, E.R. >i>How Economics Became a Mathematical
 Science.>/i> Durham: Duke University Press, 2002.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>31</BIBL>        <BIBTEXT> Williams, J.B. >i>The
 Theory of Investment Value.>/i> Amsterdam: North-Holland, 1938.</BIBTEXT> 
     </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bunting
Author-X-Name-First: David
Author-X-Name-Last: Bunting
Title: Savings and the Distribution of Income
Journal: Journal of Post Keynesian Economics
Pages: 3-22
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489873
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489873
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Template-Type: ReDIF-Article 1.0
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: Professor Krugman’s 45-Degree Rule
Journal: Journal of Post Keynesian Economics
Pages: 23-28
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489874
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489874
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Bresser Pereira
Author-X-Name-First: Luiz Bresser
Author-X-Name-Last: Pereira
Author-Name: Fernando Dall’Acqua
Author-X-Name-First: Fernando
Author-X-Name-Last: Dall’Acqua
Title: Economic Populism Versus Keynes: Reinterpreting Budget Deficit in Latin America
Journal: Journal of Post Keynesian Economics
Pages: 29-38
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489875
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489875
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Athanasios (Tom) Asimakopulos, 1930–1990: A Memoir
Journal: Journal of Post Keynesian Economics
Pages: 39-48
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489876
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489876
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Template-Type: ReDIF-Article 1.0
Author-Name: Nina Shapiro
Author-X-Name-First: Nina
Author-X-Name-Last: Shapiro
Title: Firms, Markets, and Innovation
Journal: Journal of Post Keynesian Economics
Pages: 49-60
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489877
File-URL: http://hdl.handle.net/10.1080/01603477.1991.11489877
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Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: A Post Keynesian View of Exchange Rate Determination
Journal: Journal of Post Keynesian Economics
Pages: 61-71
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489878
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Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: On the Effects of U.S. Federal Deficits on its Trade Flows
Journal: Journal of Post Keynesian Economics
Pages: 72-82
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Year: 1991
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Author-X-Name-Last: James
Title: Assimilation Costs, Consumer Optimization, and the Time-Series Consumption Function
Journal: Journal of Post Keynesian Economics
Pages: 83-92
Issue: 1
Volume: 14
Year: 1991
Month: 9
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Author-X-Name-First: Alan G.
Author-X-Name-Last: Isaac
Title: Economic Stabilization and Money Supply Endogeneity in a Conflicting Claims Environment
Journal: Journal of Post Keynesian Economics
Pages: 93-110
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Volume: 14
Year: 1991
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Title: Indeterminacy of Macroeconomic Equilibrium in a “Post Keynesian New Classical” Model
Journal: Journal of Post Keynesian Economics
Pages: 111-116
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Author-Name: Jorge Thompson Araújo
Author-X-Name-First: Jorge Thompson
Author-X-Name-Last: Araújo
Title: A Note on Dalziel’s Model of Long-Run Distributive Equilibrium
Journal: Journal of Post Keynesian Economics
Pages: 117-120
Issue: 1
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Year: 1991
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Title: A Note on Dalziel’s Model of Long-Run Distributive Equilibrium: Reply
Journal: Journal of Post Keynesian Economics
Pages: 121-124
Issue: 1
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Year: 1991
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Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Has the Demand for Money Been Mislaid? A Reply to “Has Moore become Too Horizontal?”
Journal: Journal of Post Keynesian Economics
Pages: 125-133
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489885
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Author-Name: C. A. E. Goodhart
Author-X-Name-First: C. A. E.
Author-X-Name-Last: Goodhart
Title: Is the concept of an Equilibrium Demand for Money Meaningful? A Reply to “Has the Demand for Money been Mislaid?”
Journal: Journal of Post Keynesian Economics
Pages: 134-136
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489886
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Title: Announcements
Journal: Journal of Post Keynesian Economics
Pages: 137-138
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489887
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Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 139-139
Issue: 1
Volume: 14
Year: 1991
Month: 9
X-DOI: 10.1080/01603477.1991.11489888
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Template-Type: ReDIF-Article 1.0
Author-Name: Katia Caldari 
Author-X-Name-First: Katia 
Author-X-Name-Last: Caldari 
Title: Institutional economics and the concept of equilibrium 
Abstract:
 Institutionalism did exert a great influence both in the academia and in
 politics in the interwar period. However, after World War II, it lost
 ground and was pushed behind the scenes, although some distinguished
 exponents reached a remarkable success. In the 1970s, a new and very
 different kind of institutionalism developed. The paper inquires, through
 the use of the concept of equilibrium, into the evolution of
 institutionalism, from the classic, through the modern, to the new
 institutionalism.
Journal: Journal of Post Keynesian Economics 
Pages: 601-622 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: equilibrium, evolution, institutionalism, methodology, neoclassical school, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=NLN807TV268W14G4 
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 Journal>/i>, 1958, >i>68>/i> (269), 1-24.</BIBTEXT>	  </REF>      <REF>
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 Business Men.>/i> New York: Huebsch, 1998.</BIBTEXT>	   </REF>     
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 Interests and the State of the Industrial Arts ("The Modern Point of View
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 1921.</BIBTEXT>      </REF>	  <REF>        <BIBL>91</BIBL>	     
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 Modern Library, 1934.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>92</BIBL>	<BIBTEXT> Weintraub, W. J. >i>General Equilibrium
 Analysis.>/i> Cambridge: Cambridge University Press, 1985.</BIBTEXT>	  
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 and Hierarchies.>/i> New York: Free Press, 1975.</BIBTEXT>	 </REF>    
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 "Comparative Economic Organization: The Analysis of Discrete Structural
 Alternative." >i>Administrative Science Quarterly>/i>, 1991, >i>36>/i>
 (2), 269-296.</BIBTEXT>      </REF>	  <REF>        <BIBL>96</BIBL>	   
   <BIBTEXT> Williamson, E. O. "The New Institutional Economics: Taking
 Stock, Looking Ahead." >i>Journal of Economic Literature>/i>, 2000,
 >i>38>/i> (3), 595-613.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>97</BIBL>	<BIBTEXT> Williamson, E. O.; Wachter, M. L.; and
 Harris, J. E. "Understanding the Employment Relation: The Analysis of
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 (1), 250-278.</BIBTEXT>      </REF>	  <REF>        <BIBL>98</BIBL>	   
   <BIBTEXT> Yonay, Y. P. >i>The Struggle Over the Soul of Economics:
 Institutionalist and Neoclassical Economists in America Between the
 Wars.>/i> Princeton: Princeton University Press, 1998.</BIBTEXT>     
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 "Reconsidering Equilibrium: A Socio-Economic Perspective." >i>Journal of
 Socio-Economics>/i>, 2002, >i>31>/i> (5), 559-579.</BIBTEXT>	   </REF>   
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:601-622




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 173-173
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489733
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheldon Danziger
Author-X-Name-First: Sheldon
Author-X-Name-Last: Danziger
Author-Name: Peter Gottschalk
Author-X-Name-First: Peter
Author-X-Name-Last: Gottschalk
Title: Increasing Inequality in the United States: What We Know and What We Don’t
Journal: Journal of Post Keynesian Economics
Pages: 174-195
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489734
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489734
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Nolan
Author-X-Name-First: Brian
Author-X-Name-Last: Nolan
Title: Macroeconomic Conditions and the Size Distribution of Income: Evidence from the United Kingdom
Journal: Journal of Post Keynesian Economics
Pages: 196-221
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489735
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy M. Smeeding
Author-X-Name-First: Timothy M.
Author-X-Name-Last: Smeeding
Title: Poverty, Affluence, and the Income Costs of Children: Cross-National Evidence from the Luxembourg Income Study (LIS)
Journal: Journal of Post Keynesian Economics
Pages: 222-240
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489736
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489736
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Peter Gray
Author-X-Name-First: H. Peter
Author-X-Name-Last: Gray
Author-Name: Jean M. Gray
Author-X-Name-First: Jean M.
Author-X-Name-Last: Gray
Title: International Payments in a Flow-of-Funds Format
Journal: Journal of Post Keynesian Economics
Pages: 241-260
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489737
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Kalecki and Robinson: An “Outsider’s” Influence
Journal: Journal of Post Keynesian Economics
Pages: 261-278
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489738
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Hildreth
Author-X-Name-First: Andrew
Author-X-Name-Last: Hildreth
Title: The Ambiguity of Verdoorn’s Law: A Case Study of the British Regions
Journal: Journal of Post Keynesian Economics
Pages: 279-294
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489739
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurence S. Seidman
Author-X-Name-First: Laurence S.
Author-X-Name-Last: Seidman
Title: The Welfare Cost of a Relativistic Economy
Journal: Journal of Post Keynesian Economics
Pages: 295-304
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489740
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans E. Jensen
Author-X-Name-First: Hans E.
Author-X-Name-Last: Jensen
Title: The Civilized Economics of Geoffrey C. Harcourt—a Review Article
Journal: Journal of Post Keynesian Economics
Pages: 305-312
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489741
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489741
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Template-Type: ReDIF-Article 1.0
Author-Name: John S. Heywood
Author-X-Name-First: John S.
Author-X-Name-Last: Heywood
Title: The Effect of Unions and Imports on Monopoly Power: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 313-317
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489742
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Karier
Author-X-Name-First: Thomas
Author-X-Name-Last: Karier
Title: New Evidence on the Effect of Unions and Imports on Monopoly Profits: A Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 318-323
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489743
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489743
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 324-325
Issue: 2
Volume: 11
Year: 1989
Month: 12
X-DOI: 10.1080/01603477.1989.11489744
File-URL: http://hdl.handle.net/10.1080/01603477.1989.11489744
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Handle: RePEc:mes:postke:v:11:y:1989:i:2:p:324-325




Template-Type: ReDIF-Article 1.0
Author-Name: Esteban PÃ©rez Caldentey 
Author-X-Name-First: Esteban PÃ©rez 
Author-X-Name-Last: Caldentey 
Author-Name: MatÃ­as Vernengo 
Author-X-Name-First: MatÃ­as 
Author-X-Name-Last: Vernengo 
Title: Back to the future: Latin America's current development strategy 
Abstract:
 In the years 2002 to 2006, Latin America registered, on average, one of
 the highest growth rates in over two decades. The empirical evidence
 suggests that the good economic performance of the past six years is
 increasingly and strongly correlated either with a positive terms-of-trade
 shock, mostly in South America, or with the increase in the flow of
 remittances, particularly in Central and North America. In other words,
 Latin America now exports commodities and people. The paper shows the
 possible limitations of this development strategy.
Journal: Journal of Post Keynesian Economics 
Pages: 623-644 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: development strategy, remittances, terms of trade, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=Y6X3247618W5TX5M 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arellano, M., and Bond,
 S. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and
 an Application to Employment Equations." >i>Review of Economics and
 Statistics>/i>, 1991, >i>58>/i> (2), 337-341.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Bresser-Pereira, C. L., and
 Gala, P. "Foreign Savings, Insufficiency of Demand, and Low Growth."
 >i>Journal of Post Keynesian Economics>/i>, Spring 2008, >i>30>/i> (3),
 315-334.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Cypher, J. "Shifting Developmental Paradigms in Latin America:
 Is Neoliberalism History?" In E. PÃ©rez Caldentey and M. Vernengo (eds.),
 >i>Ideas, Policies and Economic Development in the Americas.>/i> London:
 Routledge, 2007, pp. 31-61.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>4</BIBL>        <BIBTEXT> Eatwell, J., and Taylor, L. >i>Global
 Finance at Risk.>/i> New York: New Press, 2000.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Economic Commission for Latin
 America and the Caribbean (ECLAC). >i>Statistical Yearbook for Latin
 America and the Caribbean.>/i> Santiago: ECLAC, 2007.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> FLACSO (Falcultad
 Latinoamericana de Ciencias Sociales). >i>Ecuador: Las cifras de la
 migraciÃ³n internacional.>/i> Quito, Ecuador, 2006.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Frenkel, R., and Taylor,
 L. "Real Exchange Rate, Monetary Policy and Employment." Working Paper no.
 19, United Nations Department of Economic and Social Affairs (DESA), New
 York, 2006.</BIBTEXT>	    </REF>	<REF>	     <BIBL>8</BIBL>	  
 <BIBTEXT> Godley, W. "Seven Unsustainable Processes: Medium-Term Prospects
 and Policies for the United States and the World: Strategic Analysis."
 Levy Economics Institute of Bard College, Annandale-on-Hudson, NY,
 2000.</BIBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	    
 <BIBTEXT> Godley, W., and Cripps, F. T. >i>Macroeconomics.>/i> London:
 Oxford University Press, 1983.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>10</BIBL>	<BIBTEXT> Kregel, J. "Nurkse and the Role of
 Finance in Development Economics." Levy Institute of Bard College, Working
 Paper no. 520, Annandale-on-Hudson, NY, 2007.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Ocampo, J. A. "The
 Macroeconomics of the Latin American Economic Boom." >i>CEPAL Review>/i>,
 December 2007, >i>93>/i>, 7-28 (available at >a target="_blank"
 href='http://www.eclac.org/cgi-bin/getProd.asp?xml=/revista/noticias/artic
 uloCEPAL/9/32789/P32789.xml&xsl=/revista/tpl-i/p39f.xsl&base=/revista/tpl-
 i/top-bottom.xsl'>www.eclac.org/cgi-bin/getProd.asp?xml=/revista/noticias/
 articuloCEPAL/9/32789/P32789.xml&xsl=/revista/tpl-i/p39f.xsl&base=/revista
 /tpl-i/top-bottom.xsl>/a></BIBTEXT>	  </REF>      <REF>	  
 <BIBL>12</BIBL>	<BIBTEXT> PÃ©rez Caldentey, E., and Vernengo, M. "A
 Tale of Two Monetary Reforms: Argentinean Convertibility in Historical
 Perspective." >i>Studi e Note di Economia>/i>, 2008, >i>XII>/i> (2),
 139-170.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Solimano, A., and Allende, C. "Migraciones Internacionales,
 remesas y el desarrollo econÃ³mico: La experiencia Latinoamericana"
 [International Migrations, Remittances, and Economic Development: The
 Latin American Experience]. Division of Economic Development, Economic
 Commission for Latin America and the Caribbean (ECLAXC), Santiago,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	     
 <BIBTEXT> United Nations Conference on Trade and Development (UNCTAD).
 >i>Commodity Yearbook>/i>, vols. I and II. Geneva: UNCTAD, 2003.</BIBTEXT>
      </REF>	  <REF>        <BIBL>15</BIBL>	      <BIBTEXT> World Bank.
 "World Bank Development Indicators Online Database." Washington, DC,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	     
 <BIBTEXT> Wray, W. "The Commodities Market Bubble." Public Policy Brief
 no. 96, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY,
 2008.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:623-644




Template-Type: ReDIF-Article 1.0
Author-Name: George  Argitis 
Author-X-Name-First: George  
Author-X-Name-Last: Argitis 
Title: Inflation targeting and Keynes's political economy 
Abstract:
 This paper argues that inflation targeting, in the manner proposed by the
 "new consensus" in macroeconomics, is not a socially desirable monetary
 policy strategy and is not compatible with Keynes's political economy.
 Inflation targeting is likely to cause distributional changes that benefit
 rentiers, which, in turn, might operate as a source of deficient demand,
 unemployment, and low growth rates of gross domestic product. The
 econometric analysis that appears in this paper uses panel data for a
 sample of 13 Organization for Economic Cooperation and Development
 countries and assesses the relevance of some of Keynes's monetary
 hypotheses. The findings provide support that rentiers' income influences
 negatively both the aggregate demand growth and the unemployment rate.
Journal: Journal of Post Keynesian Economics 
Pages: 249-270 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: aggregate demand, income distribution, inflation targeting, Keynes's political economy, monetary policy, unemployment, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=C47840778124U125 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Angeriz, A., and
 Arestis, P. "Has Inflation Targeting Had Any Impact on Inflation?"
 >i>Journal of Post Keynesian Economics>/i>, Summer 2006, 28 (4),
 559-571.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Argitis, G., and Pitelis, C. "Monetary Policy and Income
 Distribution: Evidence from the USA and the UK." >i>Journal of Post
 Keynesian Economics>/i>, Summer 2001, 23 (4), 617-638.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Argitis, G., and
 Pitelis, C. "Global Finance, Income Distribution and Capital
 Accumulation." >i>Contributions to Political Economy>/i>, 2006, 25 (1),
 63-81.</BIBTEXT>      </REF>	   <REF>	<BIBL>4</BIBL>	     
 <BIBTEXT> Ball, L., and Sheridan, N. "Does Inflation Targeting Matter?"
 Working Paper 9577, National Bureau of Economic Research, Cambridge, MA,
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>5</BIBL>	    
 <BIBTEXT> Baltagi, B.H. >i>Econometric Analysis of Panel Data.>/i> New
 York: Wiley, 1995.</BIBTEXT>	   </REF>      <REF>	    <BIBL>6</BIBL> 
       <BIBTEXT> Bernanke, B., and Mishkin, F. "Inflation Targeting: A New
 Framework for Monetary Policy?" >i>Journal of Economic Perspectives>/i>,
 1997, 11 (2), 97-116.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>7</BIBL>        <BIBTEXT> Bernanke, B.; Laubac, T.; Posen, A.; and
 Mishkin, S. >i>Inflation Targeting: Lessons from the International
 Experience.>/i> Princeton: Princeton University Press, 1999.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>8</BIBL>	 <BIBTEXT> Blinder, A.S.
 >i>Central Banking in Theory and Practice.>/i> Cambridge, MA: MIT Press,
 1998.</BIBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	    
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Title: Sources and Centers of Cyclical Movement in Real Wages: Evidence from Panel Data
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Title: Technological Unemployment: A Note on Pasinetti
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Template-Type: ReDIF-Article 1.0
Author-Name: Robin Rowley
Author-X-Name-First: Robin
Author-X-Name-Last: Rowley
Author-Name: Omar Hamouda
Author-X-Name-First: Omar
Author-X-Name-Last: Hamouda
Title: Troublesome Probability and Economics
Journal: Journal of Post Keynesian Economics
Pages: 44-64
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489658
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489658
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: More on the Distinction between Potential Confirmation and Probability
Journal: Journal of Post Keynesian Economics
Pages: 65-83
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489659
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489659
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: Aggregate Supply and the Producers’ Expected Demand Curve: Performance and Change in the Macroeconomy
Journal: Journal of Post Keynesian Economics
Pages: 84-104
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489660
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Template-Type: ReDIF-Article 1.0
Author-Name: Neil B. Niman
Author-X-Name-First: Neil B.
Author-X-Name-Last: Niman
Title: Keynes and the Invisible Hand Theorem
Journal: Journal of Post Keynesian Economics
Pages: 105-115
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489661
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: The Dilemma of General Equilibrium Analysis
Journal: Journal of Post Keynesian Economics
Pages: 116-122
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489662
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Introduction
Journal: Journal of Post Keynesian Economics
Pages: 123-123
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489663
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Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Chick
Author-X-Name-First: Victoria
Author-X-Name-Last: Chick
Title: Speculation, the Rate of Interest, and the Rate of Profit
Journal: Journal of Post Keynesian Economics
Pages: 124-132
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489664
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: The Effective Demand Approach to Employment and Inflation Analysis
Journal: Journal of Post Keynesian Economics
Pages: 133-145
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489665
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Sensible Expectations and the Long-Run Non-Neutrality of Money
Journal: Journal of Post Keynesian Economics
Pages: 146-153
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489666
File-URL: http://hdl.handle.net/10.1080/01603477.1987.11489666
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Mair
Author-X-Name-First: Douglas
Author-X-Name-Last: Mair
Title: Prices and Income Distribution in Manufacturing Industry
Journal: Journal of Post Keynesian Economics
Pages: 154-160
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489667
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Sylos-Labini
Author-X-Name-First: Paolo
Author-X-Name-Last: Sylos-Labini
Title: Reply
Journal: Journal of Post Keynesian Economics
Pages: 161-162
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489668
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Template-Type: ReDIF-Article 1.0
Author-Name: Serge Coulombe
Author-X-Name-First: Serge
Author-X-Name-Last: Coulombe
Title: A Note on the Pigou Effect and the Liquidity Trap
Journal: Journal of Post Keynesian Economics
Pages: 163-165
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489669
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Rabin
Author-X-Name-First: Alan
Author-X-Name-Last: Rabin
Author-Name: Ziad Keilany
Author-X-Name-First: Ziad
Author-X-Name-Last: Keilany
Title: A Note on the Pigou Effect and Liquidity Trap: Reply
Journal: Journal of Post Keynesian Economics
Pages: 166-167
Issue: 1
Volume: 10
Year: 1987
Month: 9
X-DOI: 10.1080/01603477.1987.11489670
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Template-Type: ReDIF-Article 1.0
Author-Name: John Marangos
Author-X-Name-First: John
Author-X-Name-Last: Marangos
Title: The Post Keynesian retort to "After the Washington Consensus"
Abstract: 
 The term "Washington Consensus," as John Williamson, the father of the term conceived it, in 1989, was a set of reforms for economic development that he judged the international financial organizations could agree were required in Latin America. Meanwhile, the Washington Consensus received a vast amount of criticism. The policy set was modified, by 2003, to the point that Williamson substituted the original name with a new label "after the Washington Consensus." The "after the Washington Consensus" designated a "new" set of policy reforms for Latin America and developing countries. The aim of this paper is to compare the two sets of controversial policies, the "Washington Consensus" and "after the Washington Consensus," and offer an alternative based on the Post Keynesian framework.
Journal: Journal of Post Keynesian Economics
Pages: 583-610
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340402
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340402
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Nell
Author-X-Name-First: Kevin
Author-X-Name-Last: Nell
Title: Demand-led versus supply-led growth transitions
Abstract: 
 This paper develops a saving/investment causality hypothesis to distinguish between demand- and supply-led growth transitions. The empirical application shows that India's growth transition in 1980 entailed a shift out of a suboptimal demand regime (1953-78) into an optimal demand regime (1980-2007). A key insight from the causality results is that the fiscal expansion of the 1980s initiated demand growth at the natural rate, while faster export growth in the post-1990 liberalization period relaxed the open economy solvency constraint on demand and played a crucial role in sustaining demand growth at its maximum potential rate.
Journal: Journal of Post Keynesian Economics
Pages: 713-748
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340406
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340406
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Template-Type: ReDIF-Article 1.0
Author-Name: Eva da Silva Catela
Author-X-Name-First: Eva
Author-X-Name-Last: da Silva Catela
Author-Name: Gabriel Porcile
Author-X-Name-First: Gabriel
Author-X-Name-Last: Porcile
Title: Keynesian and Schumpeterian efficiency in a BOP-constrained growth model
Abstract: 
 The paper aims to contribute to the debate on specialization and growth in two forms. First, it develops a north-south model in which the ratio between the income elasticity of exports and imports in the south (which gives the rate of growth compatible with external equilibrium) depends on the Keynesian and Schumpeterian efficiencies of the pattern of specialization, as defined by Dosi et al. (1990). Second, the model is tested by including the technology gap and proxies for the pattern of specialization (Keynesian and Schumpeterian efficiency) in Keynesian growth regressions. Several estimation procedures are used to test the model, among which is finite mixture estimation, which allows for more robust estimations of the parameters for homogeneous groups of countries.
Journal: Journal of Post Keynesian Economics
Pages: 777-802
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340408
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Jaén-García
Author-X-Name-First: Manuel
Author-X-Name-Last: Jaén-García
Author-Name: Laura Piedra-Muñoz
Author-X-Name-First: Laura
Author-X-Name-Last: Piedra-Muñoz
Title: An empirical model for housing tenure choice and demand in the Spanish market
Abstract: 
 This paper analyzes a combined selection model between purchasing or renting a housing unit and the amount spent on it. Similar to what has been studied in several other works, if both decisions are simultaneously considered, the estimators of the parameters are biased. The primary focus of this study is to determine the probabilities of housing purchase and rent as well as the price and income elasticities of housing demand, and observe how these parameters vary when fiscal conditions change.
Journal: Journal of Post Keynesian Economics
Pages: 653-684
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340404
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340404
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Template-Type: ReDIF-Article 1.0
Author-Name: Nigel Allington
Author-X-Name-First: Nigel
Author-X-Name-Last: Allington
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Author-Name: Maureen Pike
Author-X-Name-First: Maureen
Author-X-Name-Last: Pike
Title: Lessons not learned: from the collapse of Long-Term Capital Management to the subprime crisis
Abstract: 
 The subprime crisis was largely unanticipated as the efficient market hypothesis held sway and the Gaussian techniques used to rate collateralized debt obligations were assumed to have diversified risk and reduced systemic risk. However, as this paper argues, many of the shortcomings stemming from these assumptions, together with the consequent economic policy of "light regulation," were clearly revealed by the collapse of the hedge fund Long-Term Capital Management in 1998. This nearly brought about the collapse of the U.S. banking system and gave a clear practical demonstration that the economy is nonergodic. The paper discusses the collapse of Long-Term Capital Management and shows how the lessons derived from that crisis were not learned. It also highlights the dangers of assuming that uncertainty can simply be treated as risk, as the Post Keynesians have long argued. Furthermore, it argues, following Akerlof (2007), that case studies can be just as, or indeed more, revealing than econometric testing.
Journal: Journal of Post Keynesian Economics
Pages: 555-582
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340401
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340401
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Template-Type: ReDIF-Article 1.0
Author-Name: Goran Petrevski
Author-X-Name-First: Goran
Author-X-Name-Last: Petrevski
Author-Name: Jane Bogoev
Author-X-Name-First: Jane
Author-X-Name-Last: Bogoev
Author-Name: Bruno Sergi
Author-X-Name-First: Bruno
Author-X-Name-Last: Sergi
Title: The link between central bank independence and inflation in Central and Eastern Europe: are the results sensitive to endogeneity issue omitted dynamics and subjectivity bias?
Abstract: 
 This paper provides an empirical analysis of the association between central bank independence (CBI) and inflation for 17 Central and Eastern European economies from 1990 to 2009. We employ a dynamic panel data model estimated with a "system" generalized method of moments, which incorporates several control variables as well as accounts for the subjectivity bias in the construction and interpretation of CBI indexes. The main finding of our empirical research is that, after introducing dynamics in the empirical model and controlling for the effects of other macroeconomic and institutional variables, the usual significant and negative relationship between CBI and inflation disappears.
Journal: Journal of Post Keynesian Economics
Pages: 611-652
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340403
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340403
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Nishi
Author-X-Name-First: Hiroshi
Author-X-Name-Last: Nishi
Title: Structural VAR analysis of debt, capital accumulation, and income distribution in the Japanese economy: a Post Keynesian perspective
Abstract: 
 This paper investigates the dynamic relationships among income distribution, debt ratio, and capital accumulation in the Japanese economy post 1990s. The paper identifies the contemporaneous linkages and investigates the dynamic relationships among the three variables in the vector autoregression (VAR) model on the basis of the Post Keynesian model. The accumulated impulse response functions of the structural VAR indicate that although profit share sustains capital accumulation, a high debt ratio restrains it. In other words, the income distribution-capital accumulation pattern of the Japanese economy over the past 20 years has been a profit-led one, and the debt-capital accumulation pattern over the same period has been a debt-burdened one.
Journal: Journal of Post Keynesian Economics
Pages: 685-712
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340405
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340405
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Dafermos
Author-X-Name-First: Yannis
Author-X-Name-Last: Dafermos
Title: Liquidity preference, uncertainty, and recession in a stock-flow consistent model
Abstract: 
 This paper develops a stock-flow consistent model that explicitly integrates the role of liquidity preference and perceived uncertainty into the decision-making process of households, firms, and commercial banks. Emphasis is placed on (1) the link between the precautionary motive and the asset choice of the private sector, (2) the effect of perceived uncertainty on the desired margins of safety and borrowing, and (3) the impact of financial obligations on the liquidity preference of households and firms. Performing a simulation experiment, the paper illuminates the channels through which a rise in perceived uncertainty is likely to set off a recessionary process.
Journal: Journal of Post Keynesian Economics
Pages: 749-776
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.2753/PKE0160-3477340407
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477340407
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 34
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 803-805
Issue: 4
Volume: 34
Year: 2012
X-DOI: 10.1080/01603477.2012.11051706
File-URL: http://hdl.handle.net/10.1080/01603477.2012.11051706
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario  Pianta 
Author-X-Name-First: Mario  
Author-X-Name-Last: Pianta 
Author-Name: Massimiliano  Tancioni 
Author-X-Name-First: Massimiliano  
Author-X-Name-Last: Tancioni 
Title: Innovations, wages, and profits 
Abstract:
 This paper investigates the dynamics of wages and profits and the
 influence innovation strategies have on them. The relationships between
 innovation, productivity, and distribution are modeled and estimated by
 employing panel data techniques. Two European innovation surveys (1994-96
 and 1998-2000) are used with data at both the country and industry levels.
 Innovation is found to have positive effects on income dynamics beyond the
 role it has on productivity gains; it may weaken the distribution
 constraint posed by the competition between profits and wages. Profits are
 driven by both the Schumpeterian effects of new products and the diffusion
 effects of new technologies and production processes. Wages tend to grow
 faster in sectors where innovation expenditure is higher, but the factors
 affecting wages are different for high- and low-innovation sectors,
 suggesting that two contrasting models of technological and price
 competitiveness have important distributional implications.
Journal: Journal of Post Keynesian Economics 
Pages: 101-123 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: distribution, innovation, profits, wages, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=L4U334887L561Q21 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Acemoglu, D. "Technical
 Change, Inequality and the Labor Market." >i>Journal of Economic
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 D. B. "Does Entry Size Matter? The Impact of the Life Cycle and Technology
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    </REF>	<REF>	     <BIBL>6</BIBL>	   <BIBTEXT> Chennells, L.,
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 Industrial Revolutions to the Information Revolution.>/i> Oxford: Oxford
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 J. "The Profitability of Innovating Firms." >i>RAND Journal of
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 <BIBL>14</BIBL>	<BIBTEXT> Klepper, S. "Industry Life Cycles."
 >i>Industry and Corporate Change>/i>, 1997, >i>6>/i> (1),
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   </REF>      <REF>	    <BIBL>17</BIBL>	   <BIBTEXT> Perez, C.
 >i>Technological Revolutions and Financial Capital.>/i> Cheltenham, UK:
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 Employment." In P. Petit and L. Soete (eds.), >i>Technology and the Future
 of European Employment.>/i> Cheltenham, UK: Edward Elgar, 2001, pp.
 142-165.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> Pianta, M. "Innovation and Employment." In J. Fagerberg, D.
 Mowery, and R. Nelson (eds.), >i>The Oxford Handbook of Innovation.>/i>
 Oxford: Oxford University Press, 2005, pp. 568-598.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Pianta, M., and
 Tancioni, M. "The Role of Innovation and Skills in Determining
 Industry-Specific Labor Shares." Sapienza University of Rome, March
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> Prescott, E. C. "Theory Ahead of Business-Cycle Measurement."
 >i>Carnegie-Rochester Conference Series on Public Policy>/i>, Autumn 1986,
 >i>25>/i>, 11-44.</BIBTEXT>	  </REF>      <REF>	   <BIBL>22</BIBL> 
       <BIBTEXT> Robinson, J. "The Theory of Income Distribution." In J.
 Robinson (ed.), >i>Collected Economic Papers>/i>, vol. 2, Oxford: Basil
 Blackwell, 1960, pp. 145-158.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>23</BIBL>	<BIBTEXT> Sawyer, M. C. (ed.). >i>Post Keynesian
 Economics.>/i> Aldershot, UK: Edward Elgar, 1988.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>24</BIBL>        <BIBTEXT> Schumpeter, J. A.
 >i>Theory of Economic Development.>/i> Cambridge: Harvard University
 Press, 1934.</BIBTEXT>      </REF>	 <REF>	      <BIBL>25</BIBL>	   
  <BIBTEXT> Sylos Labini, P. >i>Oligopoly and Technical Progress.>/i>
 Cambridge: Harvard University Press, 1967.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>26</BIBL>	     <BIBTEXT> Sylos Labini, P. "Prices and
 Income Distribution in Manufacturing Industry." >i>Journal of Post
 Keynesian Economics>/i>, Fall 1979, >i>2>/i> (1), 3-25.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>27</BIBL>	 <BIBTEXT> Teece, D.
 "Profiting from Technological Innovation." >i>Research Policy>/i>, 1986,
 >i>15>/i> (6), 285-305.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>28</BIBL>	<BIBTEXT> Vivarelli, M. >i>The Economics of
 Technology and Employment: Theory and Empirical Evidence.>/i> Aldershot,
 UK: Edward Elgar, 1995.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>29</BIBL>	<BIBTEXT> Vivarelli, M., and Pianta, M. (eds.).
 >i>The Employment Impact of Innovation: Evidence and Policy.>/i> London:
 Routledge, 2000.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:101-123




Template-Type: ReDIF-Article 1.0
Author-Name: Edgardo Bucciarelli
Author-X-Name-First: Edgardo
Author-X-Name-Last: Bucciarelli
Author-Name: Marcello Silvestri
Author-X-Name-First: Marcello
Author-X-Name-Last: Silvestri
Title: Hyman P. Minsky's unorthodox approach: recent advances in simulation techniques to develop his theoretical assumptions
Abstract: 
 This paper aims to contribute to the debate on the determinants of financial instability suggested by Hyman P. Minsky. In particular, we discuss the difficulties of analytically addressing his theory and the new scientific frontiers opened by agent-based modeling. Hyman Minsky's work is known as the reference point for several critical strands of standard economic theory. Through these strands, he tries to provide a "financial" interpretation of Keynes's General Theory. Minsky's main research findings converge into the financial instability hypothesis (FIH), according to which in a system based on capitalistic dynamics and characterized by growing and complex financial relations, the economy tends to move from a stable system to a frail one. What causes the economy to become more fragile is derived endogenously from inherent speculative behavior of a financial nature. However, it is not easy to formalize the FIH into a rigorous analytical model. In this regard, we present a survey of Minsky's unorthodox contribution and the recent development of simulation-agent-based models as a new research agenda that can help to model his FIH.
Journal: Journal of Post Keynesian Economics
Pages: 299-324
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360206
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Template-Type: ReDIF-Article 1.0
Author-Name: Angel Asensio
Author-X-Name-First: Angel
Author-X-Name-Last: Asensio
Title: The Achilles' heel of the mainstream explanations of the crisis and a post Keynesian alternative
Abstract: 
 This paper presents the main interpretations of the crisis that have been built within the mainstream general framework. Three theses are examined: the "money glut," the "saving glut," and "information asymmetry" à la Stiglitz. It is argued that the mainstream explanations suffer logical inconsistencies because of the restricted definition of uncertainty, while the explanation drawn from Keynes's and Minsky's ideas proves to be coherent thanks to their views on fundamental uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 355-380
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360208
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Template-Type: ReDIF-Article 1.0
Author-Name: William Milberg
Author-X-Name-First: William
Author-X-Name-Last: Milberg
Author-Name: Nina Shapiro
Author-X-Name-First: Nina
Author-X-Name-Last: Shapiro
Title: Implications of the recent financial crisis for firm innovation
Abstract: 
 This paper shifts the focus of discussion on the 2008 financial crisis from the problems of the financial sector to its effects on the real economy. We step back from the immediate facts of the crisis to consider the reason for finance and its importance in firm innovation, both theoretically and historically, and argue that (1) innovation has special financing requirements, being dependent on equity finance, and (2) while stock markets have promoted innovation in the past, the financialization of enterprises has changed the relation between stock prices and innovation, with adverse consequences for the growth of economies.
Journal: Journal of Post Keynesian Economics
Pages: 207-230
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360202
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Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Is money a convention and/or a creature of the state? the convention of acceptability, the state, contracts, and taxes
Abstract: 
 This article begins by presenting the idea of money as a convention, first in the economics of conventions and then in post Keynesian economics, also examining whether and how one can reconcile money as a convention with Keynes's essential properties of money. The article then considers the view of money as a creature of the state, in two versions, which connect money to contracts or to taxes, respectively. Finally, it further explores the monetary foundations of a market economy, the conventional foundation of money, and the role of the state. Acknowledging that money is ultimately or fundamentally a convention requires recognizing limits to the state's ability to impose its money on the private agents. At the same time, the state is usually in a much better position than any private agent to influence the process through which the convention of acceptability of money emerges and is reproduced. A stronger proposition is that without state money there would be no stable money in a market economy. Both the fundamental conventionality of money and the essential role of the state can be thus emphasized.
Journal: Journal of Post Keynesian Economics
Pages: 251-274
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360204
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Template-Type: ReDIF-Article 1.0
Author-Name: Eckhard Hein
Author-X-Name-First: Eckhard
Author-X-Name-Last: Hein
Title: The crisis of finance-dominated capitalism in the euro area, deficiencies in the economic policy architecture, and deflationary stagnation policies
Abstract: 
 In this paper, the euro crisis is interpreted as the latest episode of the crisis of finance-dominated capitalism. Against this background, the euro crisis and the economic policy reactions of European governments and institutions are examined. It is shown that deflationary stagnation policies have prevailed since 2010 and have meant massive real gross domestic product (GDP) losses and some improvements in price competitiveness of the crisis countries, but considerable and persistent current account imbalances, reductions in government deficit-GDP ratios with continuously rising trends in government gross debt-GDP ratios, a further recession for the euro area as a whole, the risk of deflationary stagnation in major parts of the euro area, and an increasing threat of a final collapse of the euro as a currency. Therefore, an alternative macroeconomic policy approach tackling the basic contradictions of finance-dominated capitalism and the deficiencies of European economic policy institutions and economic policy strategies, in particular, the lack of an institution convincingly guaranteeing public debt and the lack of a stable and sustainable financing mechanism for acceptable current account imbalances, is outlined.
Journal: Journal of Post Keynesian Economics
Pages: 325-354
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360207
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Income inequality and hollowing out the middle class
Abstract: 
 This paper discusses the hollowing out of the middle class in the United States since the late 1970s, and suggests that the latest threat to the remaining middle class is automation.
Journal: Journal of Post Keynesian Economics
Pages: 381-384
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360209
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360209
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Handle: RePEc:mes:postke:v:36:y:2013:i:2:p:381-384




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Ashford
Author-X-Name-First: Robert
Author-X-Name-Last: Ashford
Title: Beyond austerity and stimulus: democratizing capital acquisition with the earnings of capital as a means to sustainable growth
Abstract: 
 To enhance (1) the earnings of poor and middle-class people and (2) sustainable growth, this article recommends broadening competitive market opportunities to acquire capital with the earnings of capital. The prospect of more broadly distributed capital earnings in future years provides incentives to profitably employ more labor and capital in earlier years. Without redistribution, modest changes in the system of corporate finance will enable market participants to price the value of more broadly distributed capital acquisition and thereby provide market incentives to produce (1) enhanced earnings for poor and middle-class people, (2) enhanced corporate profits and growth, (3) reduced need for welfare dependence, government spending, borrowing, and taxes, and (4) enhanced sovereign creditworthiness. The approach advanced in this article rests on a theory of fuller employment that operates in the long run as well as the short run. It is somewhat similar to Keynesian theory and yet also distinct and complementary. If the approach is implemented either alone or in conjunction with Keynesian policies, the fuller employment and broader distributive benefits may surpass expectations based on Keynesian theory and may make both austerity and stimulus strategies more affordable and politically feasible.
Journal: Journal of Post Keynesian Economics
Pages: 179-206
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360201
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Handle: RePEc:mes:postke:v:36:y:2013:i:2:p:179-206




Template-Type: ReDIF-Article 1.0
Author-Name: Armon Rezai
Author-X-Name-First: Armon
Author-X-Name-Last: Rezai
Title: Cycles of demand and distribution and monetary policy in the U.S. economy
Abstract: 
 The role of monetary policy in the cyclical behavior of the labor share and capacity utilization in the U.S. economy is studied empirically. Previous estimation results remain robust; the inclusion of the rate of interest does not alter the underlying specification of the distributive demand regime. The role of monetary policy in net borrowing flows for four institutional sectors is analyzed. Interest rate effects appear most important for households. Based on this finding, implications for countercyclical stabilization policy are spelled out.
Journal: Journal of Post Keynesian Economics
Pages: 231-250
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360203
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Handle: RePEc:mes:postke:v:36:y:2013:i:2:p:231-250




Template-Type: ReDIF-Article 1.0
Author-Name: Elias Soukiazis
Author-X-Name-First: Elias
Author-X-Name-Last: Soukiazis
Author-Name: Pedro Cerqueira
Author-X-Name-First: Pedro
Author-X-Name-Last: Cerqueira
Author-Name: Micaela Antunes
Author-X-Name-First: Micaela
Author-X-Name-Last: Antunes
Title: Growth rates constrained by internal and external imbalances and the role of relative prices: empirical evidence from Portugal
Abstract: 
 Thirlwall's law (Thirlwall 1979) considers that growth can be constrained by the balance of payments when the current account is in permanent deficit. The law focuses on external imbalances as impediments to growth and does not consider the case where internal imbalances (budget deficits or public debt) can also constrain growth. The recent European public debt crisis shows that when internal imbalances are out of control they can constrain growth and domestic demand in a severe way. Recently, Soukiazis, Cerqueira, and Antunes (2012a) developed a model-hereafter the SCA model-that takes into account both internal and external imbalances but in which relative prices do not play any role on the pace of economic growth. The aim of this paper is to extend the SCA model by relaxing this assumption and introducing explicitly relative prices into it. The model is tested for Portugal, which recently (2011) fell into a public debt crisis with serious negative consequences for growth. It is shown that our new model makes a significant improvement in explaining actual growth in Portugal. Our empirical analysis reveals that Portuguese growth is balance-of-payments constrained and that policies aimed at reducing external imbalances and changing the share of imports and exports toward trade equilibrium will help the economy to grow faster. Competitive devaluations and lower costs of financing the economy also produce an important stimulus to growth.
Journal: Journal of Post Keynesian Economics
Pages: 275-298
Issue: 2
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360205
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Handle: RePEc:mes:postke:v:36:y:2013:i:2:p:275-298




Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Aparecida Feijó
Author-X-Name-First: Carmem Aparecida
Author-X-Name-Last: Feijó
Author-Name: Felipe Figueiredo Câmara
Author-X-Name-First: Felipe Figueiredo
Author-X-Name-Last: Câmara
Author-Name: Luiz Fernando Cerqueira
Author-X-Name-First: Luiz Fernando
Author-X-Name-Last: Cerqueira
Title: Inflation, growth, and distribution: The Brazilian economy after the post war
Abstract: 
 Following Marglin and Bhaduri (1990), the purpose of this paper is to investigate empirically the interaction between income distribution and growth of aggregate demand during the 1951–89 period in Brazil. Applying Hein and Vogel’s (2008) methodology we conclude that the Brazilian economy showed a profit-led demand regime. In a context of high inflation, high concentration of markets, and wage control, retained profits were the main source to finance new capital. In this sense, we found a large sensitivity of investment relative to the wage share, a result that is compatible with a consumption pattern based on high income, which supported the growth trend with low wages observed during the period.
Journal: Journal of Post Keynesian Economics
Pages: 616-636
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1070102
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1070102
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:616-636




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Bagnai
Author-X-Name-First: Alberto
Author-X-Name-Last: Bagnai
Author-Name: Arsène Rieber
Author-X-Name-First: Arsène
Author-X-Name-Last: Rieber
Author-Name: Thi Anh-Dao Tran
Author-X-Name-First: Thi Anh-Dao
Author-X-Name-Last: Tran
Title: Economic growth and balance-of-payments constraint in Vietnam
Abstract: 
 Our paper examines the long-run relation between economic growth and current account equilibrium in Vietnam, using a multicountry balance-of-payments-constrained growth model. We find that for the whole sample (1985–2010) Vietnam grew less than the rate predicted by the model. We also find that the balance-of-payments-constrained growth rate shifted after the 1997 Asian crisis. Since the relative price effect is neutral, the volume effects dominate in setting the balance-of-payments constraint. On the one hand, owing to the high income elasticities of exports, growth in advanced countries has a strong multiplier effect on the Vietnamese economy. On the other hand, this effect is hindered by a strong “appetite” for imports coming from Asia. Finally, we assess the impact of the current crisis on Vietnam’s growth for the period 2011 to 2017.
Journal: Journal of Post Keynesian Economics
Pages: 588-615
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1087806
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1087806
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:588-615




Template-Type: ReDIF-Article 1.0
Author-Name: Tanweer Akram
Author-X-Name-First: Tanweer
Author-X-Name-Last: Akram
Author-Name: Anupam Das
Author-X-Name-First: Anupam
Author-X-Name-Last: Das
Title: A Keynesian explanation of Indian government bond yields
Abstract: 
 John Maynard Keynes held that the central bank’s actions mainly determine long-term interest rates through short-term interest rates and various monetary policy measures. His conjectures about the determinants of long-term interest rates were made in the context of advanced capitalist economies and were based on his views on liquidity preference, ontological uncertainty, and the formation of investors’ expectations. Is Keynes’s conjecture that the central bank’s action is the main driver of long-term interest rates valid in emerging markets, such as India? This paper empirically investigates the determinants of changes in Indian government bonds’ nominal yields. Changes in short-term interest rates, after controlling for other crucial variables, such as changes in the rate of inflation and the rate of economic activity, take a lead role in driving the changes of the nominal yields of Indian government bonds. This suggests that Keynes’s views on long-term interest rates can also be applicable to emerging markets. The empirical findings reveal that higher fiscal deficits do not appear to exert upward pressures on government bond yields in India.
Journal: Journal of Post Keynesian Economics
Pages: 565-587
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1090294
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1090294
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:565-587




Template-Type: ReDIF-Article 1.0
Author-Name: Cordelius Ilgmann
Author-X-Name-First: Cordelius
Author-X-Name-Last: Ilgmann
Title: Silvio Gesell: “A strange, unduly neglected” monetary theorist
Abstract: 
 In recent years negative nominal interest rates came to the attention of a wider audience as one instrument to overcome the lower zero bound to conventional monetary policy. Modern proponents trace the origin of the proposal back to Silvio Gesell, a largely forgotten German autodidactic scholar of the interwar period, whose work provides valuable insight into heterodox late nineteenth- and twentieth-century economic thinking. Against this backdrop, the present article provides a comprehensive review of Gesell’s life and social economy, firmly linking him to German anarchism of the interwar period. It suggests that Gesell not only provided a monetary theory of interest, but put forward an independent monetary theory of economic crisis that is essential in understanding the historical origins of depreciative currency proposals. Moreover, the article maintains that Gesell’s monetary theory of interest can be seen as the missing link between heterodox economics, The General Theory, and anarchist economic theory.
Journal: Journal of Post Keynesian Economics
Pages: 532-564
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1099446
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1099446
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:532-564




Template-Type: ReDIF-Article 1.0
Author-Name: Emiliano Brancaccio
Author-X-Name-First: Emiliano
Author-X-Name-Last: Brancaccio
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Author-Name: Milena Lopreite
Author-X-Name-First: Milena
Author-X-Name-Last: Lopreite
Author-Name: Riccardo Realfonzo
Author-X-Name-First: Riccardo
Author-X-Name-Last: Realfonzo
Title: Monetary policy rules and directions of causality: A test for the euro area
Abstract: 
 Using a VAR model in first differences with quarterly data for the euro zone, the study aims to ascertain whether decisions on monetary policy can be interpreted in terms of a “monetary policy rule” with specific reference to the so-called nominal GDP targeting rule (Hall and Mankiw, 1994; McCallum, 1988; Woodford, 2012). The results obtained indicate a causal relation proceeding from deviation between the growth rates of nominal gross domestic product (GDP) and target GDP to variation in the three-month market interest rate. The same analyses do not, however, appear to confirm the existence of a significant inverse causal relation from variation in the market interest rate to deviation between the nominal and target GDP growth rates. Similar results were obtained on replacing the market interest rate with the European Central Bank refinancing interest rate. This confirmation of only one of the two directions of causality does not support an interpretation of monetary policy based on the nominal GDP targeting rule and gives rise to doubt in more general terms as to the applicability of the Taylor rule and all the conventional rules of monetary policy to the case in question. The results appear instead to be more in line with other possible approaches, such as those based on post Keynesian analyses of monetary theory and policy and more specifically the so-called solvency rule (Brancaccio and Fontana, 2013, 2015). These lines of research challenge the simplistic argument that the scope of monetary policy consists in the stabilization of inflation, real GDP, or nominal income around a “natural equilibrium” level. Rather, they suggest that central banks actually follow a more complex purpose, which is the political regulation of the financial system with particular reference to the relations between creditors and debtors and the related solvency of economic units.
Journal: Journal of Post Keynesian Economics
Pages: 509-531
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1107495
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1107495
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:509-531




Template-Type: ReDIF-Article 1.0
Author-Name: Mario Tonveronachi
Author-X-Name-First: Mario
Author-X-Name-Last: Tonveronachi
Title: Revising the European Central Bank’s fiscal rules to support growth and employment
Abstract: 
 The paper presents a reform proposal for the operations of the European Central Bank (ECB) whose purpose is to create a common set of risk-free assets for financial institutions operating in the euro area (EA), which is the necessary condition for having a single internal financial market. The proposal does not require the introduction of changes in the existing European Union treaties. The effects of this reform on the debt dynamic of EA member countries permit a revision of the existing fiscal rules. With the help of some simulations, it is shown that maintaining compliance with the European treaties, the reform of the ECB operations and revised fiscal rules would transform the current fiscal deflationary stance into a reflationary one. Some implications for aggregate demand and growth for the EA are briefly discussed.
Journal: Journal of Post Keynesian Economics
Pages: 495-508
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1109998
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1109998
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:495-508




Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo F. Bastian
Author-X-Name-First: Eduardo F.
Author-X-Name-Last: Bastian
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: A simple analytical model of the adverse real effects of inflation
Abstract: 
 The essential insight advanced in this paper is that the claim that inflation can impair growth makes most sense in the context of a monetary production economy, wherein a role for money in the determination of real activity is posited from the very start. We construct a model of inflation and growth that distinguishes between the properties of various qualitatively different inflation regimes. It is then shown how some of these regimes, by undermining confidence in various nominal contracts that are central to the process of accumulation in a monetary production economy, can adversely affect growth.
Journal: Journal of Post Keynesian Economics
Pages: 637-665
Issue: 4
Volume: 38
Year: 2015
Month: 11
X-DOI: 10.1080/01603477.2015.1134260
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1134260
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Handle: RePEc:mes:postke:v:38:y:2015:i:4:p:637-665




Template-Type: ReDIF-Article 1.0
Author-Name: Gustavo Sánchez
Author-X-Name-First: Gustavo
Author-X-Name-Last: Sánchez
Author-Name: Albino Luna
Author-X-Name-First: Albino
Author-X-Name-Last: Luna
Title: Slow growth in the Mexican economy
Abstract: 
 The goal of this paper is to test alternative explanations of slow growth in the Mexican economy. There are two groups of explanations: The first, closer to the government's position, considers the cause to be the lack of completion of structural reforms, in particular: liberalization of the labor market and foreign investment, and full privatization of the oil sector. The second, proposed by academics and independent economic research centers underlines the negative effect of the neoliberal fiscal and monetary policy applied in the Mexican economy for the past thirty years. In the academic debate held by this second group of economists there is a belief that, directly or indirectly, poverty and the income concentration are related to Mexico's weak growth performance. This article, grounded in post Keynesian and Kaleckian theory, uses econometric models to provide evidence that the principal cause of the slow growth of the Mexican economy is income concentration, and concludes that the strategy of neoliberal policies applied in the past thirty years have been self-defeating: By favoring corporate profits and high income classes, it neglected the domestic market and social welfare. The result is that the growth capacity of domestic effective demand has deteriorated, which explains the low level of the national growth rate.
Journal: Journal of Post Keynesian Economics
Pages: 115-134
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370108
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370108
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:115-134




Template-Type: ReDIF-Article 1.0
Author-Name: E. Weintraub
Author-X-Name-First: E.
Author-X-Name-Last: Weintraub
Title: Sidney Weintraub and American post Keynesianism: 1938-1970
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 31-42
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370104
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:31-42




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Blackley
Author-X-Name-First: Paul
Author-X-Name-Last: Blackley
Title: New estimates of direct crowding out (or in) of investment and of a peace dividend for the U.S. economy
Abstract: 
 This article provides new evidence concerning the effect on private investment of allocating resources to public consumption and investment. An autoregressive distributed lag model developed for cointegration-error correction analysis is estimated using data for the U.S. public sector for 1956Q1-2010Q2. The most important finding is that in the long run, there is no crowding out associated with the net effect of equal percentage changes in government purchases of domestic consumption and investment. Contrary to some previous results, public investment has a significant crowding in effect on private investment while military purchases have a significant crowding out effect, with an elasticity of -0.52. The evidence also indicates that there is an important investment role for profit growth, but not for the real interest rate in the long run. The results are generally consistent with post Keynesian views of fiscal policy and support those who argue that the 2009 stimulus package was not well-suited for generating a sustained recovery in the U.S. economy.
Journal: Journal of Post Keynesian Economics
Pages: 67-90
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370106
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:67-90




Template-Type: ReDIF-Article 1.0
Author-Name: J. Branston
Author-X-Name-First: J.
Author-X-Name-Last: Branston
Author-Name: Keith Cowling
Author-X-Name-First: Keith
Author-X-Name-Last: Cowling
Author-Name: Philip Tomlinson
Author-X-Name-First: Philip
Author-X-Name-Last: Tomlinson
Title: Profiteering and the degree of monopoly in the Great Recession: recent evidence from the United States and the United Kingdom
Abstract: 
 While the onset of recession may lead some oligopolistic firms to engage in price-cutting behavior, we argue this is likely to be only a temporary phenomenon. As the recession deepens, firms will find themselves with (unplanned) excess capacity, which will increase the mutual benefits of collusion and hence the degree of monopoly is likely to rise. To support this proposition, and adopting a largely heterodox framework, we consider some historical evidence and present some recent data for both U.S. and UK manufacturing and UK retail during the current prolonged slump that has been labeled the "Great Recession." Such behavior has significant implications for economic recovery.
Journal: Journal of Post Keynesian Economics
Pages: 135-162
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370109
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370109
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:135-162




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Author-Name: L. Wray
Author-X-Name-First: L.
Author-X-Name-Last: Wray
Title: Editors' Corner
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 181-183
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370111
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370111
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:181-183




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Title: Remembering Sidney Weintraub
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 3-8
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370101
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:3-8




Template-Type: ReDIF-Article 1.0
Author-Name: Sidney Weintraub
Author-X-Name-First: Sidney
Author-X-Name-Last: Weintraub
Title: A Jevonian seditionist: a mutiny to enhance the economic bounty?
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 11-30
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370103
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:11-30




Template-Type: ReDIF-Article 1.0
Author-Name: Pavlina Tcherneva
Author-X-Name-First: Pavlina
Author-X-Name-Last: Tcherneva
Title: Reorienting fiscal policy: a bottom-up Approach
Abstract: 
 The present article offers a fundamental critique of fiscal policy as it is understood in theory and exercised in practice. Two specific demand-side stabilization methods are examined here: conventional pump priming and the new designation of fiscal policy effectiveness found in the new consensus literature. A theoretical critique of their respective transmission mechanisms reveals that they operate in a trickle-down fashion that not only fails to secure and maintain full employment, but itself contributes to the increasing postwar labor market precariousness and the erosion of income equality. The two conventional demand-side measures are then contrasted with the proposed alternative—a bottom-up approach to fiscal policy based on a reinterpretation of Keynes's original policy prescriptions for full employment. The article offers theoretical, methodological, and policy rationale for government intervention that includes specific direct employment and investment initiatives, which are inherently different from contemporary hydraulic fine-tuning measures. It outlines the contours of the modern bottom-up approach and concludes with some of its advantages over conventional stabilization methods.
Journal: Journal of Post Keynesian Economics
Pages: 43-66
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370105
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:43-66




Template-Type: ReDIF-Article 1.0
Author-Name: Ramaa Vasudevan
Author-X-Name-First: Ramaa
Author-X-Name-Last: Vasudevan
Title: Quantitative easing through the prism of the Barings crisis in 1890: central banks and the international money market
Abstract: 
 This article investigates the response of the Central Bank at the center of the network of international money markets in times of crisis. The Bank of England's response to the impending collapse of the Barings Bank in 1890 involved not just a bank-brokered loan guarantee but also a change in the rules and manner of intervention in the market for bill discounting that constituted a significant element of the unregulated money market of the time. Quantitative easing in the current context also marks the attempt by the Federal Reserve to tame the shadow banking system by intervening directly in these markets. Based on this historical analogy, we draw some lessons about the nature and limitations of central bank response.
Journal: Journal of Post Keynesian Economics
Pages: 91-114
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370107
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370107
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:91-114




Template-Type: ReDIF-Article 1.0
Author-Name: Massomeh Hajilee
Author-X-Name-First: Massomeh
Author-X-Name-Last: Hajilee
Author-Name: Omar Al Nasser
Author-X-Name-First: Omar
Author-X-Name-Last: Al Nasser
Title: Exchange rate volatility and stock market development in emerging economies
Abstract: 
 The effect of exchange rate risk on individual countries' macroeconomic variables can follow an ambiguous pattern, thus making it better to text each case empirically. The effect of exchange rate volatility on stock market development is still an enigma. This article investigates the effect of exchange rate uncertainty on stock market development as one of the most important indicators of financial market development. To do this, we develop long- and short-run models (a bounds testing approach to cointegration) for twelve emerging economies over the period 1980-2010. Estimates from all models show that exchange rate volatility has a significant effect on stock market development in both the short run and long run in a majority of countries. Despite many similarities among emerging economies, the results obtained in this article suggest that the effect of exchange rate volatility on stock market development works via each country's specific structure and characteristics.
Journal: Journal of Post Keynesian Economics
Pages: 163-180
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370110
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370110
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:163-180




Template-Type: ReDIF-Article 1.0
Author-Name: Mike Sharpe
Author-X-Name-First: Mike
Author-X-Name-Last: Sharpe
Title: Honoring Sidney Weintraub
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 9-10
Issue: 1
Volume: 37
Year: 2014
X-DOI: 10.2753/PKE0160-3477370102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370102
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Handle: RePEc:mes:postke:v:37:y:2014:i:1:p:9-10




Template-Type: ReDIF-Article 1.0
Author-Name: MatÃ­as Vernengo 
Author-X-Name-First: MatÃ­as 
Author-X-Name-Last: Vernengo 
Title: Conversation or monologue? on advising heterodox economists 
Abstract:
 This paper suggests that heterodox economists should not think of
 themselves as economists first, and only secondarily as heterodox, and
 must emphasize methodological issues, in particular the different
 assumptions (or axioms) implicit in their theories vis-Ã -vis the
 mainstream. The paper argues that the notion of a cutting edge of the
 mainstream, which is breaking up with orthodoxy, is misleading. The role
 of the cutting edge is to allow the mainstream to sound reasonable when
 talking about reality, while orthodoxy provides authority to the cutting
 edge. The cutting edge is essential for the mainstream and remains firmly
 based on orthodox grounds.
Journal: Journal of Post Keynesian Economics 
Pages: 389-396 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: heterodox economics, methodology, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=A3281857294Q6634 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Brunsson, N. "Organized
 Hypocrisy." In B. Czarniawska and G. SevÃ³n (eds.), >i>The Northern
 Lights.>/i> Oslo: Copenhagen Business School Press, 2003, pp.
 201-222.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>       
 <BIBTEXT> Colander, D.; Holt, R.; and Rosser, J. B., Jr. "The Changing
 Face of Mainstream Economics." >i>Review of Political Economy>/i>, 2004,
 >i>16>/i> (4), 485-499.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>3</BIBL>        <BIBTEXT> Colander, D.; Holt, R.; and Rosser, J. B.,
 Jr. "Live and Dead Issues in the Methodology of Economics." >i>Journal of
 Post Keynesian Economics>/i>, âWinterâ 2007-8, >i>30>/i> (2),
 303-312.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Davidson, P. "Reality and Economic Theory." >i>Journal of Post
 Keynesian Economics>/i>, âSummerâ 1996, >i>18>/i> (4),
 479-508.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> Davidson, P. "Responses to Lavoie, King, and Dow on What Post
 Keynesianism Is and Who Is a Post Keynesian." >i>Journal of Post Keynesian
 Economics>/i>, âSpringâ 2005, >i>27>/i> (3), 393-408.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Dequech, D.
 "Neoclassical, Orthodox, Mainstream, and Heterodox Economics." >i>Journal
 of Post Keynesian Economics>/i>, âWinterâ 2007-8, >i>30>/i> (2),
 137-160.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Galbraith, J. >i>Created Unequal.>/i> New York: Free Press,
 1998.</BIBTEXT>      </REF>	  <REF>        <BIBL>8</BIBL>	    
 <BIBTEXT> Gordon, D. >i>Fat and Mean.>/i> New York: Free Press,
 1996.</BIBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	    
 <BIBTEXT> Krasner, S. >i>Sovereignty: Organized Hypocrisy.>/i> Princeton:
 Princeton University Press, 1999.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>10</BIBL>	<BIBTEXT> Krugman, P. >i>The Conscience of a
 Liberal.>/i> New York: Norton, 2007.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>11</BIBL>	  <BIBTEXT> Lawson, T. "The Nature of Post
 Keynesianism and Its Links to Other Traditions." >i>Journal of Post
 Keynesian Economics>/i>, âSummerâ 1994, >i>16>/i> (4),
 503-538.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> Lawson, T. >i>Economics and Reality.>/i> London: Routledge,
 1997.</BIBTEXT>      </REF>	  <REF>        <BIBL>13</BIBL>	     
 <BIBTEXT> McCloskey, D. "The Rhetoric of Economics." >i>Journal of
 Economic Literature>/i>, 1983, >i>21>/i> (2), 481-517.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Mencken, H. L.
 >i>Prejudices: A Selection.>/i> Baltimore: Johns Hopkins University Press,
 1996.</BIBTEXT>      </REF>	  <REF>        <BIBL>15</BIBL>	     
 <BIBTEXT> Myrdal, G. >i>Objectivity in Social Sciences.>/i> New York:
 Pantheon, 1969.</BIBTEXT>	</REF>	    <REF>	 <BIBL>16</BIBL>   
     <BIBTEXT> Rodrik, D. >i>Has Globalization Gone Too Far?>/i>
 Washington, DC: Institute of International Economics, 1997.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> Rodrik, D. "Is
 Neoclassical Economics a Mafia?" 2007a (available at >a target="_blank"
 href='http://rodrik.typepad.com/dani_rodriks_weblog/2007/05/is_neoclassica
 l.html'>http://rodrik.typepad.com/dani_rodriks_weblog/2007/05/is_neoclassi
 cal.html>/a></BIBTEXT>      </REF>	 <REF>	      <BIBL>18</BIBL>	   
  <BIBTEXT> Rodrik, D. >i>One Economics, Many Recipes: Globalization,
 Institutions, and Economic Growth.>/i> Princeton: Princeton University
 Press, 2007b.</BIBTEXT>      </REF>	  <REF>        <BIBL>19</BIBL>	   
   <BIBTEXT> Wolff, R. P. "Beyond Tolerance." In R. P. Wolff, B. Moore Jr.,
 and H. Marcuse (eds.), >i>A Critique of Pure Tolerance.>/i> Boston: Beacon
 Press, 1969, pp. 3-52.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:389-396




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Title: Wages and Prices in the UK: The Post Keynesian View
Journal: Journal of Post Keynesian Economics
Pages: 339-358
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489569
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489569
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:339-358




Template-Type: ReDIF-Article 1.0
Author-Name: George Hadjimatheou
Author-X-Name-First: George
Author-X-Name-Last: Hadjimatheou
Title: Why Has Britain Not Had Full Employment Since the Early 1970s?
Journal: Journal of Post Keynesian Economics
Pages: 359-370
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489570
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489570
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:359-370




Template-Type: ReDIF-Article 1.0
Author-Name: John F. Henry
Author-X-Name-First: John F.
Author-X-Name-Last: Henry
Title: On Economic Theory and the Question of Solvability
Journal: Journal of Post Keynesian Economics
Pages: 371-386
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489571
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489571
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:371-386




Template-Type: ReDIF-Article 1.0
Author-Name: J. Paul Leigh
Author-X-Name-First: J. Paul
Author-X-Name-Last: Leigh
Title: Unemployment Insurance and the Duration of Unemployment: The Case for Reciprocal Effects
Journal: Journal of Post Keynesian Economics
Pages: 387-399
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489572
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489572
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:387-399




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Lee
Author-X-Name-First: Fred
Author-X-Name-Last: Lee
Title: Post Keynesian View of Average Direct Costs a Critical Evaluation of the Theory and the Empirical Evidence
Journal: Journal of Post Keynesian Economics
Pages: 400-424
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489573
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489573
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:400-424




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred S. Eichner
Author-X-Name-First: Alfred S.
Author-X-Name-Last: Eichner
Title: A Comment on “Post Keynesian View of Average Direct Costs”
Journal: Journal of Post Keynesian Economics
Pages: 425-426
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489574
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489574
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:425-426




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Snippe
Author-X-Name-First: Jan
Author-X-Name-Last: Snippe
Title: Varieties of Rational Expectations: Their Differences and Relations
Journal: Journal of Post Keynesian Economics
Pages: 427-437
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489575
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489575
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:427-437




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel J. Richards
Author-X-Name-First: Daniel J.
Author-X-Name-Last: Richards
Title: The Macroeconomic Models and Expectations of Corporate Executives
Journal: Journal of Post Keynesian Economics
Pages: 438-446
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489576
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489576
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:438-446




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Myatt
Author-X-Name-First: Anthony
Author-X-Name-Last: Myatt
Title: On the Non-Existence of a Natural Rate of Unemployment and Kaleckian Micro Underpinnings to the Phillips Curve
Journal: Journal of Post Keynesian Economics
Pages: 447-462
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489577
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489577
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:447-462




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: A Note on Wage Determination and Capital Accumulation
Journal: Journal of Post Keynesian Economics
Pages: 463-477
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489578
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489578
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:463-477




Template-Type: ReDIF-Article 1.0
Author-Name: David G. Bivin
Author-X-Name-First: David G.
Author-X-Name-Last: Bivin
Title: Input and Output Inventories in a Disaggregated Macro-Model
Journal: Journal of Post Keynesian Economics
Pages: 478-496
Issue: 3
Volume: 8
Year: 1986
Month: 3
X-DOI: 10.1080/01603477.1986.11489579
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489579
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Handle: RePEc:mes:postke:v:8:y:1986:i:3:p:478-496




Template-Type: ReDIF-Article 1.0
Author-Name: IMAD A. MOOSA
Author-X-Name-First: IMAD A.
Author-X-Name-Last: MOOSA
Title: An empirical examination of the Post Keynesian view of forward exchange rates
Abstract: 
 This paper examines the Post Keynesian proposition that the forward rate is determined by covered interest parity and that it is not a predictor of the future spot rate, as suggested by the unbiased efficiency hypothesis. One implication of the failure of unbiased efficiency is that it leads to the failure of real interest parity, implying that the monetary authorities can control interest rates in an open economy. An extensive set of econometric tests is used to demonstrate that the spot-forward relationship is indeed contemporaneous rather than lagged, which corroborates the Post Keynesian view.
Journal: Journal of Post Keynesian Economics
Pages: 395-418
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051401
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051401
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:395-418




Template-Type: ReDIF-Article 1.0
Author-Name: ROBERTO MARCHIONATTI
Author-X-Name-First: ROBERTO
Author-X-Name-Last: MARCHIONATTI
Title: What don't economists know now that Marshall knew a century ago? A note on Marshall's "sophisticated informality"
Abstract: 
 In the twentieth century, economics was dominated by the idea that rigorous thinking is limited to the natural sciences. This belief has gotten in the way of contemporary economists' understanding of Marshall's legacy. Marshall conceived of economics as a science of complexity. Hence, he considered it essential to take into account the institutional and behavioral peculiarities that often require the close attention to empirical details that the Walrasian approach neglected. Marshall held that the appropriate style for economics to deal with economic complexity should be made of different languages. Classical mathematical language alone cannot grasp the complexity of the real economy by itself, because it plots precisely defined conceptual borders where, in the real world, the borders are uncertain and the concepts ill-defined and unable to be captured in one precise definition.
Journal: Journal of Post Keynesian Economics
Pages: 441-460
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051402
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051402
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:441-460




Template-Type: ReDIF-Article 1.0
Author-Name: JAMES F. CASEY
Author-X-Name-First: JAMES F.
Author-X-Name-Last: CASEY
Title: Agroforestry adoption in Mexico: using Keynes to better understand farmer decision-making
Abstract: 
 The objective of this paper is to empirically test the hypothesis that reducing uncertainty for farmers through investment in human capital increases the likelihood of participation in an agroforestry development program. A model based on Keynes's notion of profit expectations and "weight" is developed in order to gain some insight into agroforestry adoption behavior. Data was collected near the Calakmul Biosphere Reserve in the state of Campeche in southeastern Mexico. One hundred seventy-five farmers were interviewed from January through March of 1998. Results support the hypothesis that human capital investment improves the likelihood of participation in an agroforestry development program.
Journal: Journal of Post Keynesian Economics
Pages: 505-521
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051403
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051403
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:505-521




Template-Type: ReDIF-Article 1.0
Author-Name: HARRY BLOCH
Author-X-Name-First: HARRY
Author-X-Name-Last: BLOCH
Author-Name: A. MICHAEL DOCKERY
Author-X-Name-First: A. MICHAEL
Author-X-Name-Last: DOCKERY
Author-Name: DAVID SAPSFORD
Author-X-Name-First: DAVID
Author-X-Name-Last: SAPSFORD
Title: Commodity prices, wages, and U.S. inflation in the twentieth century
Abstract: 
 We consider the impact of primary commodity prices and wages on U.S. inflation in the context of markup pricing. We estimate separate equations for world commodity prices, wage rates, and domestic finished goods prices using annual data for 1900 to 2001. We find complete pass-through of commodity prices and wages into inflation of finished goods prices, with both input prices having a positive and statistically significant impact. Demand has a direct negative impact on finished goods prices, a delayed and temporary positive impact on wages (through the unemployment rate), and a strong positive impact on primary commodity prices.
Journal: Journal of Post Keynesian Economics
Pages: 523-545
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051404
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051404
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:523-545




Template-Type: ReDIF-Article 1.0
Author-Name: RENAUD BELLAIS
Author-X-Name-First: RENAUD
Author-X-Name-Last: BELLAIS
Title: Post Keynesian theory, technology policy, and long-term growth
Abstract: 
 Research and innovation are not addressed as central features in most Post Keynesian models, which integrate technological progress through capital accumulation. Analyzing aggregate demand and unemployment without integrating the impact of research leads to an incomplete understanding of the growth process. This paper aims at integrating the analysis of research in the Post Keynesian approach. Firms' inability to support basic, unfettered research contributes to the instability of capitalism, since it reduces tomorrow's investment opportunities. In a nonergodic world, true and fundamental uncertainty explains why firms choose such a strategy, and why a "comprehensive socialization of investment" is necessary through adequate public policies.
Journal: Journal of Post Keynesian Economics
Pages: 419-440
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051405
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051405
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:419-440




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DOWNWARD
Author-X-Name-First: PAUL
Author-X-Name-Last: DOWNWARD
Title: On leisure demand: a Post Keynesian critique of neoclassical theory
Abstract: 
 Leisure is not a typical theme of analysis in Post Keynesian economics. The analysis of leisure, however, provides an opportunity to critique mainstream economic analysis as well as contributes toward our understanding of an important facet of modern economies. This paper provides an empirical contribution toward this objective by focusing upon leisure demand. As well as drawing upon early Post Keynesian and institutional and sociological analyses, the paper offers original empirical insights from the United Kingdom using a qualitative choice analysis.
Journal: Journal of Post Keynesian Economics
Pages: 371-394
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051406
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051406
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:371-394




Template-Type: ReDIF-Article 1.0
Author-Name: CHRISTIAN E. WELLER
Author-X-Name-First: CHRISTIAN E.
Author-X-Name-Last: WELLER
Author-Name: ADAM HERSH
Author-X-Name-First: ADAM
Author-X-Name-Last: HERSH
Title: The long and short of it: global liberalization and the incomes of the poor
Abstract: 
 The incomes of the poor may have been hurt because of adjustment costs or low-wage competition following trade deregulation and because of increased macroeconomic volatility following capital account liberalization. Greater trade volumes that disproportionately benefit low-income households in the short run, though, may offset these adverse effects. Using data from the World Bank, the IMF, and the UN, we find that capital and current account deregulation hurts the poor in the short run, and that trade offsets some of these adverse effects. Further, trade and openness have no significant impact on longrun growth, which could have offset adverse short-run effects.
Journal: Journal of Post Keynesian Economics
Pages: 471-504
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051407
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051407
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:471-504




Template-Type: ReDIF-Article 1.0
Author-Name: THEODORE PELAGIDIS
Author-X-Name-First: THEODORE
Author-X-Name-Last: PELAGIDIS
Author-Name: EVANGELIA DESLI
Author-X-Name-First: EVANGELIA
Author-X-Name-Last: DESLI
Title: Deficits, growth, and the current slowdown: what role for fiscal policy?
Abstract: 
 The hesitation of many conventional-wisdom economists to rely more aggressively on fiscal policy measures in order to keep their public finances more or less balanced may have contributed to the persisting current slowdown. We discuss the potential of active fiscal policies in stimulating growth focusing on the European experience. Recent contributions in this journal emphasized the role of expansionary fiscal policies not only during recessionary conditions but rather as a standard feature of the macroeconomic policy stance, arguing that budget deficits lead to higher business profits and, therefore, economic growth. We provide evidence pointing to a positive relationship between fiscal deficits and capital profitability. We conclude that the dogmatic aversion for budget deficits may be perilous.
Journal: Journal of Post Keynesian Economics
Pages: 461-469
Issue: 3
Volume: 26
Year: 2004
X-DOI: 10.1080/01603477.2004.11051408
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051408
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Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:461-469




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Forges Davanzati 
Author-X-Name-First: Guglielmo Forges 
Author-X-Name-Last: Davanzati 
Author-Name: Andrea  Pacella 
Author-X-Name-First: Andrea  
Author-X-Name-Last: Pacella 
Author-Name: Riccardo  Realfonzo 
Author-X-Name-First: Riccardo  
Author-X-Name-Last: Realfonzo 
Title: Fiscal policy in the monetary theory of production: an alternative to the "new consensus" approach 
Abstract:
 This paper provides an alternative view to the new consensus approach,
 from the standpoint of the monetary theory of production. It is shown that
 output growth is demand driven, so that fiscal policies, as well as direct
 state intervention above all in the labor market, are effective for
 increasing output and employment. This also applies to the current
 dynamics, particularly to the effects of the economic policy of the
 European Union, where, as will be shown, respect for the Maastricht
 parameters has contributed to determine poor macroeconomic performance.
Journal: Journal of Post Keynesian Economics 
Pages: 605-621 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, monetary theory of production, new consensus, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=052671772164WL2H 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. "The New
 Consensus in Macroeconomics: A Critical Appraisal." In G. Fontana and M.
 Setterfield (eds.), >i>Macroeconomic Theory and Macroeconomic
 Pedagogy.>/i> Palgrave Macmillan, 2009, ch. 5.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Arestis, P., and Sawyer, M.
 "Does the Stock of Money Have Any Significance?" >i>Banca nazionale del
 lavoro>/i>, 2003, >i>56>/i> (225), 113-136.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Arestis, P., and Sawyer, M.
 "Can Monetary Policy Affect the Real Economy?" >i>European Review of
 Economics and Finance>/i>, 2004, >i>3>/i> (2), 9-32.</BIBTEXT>      </REF>
      <REF>	   <BIBL>4</BIBL>	 <BIBTEXT> Bellofiore, R.; Forges
 Davanzati, G.; and Realfonzo, R. "Marx Inside the Circuit: Discipline
 Device, Wage Bargaining and Unemployment in a Sequential Monetary
 Economy." >i>Review of Political Economy>/i>, 2000, >i>12>/i> (1),
 403-417.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> Brancaccio, E. "The Central Banker as âRegulator of
 Conflictâ: A âReversedâ Reading of the Solow and New Consensus
 Models." University of Sannio, Faculty of Economic and Business Sciences,
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Chapman, B., and Keen, S. "Hic Rodus, Hie Salta! Profits in a
 Dynamic Model of the Monetary Theory of Production." >i>Storia del
 pensiero economico>/i>, July-December 2006, >i>2>/i>, 137-154.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>7</BIBL>	   <BIBTEXT> Clarida, R.;
 GalÃ­, J.; and Gertler, M. "The Science of Monetary Policy." >i>Journal of
 Economic Literature>/i>, December 1999, >i>37>/i>, 1661-1707.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>8</BIBL>	  <BIBTEXT> Crotty, J.;
 Epstein, G.; and Kelly, P. "Multinational Corporations and Technological
 Change: Global Stagnation and Unemployment." Paper presented at the
 Economic Policy Institute's Conference "Globalization and Progressive
 Economic Policy: What Are the Real Constraints? What Are the Real
 Options?" Washington, DC, October 27-29, 1995.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Deleplace, G., and Nell, E.
 >i>Money in Motion: The Post Keynesian and Circulation Approaches.>/i>
 London and New York: Macmillan and St. Martin's Press, 1996.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>10</BIBL>	  <BIBTEXT> Docherty, P.
 >i>Money and Employment.>/i> Cheltenham, UK: Edward Elgar, 2005.</BIBTEXT>
      </REF>	  <REF>        <BIBL>11</BIBL>	      <BIBTEXT> Fontana, G.
 "Keynes's Treatise on Money." In J.E. King (ed.), >i>Elgar Companion to
 Post Keynesian Economics.>/i> Cheltenham, UK: Edward Elgar, 2003, pp.
 237-241.</BIBTEXT>	 </REF>      <REF>	  <BIBL>12</BIBL>	
 <BIBTEXT> Fontana, G., and Palacio-Vera, A. "Are Long-Run Price Stability
 and Short-Run Output Stabilization All That Monetary Policy Can Aim For?"
 >i>Metroeconomica>/i>, 2007, >i>58>/i> (2), 269-298.</BIBTEXT>      </REF>
      <REF>	   <BIBL>13</BIBL>	  <BIBTEXT> Fontana, G., and
 Realfonzo, R. >i>The Monetary Theory of Production: Tradition and
 Perspectives.>/i> New York: Palgrave Macmillan, 2005.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>14</BIBL>	 <BIBTEXT> Forges
 Davanzati, G., and Pacella, A. "Emulation, Indebtedness and Income
 Distribution: A Monetary Theory of Production." University of Salento,
 Faculty of Political Sciences, 2008a.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>15</BIBL>	   <BIBTEXT> Forges Davanzati, G., and Pacella, A.
 "High Wages, Credit Rationing and Unemployment in a Monetary Economy."
 Working Paper PKWP0801, University of Salento, Faculty of Political
 Sciences, October 2008b (available at >a target="_blank"
 href='http://siba2.unile.it/ese/issues/324/722/MTISD_2008_p70.pdf'>http://
 siba2.unile.it/ese/issues/324/722/MTISD_2008_p70.pdf>/a></BIBTEXT>	
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Forges
 Davanzati, G., and Realfonzo, R. "Wages, Labour Productivity and
 Unemployment in a Model of the Monetary Theory of Production." >i>Economie
 Appliquee>/i>, 2000, >i>53>/i> (4), 117-138.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>17</BIBL>	     <BIBTEXT> Forges Davanzati, G., and
 Realfonzo, R. "Labour Market Deregulation and Unemployment in a Monetary
 Economy." In R. Arena and N. Salvadori (eds.), >i>Money, Credit and the
 Role of the State.>/i> Aldershot, UK: Ashgate, 2004, pp. 65-74.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>18</BIBL>	     <BIBTEXT> Forges
 Davanzati, G., and Realfonzo, R. "Bank Mergers, Monopoly Power and
 Unemployment: A Monetary Circuit Approach." In G. Fontana and R. Realfonzo
 (eds.), >i>The Monetary Theory of Production: Tradition and
 Perspectives.>/i> London: Palgrave Macmillan, 2005, pp. 155-172.</BIBTEXT>
      </REF>	  <REF>        <BIBL>19</BIBL>	      <BIBTEXT> Forges
 Davanzati, G., and Realfonzo, R. "Aggregate Demand, Social Conflict and
 Unemployment in a Monetary Economy: Towards a Continuist Interpretation of
 Keynes." In M. Caserta and S. Figuera (eds.), >i>Rileggere Keynes>/i>
 [Regarding Keynes]. Milano: GiuffrÃ©, 2008, pp. 41-68.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>20</BIBL>	 <BIBTEXT> Forges
 Davanzati, G., and Realfonzo, R. "Money, Capital Turnover and the Leisure
 Class: Thorstein Veblen's Tips for MTP Models." In J.-F. Ponsot and S.
 Rossi (eds.), >i>The Political Economy of Monetary Circuits: Tradition and
 Change.>/i> London: Palgrave Macmillan, 2009, ch. 3.</BIBTEXT>      </REF>
      <REF>	   <BIBL>21</BIBL>	  <BIBTEXT> GalÃ­, J., and Gertler,
 M. "Macroeconomic Modelling for Monetary Policy Evaluation." >i>Journal of
 Economic Perspectives>/i>, 2007, >i>21>/i> (4), 1661-1707.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Goodfriend, M.,
 and King, R.G. "The New Neoclassical Synthesis and the Role of Monetary
 Policy." In B.S. Bernanke and J.J. Rotemberg (eds.), >i>NBER
 Macroeconomics Annual.>/i> Cambridge, MA: MIT Press, 1997, pp.
 231-283.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>	
 <BIBTEXT> Graziani, A. >i>Lo sviluppo dell'economia italiana: Dalla
 ricostruzione alla moneta unica.>/i> Torino: Boringhieri, 1988.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>24</BIBL>	     <BIBTEXT> Graziani, A.
 "The Theory of Monetary Circuit." >i>Economies et SociÃ©tÃ©s>/i>, 1990,
 >i>24>/i> (6), 7-36.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>25</BIBL>	<BIBTEXT> Graziani, A. >i>The Monetary Theory of
 Production.>/i> Cambridge: Cambridge University Press, 2003.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>26</BIBL>	  <BIBTEXT> Kalecki, M.
 >i>Selected Essays on the Dynamics of the Capitalist System.>/i>
 Cambridge: Cambridge University Press, 1971.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>27</BIBL>	     <BIBTEXT> Lavoie, M. "Monnaie et
 production: une synthÃ¨se de la thÃ©oorie du circuit" [Money and
 Production: A Synthesis of the Circuit Theory]. >i>Ãconomies et
 SociÃ©tÃ©s>/i>, 1987, >i>21>/i> (9), 65-101.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>28</BIBL>	     <BIBTEXT> Lunghini, G., and Bianchi,
 C. "The Monetary Circuit and Income Distribution: Bankers as Landlords."
 In R. Arena and N. Salvadori (eds.). >i>Money, Credit and the Role of the
 State.>/i> Aldershot, UK: Ashgate, 2003, pp. 152-174.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>29</BIBL>	 <BIBTEXT> McCallum, B.T.
 "Money Policy Analysis in Models Without Money." >i>Federal Reserve Banks
 of St. Louis Review>/i>, 2001, >i>83>/i> (4), 145-160.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>30</BIBL>	 <BIBTEXT> Messori, M., and
 Zazzaro, A. "Single-Period Analysis: Financial Markets, Firms' Failure and
 Closure of the Monetary Circuit." In G. Fontana and R. Realfonzo (eds.),
 >i>The Monetary Theory of Production: Tradition and Perspectives.>/i> New
 York: Palgrave Macmillan, 2005, pp. 111-123.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>31</BIBL>	     <BIBTEXT> Messori, M., and Zazzaro, A.
 "Equilibrium, Order and Monetary Profits: Business Failure as a Vital
 Macroeconomic Need." >i>Rivista italiana degli economisti>/i>, December
 2007, >i>3>/i>, 381-405.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>32</BIBL>	<BIBTEXT> Meyer, L.H. "Does Money Matter?"
 >i>Federal Reserve Bank of St. Louis Review>/i>, 2001, >i>83>/i> (5),
 1-15.</BIBTEXT>      </REF>	  <REF>        <BIBL>33</BIBL>	     
 <BIBTEXT> Moore, B. >i>Horizontalists and Verticalists: The Macroeconomics
 of Credit Money.>/i> Cambridge: Cambridge University Press,
 1988.</BIBTEXT>      </REF>	  <REF>        <BIBL>34</BIBL>	     
 <BIBTEXT> Nell, E. "On Realizing Profits in Money." >i>Review of Political
 Economy>/i>, 2002, >i>14>/i> (4), 519-530.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>35</BIBL>	     <BIBTEXT> Pacella, A. "The Effects of
 Labour Market Flexibility in the Monetary Theory of Production."
 >i>Metroeconomica>/i>, 2008, >i>59>/i> (4), 608-632.</BIBTEXT>      </REF>
      <REF>	   <BIBL>36</BIBL>	  <BIBTEXT> Parguez, A. >i>Monnaie
 et macroÃ©conomie>/i> [Money and macroeconomics]. Paris: Economica,
 1975.</BIBTEXT>      </REF>	  <REF>        <BIBL>37</BIBL>	     
 <BIBTEXT> Parguez, A. "The Solution of the Problem of Profits." In R.
 Arena and N. Salvadori (eds.), >i>Money, Credit and the Role of the State:
 Essays in Honour of Augusto Graziani.>/i> Basingstoke, UK: Palgrave, 2004,
 pp. 257-270.</BIBTEXT>      </REF>	 <REF>	      <BIBL>38</BIBL>	   
  <BIBTEXT> Parguez, A. "Money Creation, Employment and Economic Stability:
 The Monetary Theory of Unemployment and Inflation or Why There Cannot Be a
 Trade-Off Between Employment and Inflation: Targeting True Employment Is
 the Golden Path to Genuine True Stability." Paper presented at the Third
 International Post-Keynesian Conference, Dijon, November 30-December 1,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>39</BIBL>	     
 <BIBTEXT> Pasinetti, L. "The Myth (or Folly) of the 3% Deficit/GDP
 Maastricht âParameter.â" >i>Cambridge Journal of Economics>/i>, 1998,
 >i>22>/i> (1), 103-116.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>40</BIBL>	<BIBTEXT> Poulon, F. >i>MacroÃ©conomie
 approfondie>/i> [Advanced Macroeconomics]. Paris: Cujas, 1982.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>41</BIBL>	    <BIBTEXT> Realfonzo, R.
 >i>Money and Banking: Theory and Debate.>/i> Cheltenham, UK: Edward Elgar,
 1998.</BIBTEXT>      </REF>	  <REF>        <BIBL>42</BIBL>	     
 <BIBTEXT> Realfonzo, R. "The Italian Circuitist Approach." In P. Arestis
 and M. Sawyer (eds.), >i>A Handbook of Alternative Monetary Economics.>/i>
 Cheltenham, UK: Edward Elgar, 2006, pp. 105-121.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>43</BIBL>	      <BIBTEXT> Rochon, L.-P., and Rossi,
 S. "Central Banking and Post-Keynesian Economics." >i>Review of Political
 Economy>/i>, 2007, >i>19>/i> (4), 539-554.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>44</BIBL>	     <BIBTEXT> Rossi, S. >i>Money and
 Inflation.>/i> Cheltenham, UK: Edward Elgar, 2001.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>45</BIBL>	<BIBTEXT> Schmitt, B. >i>Inflation,
 chÃ´mage et malformations du capital>/i> [Inflation, Unemployment and the
 Contradictions of Capital]. Paris: Economica, 1984.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>46</BIBL>	 <BIBTEXT> Seccareccia, M.
 "Pricing, Investment and the Financing of Production Within the Framework
 of the Monetary Circuit: Some Preliminary Evidence." In L.-P. Rochon and
 S. Rossi (eds.), >i>Modern Theories of Money. The Nature and the Role of
 Money in Capitalist Economies.>/i> Cheltenham, UK: Edward Elgar, 2003, pp.
 173-197.</BIBTEXT>	 </REF>      <REF>	  <BIBL>47</BIBL>	
 <BIBTEXT> Seccareccia, M. "Aspects of a New Conceptual Integration of
 Keynes's >i>Treatise on Money>/i> and the >i>General Theory:>/i> Logical
 Time and Macroeconomic Price Formation." In R. Arenaa and N. Salvadori
 (eds.), >i>Money, Credit and the Role of the State: Essays in Honour of
 Augusto Graziani.>/i> Aldershot, UK: Ashgate, 2004, pp. 285-310.</BIBTEXT>
      </REF>	  <REF>        <BIBL>48</BIBL>	      <BIBTEXT> Stirati, A.
 "Distribuzione del reddito e âvincolo esternoâ alla crescita dei
 salari" [Income Distribution and Relative Prices in Italy 1970-2002].
 >i>Politica economica>/i>, December 2005, >i>3>/i>, pp. 401-434.</BIBTEXT>
      </REF>	  <REF>        <BIBL>49</BIBL>	      <BIBTEXT> Walsh, C.E.
 "Teaching Inflation Targeting: An Analysis for Intermediate Macro."
 >i>Journal of Economic Education>/i>, 2002, >i>33>/i> (4),
 333-346.</BIBTEXT>	 </REF>      <REF>	  <BIBL>50</BIBL>	
 <BIBTEXT> White, W.R. "Is Price Stability Enough?" Working Paper no. 205,
 Bank for International Settlements, Basel, Switzerland, 2006.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>51</BIBL>	   <BIBTEXT> Wicksell, K.
 >i>Interest and Prices.>/i> New York: Augustus M. Kelly, 1962. [Originally
 published in 1898.]</BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:605-621




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Dray 
Author-X-Name-First: Mark 
Author-X-Name-Last: Dray 
Author-Name: A. P. Thirlwall 
Author-X-Name-First: A. P. 
Author-X-Name-Last: Thirlwall 
Title: The endogeneity of the natural rate of growth for a selection of Asian countries 
Abstract:
 This paper questions the assumption in all of mainstream growth theory
 that the Harrod natural rate of growth is exogenously determined and
 independent of the pressure of demand in an economy. We first present a
 simple statistical technique for estimating the natural rate of growth,
 and then show how it is possible to test for its endogeneity. The model is
 applied to ten Asian countries, and the results support the conclusions
 from previous studies of Organisation for Economic Co-operation and
 Development and Latin American countries that the natural rate of growth
 is elastic to the actual rate of growth working through induced labor
 supply and productivity growth. Demand matters for economic growth.
Journal: Journal of Post Keynesian Economics 
Pages: 451-468 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: Asia, demand-led growth, endogenous labor supply, productivity growth, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=JH58301V136714U6 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Barro, R. "Economic
 Growth in a Cross Section of Countries." >i>Quarterly Journal of
 Economics>/i>, 1991, >i>106>/i> (2), 407-443.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Besomi, D. "Failing to Win
 Consent: Harrod's Dynamics in the Eyes of His Readers." In G. Rampa, L.
 Stella, and A.P. Thirlwall (eds.), >i>Economic Dynamics, Trade and Growth:
 Essays on Harrodian Themes.>/i> London: Macmillan, 1998, pp.
 38-89.</BIBTEXT>      </REF>	   <REF>	<BIBL>3</BIBL>	     
 <BIBTEXT> Cornwall, J. >i>Modern Capitalism: Its Growth and
 Transformation.>/i> London: Martin Robertson, 1977.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Harrod, R. "An Essay in
 Dynamic Theory." >i>Economic Journal>/i>, 1939, >i>49>/i> (2),
 14-33.</BIBTEXT>      </REF>	   <REF>	<BIBL>5</BIBL>	     
 <BIBTEXT> Kindleberger, C. >i>Europe's Post-War Growth: The Role of Labour
 Supply>/i>. Cambridge: Harvard University Press, 1967.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Lanzafame, M.
 "The Endogeneity of the Natural Rate of Growth in the Regions of Italy."
 >i>International Review of Applied Economics>/i>, 2010, >i>24>/i> (5),
 533-552.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> LeÃ³n-Ledesma, M., and Thirlwall, A.P. "The Endogeneity of the
 Natural Rate of Growth." >i>Cambridge Journal of Economics>/i>, 2002,
 >i>26>/i> (4), 441-459.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>8</BIBL>        <BIBTEXT> Libanio, G. "Aggregate Demand and the
 Endogeneity of the Natural Rate of Growth: Evidence from Latin American
 Economies." >i>Cambridge Journal of Economics>/i>, 2009, >i>33>/i> (5),
 967-984.</BIBTEXT>	 </REF>      <REF>	  <BIBL>9</BIBL>       
 <BIBTEXT> McCombie, J.S.L., and Thirlwall, A.P. >i>Essays on Balance of
 Payments Constrained Growth.>/i> London: Routledge, 2004.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> McCombie,
 J.S.L.; Pugno, M.; and Soro, B. (eds.). >i>Productivity Growth and
 Economic Performance: Essays on Verdoorn's Law.>/i> London: Palgrave
 Macmillan, 2003.</BIBTEXT>	 </REF>      <REF>	  <BIBL>11</BIBL>  
      <BIBTEXT> Okun, A.M. "Potential GNP: Its Measurement and
 Significance." >i>Proceedings of Business and Economics Statistics Section
 of the American Statistical Association>/i>, 7, 1962, pp.
 98-104.</BIBTEXT>	</REF>	    <REF>	 <BIBL>12</BIBL>       
 <BIBTEXT> Perrotini, I., and Tlatelpa, D. "Crecimiento Endogeno y Demanda
 en las EconomÃ­as de AmÃ©rica del Norte" [Demand and Endogenous Growth in
 North America]. >i>Momento EconÃ³mico>/i>, 2003, >i>128>/i>,
 10-15.</BIBTEXT>      </REF>	   <REF>	<BIBL>13</BIBL>       
 <BIBTEXT> Solow, R. "A Contribution to the Theory of Economic Growth."
 >i>Quarterly Journal of Economics>/i>, February 1956, >i>70>/i> (1),
 65-94.</BIBTEXT>      </REF>	   <REF>	<BIBL>14</BIBL>       
 <BIBTEXT> Thirlwall, A.P. "Okun's Law and the Natural Rate of Growth."
 >i>Southern Economic Journal>/i>, 1969, >i>36>/i> (1), 87-89.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>15</BIBL>	   <BIBTEXT> Thirlwall,
 A.P. "Regional Problems Are Balance of Payments Problems." >i>Regional
 Studies>/i>, 1980, >i>14>/i> (5), 419-426. [Reprinted in >i>Regional
 Studies, 41>/i> (S1), 2007.]</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>16</BIBL>	<BIBTEXT> Thirlwall, A.P. "Old Thoughts on
 âNewâ Growth Theory." In N. Salvadori (ed.), >i>Old and New Growth
 Theories: An Assessment.>/i> Cheltenham, UK: Edward Elgar, 2003, pp.
 45-53.</BIBTEXT>      </REF>	   <REF>	<BIBL>17</BIBL>       
 <BIBTEXT> Verdoorn, P.J. "Fattori che Regolano lo Sviluppo della
 Produttivita del Lavoro" [Factors That Govern the Growth of Labor
 Productivity]. >i>L'Industria>/i> 1949, >i>1>/i>, 45-53.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> Vogel, L. "The
 Endogeneity of the Natural Rate of Growth: An Empirical Study for Latin
 American Countries." >i>International Review of Applied Economics>/i>,
 2009, >i>23>/i> (1), 41-53.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>19</BIBL>	<BIBTEXT> Young, A. "The Tyranny of Numbers:
 Confronting the Statistical Realities of the East Asian Growth
 Experience." >i>Quarterly Journal of Economics>/i>, 1995, >i>110>/i> (3),
 641-680.</BIBTEXT>	 </REF>      <REF>	  <BIBL>20</BIBL>	
 <BIBTEXT> Young, A.A. "Increasing Returns and Economic Progress."
 >i>Economic Journal>/i>, 1928, >i>38>/i> (6), 527-542.</BIBTEXT>     
 </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen P. Dunn
Author-X-Name-First: Stephen P.
Author-X-Name-Last: Dunn
Title: Wither Post Keynesianism?
Journal: Journal of Post Keynesian Economics
Pages: 343-364
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490245
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490245
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephan Schulmeister
Author-X-Name-First: Stephan
Author-X-Name-Last: Schulmeister
Title: Globalization without Global Money: The Double Role of the Dollar as National Currency and World Currency
Journal: Journal of Post Keynesian Economics
Pages: 365-395
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490246
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Template-Type: ReDIF-Article 1.0
Author-Name: Perry Mehrling
Author-X-Name-First: Perry
Author-X-Name-Last: Mehrling
Title: Modern Money: Fiat or Credit?
Journal: Journal of Post Keynesian Economics
Pages: 397-406
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490247
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin Danby
Author-X-Name-First: Colin
Author-X-Name-Last: Danby
Title: LDCs, Institutions, and Money
Journal: Journal of Post Keynesian Economics
Pages: 407-421
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490248
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Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: LDCs, Institutions, and Money: A Response to Danby
Journal: Journal of Post Keynesian Economics
Pages: 423-426
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490249
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Author-Name: Khaled Hussein
Author-X-Name-First: Khaled
Author-X-Name-Last: Hussein
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: The  Model of “New” Growth Theory Is the Harrod-Domar Growth Equation: Investment and Growth Revisited
Journal: Journal of Post Keynesian Economics
Pages: 427-435
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490250
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Author-Name: Mathew Forstater
Author-X-Name-First: Mathew
Author-X-Name-Last: Forstater
Title: Savings-Recycling Public Employment: An Assets-Based Approach to Full Employment and Price Stability
Journal: Journal of Post Keynesian Economics
Pages: 437-450
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490251
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Author-Name: Miles B. Cahill
Author-X-Name-First: Miles B.
Author-X-Name-Last: Cahill
Title: Truth or Macroeconomic Consequences: Theoretical Implications of the Decline and Rise of Job References in the United States
Journal: Journal of Post Keynesian Economics
Pages: 451-475
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490252
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Author-Name: Julio López G.
Author-X-Name-First: Julio
Author-X-Name-Last: López G.
Author-Name: Alberto Cruz B.
Author-X-Name-First: Alberto
Author-X-Name-Last: Cruz B.
Title: “Thirlwall’s Law” and Beyond: The Latin American Experience
Journal: Journal of Post Keynesian Economics
Pages: 477-495
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490253
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Author-Name: Brian J. Loasby
Author-X-Name-First: Brian J.
Author-X-Name-Last: Loasby
Title: In the Spirit of Shackle: A Review
Journal: Journal of Post Keynesian Economics
Pages: 497-506
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490254
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Life Expectancy and Social Security: Why Longevity Indexing the Payroll Tax Rate Makes Good Economic Sense
Journal: Journal of Post Keynesian Economics
Pages: 507-514
Issue: 3
Volume: 22
Year: 2000
Month: 3
X-DOI: 10.1080/01603477.2000.11490255
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Template-Type: ReDIF-Article 1.0
Author-Name: John S. L. McCombie 
Author-X-Name-First: John S. L. 
Author-X-Name-Last: McCombie 
Author-Name: Mark  Roberts 
Author-X-Name-First: Mark  
Author-X-Name-Last: Roberts 
Title: Effective-demand-constrained growth in a two-sector Kaldorian model 
Abstract:
 The paper presents a formalization of Kaldor's two-sector
 agriculture-industry model of economic growth. It analyzes the model under
 two different scenarios. The first scenarioânamely, that of idealized
 (relative) price adjustment in which growth is unconstrained by effective
 demandâis already well known in the literature. For Kaldor, however,
 this scenario represented a purely hypothetical theoretical benchmark.
 This is because it assumes that price adjustment is guided by notional
 quantities. In contrast, the second scenario, that of quantity adjustment
 under conditions of false trading at prices that fail to reconcile
 notional levels of demand and supply, was considered to be more realistic
 by Kaldor. This is because, in this scenario, the growth of industry is
 constrained by a lack of growth of effective demand from agriculture. The
 formalization in this paper both clarifies and removes what are seen as
 inconsistencies in Kaldor's model.
Journal: Journal of Post Keynesian Economics 
Pages: 57-78 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: effective demand, growth, Kaldor, terms of trade, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=N43V17676M2M607H 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Bhaduri, A., and
 Skarstein, R. "Effective Demand and the Terms of Trade in a Dual Economy:
 A Kaldorian Perspective." >i>Cambridge Journal of Economics>/i>, 2003,
 >i>27>/i> (4), 583-595.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>2</BIBL>        <BIBTEXT> Canning, D. "Increasing Returns in
 Industry and the Role of Agriculture in Growth." >i>Oxford Economic
 Papers>/i>, 1988, >i>40>/i> (3), 463-476.</BIBTEXT>	  </REF>      <REF>
	<BIBL>3</BIBL>	      <BIBTEXT> Clower, R. "The Keynesian
 Counterrevolution: A Theoretical Appraisal." In F. H. Hahn and F. P. R.
 Brechling (eds.), >i>The Theory of Interest Rates.>/i> London: Macmillan,
 1965, pp. 103-125.</BIBTEXT>	   </REF>      <REF>	    <BIBL>4</BIBL> 
       <BIBTEXT> Dutt, A. "A Kaldorian Model of Growth and Development
 Revisited: A Comment on Thirlwall." >i>Oxford Economic Papers>/i>, 1992,
 >i>44>/i> (1), 156-168.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>5</BIBL>        <BIBTEXT> Kaldor, N. "What Is Wrong with Economic
 Theory?" >i>Quarterly Journal of Economics>/i>, 1975, >i>89>/i> (3),
 347-357.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Kaldor, N. "Inflation and Recession in the World Economy."
 >i>Economic Journal>/i>, 1976, >i>86>/i> (344), 703-714.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>7</BIBL>	<BIBTEXT> Kaldor, N.
 "Equilibrium Theory and Growth Theory." In M. Boskin (ed.), >i>Economics
 and Human Welfare: Essays in Honour of Tibor Scitovsky.>/i> New York and
 London: Academic Press, 1979, pp. 273-291.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>8</BIBL>	    <BIBTEXT> Kaldor, N. "The Role of
 Increasing Returns, Technical Progress and Cumulative Causation in the
 Theory of International Trade and Economic Growth." >i>Economie
 AppliquÃ©e>/i>, 1981, >i>34>/i> (4), 593-617.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Kaldor, N. >i>Causes of
 Growth and Stagnation in the World Economy.>/i> Cambridge: Cambridge
 University Press. 1996.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>10</BIBL>	<BIBTEXT> Kenyon, P. "Pricing." In A. S. Eichner
 (ed.), >i>A Guide to Post-Keynesian Economics.>/i> Armonk, NY: M. E.
 Sharpe, 1979, pp. 34-45.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>11</BIBL>	<BIBTEXT> Leijonhufvud, A. "Keynes and the
 Keynesians: A Suggested Reinterpretation." >i>American Economic Review,
 Papers and Proceedings>/i>, 1967, >i>57>/i> (2), 401-410.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Leijonhufvud, A.
 >i>On Keynesian Economics and the Economics of Keynes.>/i> Oxford: Oxford
 University Press, 1968.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>13</BIBL>	<BIBTEXT> Molana, H., and Vines, D. "North-South
 Growth and the Terms of Trade: A Model on Kaldorian Lines." >i>Economic
 Journal>/i>, 1989, >i>99>/i> (396), 443-453.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>14</BIBL>	     <BIBTEXT> Skott, P. "Growth and
 Stagnation in a Two-Sector Model: Kaldor's Mattioli Lectures."
 >i>Cambridge Journal of Economics>/i>, 1999, >i>23>/i> (3),
 353-370.</BIBTEXT>	 </REF>      <REF>	  <BIBL>15</BIBL>	
 <BIBTEXT> Targetti, F. "Growth and the Terms of Trade: A Kaldorian
 Two-Sector Model." >i>Metroeconomica>/i>, 1985, >i>36>/i> (1),
 79-96.</BIBTEXT>      </REF>	   <REF>	<BIBL>16</BIBL>       
 <BIBTEXT> Targetti, F. >i>Nicholas Kaldor: The Economics and Politics of
 Capitalism as a Dynamic System.>/i> Oxford: Clarendon Press,
 1992.</BIBTEXT>      </REF>	  <REF>        <BIBL>17</BIBL>	     
 <BIBTEXT> Thirlwall, A. P. "A General Model of Growth and Development on
 Kaldorian Lines." >i>Oxford Economic Papers>/i>, 1986, >i>38>/i> (2),
 199-219.</BIBTEXT>	 </REF>    
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard A. Musgrave
Author-X-Name-First: Richard A.
Author-X-Name-Last: Musgrave
Title: U.S. Fiscal Policy, Keynes, and Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 171-182
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489671
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles B. Garrison
Author-X-Name-First: Charles B.
Author-X-Name-Last: Garrison
Title: Labor Supply Response in Keynes’s Theory of Involuntary Unemployment
Journal: Journal of Post Keynesian Economics
Pages: 183-201
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489672
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Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Title: Keynes and the Nature of Involuntary Unemployment
Journal: Journal of Post Keynesian Economics
Pages: 202-215
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489673
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Template-Type: ReDIF-Article 1.0
Author-Name: William A. Darity
Author-X-Name-First: William A.
Author-X-Name-Last: Darity
Author-Name: Bobbie L. Horn
Author-X-Name-First: Bobbie L.
Author-X-Name-Last: Horn
Title: Involuntary Unemployment Independent of the Labor Market
Journal: Journal of Post Keynesian Economics
Pages: 216-224
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489674
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Author-Name: Frank Moulaert
Author-X-Name-First: Frank
Author-X-Name-Last: Moulaert
Author-Name: Loïc de Cannière
Author-X-Name-First: Loïc
Author-X-Name-Last: de Cannière
Title: Income Inequality and Consumptive Spending Behavior: Empirical Evidence from the 1978–79 Household Budget Survey in Belgium
Journal: Journal of Post Keynesian Economics
Pages: 225-249
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489675
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Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Title: The Credit Segment of a UK Post Keynesian Model
Journal: Journal of Post Keynesian Economics
Pages: 250-269
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489676
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Author-Name: Charles M. A. Clark
Author-X-Name-First: Charles M. A.
Author-X-Name-Last: Clark
Title: Equilibrium, Market Process, and Historical Time
Journal: Journal of Post Keynesian Economics
Pages: 270-281
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489677
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Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Bank Lending, Discount Window Borrowing, and the Endogenous Money Supply: A Theoretical Framework
Journal: Journal of Post Keynesian Economics
Pages: 282-303
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489678
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Author-Name: James M. Cypher
Author-X-Name-First: James M.
Author-X-Name-Last: Cypher
Title: Military Production and Capital Accumulation: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 304-309
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489679
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Template-Type: ReDIF-Article 1.0
Author-Name: John A. Miller
Author-X-Name-First: John A.
Author-X-Name-Last: Miller
Title: Military Spending and Economic Crises: A Comment on Gottheil and Riddell
Journal: Journal of Post Keynesian Economics
Pages: 310-317
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489680
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Template-Type: ReDIF-Article 1.0
Author-Name: Fred M. Gottheil
Author-X-Name-First: Fred M.
Author-X-Name-Last: Gottheil
Title: Military Production, Capital Accumulation, and Economic Crisis: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 318-322
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489681
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Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: A Modest Set of Proposals for Resolving the International Debt Problem
Journal: Journal of Post Keynesian Economics
Pages: 323-338
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489682
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Template-Type: ReDIF-Article 1.0
Author-Name: Louise Davidson
Author-X-Name-First: Louise
Author-X-Name-Last: Davidson
Title: University of Tennessee International Workshop in Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 339-339
Issue: 2
Volume: 10
Year: 1987
Month: 12
X-DOI: 10.1080/01603477.1987.11489683
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Author-X-Name-Last: Harmelink
Author-Name: Janet Furman Speyrer
Author-X-Name-First: Janet Furman
Author-X-Name-Last: Speyrer
Title: An Evaluation of Alternative Methods of Taxing Social Security Benefits
Journal: Journal of Post Keynesian Economics
Pages: 3-30
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489922
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Author-Name: M. Osman Suliman
Author-X-Name-First: M. Osman
Author-X-Name-Last: Suliman
Title: Real Deficits and Real Growth: Some Further Results
Journal: Journal of Post Keynesian Economics
Pages: 31-41
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Year: 1992
Month: 9
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Author-X-Name-First: Robert
Author-X-Name-Last: Eisner
Author-Name: Paul J. Pieper
Author-X-Name-First: Paul J.
Author-X-Name-Last: Pieper
Title: Real Deficits and Real Growth: A Further View
Journal: Journal of Post Keynesian Economics
Pages: 43-49
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489924
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Author-Name: Edward A. Downe
Author-X-Name-First: Edward A.
Author-X-Name-Last: Downe
Author-Name: William Pan
Author-X-Name-First: William
Author-X-Name-Last: Pan
Title: Why Does Business Invest? An Analysis of Industry Accounting Data
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Pages: 51-61
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Volume: 15
Year: 1992
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Koechlin
Author-X-Name-First: Timothy
Author-X-Name-Last: Koechlin
Title: The Responsiveness of Domestic Investment to Foreign Economic Conditions
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Pages: 63-84
Issue: 1
Volume: 15
Year: 1992
Month: 9
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Title: What Are the Long-Run Determinants of the U.S. Trade Balance?
Journal: Journal of Post Keynesian Economics
Pages: 85-97
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489927
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brown
Author-X-Name-First: Christopher
Author-X-Name-Last: Brown
Title: Commodity Money, Credit Money, and the Real Balance Effect
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Pages: 99-107
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489928
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Aparecida Feijo
Author-X-Name-First: Carmem Aparecida
Author-X-Name-Last: Feijo
Author-Name: Fernando J. Cardim De Carvalho
Author-X-Name-First: Fernando J.
Author-X-Name-Last: Cardim De Carvalho
Title: The Resilience of High Inflation: Recent Brazilian Failures with Stabilization Policies
Journal: Journal of Post Keynesian Economics
Pages: 109-124
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489929
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Template-Type: ReDIF-Article 1.0
Author-Name: David Gleicher
Author-X-Name-First: David
Author-X-Name-Last: Gleicher
Author-Name: Lonnie K. Stevans
Author-X-Name-First: Lonnie K.
Author-X-Name-Last: Stevans
Title: Net Employment Reserves and Occupational Wage Rate Determination
Journal: Journal of Post Keynesian Economics
Pages: 125-146
Issue: 1
Volume: 15
Year: 1992
Month: 9
X-DOI: 10.1080/01603477.1992.11489930
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Template-Type: ReDIF-Article 1.0
Author-Name: John E. Davies
Author-X-Name-First: John E.
Author-X-Name-Last: Davies
Author-Name: Frederic S. Lee
Author-X-Name-First: Frederic S.
Author-X-Name-Last: Lee
Title: A Post Keynesian Appraisal of the Contestability Criterion
Journal: Journal of Post Keynesian Economics
Pages: 3-24
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489721
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Note to the Davies-Lee Paper
Journal: Journal of Post Keynesian Economics
Pages: 25-25
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489722
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Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie K. Stevans
Author-X-Name-First: Lonnie K.
Author-X-Name-Last: Stevans
Author-Name: David N. Sessions
Author-X-Name-First: David N.
Author-X-Name-Last: Sessions
Title: The Derivation of An Implicit Weighting Scheme for Economic Goals and Policies: 1953-1981
Journal: Journal of Post Keynesian Economics
Pages: 26-37
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489723
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Lawson
Author-X-Name-First: Tony
Author-X-Name-Last: Lawson
Title: Probability and Uncertainty in Economic Analysis
Journal: Journal of Post Keynesian Economics
Pages: 38-65
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489724
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim De Carvalho
Author-X-Name-First: Fernando J. Cardim De
Author-X-Name-Last: Carvalho
Title: Keynes on Probability, Uncertainty, and Decision Making
Journal: Journal of Post Keynesian Economics
Pages: 66-81
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489725
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Keynes and the Language of Probability and Uncertainty
Journal: Journal of Post Keynesian Economics
Pages: 82-99
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489726
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Template-Type: ReDIF-Article 1.0
Author-Name: Harinder Singh
Author-X-Name-First: Harinder
Author-X-Name-Last: Singh
Author-Name: Roger Frantz
Author-X-Name-First: Roger
Author-X-Name-Last: Frantz
Title: Maximization Postulate: Type I and Type II Errors
Journal: Journal of Post Keynesian Economics
Pages: 100-107
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489727
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kriesler
Author-X-Name-First: Peter
Author-X-Name-Last: Kriesler
Title: Kalecki’s Pricing Theory Revisited
Journal: Journal of Post Keynesian Economics
Pages: 108-130
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489728
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Template-Type: ReDIF-Article 1.0
Author-Name: Wray Larry Randall
Author-X-Name-First: Wray
Author-X-Name-Last: Larry Randall
Title: Profit Expectations and the Investment–Saving Relation
Journal: Journal of Post Keynesian Economics
Pages: 131-147
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489729
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan
Author-X-Name-First: Jakob
Author-X-Name-Last: De Haan
Author-Name: H. Dick Zelhorst
Author-X-Name-First: H. Dick
Author-X-Name-Last: Zelhorst
Title: The Relationship between Real Deficits and Real Growth: A Critique
Journal: Journal of Post Keynesian Economics
Pages: 148-160
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489730
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Eisner
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Author-X-Name-Last: Eisner
Author-Name: Paul J. Pieper
Author-X-Name-First: Paul J.
Author-X-Name-Last: Pieper
Title: Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 161-168
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489731
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
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Pages: 169-170
Issue: 1
Volume: 11
Year: 1988
Month: 9
X-DOI: 10.1080/01603477.1988.11489732
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter A. Riach
Author-X-Name-First: Peter A.
Author-X-Name-Last: Riach
Author-Name: Judith Rich
Author-X-Name-First: Judith
Author-X-Name-Last: Rich
Title: Measuring Discrimination by Direct Experimental Methods: Seeking Gunsmoke
Journal: Journal of Post Keynesian Economics
Pages: 143-150
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489889
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary Merva
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Author-X-Name-Last: Merva
Title: Unbalanced Growth Dynamics: Implications for Secular Wage Behavior
Journal: Journal of Post Keynesian Economics
Pages: 151-168
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489890
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Carter
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Title: Uncertainty, Liquidity and Speculation: A Keynesian Perspective on Financial Innovation in the Debt Markets
Journal: Journal of Post Keynesian Economics
Pages: 169-182
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489891
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
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Title: Money, Credit, and Prices in a Kaldorian Macro Model
Journal: Journal of Post Keynesian Economics
Pages: 183-203
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489892
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Template-Type: ReDIF-Article 1.0
Author-Name: Amita va Krishna Dutt
Author-X-Name-First: Amita va Krishna
Author-X-Name-Last: Dutt
Title: Expectations and Equilibrium: Implications for Keynes, the Neo-Ricardian Keynesians, and the Post Keynesians
Journal: Journal of Post Keynesian Economics
Pages: 205-224
Issue: 2
Volume: 14
Year: 1991
Month: 12
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul C. Dalziel
Author-X-Name-First: Paul C.
Author-X-Name-Last: Dalziel
Title: Does Government Activity Invalidate the Cambridge Theorem of the Rate of Profit? A Reconciliation
Journal: Journal of Post Keynesian Economics
Pages: 225-231
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489894
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Template-Type: ReDIF-Article 1.0
Author-Name: William M. Taylor
Author-X-Name-First: William M.
Author-X-Name-Last: Taylor
Author-Name: Edward E. Williams
Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Title: Market Microstructure and Post Keynesian Theory
Journal: Journal of Post Keynesian Economics
Pages: 233-247
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489895
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch
Author-X-Name-First: Harry
Author-X-Name-Last: Bloch
Author-Name: David Sapsford
Author-X-Name-First: David
Author-X-Name-Last: Sapsford
Title: Postwar Movements in Prices of Primary Products and Manufactured Goods
Journal: Journal of Post Keynesian Economics
Pages: 249-266
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489896
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Template-Type: ReDIF-Article 1.0
Author-Name: William A. Jackson
Author-X-Name-First: William A.
Author-X-Name-Last: Jackson
Title: The Employment Distribution and the Creation of Financial Dependence
Journal: Journal of Post Keynesian Economics
Pages: 267-280
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489897
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Template-Type: ReDIF-Article 1.0
Author-Name: Herbert Bernstein
Author-X-Name-First: Herbert
Author-X-Name-Last: Bernstein
Title: The Savings Concern: Should Small Potatoes Dominate the Feast?
Journal: Journal of Post Keynesian Economics
Pages: 281-282
Issue: 2
Volume: 14
Year: 1991
Month: 12
X-DOI: 10.1080/01603477.1991.11489898
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Lawson
Author-X-Name-First: Tony
Author-X-Name-Last: Lawson
Title: The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective
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Pages: 503-538
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11489998
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11489998
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: A Post Keynesian Approach to Consumer Choice
Journal: Journal of Post Keynesian Economics
Pages: 539-562
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11489999
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11489999
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Template-Type: ReDIF-Article 1.0
Author-Name: Cihan Bilginsoy
Author-X-Name-First: Cihan
Author-X-Name-Last: Bilginsoy
Title: Distributional Consequences of Public Industrial Enterprises
Journal: Journal of Post Keynesian Economics
Pages: 563-588
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490000
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Rider
Author-X-Name-First: Christine
Author-X-Name-Last: Rider
Title: Privatization in the Transition Economies: A Critique
Journal: Journal of Post Keynesian Economics
Pages: 589-604
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490001
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490001
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Template-Type: ReDIF-Article 1.0
Author-Name: Josep González-Calvet
Author-X-Name-First: Josep
Author-X-Name-Last: González-Calvet
Author-Name: Julio Sánchez-Chóoliz
Author-X-Name-First: Julio
Author-X-Name-Last: Sánchez-Chóoliz
Title: Notes on Jarsulic’S “Endogenous Credit and Endogenous Business Cycles”
Journal: Journal of Post Keynesian Economics
Pages: 605-618
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490002
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Jarsulic
Author-X-Name-First: Marc
Author-X-Name-Last: Jarsulic
Title: Reply to González-Calvet and Sánchez-Chóoliz
Journal: Journal of Post Keynesian Economics
Pages: 619-626
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490003
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Template-Type: ReDIF-Article 1.0
Author-Name: G. C. Harcourt
Author-X-Name-First: G. C.
Author-X-Name-Last: Harcourt
Title: Josef Steindl, April 14, 1912 – March 7, 1993: A Tribute
Journal: Journal of Post Keynesian Economics
Pages: 627-642
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490004
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490004
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward N. Gamber
Author-X-Name-First: Edward N.
Author-X-Name-Last: Gamber
Title: The Real Wage Implications of the Sectoral Shifts and Risk Sharing Hypotheses
Journal: Journal of Post Keynesian Economics
Pages: 643-660
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490005
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490005
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: On Macroeconomic Politics
Journal: Journal of Post Keynesian Economics
Pages: 661-674
Issue: 4
Volume: 16
Year: 1994
Month: 7
X-DOI: 10.1080/01603477.1994.11490006
File-URL: http://hdl.handle.net/10.1080/01603477.1994.11490006
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Template-Type: ReDIF-Article 1.0
Author-Name: Arjun Jayadev 
Author-X-Name-First: Arjun 
Author-X-Name-Last: Jayadev 
Author-Name: Michael Konczal 
Author-X-Name-First: Michael 
Author-X-Name-Last: Konczal 
Title: The stagnant labor market: some aspects of the bleak picture 
Abstract:
 In this paper, we examine the labor market during the Great Recession and
 find some startling features underlying the stagnation and decline of
 2007-10. The population in the labor force has stagnated while the
 population that is out of the labor force has grown sharply. For the first
 time since we have had adequate data, the likelihood of an individual
 leaving the labor force from being unemployed is higher than the
 likelihood that he or she will move from unemployment to employment. We
 argue that the most plausible reasons for the continued slump in the labor
 market have to do with inadequate aggregate demand and are not because of
 structural or skill-mismatch reasons.
Journal: Journal of Post Keynesian Economics 
Pages: 435-450 
Issue: 3 
Volume: 33 
Year: 2011 
Month: 4 
Keywords: aggregate demand, cyclical, labor market, labor transitions, structural, underemployment, unemployment, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H24476L75X713024 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Addams, J. >i>Twenty
 Years at Hull-House.>/i> New York: Macmillan, 1910.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Ball, L. "Hysteresis in
 Unemployment: Old and New Evidence." Working Paper no. 14818, National
 Bureau of Economic Research, Cambridge, MA, 2009.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>3</BIBL>	      <BIBTEXT> Barro, R. "The Folly of
 Subsidizing Unemployment." >i>Wall Street Journal>/i>, August 30, 2010
 (available at >a target="_blank"
 href='http://online.wsj.com/article/SB100014240527487039597045754544314577
 20188.html'>http://online.wsj.com/article/SB100014240527487039597045754544
 31457720188.html>/a></BIBTEXT>      </REF>	 <REF>	     
 <BIBL>4</BIBL>        <BIBTEXT> Cahuc, P., and Zylberberg, A. >i>The
 Natural Survival of Work: Job Creation and Job Destruction in a Growing
 Economy.>/i> Cambridge: MIT Press, 2006.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>5</BIBL>	     <BIBTEXT> Chetty, R. "Should Unemployment
 Benefits Be Extended? An Economic Framework and Empirical Evidence."
 Presentation at the Economic Policy Institute, Washington, DC, May
 2010.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	    
 <BIBTEXT> Freeman, R.B. >i>America Works: Critical Thoughts on the
 Exceptional U.S. Labor Market.>/i> New York: Russell Sage Foundation,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>7</BIBL>	    
 <BIBTEXT> Ilg, R. "Long-Term Unemployment Experience of the Jobless."
 Issues in Labor Statistics Summary 10-05, Bureau of Labor Statistics,
 Washington, DC, June 2010 (available at >a target="_blank"
 href='http://www.bls.gov/opub/ils/summary_10_05/long_term_unemployment.htm
 '>http://www.bls.gov/opub/ils/summary_10_05/long_term_unemployment.htm>/a>
 </BIBTEXT>	 </REF>      <REF>	  <BIBL>8</BIBL>	<BIBTEXT>
 Kambourov, G., and Manovskii, I. "Occupational Mobility and Wage
 Inequality." >i>Review of Economic Studies>/i>, 2009, >i>76>/i> (2),
 731-759.</BIBTEXT>	 </REF>      <REF>	  <BIBL>9</BIBL>       
 <BIBTEXT> Kocherlakota, N. "Inside the FOMC." Federal Reserve Bank of
 Minneapolis, August 17, 2010 (available at >a target="_blank"
 href='http://www.minneapolisfed.org/news_events/pres/kocherlakota_speech_0
 8172010.pdf'>http://www.minneapolisfed.org/news_events/pres/kocherlakota_s
 peech_08172010.pdf>/a></BIBTEXT>      </REF>	   <REF>       
 <BIBL>10</BIBL>	<BIBTEXT> Koo, R. >i>Balance Sheet Recession:
 Japan's Struggle with Uncharted Economics and Its Global Implications.>/i>
 New York: Wiley, 2003.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>11</BIBL>	<BIBTEXT> Oreopoulos, P.; von Wachter, T.M.; and
 Heisz, A. "The Short- and Long-Term Career Effects of Graduating in a
 Recession: Hysteresis and Heterogeneity in the Market for College
 Graduates." Working Paper no. 12159, National Bureau of Economic Research,
 Cambridge, MA, April 2006.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>12</BIBL>	<BIBTEXT> Phelps, E. "Phelps Says 7-7.5%
 Unemployment âNew Normalâ for U.S." Interview with Bloomberg
 Television, November 15, 2010.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Shimer, R. "Reassessing the Ins and Outs
 of Unemployment." Working Paper no. 13421, National Bureau of Economic
 Research, Cambridge, MA, 2007.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>14</BIBL>	<BIBTEXT> van den Berg, G., and van Ours, J.C.
 "Unemployment Dynamics and Duration Dependence." >i>Journal of Labor
 Economics>/i>, January 1996, >i>14>/i> (1), 100-125.</BIBTEXT>      </REF>
      <REF>	   <BIBL>15</BIBL>	  <BIBTEXT> von Wachter, T.M.
 "Unemployment Insurance and the Long-Term Effects of Layoffs."
 Presentation at the Economic Policy Institute, Washington, DC, May 28,
 2010.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	     
 <BIBTEXT> Zandi, M. "The Economic Impact of the American Recovery and
 Reinvestment Act." January 21, 2009 (available at >a target="_blank"
 href='http://www.economy.com/mark-zandi/documents/Economic_Stimulus_House_
 Plan_012109.pdf'>http://www.economy.com/mark-zandi/documents/Economic_Stim
 ulus_House_Plan_012109.pdf>/a></BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:435-450




Template-Type: ReDIF-Article 1.0
Author-Name: Esther-Mirjam Sent
Author-X-Name-First: Esther-Mirjam
Author-X-Name-Last: Sent
Title: Convenience: The Mother of All Rationality in Sargent
Journal: Journal of Post Keynesian Economics
Pages: 3-34
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490093
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490093
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Template-Type: ReDIF-Article 1.0
Author-Name: Allan H. Meltzer
Author-X-Name-First: Allan H.
Author-X-Name-Last: Meltzer
Title: The General Theory after Sixty Years
Journal: Journal of Post Keynesian Economics
Pages: 35-45
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490094
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490094
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: What Revolution? The Legacy of Keynes
Journal: Journal of Post Keynesian Economics
Pages: 47-60
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490095
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490095
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Parkin
Author-X-Name-First: Richard J.
Author-X-Name-Last: Parkin
Title: Optimal Employment Security: The Benefits of Labor Market “Imperfections”
Journal: Journal of Post Keynesian Economics
Pages: 61-71
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490096
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490096
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Template-Type: ReDIF-Article 1.0
Author-Name: Oto Norčič
Author-X-Name-First: Oto
Author-X-Name-Last: Norčič
Author-Name: Marko Lah
Author-X-Name-First: Marko
Author-X-Name-Last: Lah
Author-Name: Andrej Sušjan
Author-X-Name-First: Andrej
Author-X-Name-Last: Sušjan
Title: Dual Money Endogeneity in Transition Economies
Journal: Journal of Post Keynesian Economics
Pages: 73-82
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490097
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490097
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias L. Khalil
Author-X-Name-First: Elias L.
Author-X-Name-Last: Khalil
Title: Kenneth Boulding: Ecodynamicist or Evolutionary Economist?
Journal: Journal of Post Keynesian Economics
Pages: 83-100
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490098
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490098
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu
Author-X-Name-First: H. Sonmez
Author-X-Name-Last: Atesoglu
Title: A Demand-Oriented Explanation of Economic Growth in Germany
Journal: Journal of Post Keynesian Economics
Pages: 101-111
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490099
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490099
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas I. Palley
Author-X-Name-First: Thomas I.
Author-X-Name-Last: Palley
Title: Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory
Journal: Journal of Post Keynesian Economics
Pages: 113-135
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490100
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490100
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Handle: RePEc:mes:postke:v:19:y:1996:i:1:p:113-135




Template-Type: ReDIF-Article 1.0
Author-Name: J. Patrick Raines
Author-X-Name-First: J. Patrick
Author-X-Name-Last: Raines
Author-Name: Charles G. Leathers
Author-X-Name-First: Charles G.
Author-X-Name-Last: Leathers
Title: Veblenian Stock Markets and the Efficient Markets Hypothesis
Journal: Journal of Post Keynesian Economics
Pages: 137-152
Issue: 1
Volume: 19
Year: 1996
Month: 9
X-DOI: 10.1080/01603477.1996.11490101
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490101
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Template-Type: ReDIF-Article 1.0
Author-Name: Therese Jefferson 
Author-X-Name-First: Therese 
Author-X-Name-Last: Jefferson 
Author-Name: J. E. King 
Author-X-Name-First: J. E. 
Author-X-Name-Last: King 
Title: Can Post Keynesians make better use of behavioral economics? 
Abstract:
 In recent decades, there has been a growth in economic research programs
 loosely described as behavioral economics. Despite calls for closer
 engagement between behavioral and Post Keynesian economics, the impact of
 behavioral economics on the Post Keynesian literature remains relatively
 limited. In this paper, we examine the nature of behavioral economics and
 the case made by those who claim or demonstrate that it can make a
 contribution to Post Keynesianism. We also consider why to date behavioral
 economics has had such a restricted effect. We conclude that there is
 scope for further successful engagement between behavioral economics and
 Post Keynesian economics if it is based on explicitly stated common
 ground, defined in terms of methodology.
Journal: Journal of Post Keynesian Economics 
Pages: 211-234 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: behavioral economics, behavioral macroeconomics, Post Keynesian economics, psychological economics, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T77X66821N86T200 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Aguera Sirgo, J. M.,
 and Garcia-Arias, J. "Distortions of the International Financial System: A
 Currency Financial Transaction Tax Like an Alternative." >i>Revista de
 Economia Mundial>/i>, 2000, >i>2>/i> (9), 187-212.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>2</BIBL>        <BIBTEXT> Akerlof, G. A. "Behavioral
 Macroeconomics and Macroeconomic Behavior." >i>American Economic
 Review>/i>, June 2002, >i>92>/i> (3), 411-433.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Akerlof, G. A., and Shiller,
 R. J. >i>Animal Spirits: How Human Psychology Drives the Economy, and Why
 It Matters for Global Capitalism.>/i> Princeton: Princeton University
 Press, 2009.</BIBTEXT>      </REF>	 <REF>	      <BIBL>4</BIBL>	   
 <BIBTEXT> Altman, M. "The Nobel Prize in Behavioral and Experimental
 Economics: A Contextual and Critical Appraisal of the Contributions of
 Daniel Kahneman and Vernon Smith." >i>Review of Political Economy>/i>,
 January 2004, >i>16>/i> (1), 3-41.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>5</BIBL>        <BIBTEXT> Bateman, B. W. "Review of King 2002."
 >i>History of Political Economy>/i>, Fall 2004, >i>36>/i> (3),
 581-583.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Bergmann, B. R. "The Economy and the Economics Profession: Both
 Need Work." >i>Eastern Economic Journal>/i>, Winter 2008, >i>35>/i> (1),
 2-9.</BIBTEXT>      </REF>	 <REF>	      <BIBL>7</BIBL>	   
 <BIBTEXT> Blanchard, O. "What Do We Know About Macroeconomics that Fisher
 and Wicksell Did Not?" >i>Quarterly Journal of Economics>/i>, November
 2000, >i>115>/i> (4), 1375-1409.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>8</BIBL>        <BIBTEXT> Camerer, C.; Loewenstein, G.; and Rabin,
 M. (eds.). >i>Advances in Behavioral Economics.>/i> Princeton: Russell
 Sage Foundation/Princeton University Press, 2004.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>9</BIBL>	      <BIBTEXT> Courvisanos, J.
 >i>Investment Cycles in Capitalist Economies: A Kaleckian Behavioural
 Contribution.>/i> Cheltenham, UK: Edward Elgar, 1996.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Courvisanos, J.
 "Michal Kalecki as a Behavioural Economist: Implications for Modern
 Evolutionary Economics Analysis." In Z. L. Sadowski and A. Szeworski
 (eds.), >i>Kalecki's Economics Today.>/i> London: Routledge, 2004, pp.
 27-41.</BIBTEXT>      </REF>	   <REF>	<BIBL>11</BIBL>       
 <BIBTEXT> Curtin, R. T. "Psychology and Macroeconomics." In E. Singer, J.
 S. House, F. T. Juster, R. L. Kahn, H. Schuman, and E. Singer (eds.), >i>A
 Telescope on Society: Survey Research and Social Science at the University
 of Michigan and Beyond.>/i> Ann Arbor: University of Michigan Press, 2004,
 pp. 131-155.</BIBTEXT>      </REF>	 <REF>	      <BIBL>12</BIBL>	   
  <BIBTEXT> Cyert, R. M., and March, J. G. >i>A Behavioral Theory of the
 Firm.>/i> Englewood Cliffs, NJ: Prentice Hall, 1963.</BIBTEXT>      </REF>
      <REF>	   <BIBL>13</BIBL>	  <BIBTEXT> Cyert, R. M., and
 Simon, H. A. "The Behavioral Approach: With Emphasis on Economics."
 >i>Behavioral Science>/i>, April 1983, >i>28>/i> (2), 95-108.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>14</BIBL>	   <BIBTEXT> Darity, W.,
 Jr., and Goldsmith, A. M. "Social Psychology, Unemployment and
 Macroeconomics." >i>Journal of Economic Perspectives>/i>, Winter 1996,
 >i>10>/i> (1), 121-140.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>15</BIBL>	<BIBTEXT> Davidson, P. "Reality and Economic
 Theory." >i>Journal of Post Keynesian Economics>/i>, Summer 1996,
 >i>18>/i> (4), 479-508.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>16</BIBL>	<BIBTEXT> Davidson, P. >i>Financial Markets, Money
 and the Real World.>/i> Cheltenham, UK: Edward Elgar, 2002.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> Davis, J. B.
 "The Turn in Recent Economics and Return of Orthodoxy." >i>Cambridge
 Journal of Economics>/i>, May 2008, >i>32>/i> (3), 349-366.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>18</BIBL>	 <BIBTEXT> Dequech, D.
 "Conventional and Unconventional Behavior Under Uncertainty." >i>Journal
 of Post Keynesian Economics>/i>, Fall 2003, >i>26>/i> (1),
 145-168.</BIBTEXT>	 </REF>      <REF>	  <BIBL>19</BIBL>	
 <BIBTEXT> De Vecchi, N. "Keynes on Kalecki's Theory of Taxation: Contents
 Approved, Method Questioned." >i>History of Political Economy>/i>, Spring
 2008, >i>40>/i> (1), 163-182.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>20</BIBL>	<BIBTEXT> di Tella, R.; MacCulloch, R. J.; and
 Oswald, A. J. "The Macroeconomics of Happiness." >i>Review of Economic and
 Statistics>/i>, November 2003, >i>85>/i> (4), 809-827.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> Dow, S. C.
 "Post-Keynesianism as Political Economy: A Methodological Discussion."
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Author-Name: Frank G. Steindl
Author-X-Name-First: Frank G.
Author-X-Name-Last: Steindl
Author-Name: Daniel De La Torre Ugarte
Author-X-Name-First: Daniel De La Torre
Author-X-Name-Last: Ugarte
Title: Innovations in Interest Rate Policy: Success and Failure
Journal: Journal of Post Keynesian Economics
Pages: 550-560
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489818
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489818
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Template-Type: ReDIF-Article 1.0
Author-Name: Franco Modigliani
Author-X-Name-First: Franco
Author-X-Name-Last: Modigliani
Author-Name: Robert J. Shiller
Author-X-Name-First: Robert J.
Author-X-Name-Last: Shiller
Title: Reply to Steindl and Ugarte
Journal: Journal of Post Keynesian Economics
Pages: 561-563
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489819
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Template-Type: ReDIF-Article 1.0
Author-Name: Kunal K. Sen
Author-X-Name-First: Kunal K.
Author-X-Name-Last: Sen
Title: The Sunspot Theorists and Keynes
Journal: Journal of Post Keynesian Economics
Pages: 564-571
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489820
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Burkett
Author-X-Name-First: Paul
Author-X-Name-Last: Burkett
Title: The Competitive Payments System: Some Stability Problems
Journal: Journal of Post Keynesian Economics
Pages: 572-590
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489821
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Template-Type: ReDIF-Article 1.0
Author-Name: John M. Gowdy
Author-X-Name-First: John M.
Author-X-Name-Last: Gowdy
Author-Name: Jack L. Miller
Author-X-Name-First: Jack L.
Author-X-Name-Last: Miller
Title: Harrod–Robinson–Read Measures of Primary Input Productivity: Theory and Evidence from U.S. Data
Journal: Journal of Post Keynesian Economics
Pages: 591-604
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489822
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian De Uriarte
Author-X-Name-First: Brian
Author-X-Name-Last: De Uriarte
Title: On the Free Will of Rational Agents in Neoclassical Economics
Journal: Journal of Post Keynesian Economics
Pages: 605-617
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489823
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Epstein
Author-X-Name-First: Gerald
Author-X-Name-Last: Epstein
Title: Prime Rates, Federal Reserve Signaling, and Financial Instability
Journal: Journal of Post Keynesian Economics
Pages: 618-635
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489824
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur R. Chowdhury
Author-X-Name-First: Abdur R.
Author-X-Name-Last: Chowdhury
Author-Name: Stephen G. Grubaugh
Author-X-Name-First: Stephen G.
Author-X-Name-Last: Grubaugh
Author-Name: Andrew J. Stollar
Author-X-Name-First: Andrew J.
Author-X-Name-Last: Stollar
Title: Money in the Yugoslav Economy
Journal: Journal of Post Keynesian Economics
Pages: 636-646
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489825
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 647-648
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489826
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 12
Journal: Journal of Post Keynesian Economics
Pages: 649-651
Issue: 4
Volume: 12
Year: 1990
Month: 7
X-DOI: 10.1080/01603477.1990.11489827
File-URL: http://hdl.handle.net/10.1080/01603477.1990.11489827
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Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe  Fontana 
Author-X-Name-First: Giuseppe  
Author-X-Name-Last: Fontana 
Title: The transmission mechanism of fiscal policy: a critical assessment of current theories and empirical methodologies 
Abstract:
 This paper reviews the current theoretical and empirical literature on the
 transmission mechanisms of fiscal policy. Its main conclusion is that
 there is nothing closely approaching an agreement on the effects of fiscal
 policy. The theoretical and empirical literature on the subject is scarce
 and divisive. The predictions of the neoclassical theory and the new
 Keynesian theory, as well as the "narrative" or "dummy variable" and the
 "structural vector autoregression" (SVAR) types of empirical analyses of
 fiscal policy all rest on shaky foundationsânamely, the intertemporal
 government budget constraint, the Ricardian equivalence hypothesis, and
 severe empirical restrictions in order to identify fiscal shocks.
Journal: Journal of Post Keynesian Economics 
Pages: 587-604 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: fiscal policy, macroeconomic models, narrative methodology, SVAR, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=20875605MG732474 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. >i>Is There
 a New Consensus in Macroeconomics?>/i> Basingstoke, UK: Palgrave
 Macmillan, 2007.</BIBTEXT>	 </REF>      <REF>	  <BIBL>2</BIBL>   
     <BIBTEXT> Baxter, M., and King, R. "Fiscal Policy in General
 Equilibrium." >i>American Economic Review>/i>, 1993, >i>83>/i> (3),
 315-334.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Beetsma, R. "A Survey of Discretionary Fiscal Policy."
 >i>Studier i Finanspolitik>/i>, 2008, >i>2>/i>, 1-52.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>4</BIBL>	<BIBTEXT> Blanchard, O.J.
 "The State of Macro." Working Paper no. 14259, National Bureau of Economic
 Research, Cambridge, MA, August 2008.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>5</BIBL>	  <BIBTEXT> Blanchard, O.J., and Perotti, R. "An
 Empirical Characterization of the Dynamic Effects of Changes in Government
 Spending and Taxes on Output." >i>Quarterly Journal of Economics>/i>,
 2002, >i>117>/i> (4), 1329-1368.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>6</BIBL>        <BIBTEXT> Blinder, A. "The Case Against the Case
 Against Discretionary Fiscal Policy." Working Paper no. 100, Center for
 Economic Policy Studies, Princeton, NJ, June 2004.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>7</BIBL>        <BIBTEXT> Buiter, W.H. "Central
 Banks and Financial Crises." Paper presented at the Federal Reserve Bank
 of Kansas City's Symposium "Maintaining Stability in a Changing Financial
 System," Jackson Hole, WY, August 2008.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>8</BIBL>	    <BIBTEXT> Burnside, C.; Eichenbaum, M.; and
 Fisher, J.D.M. "Fiscal Shocks and Their Consequences." >i>Journal of
 Economic Theory>/i>, 2004, >i>115>/i> (1), 89-117.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>9</BIBL>        <BIBTEXT> Canzoneri, M.B.; Cumby,
 R.E.; and Diba, B.T. "Should the European Central Bank and the Federal
 Reserve Be Concerned About Fiscal Policy?" Paper presented at the Federal
 Reserve Bank of Kansas City's Symposium "Rethinking Stabilization Policy,"
 Jackson Hole, WY, August 29-31, 2002.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>10</BIBL>	   <BIBTEXT> Carlin, W., and Soskice, D
 >i>Macroeconomics: Imperfections, Institutions and Policies.>/i> Oxford:
 Oxford University Press, 2006.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>11</BIBL>	<BIBTEXT> Clarida, R.; GalÃ­, J.; and Gertler, M.
 "The Science of Monetary Policy." >i>Journal of Economic Literature>/i>,
 1999, >i>37>/i> (4), 1661-1707.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>12</BIBL>	<BIBTEXT> Edelberg, W.; Eichenbaum, M.; and Fisher,
 J.D.M. "Understanding the Effects of a Shock to Government Purchases."
 >i>Review of Economic Dynamics>/i>, 1999, >i>2>/i> (1), 166-206.</BIBTEXT>
      </REF>	  <REF>        <BIBL>13</BIBL>	      <BIBTEXT> Fontana, G.
 "Why Money Matters: Wicksell, Keynes, and the New Consensus View on
 Monetary Policy." >i>Journal of Post Keynesian Economics>/i>, Fall 2007,
 >i>30>/i> (1), 43-60.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>14</BIBL>	<BIBTEXT> Fontana, G. >i>Money, Time and
 Uncertainty.>/i> London: Routledge, 2008.</BIBTEXT>	  </REF>      <REF>
	<BIBL>15</BIBL>        <BIBTEXT> Fontana, G. "Structural Models and
 Monetary Policy at the Federal Reserve Board: Last Vestiges of the
 Neoclassical Synthesis or Pragmatic New Consensus?" >i>Ekonomia>/i>, 2009,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>16</BIBL>	   
  <BIBTEXT> Fontana, G., and Palacio-Vera, A. "Are Long-Run Price Stability
 and Short-Run Output Stabilization All That Monetary Policy Can Aim For?"
 >i>Metroeconomica>/i>, 2007, >i>58>/i> (2), 269-298.</BIBTEXT>      </REF>
      <REF>	   <BIBL>17</BIBL>	  <BIBTEXT> Fontana, G., and
 Setterfield, M. >i>Macroeconomic Theory and Macroeconomic Pedagogy.>/i>
 Basingstoke, UK: Palgrave Macmillan, 2009.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>18</BIBL>	     <BIBTEXT> GalÃ­, J.; LÃ³pez-Salido,
 J.D.; and VallÃ©s, J. "Understanding the Effects of Government Spending on
 Consumption." >i>Journal of the European Economic Association>/i>, 2007,
 >i>5>/i> (1), 227-270.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>19</BIBL>	<BIBTEXT> Giavazzi, F., and Pagano, M. "Can Severe
 Fiscal Adjustments Be Expansionary?" In O. Blanchard and S. Fischer
 (eds.), >i>NBER Macroeconomics Annual.>/i> Cambridge, MA: MIT Press, 1990,
 pp. 75-110.</BIBTEXT>	    </REF>	<REF>	     <BIBL>20</BIBL>	   
 <BIBTEXT> Goodhart, C.A.E. "The Continuing Muddles of Monetary Theory: A
 Steadfast Refusal to Face Facts." Paper presented at the Seventy-Fifth
 Anniversary Lionel Robbins Conference, LSE, London, December 10-11,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> Hemming, R.; Kell, M.; and Mahfouz, S. "The Effectiveness of
 Fiscal Policy in Stimulating Economic Activity: A Review of the
 Literature." Working Paper no. 02/208, International Monetary Fund,
 Washington, DC, 2002.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>22</BIBL>	<BIBTEXT> Jones, C.I. >i>Macroeconomics.>/i>
 London: W.W. Norton, 2008.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>23</BIBL>	<BIBTEXT> Kuttner, K.N., and Posen, A.S. "The Great
 Recession: Lessons for Macroeconomic Policy from Japan." >i>Brookings
 Papers on Economic Activity>/i>, 2001, >i>2>/i>, 93-185.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>24</BIBL>	 <BIBTEXT> Lavoie, M.
 >i>Introduction to Post Keynesian Economics.>/i> Basingstoke, UK: Palgrave
 Macmillan, 2006.</BIBTEXT>	 </REF>      <REF>	  <BIBL>25</BIBL>  
      <BIBTEXT> Linnemann, L. "The Effect of Government Spending on Private
 Consumption: A Puzzle?" >i>Journal of Money, Credit, and Banking>/i>,
 2006, >i>38>/i> (7), 1715-1735.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>26</BIBL>	<BIBTEXT> Mountford, A., and Uhlig, H. "What Are
 the Effects of Fiscal Policy Shocks?" Sonderforschungsbereichs (SFB) 649
 Discussion Paper no. 039, School of Business and Economics, Humbolt
 University, Berlin, 2005 (available at >a target="_blank"
 href='http://sfb649.wiwi.hu-berlin.de/'>http://sfb649.wiwi.hu-berlin.de/>/
 a></BIBTEXT>	   </REF>      <REF>	    <BIBL>27</BIBL>	  
 <BIBTEXT> Perotti, R. "In Search of the Transmission Mechanism of Fiscal
 Policy." Working Paper no. 13143, National Bureau of Economic Research,
 Cambridge, MA, June 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>28</BIBL>	<BIBTEXT> "Policy in a Recession: Putting the Air
 Back In." >i>Economist, October 30, 2008, 389>/i> (8604), 82-83.</BIBTEXT>
      </REF>	  <REF>        <BIBL>29</BIBL>	      <BIBTEXT> Ramey,
 V.A., and Shapiro, M.D. "Costly Capital Reallocation and the Effects of
 Government Spending." >i>Carnegie-Rochester Conference Series on Public
 Policy>/i>, June 1998, >i>48>/i> (1), 145-194.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>30</BIBL>	     <BIBTEXT> Romer, C.D., and Romer, D.H.
 "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and
 Schwartz." >i>NBER Macroeconomics Annual>/i>, 1989, >i>4>/i>,
 121-170.</BIBTEXT>	 </REF>      <REF>	  <BIBL>31</BIBL>	
 <BIBTEXT> Romer, C.D., and Romer, D.H. "The Macroeconomic Effects of Tax
 Changes: Estimates Based on a New Measure of Fiscal Shocks." Working Paper
 no. 13264, National Bureau of Economic Research, Cambridge, MA, July
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>32</BIBL>	     
 <BIBTEXT> Symposium on "Monetary Policy in Endogenous Money Theory."
 >i>Journal of Post Keynesian Economics>/i>, Summer 2002, >i>24>/i> (4),
 503-656.</BIBTEXT>	 </REF>      <REF>	  <BIBL>33</BIBL>	
 <BIBTEXT> Symposium on "Modern Inflation Targeting Policies." >i>Journal
 of Post Keynesian Economics>/i>, Summer 2006a, >i>28>/i> (4),
 551-803.</BIBTEXT>	 </REF>      <REF>	  <BIBL>34</BIBL>	
 <BIBTEXT> Symposium on "Monetary Policy in the United Kingdom, United
 States, and the Euro Area." >i>Journal of Post Keynesian Economics>/i>,
 Spring 2006b, >i>28>/i> (3), 371-547.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>35</BIBL>	   <BIBTEXT> Symposium on "Alternative Monetary
 Policy Strategies." >i>Journal of Post Keynesian Economics>/i>, Fall
 2007a. >i>30>/i> (1), 3-141.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>36</BIBL>	<BIBTEXT> Symposium on the "Natural Equilibrium
 Real Interest Rate." >i>Journal of Post Keynesian Economics>/i>, Summer
 2007b, >i>29>/i> (4), 531-697.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>37</BIBL>	<BIBTEXT> Tcherneva, P. "The Return of Fiscal
 Policy: Can the New Developments in the New Economic Consensus Be
 Reconciled with the Post-Keynesian View?" Working Paper no. 539, Levy
 Economics Institute, Annandale-on-Hudson, July 2008.</BIBTEXT>      </REF>
      <REF>	   <BIBL>38</BIBL>	  <BIBTEXT> Weber, A.A.; Lemke W.;
 and Worms, A. "How Useful Is the Concept of the Natural Real Rate of
 Interest for Monetary Policy?" >i>Cambridge Journal of Economics>/i>,
 2008, >i>32>/i> (1), 49-63.</BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:587-604




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando  Ferrari-Filho 
Author-X-Name-First: Fernando  
Author-X-Name-Last: Ferrari-Filho 
Author-Name: Luiz Fernando De Paula 
Author-X-Name-First: Luiz Fernando 
Author-X-Name-Last: De Paula 
Title: Exchange rate regime proposal for emerging countries: a Keynesian perspective 
Abstract:
 This paper presents, in light of Keynesian theory and taking into account
 the emerging economies' reality in today's global world, an exchange rate
 regime proposal for emerging countries with the capability to mitigate
 their external vulnerability and fragility and their dependence on foreign
 capital, thus making possible the implementation of domestic economic
 policies that would permit macroeconomic stabilizationâunderstood,
 following Keynes, as being the combination of price stability and full
 employment. For this purpose, the paper revisits Keynes's proposals with
 regard to both exchange rate policy and capital inflows, with a view to
 showing how they contribute to maintaining full employment, develops a
 Post Keynesian view on financial globalization and the behavior of
 exchange rate, and presents a strategy for an exchange rate regime with
 capital controls for emerging countries.
Journal: Journal of Post Keynesian Economics 
Pages: 227-248 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: capital controls, emerging countries, exchange rate regime proposal, Keynesian theory, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=K421172756204562 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Alves, A., Jr.;
 Ferrari-Filho, F.; and Paula, L.F. "The Post Keynesian Critique of
 Conventional Currency Crisis Models and Davidson's Proposal to Reform the
 International Monetary System." >i>Journal of Post Keynesian
 Economics>/i>, Winter 1999-2000, 22 (2), 207-225.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>2</BIBL>	      <BIBTEXT> Angeriz, P.; Arestis, P.;
 and Chakravarty, T. "Assessing the Empirical Evidence on Inflation
 Targeting and Possible Lessons for Brazil." In P. Arestis and A.
 Saad-Filho (eds.), >i>Political Economy of Brazil.>/i> London: Routledge,
 2007, pp. 94-115.</BIBTEXT>	  </REF>      <REF>	   <BIBL>3</BIBL>  
      <BIBTEXT> Arestis, P.; Ferrari-Filho, F.; and Paula, L.F. "Inflation
 Targeting in Emerging Countries: The Case of Brazil." In P. Arestis and A.
 Saad-Filho (eds.), >i>Political Economy of Brazil.>/i> London: Routledge,
 2007, pp. 116-140.</BIBTEXT>	   </REF>      <REF>	    <BIBL>4</BIBL> 
       <BIBTEXT> Calvo, G., and Mishkin, F. "The Mirage of Exchange Rate
 Regimes for Emerging Market Countries." >i>Journal of Economic
 Perspectives>/i>, Fall 2003, 17 (4), 99-118.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>5</BIBL>	    <BIBTEXT> Calvo, G., and Reinhart, C.
 "Fear of Floating." >i>Quarterly Journal of Economics>/i>, 2002, 117 (2),
 379-408.</BIBTEXT>	 </REF>      <REF>	  <BIBL>6</BIBL>       
 <BIBTEXT> Caramazza, F., and Aziz, J. "Fixed or Flexible? Getting the
 Exchange Rate Right in the 1990s." >i>Economic Issues>/i>, April 1998, 13
 (available at >a target="_blank"
 href='http://www.imf.org/external/pubs/ft/issues13/index.htm'>www.imf.org/
 external/pubs/ft/issues13/index.htm>/a></BIBTEXT>	</REF>	    <REF>  
      <BIBL>7</BIBL>	    <BIBTEXT> Carvalho, F.C. "Economic Policies for
 Monetary Economies." >i>Brazilian Journal of Political Economy>/i>, 1997,
 17 (4), 31-51.</BIBTEXT>      </REF>	   <REF>	<BIBL>8</BIBL>	   
   <BIBTEXT> Carvalho, F.C., and SicsÃº, J. "ControvÃ©rsias recentes sobre
 controles de capitais" [Recent Controversies About Capital Controls]. In
 F. Ferrari-Filho and J. SicsÃº (eds.), >i>CÃ¢mbio e Controle de Capitais:
 avaliando a eficiÄncia de modelos macroeconÃ´micos>/i> [Exchange Rate and
 Capital Controls: Analyzing the Performance of Macroeconomic Models]. Rio
 de Janeiro: Campus-Elsevier, 2006, pp. 1-28.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Davidson, P. >i>Post
 Keynesian Macroeconomic Theory.>/i> Aldershot, UK: Edward Elgar,
 1994.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Davidson, P. "Are Grains of Sand in the Wheels of International
 Finance Sufficient to Do the Job When Boulders Are Often Required?"
 >i>Economic Journal>/i>, May 1997, 107 (442), 671-686.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>11</BIBL>	 <BIBTEXT> Davidson, P.
 >i>Financial Markets, Money and the Real World.>/i> Cheltenham, UK: Edward
 Elgar, 2002.</BIBTEXT>      </REF>	 <REF>	      <BIBL>12</BIBL>	   
  <BIBTEXT> Eatwell, J., and Taylor, L. >i>Global Finance Risk: The Case of
 International Regulation.>/i> New York: New Press, 2000.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>13</BIBL>	 <BIBTEXT> Edison, H.;
 Levine, R.; Ricci, L.; and Slok, T. "International Financial Integration
 and Economic Growth." >i>Journal of International Money and Finance>/i>,
 2002, 21 (6), 749-776.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>14</BIBL>	<BIBTEXT> Edwards, S., and Savastano, M. "Exchange
 Rates in Emerging Economies: What Do We Know? What Do We Need to Know?" In
 A. Krueger (ed.), >i>Economic Policy Reform: The Second Stage.>/i>
 Chicago, University of Chicago Press, 2000, pp. 453-510.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>15</BIBL>	 <BIBTEXT> Eichengreen, B.
 >i>Toward a New International Finance Architecture: A Practical Post Asia
 Agenda.>/i> Washington, DC: Institute for International Economics,
 1999.</BIBTEXT>      </REF>	  <REF>        <BIBL>16</BIBL>	     
 <BIBTEXT> Eichengreen, B. "Can Emerging Markets Float? Should They
 Inflation Target?" Working Papers Series 36, Banco Central do Brasil,
 February 2002.</BIBTEXT>      </REF>	   <REF>	<BIBL>17</BIBL>    
    <BIBTEXT> Eichengreen, B., and Leblang, D. "Capital Account
 Liberalization and Growth: Was Mahathir Right?" Working Paper Series 9247,
 National Bureau of Economic Research, Cambridge, MA, December
 2002.</BIBTEXT>      </REF>	  <REF>        <BIBL>18</BIBL>	     
 <BIBTEXT> Eichengreen, B.; Tobin, J.; and Wyplosz, C. "Two Cases for Sand
 in the Wheels of International Finance." >i>Economic Journal>/i>, January
 1995, 105 (428), 162-172.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>19</BIBL>	<BIBTEXT> Epstein, G.; Grabel, I.; and Jomo, K.S.
 "Capital Management Techniques in Developing Countries." Working Paper
 Series 56, Political Economy Research Institute, University of
 Massachusetts, Amherst, 2003.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>20</BIBL>	<BIBTEXT> Ferrari-Filho, F. >i>PolÃ­tica comercial,
 taxa de cÃ¢mbio e moeda internacional: uma anÃ¡lise a partir de Keynes>/i>
 [Trade Policy, Exchange Rate and International Money: A Keynesian
 Perspective]. Porto Alegre: Universidade Federal do Rio Grande do Sul
 [UFRGS], 2006.</BIBTEXT>      </REF>	   <REF>	<BIBL>21</BIBL>    
    <BIBTEXT> Ferrari-Filho, F., and Paula, L.F. (eds.). >i>GlobalizaÃ§Ã£o
 Financeira: Ensaios de Macroeconomia Aberta>/i> [Financial Globalization:
 Essays for Open Economies]. PetrÃ³polis: Vozes, 2004.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>22</BIBL>	 <BIBTEXT> Ferrari-Filho,
 F., and Paula, L.F. "Regime cambial, conversibilidade da conta capital e
 performance econÃ´mica: a experiÄncia recente de Brasil, RÃºssia, Ãndia
 e China" [Exchange Rate Regime, Capital Account Convertibility and
 Economic Performance: The Experience of Brazil, Russia, India and China].
 In F. Ferrari-Filho and J. SicsÃº (eds.), >i>CÃ¢mbio e Controle de
 capitais: avaliando a eficiÄncia de modelos macroeconÃ´micos>/i>
 [Exchange Rate and Capital Controls: Analyzing the Performance of
 Macroeconomic Models]. Rio de Janeiro: Campus-Elsevier, 2006, pp.
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 <BIBTEXT> Fischer, S. "Capital-Account Liberalization and the Role of the
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 <BIBTEXT> Fischer, S. "Exchange Rate Regimes: Is the Bipolar View
 Correct?" >i>Journal of Economic Perspectives>/i>, 2001, 15 (2),
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 <BIBTEXT> Frenkel, R. "An Alternative to Inflation Targeting in Latin
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 "The Concept of Information, Intractable Uncertainty, and the Current
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 Astronomy or Astrology?" >i>Eastern Economic Journal>/i>, Spring 2003b, 29
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 >i>Reserve Bank of Australia Bulletin>/i>, November 2000.</BIBTEXT>	 
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 "Exchange Rates." In J.E. King (ed.), >i>The Elgar Companion to Post
 Keynesian Economics.>/i> Cheltenham, UK: Edward Elgar, 2003, pp.
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 <BIBTEXT> Ho, C., and McCauley, R. "Living with Flexible Exchange Rates:
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 >i>Globalization and the International Financial System: What's Wrong and
 What Can Be Done.>/i> Cambridge: Cambridge University Press,
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 <BIBTEXT> Keynes, J.M. >i>The General Theory of Employment, Interest and
 Money.>/i> New York: Harcourt Brace Jovanovich, 1964. [Originally
 published in 1936.]</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>37</BIBL>	<BIBTEXT> Keynes, J.M. >i>The Collected Writings of
 John Maynard Keynes, Volume 9: Essays in Persuasion.>/i> Edited by D.
 Moggridge. London: Macmillan, 1972.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>38</BIBL>	 <BIBTEXT> Keynes, J.M. >i>A Treatise on Money.>/i>
 New York: AMS Press, 1976. [Originally published in 1930.]</BIBTEXT>	  
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 >i>The Collected Writings of John Maynard Keynes, Volume 25: Activities
 1940-1944: Shaping the Post-War World, the Clearing Union.>/i> Edited by
 D. Moggridge. London: Macmillan, 1980.</BIBTEXT>      </REF>	   <REF>   
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 Writings of John Maynard Keynes, Volume 20: Activities 1929-1931:
 Rethinking Employment and Unemployment Policies.>/i> Edited by D.
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 Controls: An Evaluation." Working Paper 11973, National Bureau of Economic
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 Globalization Reduced Monetary Policy Independence?" Bank for
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 </REF>      <REF>	  <BIBL>43</BIBL>	 <BIBTEXT> Mohanty, M., and
 Turner, P. "Foreign Exchange Reserves in Emerging Countries." >i>BIS
 Quarterly Review>/i>, September 2006, 24, 39-42.</BIBTEXT>	 </REF>    
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 Intervention." Bank for International Settlements (BIS) Papers 24, Basel,
 May 2005.</BIBTEXT>	  </REF>      <REF>	   <BIBL>45</BIBL>	 
 <BIBTEXT> Obstfeld, M., and Rogoff, K. "The Mirage of Fixed Exchange
 Rates." >i>Journal of Economic Perspectives>/i>, Summer 1995, 9 (3),
 73-96.</BIBTEXT>      </REF>	   <REF>	<BIBL>46</BIBL>       
 <BIBTEXT> Palley, T. >i>Plenty of Nothing: The Downsizing of the American
 Dream and the Case for Structural Keynesianism.>/i> Princeton: Princeton
 University Press, 1998.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>47</BIBL>	<BIBTEXT> Prasad, E.; Rogoff, K.; Wei, S.; and
 Kose, M. "Effects of Financial Globalization on Developing Countries: Some
 Empirical Evidence." International Monetary Fund, Washington, DC, 2003
 (available at >a target="_blank"
 href='http://www.imf.org/external/np/res/docs/2003/031703.pdf'>www.imf.org
 /external/np/res/docs/2003/031703.pdf>/a></BIBTEXT>	  </REF>      <REF>
	<BIBL>48</BIBL>        <BIBTEXT> Rodrik, D. "Who Needs
 Capital-Account Convertibility?" >i>Essays in International Finance>/i>,
 May 1998, 207, 55-65.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>49</BIBL>	<BIBTEXT> Stiglitz, J. "Capital Market
 Liberalization, Economic Growth, and Instability." >i>World
 Development>/i>, 2000, 28 (6), 1075-1086.</BIBTEXT>	  </REF>      <REF>
	<BIBL>50</BIBL>        <BIBTEXT> Stiglitz, J. >i>Globalization and
 Its Discontents.>/i> New York: W.W. Norton, 2002.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>51</BIBL>        <BIBTEXT> Tobin, J. "A Proposal for
 International Monetary Reform." >i>Eastern Economic Journal>/i>, 1978, 4
 (3-4), 153-159.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:227-248




Template-Type: ReDIF-Article 1.0
Author-Name: Paul  Davidson 
Author-X-Name-First: Paul  
Author-X-Name-Last: Davidson 
Title: Reply to contributors to the discussion of the central themes of >i>John Maynard Keynes>/i> 
Abstract:
 This note responds to comments made by various reviewers on the analytical
 content of the 2007 book >i>John Maynard Keynes>/i>, "Great Thinkers in
 Economics" series, by Paul Davidson. It attempts to clarify some semantic
 problems and also to clarify the relationship between Keynes's analytical
 system and mainstream classical theory.
Journal: Journal of Post Keynesian Economics 
Pages: 73-81 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: ergodic axiom, gross substitution, John Maynard Keynes, neutral money, uncertainty, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=P62674044776J23P 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arrow, K.J., and Hahn,
 F.H. >i>General Competitive Equilibrium>/i>. San Francisco: Holden Day,
 1971.</BIBTEXT>      </REF>	  <REF>        <BIBL>2</BIBL>	    
 <BIBTEXT> Blecker, R.A. "Davidson on Keynes: The Open Economy Dimension."
 >i>Journal of Post Keynesian Economics>/i>, Fall 2009, 32 (1),
 19-41.</BIBTEXT>      </REF>	   <REF>	<BIBL>3</BIBL>	     
 <BIBTEXT> Davidson, P. "Money and General Equilibrium." In >i>Money and
 Employment, the Collected Writings of Paul Davidson>/i>, vol. 1, L.
 Davidson (ed.), London: Macmillan, 1990, pp. 196-217. [Originally
 published in 1977.]</BIBTEXT>	    </REF>	<REF>	     <BIBL>4</BIBL>
	<BIBTEXT> Davidson, P. >i>John Maynard Keynes>/i>. London:
 Palgrave/Macmillan, 2007.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>5</BIBL>        <BIBTEXT> Davidson, P. "Securitization, Liquidity
 and Market Failure." >i>Challenge>/i>, 2008, 51 (3), 43-56.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Davidson, P.
 >i>The Keynes Solution: The Path to Global Economic Prosperity>/i>. New
 York: Palgrave, 2009.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>7</BIBL>        <BIBTEXT> Dimand, R.W. "Central Themes of Paul
 Davidson's >i>John Maynard Keynes>/i>." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2009, 32 (1), 59-72.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>8</BIBL>	     <BIBTEXT> Fazzari, S. "Keynesian
 Macroeconomics as the Rejection of Classical Axioms." >i>Journal of Post
 Keynesian Economics>/i>, Fall 2009, 32 (1), 3-18.</BIBTEXT>	  </REF>   
   <REF>	<BIBL>9</BIBL>	      <BIBTEXT> Keynes, J.M. >i>The General
 Theory of Employment, Interest and Money>/i>. London: Macmillan,
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	     
 <BIBTEXT> Keynes, J.M. "Alternative Theories of the Rate of Interest."
 >i>Economic Journal>/i>, 1937, 47, 141-152.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Monvoisin, V., and Rochon,
 L.-P. "Keynes and the Real World: Davidson, Money, and Uncertainty."
 >i>Journal of Post Keynesian Economics>/i>, Fall 2009, 32 (1),
 43-58.</BIBTEXT>      </REF>	 
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:73-81




Template-Type: ReDIF-Article 1.0
Author-Name: Rod O’Donell
Author-X-Name-First: Rod
Author-X-Name-Last: O’Donell
Title: A critique of the ergodic/nonergodic approach to uncertainty
Abstract: 
 Although uncertainty is widely viewed as an essential element of post Keynesianism, two contrasting perspectives on its nature and foundations compete for attention–the ontologically oriented ergodic/nonergodic (ENE) approach, and the epistemologically oriented human abilities and characteristics (HAC) approach. Since little or no direct debate has previously occurred between the two perspectives, this paper presents an extended critique of the ENE approach in both general and Keynes-specific terms. The critique argues, inter alia, that the ENE approach is untenable because it makes it impossible for agents to obtain knowledge of the relevant state of reality; it employs two conflicting definitions of ergodicity; its accounts of agent learning are incoherent or internally inconsistent; it commits the excluded middle fallacy; its view of causality is oversimplified; and its treatment of Keynes’s philosophical work is inaccurate and tendentious. General aspects of the critique also apply to other schools employing the ENE approach.
Journal: Journal of Post Keynesian Economics
Pages: 187-209
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370201
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370201
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:187-209




Template-Type: ReDIF-Article 1.0
Author-Name: Sheila C. Dow
Author-X-Name-First: Sheila C.
Author-X-Name-Last: Dow
Title: Animal spirits and organization
Abstract: 
 The purpose of this paper is to explore the scope for analyzing animal spirits as a social and cultural phenomenon that is heavily influenced by the organizational structure of firms and industries as well as by national structures. Animal spirits are considered in terms of unsubstantiated optimism, low uncertainty perception, and low uncertainty aversion. We distinguish between animal spirits with respect to expanding capacity, on the one hand, and animal spirits with respect to innovation, on the other. The first case is analyzed primarily in terms of fluctuations in spontaneous optimism and uncertainty perception, while the emphasis for the second is more on the enduring dispositions of organizations and individuals. Animal spirits in both contexts are shown to be influenced by structural factors that are open to policy management.
Journal: Journal of Post Keynesian Economics
Pages: 211-231
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370202
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370202
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:211-231




Template-Type: ReDIF-Article 1.0
Author-Name: Andres F. Cantillo
Author-X-Name-First: Andres F.
Author-X-Name-Last: Cantillo
Title: Shackle’s potential surprise function and the formation of expectations in a monetary economy
Abstract: 
 G.L.S. Shackle’s potential surprise function attacks the determinism that is central to neoclassical economics. He builds a model of creative individual choice that is nondeterministic and fits well with Keynes’s macroanalysis of monetary economies. Shackle provides a language and a method that allows a translation of originative thoughts into observable actions that can be represented and measured in scalar monetary terms. This provides a bridge between the subjective individual and a nondeterministic macroeconomic outcome. Shackle’s method dovetails with a conventional-evolutionistic approach that is able to explain social context and history under conditions of fundamental uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 233-253
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370203
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370203
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:233-253




Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Author-Name: Jaylson Jair da Silveira
Author-X-Name-First: Jaylson Jair
Author-X-Name-Last: da Silveira
Title: Inflation Targeting and Macroeconomic Stability with Heterogeneous Inflation Expectations
Abstract: 
 Drawing on an extensive empirical literature that suggests persistent and time-varying heterogeneity in inflation expectations, this paper embeds two inflation forecasting heuristics–one based on the current rate of inflation, and the second anchored to the official inflation target–in a simple macrodynamic model. Decision makers switch between these forecasting heuristics based on satisficing evolutionary dynamics. We show that convergence toward an equilibrium consistent with the level of output and rate of inflation targeted by policymakers is achieved regardless of whether or not the satisficing evolutionary dynamics that guide the choices agents make between inflation forecasting strategies are subject to noise. We also show that full credulity–a situation where all agents eventually use the forecasting heuristic based on the target rate of inflation–is neither a necessary condition for realization of the inflation target nor an inevitable consequence of the economy’s achievement of this target. These results demonstrate that uncertainty in decision making resulting in norm-based inflation expectations that are both heterogeneous and time-varying need not thwart the successful conduct of macroeconomic policy.
Journal: Journal of Post Keynesian Economics
Pages: 255-279
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370204
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370204
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:255-279




Template-Type: ReDIF-Article 1.0
Author-Name: James Juniper
Author-X-Name-First: James
Author-X-Name-Last: Juniper
Author-Name: Timothy P. Sharpe
Author-X-Name-First: Timothy P.
Author-X-Name-Last: Sharpe
Author-Name: Martin J. Watts
Author-X-Name-First: Martin J.
Author-X-Name-Last: Watts
Title: Modern monetary theory: contributions and critics
Abstract: 
 Over the past decade or so, a number of post Keynesians have been critical of modern monetary theory (MMT) despite MMT being a part of the post Keynesian tradition. In this paper we argue that the incorporation of MMT principles enhances the post Keynesian theoretical and policy framework. We substantiate this claim by (1) outlining the common theoretical elements that unite post Keynesian and MMT advocates; (2) addressing post Keynesian claims regarding the MMT interpretation of money and the monetary system; and (3) examining the differing perspectives on the role of fiscal policy to achieve sustained full employment.
Journal: Journal of Post Keynesian Economics
Pages: 281-307
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370205
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370205
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:281-307




Template-Type: ReDIF-Article 1.0
Author-Name: Harald Hageman
Author-X-Name-First: Harald
Author-X-Name-Last: Hageman
Title: L. Albert Hahn’s 
Abstract: 
 In the mid-1920s L. Albert Hahn’s Economic Theory of Bank Credit (1920) had become one of the most influential and certainly the most controversial books on monetary theory in the German-language area. Hahn wanted to overcome the orthodox view that every credit has to be financed by means of savings deposited by the banks. Banks are producers of credit that is not limited by the amount of saving. Capital was seen by Hahn as the result of credit creation and not of saving. Over time Hahn moderated some exaggerations of the first two editions of The Economic Theory of Bank Credit, such as the idea of a permanent boom. The paper also compares Hahn’s views on the role and effects of credit with those of Schumpeter and investigates Hahn’s claim to have anticipated essential ideas of Keynes’s General Theory.
Journal: Journal of Post Keynesian Economics
Pages: 309-335
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370206
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370206
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:309-335




Template-Type: ReDIF-Article 1.0
Author-Name: Thodoris T. Koutsobinas
Author-X-Name-First: Thodoris T.
Author-X-Name-Last: Koutsobinas
Title: Keynes as the first behavioral economist: the case of the attribute-substitution heuristic
Abstract: 
 The present article demonstrates that Keynes’s analysis of inferential judgment and assimilation that was inherent in his theory of fundamental uncertainty is consistent with and historically a predecessor of attribute-substitution accounts of models of heuristic judgment, which are used in modern behavioral economics. This conclusion is important because it associates Keynes’s theory of fundamental uncertainty with contemporary psychology, it explains key ideas of the former in terms of cognitive psychology, and it strengthens the importance of Keynesian psychological concerns for the development of contemporary behavioral economics.
Journal: Journal of Post Keynesian Economics
Pages: 337-355
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370207
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370207
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:337-355




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani
Author-X-Name-First: Hamid
Author-X-Name-Last: Baghestani
Author-Name: Tracy Mott
Author-X-Name-First: Tracy
Author-X-Name-Last: Mott
Title: Asymmetries in the relation between investment and output
Abstract: 
 This paper seeks to explore how the relation of business fixed investment and gross domestic product (GDP) experiences “accelerator” and “multiplier” feedbacks. On the basis of error-correction model estimates, we find that in different regions of economic performance these relationships vary in an asymmetric fashion. When the economy is operating below its estimated potential, we find that the accelerator mechanism is the main linkage, as investment responds to changes in GDP. As we get to the estimated existing limit of potential output, the investment multiplier starts to become the driver of output, as “animal spirits” seem to free investment from being bound by current output levels.
Journal: Journal of Post Keynesian Economics
Pages: 357-365
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370208
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370208
File-Format: text/html
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:357-365




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 367-368
Issue: 2
Volume: 37
Year: 2014
Month: 12
X-DOI: 10.2753/PKE0160-3477370209
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477370209
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Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:367-368




Template-Type: ReDIF-Article 1.0
Author-Name: Georgios Chortareas
Author-X-Name-First: Georgios
Author-X-Name-Last: Chortareas
Title: Fiscal Policy Rules in Monetary Unions
Abstract: 
 This paper reviews some aspects of the literature on the design of fiscal policy rules in monetary unions. We consider the theoretical rationale that motivates the need for imposing fiscal policy rules in the context of a monetary union. Then we analyze mechanisms (other than rules) that can potentially enhance fiscal discipline. We discuss the recent thinking and practice on numerical fiscal policy rules and on fiscal policy rules as they emerge from the optimizing behavior of fiscal and monetary authorities in a monetary union.
Journal: Journal of Post Keynesian Economics
Pages: 85-104
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360105
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360105
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Template-Type: ReDIF-Article 1.0
Author-Name: Yavuz Yaşar
Author-X-Name-First: Yavuz
Author-X-Name-Last: Yaşar
Title: The crisis in the Turkish pension system: a post Keynesian perspective
Abstract: 
 The Turkish pension system began experiencing some structural and fiscal difficulties in the mid-1990s: increasing dependency ratio (e.g., number of beneficiaries per active contributors) and budget transfers to close the deficit in the system. These trends resulted in a crisis in the system, and it thus underwent a major transformation as reforms moved the traditional pay-as-you-go (PAYG) scheme significantly toward privatization and personal responsibility for assuming risk. These changes reflect the interests of business (e.g., İTO, 1999; TİSK, 1995; TÖSİAD, 1997, 1999, 2004) and international financial institutions (e.g., Government of Turkey, 2004; ILO, 1995; World Bank, 1994). This article establishes the overlooked underlying causes of the crisis by analyzing the Turkish pension data from a post Keynesian macroeconomic perspective. It argues that the problems of the Turkish pension system do not lie in the design of the traditional system (i.e., PAYG) but in the changes that have taken place in industrial relations (i.e., increasing unemployment, informal employment, and low wages) and social policy (i.e., narrowing the base and extent of social protection and financing health care and education via market mechanisms) in line with neoliberal policies pursued since the 1980s.
Journal: Journal of Post Keynesian Economics
Pages: 131-152
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360107
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360107
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Hoffmann
Author-X-Name-First: Andreas
Author-X-Name-Last: Hoffmann
Title: Carry trades and speculative manias: evidence from Central and Eastern Europe
Abstract: 
 In this paper I analyze whether carry trade returns can be linked to stock market booms in Central and Eastern Europe prior to the crisis of 2007-8. Empirically, I find that from 1999 to 2009 stock markets hiked when carry trades were lucrative. Based on Minsky's "theory of financial instability" I argue that increased risk-taking via carry trades contributed to financial market exuberance in Central and Eastern Europe.
Journal: Journal of Post Keynesian Economics
Pages: 15-30
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360102
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360102
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Template-Type: ReDIF-Article 1.0
Author-Name: Arslan Razmi
Author-X-Name-First: Arslan
Author-X-Name-Last: Razmi
Title: Imposing a balance-of-payments constraint on the Kaldorian model of cumulative causation
Abstract: 
 We combine two strands of post Keynesian growth theory by imposing a balance-of-payments constraint on a Kaldorian cumulative causation model. The effects of external and internal shocks and the degree to which cumulative causation comes into play depends on the exchange rate and capital account regimes. Exports act as the only exogenous drivers of growth only under a regime of fixed exchange rates and when cumulative causation is blocked. Under flexible exchange rates, by contrast, it is internal demand that serves as the only exogenous driver of growth. Moreover, regardless of the type of shock, the presence of cumulative causation does not boost growth, although it may render growth more sustainable.
Journal: Journal of Post Keynesian Economics
Pages: 31-58
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360103
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360103
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Portelli
Author-X-Name-First: Samuel
Author-X-Name-Last: Portelli
Title: Probabilistic risk, neuroeconomic ambiguity, and Keynesian uncertainty
Abstract: 
 The relative importance of agent confidence and rational expectations has fluctuated in the course of economic thought, and remains an important issue in the discipline today. Positions on the formations of expectations and types of considerations made by agents when facing economic decisions are relevant to economists' assumptions, models, and policy suggestions. Economists appear unaware of current work in neuroeconomics that addresses these exact concerns. This paper considers the historical construction of such ideas in economics from a neuroeconomics perspective so as to locate an old controversy in a new intellectual framework.
Journal: Journal of Post Keynesian Economics
Pages: 3-14
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360101
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360101
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Watts
Author-X-Name-First: Martin
Author-X-Name-Last: Watts
Author-Name: Timothy Sharpe
Author-X-Name-First: Timothy
Author-X-Name-Last: Sharpe
Title: Immutable laws of debt dynamics
Abstract: 
 In the aftermath of the global financial crisis (GFC), the ostensible focus of medium-term macroeconomic policy in most advanced sovereign and nonsovereign countries has been the pursuit of fiscal sustainability through fiscal consolidation, which is often justified by reference to the algebra of debt and deficit dynamics (Blanchard et al., 1990; Buiter, 2010a; Escalano, 2010; Ley, 2010). On the other hand, modern monetary theorists, including Fullwiler (2006), reject the necessity of fiscal austerity in sovereign economies. In this paper, we revisit the algebra underpinning debt and deficit dynamics and critically assess the arguments for the imposition of austerity measures across all advanced economies that have experienced increases in deficit and debt ratios, since the advent of the GFC.
Journal: Journal of Post Keynesian Economics
Pages: 59-84
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360104
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360104
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Handle: RePEc:mes:postke:v:36:y:2013:i:1:p:59-84




Template-Type: ReDIF-Article 1.0
Author-Name: John Harvey
Author-X-Name-First: John
Author-X-Name-Last: Harvey
Title: Keynes's trade cycle: a system dynamics model
Abstract: 
 One of the core premises of post Keynesianism is that a proper understanding of the macroeconomy demands a dynamic analysis set in historical time. The default tool of mainstream economics, the general equilibrium framework, cannot possibly capture such a world. The goal of this paper is to suggest an alternative that allows for path-dependent, holistic analysis: system dynamics. Developed in the 1950s by Massachusetts Institute of Technology engineer Jay Forrester, not only does the worldview it embraces share much with that of post Keynesians, but there are many resources from which to draw including a wide literature, ready-made software, and numerous how-to guides. The paper provides an introduction to system dynamics and builds a model of Keynes's trade cycle theory.
Journal: Journal of Post Keynesian Economics
Pages: 105-130
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360106
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360106
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Template-Type: ReDIF-Article 1.0
Author-Name: Nina Ponikvar
Author-X-Name-First: Nina
Author-X-Name-Last: Ponikvar
Author-Name: Maks Tajnikar
Author-X-Name-First: Maks
Author-X-Name-Last: Tajnikar
Author-Name: Petra Bonča
Author-X-Name-First: Petra
Author-X-Name-Last: Bonča
Title: A small EU country attempting to exit the economic crisis: rediscovering the post Keynesian perspective on incomes and prices policy
Abstract: 
 The current economic crisis has become a global phenomenon. However, the path to the economic crisis, its materialization and persistence are also country-specific and can only be studied by considering a country's past economic development, existing institutional environment, and the economic policies it has implemented. This paper explores the case of Slovenia as a European Union (EU) and Economic and Monetary Union (EMU) member that has no influence on monetary and exchange rate policies and can therefore only use incomes and prices and partly fiscal policy tools to shape its economic policy. The authors' objective is to demonstrate that for a small economy, which is part of the EU and the EMU, incomes and prices policies are crucial for overcoming its economic crisis. The authors highlight the need to rediscover the role and importance of both incomes and prices policy as advocated by post Keynesian economics. They believe the case of Slovenia can be useful for several other economies with characteristics similar to those of Slovenia.
Journal: Journal of Post Keynesian Economics
Pages: 153-174
Issue: 1
Volume: 36
Year: 2013
X-DOI: 10.2753/PKE0160-3477360108
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477360108
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Feijó
Author-X-Name-First: Carmem
Author-X-Name-Last: Feijó
Author-Name: Marcos Tostes Lamônica
Author-X-Name-First: Marcos Tostes
Author-X-Name-Last: Lamônica
Author-Name: Julio Cesar Albuquerque Bastos
Author-X-Name-First: Julio Cesar Albuquerque
Author-X-Name-Last: Bastos
Title: Why does the investment rate not increase? Capital accumulation and stabilization policy in the 1990s and 2000s in Brazil
Abstract: 
 The stabilization of inflation was conquered in the mid-1990s, but since then the Brazilian economy has not shown a stable growth trend. This article discusses how the maintenance of a high interest rate in Brazil has affected growth through its impact on investment decision. In a macroeconomic environment with a relatively high degree of uncertainty, decisions to accumulate capital rely heavily on retained earnings and are negatively affected by the persistent high level of interest rates. Our econometric exercise reveals that the interest rate is the most important variable to explain the investment rate, and that financialization negatively impacts physical capital accumulation.
Journal: Journal of Post Keynesian Economics
Pages: 539-561
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1148616
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1148616
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Template-Type: ReDIF-Article 1.0
Author-Name: Soumya Datta
Author-X-Name-First: Soumya
Author-X-Name-Last: Datta
Title: Macrodynamics of debt-financed investment-led growth with interest rate rules
Abstract: 
 This article demonstrates the diverse dynamic possibilities arising out of a simple macroeconomic model of debt-financed investment-led growth in the presence of interest rate rules. We show possibilities of convergence to steady state, and growth cycles around it as well as various complex dynamics. We investigate whether, given this framework, the financial sector can provide endogenous bounds to an otherwise unstable system. The effectiveness of monetary policy in the form of an interest rate rule targeting capacity utilization is examined under this context.
Journal: Journal of Post Keynesian Economics
Pages: 593-624
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1155416
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1155416
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Handle: RePEc:mes:postke:v:39:y:2016:i:4:p:593-624




Template-Type: ReDIF-Article 1.0
Author-Name: Arslan Razmi
Author-X-Name-First: Arslan
Author-X-Name-Last: Razmi
Title: Demand regimes and income distribution reconsidered in an open economy portfolio balance framework
Abstract: 
 A large body of neo-Kaleckian literature has debated the distributional determinants of demand and growth. One general conclusion has been that open economy considerations weaken the potential for a wage-led growth regime. However, this literature has largely ignored asset portfolio considerations and the stock and flow interactions that result from the feedback from savings to wealth and from wealth to the current account. This study develops a theoretical framework that specifies a fuller system of (instantaneous) flow equilibria embedded in a medium-run framework with stable steady-state stocks of real and financial assets. The balance-of-payments constraint that results ensures that simply raising the wage does not yield a higher stock of real capital. A lower markup may increase the steady-state stock of capital but only through the relative price channel. These results are much stronger than those derived in the existing literature, and more important, emerge regardless of whether the demand regime is wage-led or profit-led in the absence of international trade.
Journal: Journal of Post Keynesian Economics
Pages: 516-538
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1221317
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1221317
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Ornelas Martins
Author-X-Name-First: Nuno Ornelas
Author-X-Name-Last: Martins
Title: Political aspects of the capital controversies and capitalist crises
Abstract: 
 The Cambridge controversies about the theory of capital were ultimately underpinned by a clash between two different visions of capitalism, the neoclassical view, according to which distribution depends on the supply and demand curves of capital and labor, and the post Keynesian view, according to which distribution depends on political and institutional factors instead. I shall argue that the distinction between “meritocratic capitalism” and “patrimonial capitalism,” which underpins the discussions surrounding Thomas Piketty’s Capital in the Twenty-First Century, is also connected to those two different visions of capitalism, which were behind the Cambridge controversies. These two visions of capitalism have important implications for our understanding of political power over workers, and also to our understanding of political power over land and its natural resources. The role of land and natural resources was not discussed in the Cambridge controversies, but is addressed in Piero Sraffa’s Production of Commodities, and is implied in Piketty’s inclusion of land in his definition of capital, which brings in a geographical dimension to our understanding of capitalism and capitalist crises, as I shall argue.
Journal: Journal of Post Keynesian Economics
Pages: 473-494
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1221731
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1221731
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Multilateralism and military Keynesianism: Completing the analysis
Abstract: 
 Kalecki’s analysis of military Keynesianism highlights the difficulties of managing aggregate demand in one country, without coordination with trading partners. Military Keynesianism is effective as a means of reflation because, unlike civilian public works, it induces similar expenditure by political rivals. In this way it overcomes some of the trade difficulties that arise if aggregate demand expands in only one country.
Journal: Journal of Post Keynesian Economics
Pages: 437-443
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1240589
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1240589
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Luis Nicolini-Llosa
Author-X-Name-First: Jose Luis
Author-X-Name-Last: Nicolini-Llosa
Title: The exchange rate cycle in Argentina
Abstract: 
 This article discusses the secular volatility of output, inflation, the exchange rate, and poverty in Argentina. Inflation, currency devaluation and a wide gross domestic product (GDP) cycle have been recurrent problems in Argentina for several decades. The literature has extensively discussed those issues from different viewpoints. This study focuses on a relatively unexplored theme that may contribute to a partial explanation. It deals with the continuous tendency to equalize different profitabilities resulting, in turn, from remarkably different sectoral purchasing power parities. Thus, for any given exchange rate, an incessant tendency toward the equalization of profitabilities generates opposing inflationary and devaluatory pressures. The resulting inflation-devaluation cycle feeds income redistribution, GDP fluctuation, real exchange rate instability, and high levels of uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 495-515
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1243989
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1243989
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Template-Type: ReDIF-Article 1.0
Author-Name: Photis Lysandrou
Author-X-Name-First: Photis
Author-X-Name-Last: Lysandrou
Title: The colonization of the future: An alternative view of financialization and its portents
Abstract: 
 Financialization is generally interpreted by heterodox economists to be a dysfunctional and thus historically transient outgrowth of contemporary capitalism: dysfunctional because it is seen to be driven by attempts to escape production and profit realization constraints in the real economy, transient because these attempts are seen to be ultimately futile. This article proposes the contrary argument that financialization is a functionally useful feature of contemporary capitalism that is entirely in keeping with the latter’s continuing development as a commodity system. Specifically, it will be argued that just as globalization represents the extension of the commodity principle along the axis of geographical space, financialization represents the extension of this same principle along the axis of time: the future is being colonized so as to make it take the overspill of the pressures on organizations operating in the present.
Journal: Journal of Post Keynesian Economics
Pages: 444-472
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1245583
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1245583
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Template-Type: ReDIF-Article 1.0
Author-Name: Michalis Nikiforos
Author-X-Name-First: Michalis
Author-X-Name-Last: Nikiforos
Title: A nonbehavioral theory of saving
Abstract: 
 The article presents a demand-driven model, where the saving rate of households at the bottom of the income distribution becomes the endogenous variable that adjusts for full employment to be maintained over time. An increase in income inequality and the current account deficit and a consolidation of the government budget lead to a decrease in the saving rate of the household sector. Such a process is unsustainable because it leads to an increase in the debt-to-income ratio of the households and its maintenance depends on some kind of asset bubble. This framework allows us to better understand the factors that led to the Great Recession in the United States and the dilemma of the present and the future regarding a repeat of this unsustainable process or secular stagnation.
Journal: Journal of Post Keynesian Economics
Pages: 562-592
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1245584
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1245584
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcing the Hyman P. Minsky summer seminar June 10–16, 2017
Journal: Journal of Post Keynesian Economics
Pages: 625-625
Issue: 4
Volume: 39
Year: 2016
Month: 10
X-DOI: 10.1080/01603477.2016.1264843
File-URL: http://hdl.handle.net/10.1080/01603477.2016.1264843
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Template-Type: ReDIF-Article 1.0
Author-Name: Gustavo  Britto 
Author-X-Name-First: Gustavo  
Author-X-Name-Last: Britto 
Author-Name: John S. L. McCombie 
Author-X-Name-First: John S. L. 
Author-X-Name-Last: McCombie 
Title: Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil 
Abstract:
 This paper uses the balance-of-payments-constrained model to estimate the
 determinants of the long-run rate of growth of Brazil. Contrary to
 previous tests for the country found in the literature, this paper uses a
 different approach to test the long-run relationship between actual growth
 rates and those predicted by Thirlwall's law, extended to include capital
 flows. The regression results, apart from providing renewed support for
 the thesis that the country's growth rate has been constrained by the
 balance of payments, allow us to argue that Thirlwall's law is associated
 with a notion of long-run equilibrium growth rate which is fundamentally
 distinct from that of mainstream economics.
Journal: Journal of Post Keynesian Economics 
Pages: 115-136 
Issue: 1 
Volume: 32 
Year: 2009 
Month: 9 
Keywords: balance-of-payments constrained, Brazil, growth, import elasticity, long-term equilibrium, Thirlwall's law, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=1813308011T446P7 
File-Format: text/html
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Alonso, J.A. "Growth
 and the External Constraint: Lessons from the Spanish Case." >i>Applied
 Economics>/i>, 1999, 31 (2), 245-253.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>2</BIBL>	  <BIBTEXT> Andersen, P.S. "The 45Â°-Rule
 Revisited." >i>Applied Economics>/i>, 1993, 25 (10), 1279-1284.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> Atesoglu,
 H.S. "Balance of Payments Constrained Growth: Evidence from the United
 States." >i>Journal of Post Keynesian Economics>/i>, Summer 1993, 15 (4),
 507-514.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Atesoglu, H.S. "Exports, Capital Flows, Relative Prices, and
 Economic Growth in Canada." >i>Journal of Post Keynesian Economics>/i>,
 Winter 1993-94, 16 (2), 289-297.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>5</BIBL>        <BIBTEXT> Atesoglu, H.S. "Balance of Payments
 Determined Growth in Germany." >i>Applied Economics Letters>/i>, 1994, 1
 (6), 89-91.</BIBTEXT>	    </REF>	<REF>	     <BIBL>6</BIBL>	  
 <BIBTEXT> Bairam, E.I. "Static Versus Dynamic Specifications and the
 Harrod Foreign Trade Multiplier." >i>Applied Economics>/i>, 1993, 25 (6),
 739-742.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Barbosa-Filho, N.H. "The Balance-of-Payments Constraint: From
 Balanced Trade to Sustainable Debt." >i>Banca Nazionale del Lavoro
 Quarterly Review>/i>, December 2001, 219, 381-399.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>8</BIBL>        <BIBTEXT> BÃ©rtola, L.; Higachi, H.;
 and Porcile, G. "Balance-of-Payments-Constrained Growth in Brazil: A Test
 of Thirlwall's Law, 1890-1973." >i>Journal of Post Keynesian
 Economics>/i>, Fall 2002, 25 (1), 123-140.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Blecker, R. "Structural Roots
 of U.S. Trade Problems: Income Elasticities, Secular Trends and
 Hysteresis." >i>Journal of Post Keynesian Economics>/i>, Spring 1992, 13
 (3), 321-346.</BIBTEXT>      </REF>	  <REF>        <BIBL>10</BIBL>	   
   <BIBTEXT> Carvalho, V.R.S. >i>A restriÃ§Ã£o externa e a perda de
 dinamismo da economia Brasileira: Investigando as relaÃ§Ãµes entre a
 estrutura produtiva e o crescimento econÃ´mico>/i> [The External
 Constraint and the Loss of Dynamism of the Brazilian Economy:
 Investigating the Relations Between the Productive Structure and Economic
 Growth]. Rio de Janeiro: BNDES, 2007.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>11</BIBL>	   <BIBTEXT> Carvalho, V.R.S.; Lima, G.T.; and
 Santos, A.T.L. "A restriÃ§Ã£o externa como fator limitante do crescimento
 econÃ´mico Brasileiro: Um teste empÃ­rico" [The External Constraint as a
 Limiting Factor of the Brazilian Economic Growth]. >i>Revista ANPEC>/i>,
 2008, 9 (2), 285-307.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>12</BIBL>	<BIBTEXT> Charemza, W.W., and Deadman, D.F. >i>New
 Directions in Econometric Practice: General to Specific Modelling,
 Cointegration and Vector Autoregression.>/i> Cheltenham, UK: Edward Elgar,
 1997.</BIBTEXT>      </REF>	  <REF>        <BIBL>13</BIBL>	     
 <BIBTEXT> Enders, W. >i>Applied Econometric Time Series>/i>, 2d ed.
 Hoboken, NJ: John Wiley & Sons, 2004.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>14</BIBL>	   <BIBTEXT> Ferreira, A.L., and Canuto, O.
 "Thirlwall's Law and Foreign Capital in Brazil." >i>Momento
 EconÃ¶mico>/i>, 2003, 125, 18-29.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>15</BIBL>	<BIBTEXT> Holland, M.; Vieira, F.V.; and Canuto, O.
 "Economic Growth and the Balance-of-Payments Constraint in Latin America."
 >i>InvestigaciÃ³n EconÃ³mica>/i>, 2004, 63 (247), 45-74.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Jayme, F.G., Jr.
 "Balance of Payments Constrained Economic Growth in Brazil." >i>Brazilian
 Journal of Political Economy>/i>, 2003, 23 (1), 62-84.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>17</BIBL>	 <BIBTEXT> LÃ³pez, J., and
 Cruz, A. "Thirlwall's Law and Beyond: The Latin American Experience."
 >i>Journal of Post Keynesian Economics>/i>, Spring 2000, 22 (3),
 477-495.</BIBTEXT>	 </REF>      <REF>	  <BIBL>18</BIBL>	
 <BIBTEXT> McCombie, J.S.L. "âThirlwall's Lawâ and Balance of Payments
 Constrained GrowthâA Comment on the Debate." >i>Applied Economics>/i>,
 1989, 21 (5), 611-629.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>19</BIBL>	<BIBTEXT> McCombie, J.S.L. "On the Empirics of
 Balance-of-Payments-Constrained Growth." >i>Journal of Post Keynesian
 Economics>/i>, Spring 1997, 19 (3), 345-375.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>20</BIBL>	     <BIBTEXT> McCombie, J.S.L., and
 Thirlwall, A.P. "The Dynamic Harrod Foreign Trade Multiplier and the
 Demand-Oriented Approach to Economic Growth: An Evaluation."
 >i>International Journal of Applied Economics>/i>, 1997a, 11 (1),
 5-26.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> McCombie, J.S.L., and Thirlwall, A.P. "Economic Growth and the
 Balance-of-Payments Constraint Revisited." In P. Arestis, G. Palma, and M.
 Sawyer (eds.), >i>Markets Unemployment and Economic Policy: Essays in
 Honour of Geoff Harcourt.>/i> London: Routledge, 1997b, pp.
 498-511.</BIBTEXT>	 </REF>      <REF>	  <BIBL>22</BIBL>	
 <BIBTEXT> McCombie, J.S.L., and Thirlwall, A.P. >i>Essays on Balance of
 Payments Constrained Growth: Theory and Evidence.>/i> London: Routledge,
 2004.</BIBTEXT>      </REF>	  <REF>        <BIBL>23</BIBL>	     
 <BIBTEXT> Moreno-Brid, J.C. "On Capital Flows and the Balance-of-Payments
 Constrained Growth Model." >i>Journal of Post Keynesian Economics>/i>,
 Winter 1998-99, 21 (2), 283-297.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>24</BIBL>	<BIBTEXT> Moreno-Brid, J.C. "Capital Flows,
 Interest Payments and the Balance-of-Payments Constrained Growth Model: A
 Theoretical and Empirical Analysis." >i>Metroeconomica>/i>, 2003, 54
 (2-3), 346-365.</BIBTEXT>	</REF>	    <REF>	 <BIBL>25</BIBL>   
     <BIBTEXT> Perraton, J. "Balance of Payments Constrained Growth and
 Developing Countries: An Examination of Thirlwall's Hypothesis."
 >i>International Review of Applied Economics>/i>, 2003, 17 (1),
 1-22.</BIBTEXT>      </REF>	  <REF>        <BIBL>26</BIBL>	     
 <BIBTEXT> Perron, P. "The Great Crash, the Oil Price Shock, and the Unit
 Root Hypothesis." >i>Econometrica>/i>, 1989, 57 (6), 1361-1401.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>27</BIBL>	     <BIBTEXT> Rao, B.
 (ed.). >i>Cointegration for the Applied Economist.>/i> New York: St.
 Martin's Press, 1994.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>28</BIBL>	<BIBTEXT> Thirlwall, A.P. "The Balance of Payments
 Constraint as an Explanation of International Growth Rate Differences."
 >i>Banca Nazionale del Lavoro Quarterly Review>/i>, 1979, 128 (1),
 45-53.</BIBTEXT>      </REF>	   <REF>	<BIBL>29</BIBL>       
 <BIBTEXT> Thirlwall, A.P., and Hussain, M.N. "The Balance of Payments
 Constraint, Capital Flows and Growth Rate Differences Between Developing
 Countries." >i>Oxford Economic Papers>/i>, 1982, 34 (3),
 498-510.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:1:p:115-136




Template-Type: ReDIF-Article 1.0
Author-Name: Paul  Davidson 
Author-X-Name-First: Paul  
Author-X-Name-Last: Davidson 
Title: Is the current financial distress caused by the subprime mortgage crisis a Minsky moment? or is it the result of attempting to securitize illiquid noncommercial mortgage loans? 
Abstract:
 Does Minsky's theory explain recent market instability? For financial
 fragility, Minsky argued, specific preconditions must occur. These
 preconditions have not occurred, therefore recent financial market
 instability is not a Minsky moment. Instead the recent financial market
 instability is due to an insolvency problem of large underwriters caused
 by their attempt to "securitize" (make liquid) noncommercial mortgages
 (where the latter are normally illiquid assets). The solution for such an
 insolvency problem is large direct infusions of new capital in these
 institutions or removing nonperforming loans from their books. An easy
 money policy per se will not do.
Journal: Journal of Post Keynesian Economics 
Pages: 669-676 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: financial fragility, illiquidity, insolvency, mortgage-backed assets, securitization, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=225453703417V2V5 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Davidson, P. John
 Maynard Keynes. New York and London: Palgrave/Macmillan, 2007.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>2</BIBL>	   <BIBTEXT> Davidson, P.
 John Maynard Keynes. "How to Solve the U.S. Housing Problem and Avoid a
 Recession: A Revived HOLC and RTC." Schwartz Center for Economic Policy
 Analysis Policy Note, New School, New York, January 2008.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>3</BIBL>	<BIBTEXT> Minsky, H.P.
 >i>Stabilizing an Unstable Economy.>/i> New Haven. Yale University Press,
 1986.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Minsky, H.P. "The Financial Instability Hypothesis." Working
 Paper no. 74, Jerome Levy Economics Institute, Annandale-on-Hudson, New
 York, 1992.</BIBTEXT>	    </REF>	<REF>	     <BIBL>5</BIBL>	  
 <BIBTEXT> Papadimitriou, D.B., and Wray, L.R. "Minsky's Analysis of
 Financial Capitalism." Working Paper no. 275, Jerome Levy Economics
 Institute, Annandale-on-Hudson, New York, 1999.</BIBTEXT>	</REF>	  
Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:669-676




Template-Type: ReDIF-Article 1.0
Author-Name: SÃ©bastien  Charles 
Author-X-Name-First: SÃ©bastien  
Author-X-Name-Last: Charles 
Title: Teaching Minsky's financial instability hypothesis: a manageable suggestion 
Abstract:
 For more than 20 years, Post Keynesian contributions, based on the work of
 Hyman Minsky, have been flourishing. However, these models are often
 extremely sophisticated, involving numerical simulations to obtain precise
 results. Thus, the main purpose of this paper is to propose an
 introductory and analytically tractable model of accumulation and debt,
 which integrates several Minskyan ideas such as endogenous interest rate
 and financial fragility.
Journal: Journal of Post Keynesian Economics 
Pages: 125-138 
Issue: 1 
Volume: 31 
Year: 2008 
Month: 9 
Keywords: accumulation, debt, instability, Minsky, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=V37J2P1M01R1053V 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Asada, T. "Nonlinear
 Dynamics of Debt and Capital: A Post-Keynesian Analysis." In Y. Aruka
 (ed.), >i>Evolutionary Controversies in Economics.>/i> Tokyo:
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 <BIBL>2</BIBL>        <BIBTEXT> Asada, T. "Price Flexibility and
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 46-60.</BIBTEXT>      </REF>	   <REF>	<BIBL>3</BIBL>	     
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 General Theory of Employment, Interest and Money.>/i> London: Macmillan,
 1936.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> Lavoie, M. "Loanable Funds, Endogenous Money and Minsky's
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 <BIBL>23</BIBL>	<BIBTEXT> Lavoie, M., and Seccareccia, M. "Minsky's
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 Bellofiore and P. Ferri (eds.), >i>Financial Fragility and Investment in
 the Capitalist Economy: The Economic Legacy of Hyman Minsky.>/i>
 Cheltenham, UK: Edward Elgar, 2001, pp. 76-96.</BIBTEXT>      </REF>	  
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 Institutions and Monetary PolicyâDiscussion." >i>American Economic
 Review>/i>, 1963, >i>53>/i> (2), 401-412.</BIBTEXT>	  </REF>      <REF>
	<BIBL>25</BIBL>        <BIBTEXT> Minsky, H. P. "The Role of
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 Keynes.>/i> New York: Columbia University Press, 1975.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>27</BIBL>	 <BIBTEXT> Minsky, H. P.
 "The Financial Instability Hypothesis: An Interpretation to Keynes and an
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 1977a, >i>16>/i> (1), 59-70.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>28</BIBL>	<BIBTEXT> Minsky, H. P. "A Theory of Systemic
 Financial Fragility." In E. I. Altman and A. W. Semetz (eds.),
 >i>Financial Crises: Institutions and Markets in a Fragile
 Environment.>/i> New York: John Wiley, 1977b, pp. 138-152.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>29</BIBL>	 <BIBTEXT> Minsky, H. P.
 >i>Can "It" Happen Again?>/i> Armonk, NY: M. E. Sharpe, 1982.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>30</BIBL>	   <BIBTEXT> Minsky, H. P.
 "Banking and Industry Between the Two Wars: The United States." >i>Journal
 of European Economic History>/i>, 1984, >i>13>/i> (Special Issue),
 235-272.</BIBTEXT>	 </REF>      <REF>	  <BIBL>31</BIBL>	
 <BIBTEXT> Minsky, H. P. "Money and Crisis in Schumpeter and Keynes." In H.
 J. Wagener and J. W. Drukker (eds.), >i>The Economic Law of Motion of
 Modern Society.>/i> Cambridge: Cambridge University Press, 1986a, pp.
 112-122.</BIBTEXT>	 </REF>      <REF>	  <BIBL>32</BIBL>	
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 Yale University Press, 1986b.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>33</BIBL>	<BIBTEXT> Minsky, H. P. "Schumpeter: Finance and
 Evolution." In A. Heertje and M. Perlman (eds.), >i>Evolving Technology
 and Market Structure.>/i> Ann Arbor: University of Michigan Press, 1990,
 pp. 51-74.</BIBTEXT>	   </REF>      <REF>	    <BIBL>34</BIBL>	  
 <BIBTEXT> Minsky, H. P. "The Essential Characteristics of Post Keynesian
 Economics." In G. Deleplace and E. J. Nell (eds.), >i>Money in Motion: The
 Post Keynesian and Circulation Approaches.>/i> London: Macmillan, 1996,
 pp. 70-88.</BIBTEXT>	   </REF>      <REF>	    <BIBL>35</BIBL>	  
 <BIBTEXT> Nasica, E., and Raybaut, A. "Profits, Confidence and Public
 Deficits: Modeling Minsky's Institutional Dynamics." >i>Journal of Post
 Keynesian Economics>/i>, Fall 2005, >i>28>/i> (1), 136-154.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>36</BIBL>	 <BIBTEXT> Ndikumana, L.
 "Debt Service, Financing Constraints and Fixed Investment: Evidence from
 Panel Data." >i>Journal of Post Keynesian Economics>/i>, Spring 1999,
 >i>21>/i> (3), 455-478.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>37</BIBL>	<BIBTEXT> Semmler, W. "A Macroeconomic Limit Cycle
 with Financial Perturbations." >i>Journal of Economic Behavior and
 Organization>/i>, September 1987, >i>8>/i> (3), 469-495.</BIBTEXT>	
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 Sieveking, M. "Nonlinear Liquidity-Growth Dynamics with
 Corridor-Stability." >i>Journal of Economic Behavior and Organization>/i>,
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 <BIBL>39</BIBL>	<BIBTEXT> Skott, P. "On the Modelling of Systemic
 Financial Fragility." In A. K. Dutt (ed.), >i>New Directions in Analytical
 Political Economy.>/i> Aldershot, UK: Edward Elgar, 1994, pp.
 49-76.</BIBTEXT>      </REF>	   <REF>	<BIBL>40</BIBL>       
 <BIBTEXT> Summers, L. "Taxation and Corporate Investment: A
 >i>q>/i>-Theory Approach." >i>Brookings Papers on Economic Activity>/i>,
 1981, >i>1>/i>, 67-127.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>41</BIBL>	<BIBTEXT> Taylor, L., and O'Connell, S. "A Minsky
 Crisis." >i>Quarterly Journal of Economics>/i>, 1985, >i>100>/i>
 (Supplement), 871-886.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>42</BIBL>	<BIBTEXT> Tymoigne, E. "The Minskyan System, Part
 II: Dynamics of the Minskyan Analysis and the Financial Fragility
 Hypothesis." Working Paper 453, Levy Economics Institute of Bard College,
 2006.</BIBTEXT>      </REF>	  <REF>        <BIBL>43</BIBL>	     
 <BIBTEXT> Wolfson, M. H. >i>Financial Crises: Understanding the Post-War
 U. S. Experience.>/i> Armonk, NY: M. E. Sharpe, 1986.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>44</BIBL>	 <BIBTEXT> Wray, L. R.
 >i>Money and Credit in Capitalist Economies: The Endogenous Money
 Approach.>/i> Aldershot, UK: Edward Elgar, 1990.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>45</BIBL>	      <BIBTEXT> Wray, L. R.
 >i>Understanding Modern Money: The Key to Full Employment and Price
 Stability.>/i> Cheltenham, UK: Edward Elgar, 1998.</BIBTEXT>	   </REF>   
Handle: RePEc:mes:postke:v:31:y:2008:i:1:p:125-138




Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Rocha
Author-X-Name-First: Marcos
Author-X-Name-Last: Rocha
Author-Name: José Oreiro
Author-X-Name-First: José
Author-X-Name-Last: Oreiro
Title: Capital accumulation, external indebtedness, and macroeconomic performance of emerging countries
Abstract: 
 This paper aims at presenting a nonlinear post Keynesian growth model to evaluate at the theoretical and empirical levels the relationship between external indebtedness and economic growth in emerging countries. To this end, a post Keynesian endogenous growth model is presented, in which: (1) the desired rate of capital accumulation is assumed to be a nonlinear function of external indebtedness as a share of capital stock; (2) an endogenous country risk premium is assumed to be an increasing (linear) function of external indebtedness (as a share of capital stock); (3) there is a fixed exchange rate regime and perfect capital mobility in the sense of Mundell and Fleming. The main theoretical result of the model is the existence of two long-run equilibrium positions, one of which has a high level of external indebtedness (as a ratio of capital stock) and a low profit rate and the other has a low level of external indebtedness and a high profit rate. This means that "excessive" external indebtedness can result in stagnant growth due to its negative effect on the rate of profit. To test the effects of external indebtedness on the rate of economic growth in emerging economies, a dynamic panel is estimated to evaluate whether external debt has an effective negative influence on economic growth in emerging countries. An empirical test of demand-led growth equations with a dynamic panel for fifty-five emerging countries confirms the potential negative effects of external debt on long-term growth rates in the sample countries.
Journal: Journal of Post Keynesian Economics
Pages: 599-620
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350405
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350405
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:599-620




Template-Type: ReDIF-Article 1.0
Author-Name: Yun Kim
Author-X-Name-First: Yun
Author-X-Name-Last: Kim
Title: Household debt, financialization, and macroeconomic performance in the United States, 1951-2009
Abstract: 
 We empirically examine the relationship between U.S. output and household debt. To account for structural change due to financial liberalization, we divide the sample at the fourth quarter of 1982. We find structural differences between earlier and later business cycles for the U.S. household sector and its relation to the macroeconomy. In the regression analysis for pre-1982, we find no evidence that household debt variables had any negative effect on output. However, we find some evidence that household debt variables have negative effects on output for the post-1982 period. A formal structural break test shows evidence of a structural change in the relationship of U.S. output to household debt. Unit root tests for the separate samples show that none of the household variables possesses a unit root in the earlier period, yet all of them do in the late period, indicating fundamental differences between earlier and later periods in terms of the data-generating process.
Journal: Journal of Post Keynesian Economics
Pages: 675-694
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350408
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350408
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:675-694




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 35
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 697-699
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.1080/01603477.2013.11051735
File-URL: http://hdl.handle.net/10.1080/01603477.2013.11051735
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:697-699




Template-Type: ReDIF-Article 1.0
Author-Name: H. Atesoglu
Author-X-Name-First: H.
Author-X-Name-Last: Atesoglu
Title: Government spending and the Great Recession
Abstract: 
 In this paper government spending during the Great Recession is examined. A measure of full-employment government spending was estimated by representing the economy with a Keynesian model. The empirical evidence reveals that government spending has been systematically below its full-employment level during the Great Recession and through 2012. Rather than a runaway expansion in government spending, findings indicate a government spending shortfall from the first quarter of 2008 through the first quarter of 2012.
Journal: Journal of Post Keynesian Economics
Pages: 529-536
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350402
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350402
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:529-536




Template-Type: ReDIF-Article 1.0
Author-Name: Nat Tharnpanich
Author-X-Name-First: Nat
Author-X-Name-Last: Tharnpanich
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Title: Balance-of-payments constrained growth, structural change, and the Thai economy
Abstract: 
 This paper tests the balance-of-payments constrained growth model using Thailand as a case study. The study explicitly considers the potential existence of a structural break when estimating the model. On balance, it is found that Thailand's long-run economic growth over the period 1962-2009 is balance-of-payments constrained. Besides the positive effect of export growth, changes in the terms of trade also played a role, but had an adverse effect on the growth performance of Thailand. Thailand's economic growth declined following the Asian financial crisis in 1998 and this study reveals that the root cause of this disappointing performance lay in the dramatic decline in the world income elasticity of demand for its manufacturing exports. This is likely to be the result of an adverse structural change within the sector.
Journal: Journal of Post Keynesian Economics
Pages: 569-598
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350404
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350404
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Template-Type: ReDIF-Article 1.0
Author-Name: Tun-jen Cheng
Author-X-Name-First: Tun-jen
Author-X-Name-Last: Cheng
Author-Name: Xuan Liu
Author-X-Name-First: Xuan
Author-X-Name-Last: Liu
Title: Foreign exchange reserves: a new challenge to China
Abstract: 
 This paper discusses the challenge imposed by the Chinese government's unprecedented amount of foreign exchange reserves. Our cost and benefit analysis reveals that political considerations are more important than economic factors. Given its choice of gradual appreciation, the Chinese government will face social unrest in the long term that differs from what it faces in the short term.
Journal: Journal of Post Keynesian Economics
Pages: 621-650
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350406
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350406
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:621-650




Template-Type: ReDIF-Article 1.0
Author-Name: Gustavo Britto
Author-X-Name-First: Gustavo
Author-X-Name-Last: Britto
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Title: Thirlwall's law and the long-term equilibrium growth rate: an application to Brazil. An addendum
Abstract: 
 This is an addendum to Britto and McCombie (2009), in which more appropriate procedures are used to test for the long-run relationship between actual growth rates for Brazil and the hypothetical balance-of-payments growth rates. The results confirm the original conclusions.
Journal: Journal of Post Keynesian Economics
Pages: 695-696
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350409
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350409
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:695-696




Template-Type: ReDIF-Article 1.0
Author-Name: Soon Ryoo
Author-X-Name-First: Soon
Author-X-Name-Last: Ryoo
Author-Name: Peter Skott
Author-X-Name-First: Peter
Author-X-Name-Last: Skott
Title: Public debt and full employment in a stock-flow consistent model of a corporate economy
Abstract: 
 This paper examines the fiscal requirements for continuous full employment. We find that (i) changes in the financial behavior of households and firms require adjustments in tax rates and public debt, (ii) the stability of the steady-growth solution for public debt depends on the fiscal instrument and the household consumption function, (iii) in stable cases, a fall in government consumption (or a decline in another component of autonomous demand) requires an increase in the steady-growth ratio of public debt to capital, and (iv) the steady-growth tax rate may be positively or negatively related to the level of debt.
Journal: Journal of Post Keynesian Economics
Pages: 511-528
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350401
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350401
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:511-528




Template-Type: ReDIF-Article 1.0
Author-Name: Grigoris Zarotiadis
Author-X-Name-First: Grigoris
Author-X-Name-Last: Zarotiadis
Author-Name: Aristea Gkagka
Author-X-Name-First: Aristea
Author-X-Name-Last: Gkagka
Title: European Union: a diverging Union?
Abstract: 
 Standard growth theory emphasizes the closure of gaps: as internationalization proceeds, socioeconomic, structural characteristics of different countries become similar. Despite the fact that the European Union (EU) represents a historical experiment of a region of gradually strengthening internationalization, a wide range of EU studies reject the convergence hypothesis, showing an unclear development of standard deviation in time. Many of the studies find that something went wrong in the 1980s, yet they describe it as the result of a temporary effect. In the present paper, we show that the puzzle of the 1980s is not a short-term break in a continuous trend, but a complete alteration of the process, a structural shift toward a persisting period of continuous divergence! The previous trend of closing the gap among the member countries was reversed completely: in 2010, the coefficient of variation returned to higher levels than those of 1960. Second, all previous gains of labor vanished: in the period 1980-2005, real wages lost about 35 percent against per capita gross domestic product (GDP). The empirical findings we provide support our main suspicion: apart from confirming the Organization for Economic Cooperation and Development (OECD) observation of growing and persisting inequality in all Western economies, the gradual transition of the European free trade area into an economic and monetary union, accompanied by the prevalence of a specific policy, explains the prevalence of a period of deepening divergence since the beginning of the 1980s.
Journal: Journal of Post Keynesian Economics
Pages: 537-568
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350403
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350403
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:537-568




Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Lima
Author-X-Name-First: Gilberto
Author-X-Name-Last: Lima
Author-Name: Gabriel Porcile
Author-X-Name-First: Gabriel
Author-X-Name-Last: Porcile
Title: Economic growth and income distribution with heterogeneous preferences on the real exchange rate
Abstract: 
 We develop a dynamic model of capacity utilization and growth taking into account the codetermination of international competitiveness (measured by the real exchange rate) and income distribution. It follows that distribution, capacity utilization, and growth vary with the real exchange rate depending on the source of change in the latter. Meanwhile, the nominal exchange rate (markup) varies whenever the real exchange rate differs from the level preferred by the government (capitalists). While there is a medium-run equilibrium when capitalists and the government share a preferred real exchange rate, convergence to it is not ensured. Indeed, when the government is primarily concerned with preserving workers' share in income when managing the nominal exchange rate, a limit cycle arises: the economy goes through endogenous cyclical fluctuations in real exchange rate and growth that resemble the experience of several developing countries. Hence, growth regressions featuring the real exchange rate have to properly take into account the codetermination of the real exchange rate and the functional distribution of income.
Journal: Journal of Post Keynesian Economics
Pages: 651-674
Issue: 4
Volume: 35
Year: 2013
X-DOI: 10.2753/PKE0160-3477350407
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477350407
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Handle: RePEc:mes:postke:v:35:y:2013:i:4:p:651-674




Template-Type: ReDIF-Article 1.0
Author-Name: Anna M. Carabelli 
Author-X-Name-First: Anna M. 
Author-X-Name-Last: Carabelli 
Author-Name: Mario A. Cedrini 
Author-X-Name-First: Mario A. 
Author-X-Name-Last: Cedrini 
Title: >i>Indian Currency>/i> and beyond: the legacy of the early economics of Keynes in the times of Bretton Woods II 
Abstract:
 In this paper, we revisit the contents and method of Keynes's Indian
 Currency and Finance (1971a). By focusing on the rationale of his proposal
 for a new international monetary system combining cheapness with
 stability, we argue that Keynes's analysis of monetary developments in
 Asia in the first years of the twentieth century may provide useful hints
 for an overall rethinking of the major faults of today's Bretton Woods II
 system.
Journal: Journal of Post Keynesian Economics 
Pages: 255-280 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: exchange reserves, Indian Currency and Finance, >i>international economic order>/i>, >i>John Maynard Keynes>/i>, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=4473757K65852V67 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 S. "The Young Keynes." >i>Economic Journal>/i>, June 1972, >i>82>/i>
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      <BIBTEXT> Vines, D. "John Maynard Keynes 1937-1946: The Creation of
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 the International Economic Order." In D. Worswick and J. Trevithick
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 pc.gov.au/__data/assets/pdf_file/0007/5875/wolf.pdf>/a></BIBTEXT>     
 </REF>    
Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:255-280




Template-Type: ReDIF-Article 1.0
Author-Name: J. Patrick Raines 
Author-X-Name-First: J. Patrick 
Author-X-Name-Last: Raines 
Author-Name: Heather R. Richardson 
Author-X-Name-First: Heather R. 
Author-X-Name-Last: Richardson 
Author-Name: Charles G. Leathers 
Author-X-Name-First: Charles G. 
Author-X-Name-Last: Leathers 
Title: Where Bernanke is taking the Federal Reserve: a Post Keynesian and institutionalist perspective 
Abstract:
 We develop a perspective on where Bernanke is taking the Federal Reserve
 by drawing from Paul Davidson's Post Keynesian analyses of the current
 financial crisis and the Federal Reserve as an effective market maker and
 Thorstein Veblen's perception that the Federal Reserve was supporting
 creditinflation by large investment banks in the 1920s. New Deal
 legislation restricted the ability of investment banks to create
 credit-inflation and left the Federal Reserve with only an indirect
 relationship with investment banks. Financial deregulation and financial
 derivatives resulted in a new and larger form of credit-inflation by
 underwriter-bank conglomerates. Bernanke's responses to the inevitable
 financial crisis are bringing the Federal Reserve into an even closer
 relationship with underwriter-bank conglomerates than Veblen envisioned.
Journal: Journal of Post Keynesian Economics 
Pages: 367-382 
Issue: 3 
Volume: 31 
Year: 2009 
Month: 4 
Keywords: credit-inflation, deregulation, financial derivatives, investment banks, liquidity crisis, nonergodic uncertainty, underwriter-bank conglomerates, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=T710201229LNG0J6 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P., and
 Mosler, W. "Innocent Frauds in Greenspan's Last Testimony," >i>Journal of
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 m>/a></BIBTEXT>      </REF>	  <REF>        <BIBL>3</BIBL>	    
 <BIBTEXT> Bernanke, B.S. "Financial Regulation and the Invisible Hand."
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 href='http://www.federalreserve.gov/newsevents/speech/bernanke20070411a.ht
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 the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference,
 Federal Reserve Board, Washington, DC, May 15, 2007b (available at >a
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 href='http://www.federalreserve.gov/newsevents/speech/bernanke20070515a.ht
 m'>www.federalreserve.gov/newsevents/speech/bernanke20070515a.htm>/a></BIB
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 Bernanke, B.S. "Developments in the Financial Markets." Testimony before
 the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Federal
 Reserve Board, Washington, DC, April 3, 2008a (available at >a
 target="_blank"
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 .htm'>www.federalreserve.gov/newsevents/testimony/bernanke20080403a.htm>/a
 ></BIBTEXT>	  </REF>      <REF>	   <BIBL>6</BIBL>	 <BIBTEXT>
 Bernanke, B.S. "Financial Regulation and Financial Stability." Speech
 delivered at the Federal Deposit Insurance Corporation's Forum on Mortgage
 Lending for Low and Moderate Income Households, Arlington, VA, Federal
 Reserve Board, Washington, DC, July 8, 2008b (available at >a
 target="_blank"
 href='http://www.federalreserve.gov/newsevents/speech/bernanke20080708a.ht
 m'>www.federalreserve.gov/newsevents/speech/bernanke20080708a.htm>/a></BIB
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 Bernanke, B.S. "Liquidity Provision by the Federal Reserve." Speech
 delivered to the Federal Reserve Bank of Atlanta Financial Markets
 Conference, Federal Reserve Board, Washington, DC, May 13, 2008c
 (available at >a target="_blank"
 href='http://www.federalreserve.gov/newsevents/speech/bernanke20080513.htm
 '>www.federalreserve.gov/newsevents/speech/bernanke20080513.htm>/a></BIBTE
 XT>	  </REF>      <REF>	   <BIBL>8</BIBL>	 <BIBTEXT>
 Bernanke, B.S. "Regulatory Restructuring." Testimony before the Committee
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 Board, Washington, DC, July 10, 2008d (available at >a target="_blank"
 href='http://www.federalreserve.gov/newsevents/testimony/bernanke20080710a
 .htm'>www.federalreserve.gov/newsevents/testimony/bernanke20080710a.htm>/a
 ></BIBTEXT>	  </REF>      <REF>	   <BIBL>9</BIBL>	 <BIBTEXT>
 Bernanke, B.S. "Reducing Systemic Risk." Speech delivered at the Federal
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 Federal Reserve Board, Washington, DC, August 22, 2008e (available at >a
 target="_blank"
 href='http://www.federalreserve.gov/newsevents/speech/bernanke20080822a.ht
 m'>www.federalreserve.gov/newsevents/speech/bernanke20080822a.htm>/a></BIB
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  <BIBTEXT> Canterbury, E.R. >i>Alan Greenspan: The Oracle Behind the
 Curtain>/i>. Hackensack, NJ: World Scientific, 2006.</BIBTEXT>      </REF>
      <REF>	   <BIBL>12</BIBL>	  <BIBTEXT> Carlson, M. "A Brief
 History of the 1987 Stock Market Crash with a Discussion of the Federal
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 Washington, DC, 2006.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>13</BIBL>	<BIBTEXT> Chen, V.L. "Greenspan Says Federal
 Company Would Best Ease Crisis." >i>Bloomberg.com>/i>, August 8, 2008
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 er=home'>www.bloomberg.com/apps/news?pid=20601068&sid=ajBnkiihdqsw&refer=h
 ome>/a></BIBTEXT>	</REF>	    <REF>	 <BIBL>14</BIBL>       
 <BIBTEXT> Davidson, P. "Federal Reserve Action Today," >i>PKT mailing list
 archive>/i>, August 17, 1994 (available at >a target="_blank"
 href='http://archives.econ.utah.edu/archives/pkt/1994m08/msg00094.htm'>htt
 p://archives.econ.utah.edu/archives/pkt/1994m08/msg00094.htm>/a></BIBTEXT>
      </REF>	  <REF>        <BIBL>15</BIBL>	      <BIBTEXT> Davidson,
 P. >i>John Maynard Keynes>/i>. New York and London: Palgrave/Macmillan,
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 <BIBTEXT> Davidson, P. "How to Solve the U.S. Housing Problem and Avoid a
 Recession: A Revived HOLC and RTC." Schwartz Center for Economic Policy
 Analysis, New School, New York, January 2008a (available at >a
 target="_blank"
 href='http://mpra.ub.uni-muenchen.de/7427/1/MPRA_paper_7427.pdf'>http://mp
 ra.ub.uni-muenchen.de/7427/1/MPRA_paper_7427.pdf>/a></BIBTEXT>      </REF>
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 Current Financial Distress Caused by the Subprime Mortgage Crisis as a
 Minsky Moment? Or Is It the Result of Attempting to Securitize Illiquid
 Noncommercial Mortgage Loans?" >i>Journal of Post Keynesian Economics>/i>,
 Summer 2008b, >b>30>/b> (4), 669-676.</BIBTEXT>      </REF>	  <REF>    
    <BIBL>18</BIBL>	   <BIBTEXT> Davidson, P. "Securitization,
 Liquidity, and Market Failure." >i>Challenge>/i>, May-June 2008c,
 >b>51>/b> (3), 43-56.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>19</BIBL>	<BIBTEXT> Degen, R. >i>The American Monetary
 System>/i>. Lanham, MD: Lexington Books, 1987.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>20</BIBL>	     <BIBTEXT> Galbraith, J.K. "The 1929
 Parallel." >i>Atlantic Monthly>/i>, January 1987, 62-66.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>21</BIBL>	 <BIBTEXT> Galbraith, J.K.
 >i>A Journey Through Economic Time>/i>. Boston: Houghton-Mifflin,
 1994.</BIBTEXT>      </REF>	  <REF>        <BIBL>22</BIBL>	     
 <BIBTEXT> Greenspan, A. "Private-Sector Financing of the Large Hedge Fund,
 Long-Term Capital Management." Testimony before the U.S. House of
 Representatives Committee on Banking and Financial Services, Washington,
 DC, October 1, 1998 (available at >a target="_blank"
 href='http://www.federalreserve.gov/boarddocs/testimony/1998/19981001.htm'
 >www.federalreserve.gov/boarddocs/testimony/1998/19981001.htm>/a></BIBTEXT
 >	</REF>	    <REF>	 <BIBL>23</BIBL>	<BIBTEXT>
 Greenspan, A. "Mortgage Finance." Speech delivered at the Mortgage Bankers
 Association, Federal Reserve Board, Washington, DC, March 8, 1999a
 (available at >a target="_blank"
 href='http://www.federalreserve.gov/boarddocs/speeches/1999/199903082.htm'
 >www.federalreserve.gov/boarddocs/speeches/1999/199903082.htm>/a></BIBTEXT
 >	</REF>	    <REF>	 <BIBL>24</BIBL>	<BIBTEXT>
 Greenspan, A. "Need for Financial Modernization." Testimony before the
 Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Federal
 Reserve Board, Washington, DC, February 23, 1999b (available at >a
 target="_blank"
 href='http://www.federalreserve.gov/boarddocs/testimony/1999/19990223.htm'
 >www.federalreserve.gov/boarddocs/testimony/1999/19990223.htm>/a></BIBTEXT
 >	</REF>	    <REF>	 <BIBL>25</BIBL>	<BIBTEXT>
 Greenspan, A. "Issues for Monetary Policy." Remarks delivered before the
 Economic of New York, Federal Reserve Board, Washington, DC, December 19,
 2002 (available at >a target="_blank"
 href='http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021219/defau
 lt.htm'>www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021219/default.ht
 m>/a></BIBTEXT>      </REF>	  <REF>        <BIBL>26</BIBL>	     
 <BIBTEXT> Greenspan, A. "Risk Transfer and Financial Stability." Remarks
 delivered to the Federal Reserve Bank of Chicago's Forty-First Annual
 Conference on Bank Structure, Federal Reserve Board, Washington, DC, May
 5, 2005 (available at >a target="_blank"
 href='http://www.federalreserve.gov/Boarddocs/Speeches/2005/20050505/defau
 lt.htm'>www.federalreserve.gov/Boarddocs/Speeches/2005/20050505/default.ht
 m>/a></BIBTEXT>      </REF>	  <REF>        <BIBL>27</BIBL>	     
 <BIBTEXT> Greenspan, A. >i>The Age of Turbulence>/i>. New York: Penguin
 Press, 2007.</BIBTEXT>      </REF>	 <REF>	      <BIBL>28</BIBL>	   
  <BIBTEXT> Irwin, N. "Fed's Crisis Role Spurs Questions of Overreach."
 >i>Washington Post>/i>, July 17, 2008, A01.</BIBTEXT>	    </REF>     
 <REF>	      <BIBL>29</BIBL>	     <BIBTEXT> Leathers, C.G., and Raines,
 J.P. "The Schumpeterian Role of Financial Innovations in the New Economy's
 Business Cycle." >i>Cambridge Economic Journal>/i>, September 2004,
 >b>28>/b> (5), 667-681.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>30</BIBL>	<BIBTEXT> Mandel, M., and Coy, P. "The Fed's
 Revolution." >i>BusinessWeek>/i>, March 31, 2008, pp. 28-32.</BIBTEXT>    
  </REF>      <REF>	   <BIBL>31</BIBL>	  <BIBTEXT> Matsumoto, G.
 "Bringing Down Bear Began as $1.7 Million of Options."
 >i>Bloomberg.com>/i>, August 11, 2008 (available at >a target="_blank"
 href='http://www.bloomberg.com/apps/news?pid=20601109&sid=aGmG_eOp5TjE&ref
 er=home'>www.bloomberg.com/apps/news?pid=20601109&sid=aGmG_eOp5TjE&refer=h
 ome>/a></BIBTEXT>	</REF>	    <REF>	 <BIBL>32</BIBL>       
 <BIBTEXT> Meltzer, A.H. >i>A History of the Federal Reserve>/i>. Chicago:
 University of Chicago Press, 2003.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>33</BIBL>	<BIBTEXT> Raines, J.P., and Leathers, C.G. "The New
 Speculative Stock Market: Why the Weak Immunizing Effect of the 1987
 Crash?" >i>Journal of Economic Issues>/i>, September 1994, >b>28>/b> (3),
 733-753.</BIBTEXT>	 </REF>      <REF>	  <BIBL>34</BIBL>	
 <BIBTEXT> Shiller, R. "Margin Calls: Should the Fed Step In?" >i>Wall
 Street Journal>/i>, April 10, 2000, A46.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>35</BIBL>	      <BIBTEXT> Veblen, T. >i>The Theory of
 Business Enterprise>/i>. New York: Viking, 1904.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>36</BIBL>	      <BIBTEXT> Veblen, T. >i>Absentee
 Ownership>/i>. New York: Viking, 1923.</BIBTEXT>      </REF>	   <REF>   
     <BIBL>37</BIBL>	    <BIBTEXT> Weller, C.E. "What Drives the Fed to
 Act?" >i>Journal of Post Keynesian Economics>/i>, Spring 2002, >b>24>/b>
 (3), 391-416.</BIBTEXT>      </REF>	  <REF>        <BIBL>38</BIBL>	   
   <BIBTEXT> Woodward, B. "Crash of October 1987 Challenged Fed Chief."
 >i>Washington Post>/i>, November 13, 2000 (available at >a target="_blank"
 href='http://www.washingtonpost.com/ac2/wp-dyn/A1742-2000Nov11?language=pr
 inter'>www.washingtonpost.com/ac2/wp-dyn/A1742-2000Nov11?language=printer>
 /a></BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:367-382




Template-Type: ReDIF-Article 1.0
Author-Name: Emilio  DÃ­az 
Author-X-Name-First: Emilio  
Author-X-Name-Last: DÃ­az 
Author-Name: RubÃ©n  Osuna 
Author-X-Name-First: RubÃ©n  
Author-X-Name-Last: Osuna 
Title: Understanding spurious correlation: a rejoinder to Kliman 
Abstract:
 This paper is a rejoinder to Kliman's (2008-9) reply to a paper published
 in the >i>Journal of Post Keynesian Economics>/i> by DÃ­az and Osuna
 (2005-6). We show that Kliman's reasoning about spurious correlation rests
 on the popular confusion between correlation and causation.
Journal: Journal of Post Keynesian Economics 
Pages: 357-362 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: causality testing, least squares estimation, spurious correlation, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=E2481P478Q873663 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Aldrich, J.
 "Correlations Genuine and Spurious in Pearson and Yule." >i>Statistical
 Science>/i>, November 1995, 10 (4), 364-376.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Davidson, R., and MacKinnon,
 J. >i>Econometric Theory and Methods.>/i> New York: Oxford University
 Press, 2004.</BIBTEXT>      </REF>	 <REF>	      <BIBL>3</BIBL>	   
 <BIBTEXT> DÃ­az, E., and Osuna, R. "Can We Trust in Cross-Sectional
 Price-Value Correlation Measures? Some Evidence from the Case of Spain
 (1986-1994)." >i>Journal of Post Keynesian Economics>/i>, Winter 2005-6,
 28 (2), 345-364.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>   
     <BIBTEXT> DÃ­az, E., and Osuna, R. "Indeterminacy in Price-Value
 Correlation Measures." >i>Empirical Economics>/i>, November 2007, 33 (3),
 389-399.</BIBTEXT>	 </REF>      <REF>	  <BIBL>5</BIBL>       
 <BIBTEXT> DÃ­az, E., and Osuna, R. "From Correlation to Dispersion:
 Geometry of the Price-Value Deviation." >i>Empirical Economics>/i>, 2009,
 forthcoming.</BIBTEXT>      </REF>	 <REF>	      <BIBL>6</BIBL>	   
 <BIBTEXT> Granger, C.W.J. "Testing for Causality: A Personal Viewpoint."
 >i>Journal of Economic Dynamics and Control>/i>, 1980, 2,
 329-352.</BIBTEXT>	 </REF>      <REF>	  <BIBL>7</BIBL>       
 <BIBTEXT> Granger, C.W.J. "Some Aspects of Causal Relationships."
 >i>Journal of Econometrics>/i>, January 2003, 112 (1), 69-71.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>8</BIBL>	  <BIBTEXT> Granger,
 C.W.J., and Newbold, P. "Spurious Regressions in Econometrics." >i>Journal
 of Econometrics>/i>, July 1974, 2 (2), 111-120.</BIBTEXT>	</REF>	   
 <REF>	      <BIBL>9</BIBL>	    <BIBTEXT> Hendry, D.F.
 "EconometricsâAlchemy or Science?" >i>Economica>/i>, November 1980, 47
 (188), 387-406.</BIBTEXT>	</REF>	    <REF>	 <BIBL>10</BIBL>   
     <BIBTEXT> Kliman, A. "The Law of Value and Laws of Statistics:
 Sectoral Values and Prices in the U.S. Economy, 1977-1997." >i>Cambridge
 Journal of Economics>/i>, May 2002, 26 (3), 299-311.</BIBTEXT>      </REF>
      <REF>	   <BIBL>11</BIBL>	  <BIBTEXT> Kliman, A. "What Is
 Spurious Correlation? A Reply to DÃ­az and Osuna." >i>Journal of Post
 Keynesian Economics>/i>, Winter 2008-9, 31 (2), 345-356.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> Simon, H.A.
 "Spurious Correlation: A Causal Interpretation." >i>Journal of the
 American Statistical Association>/i>, September 1954, 49 (267),
 467-479.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Yule, G.U. "Why Do We Sometimes Get Nonsense-Correlations
 Between Time-Series? A Study in Sampling and the Nature of Time-Series."
 >i>Journal of the Royal Statistical Society>/i>, January 1926, 89 (1),
 1-69.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:357-362




Template-Type: ReDIF-Article 1.0
Author-Name: Jan  Kregel 
Author-X-Name-First: Jan  
Author-X-Name-Last: Kregel 
Title: The discrete charm of the Washington consensus 
Abstract:
 Over the last two centuries in Latin America a Washington Consensus
 development strategy based on integration in the global trading system has
 dominated domestic demand management and industrialization "from within."
 This paper assesses the performance of each from the point of view of the
 impact of external conditions, and the validity of its underlying theory.
 It concludes by noting that replacing the Consensus will require not only
 a reform of the international financial architecture, but a return to the
 integrated policy framework represented in the Havana Charter.
Journal: Journal of Post Keynesian Economics 
Pages: 541-560 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: development finance, financial crisis, Latin American development, Washington consensus, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=G67Q30K9267082P6 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Cypher, J. >i>State and
 Capital in MexicoâDevelopment Policy Since 1940.>/i> Boulder, CO:
 Westview Press, 1990.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>2</BIBL>        <BIBTEXT> d'Amorim, S. "Juro rende mais a empresas
 do que produÃ§Ã£o." >i>Folha de S. Paulo>/i>, March 12, 2006.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>3</BIBL>	  <BIBTEXT> Dreifuss, R.A.
 >i>1964: A conquista do EstadoâAÃ§Ã£o, Poder e Golpe de Classe.>/i>
 Petropolis: Editora Voces, 1981.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>4</BIBL>        <BIBTEXT> Fuchs, J., and VÃ©lez, J.C. >i>Argentina
 de rodillas.>/i> Buenos Aires: Tribuna Latina Americana, 2002.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>5</BIBL>	   <BIBTEXT> FundaciÃ³n de
 Investigaciones EconÃ³micas Latinoamericanas. >i>Los costos del Estado
 Regulador>/i>. Buenos Aires: Ediciones Manantial, 1988.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Harcourt, G.C.
 >i>Some Cambridge Controversies in the Theory of Capital.>/i> Cambridge:
 Cambridge University Press, 1971.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>7</BIBL>        <BIBTEXT> Hirschman, A. >i>The Strategy of Economic
 Development.>/i> New Haven: Yale University Press, 1958.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>8</BIBL>	<BIBTEXT> Hirschman, A.
 >i>Essays in Trespassing.>/i> Cambridge: Cambridge University Press,
 1981.</BIBTEXT>      </REF>	  <REF>        <BIBL>9</BIBL>	    
 <BIBTEXT> Kregel, J. "Alternative to the Brazilian Crisis." >i>Revista de
 Economia PolÃ­ticaâ-Brazilian Journal of Political Economy>/i>,
 July-September 1999, 19 (3), 23-38.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>10</BIBL>	 <BIBTEXT> Kregel, J. "An Alternative View of the
 Argentine Crisis: Structural Flaws in Structural Adjustment Policy."
 >i>Investigacion Economica>/i>, January-March 2003, 243, 15-49.</BIBTEXT> 
     </REF>	 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Kregel, J.
 "Two Views on the Obstacles to Development." >i>Social Research>/i>,
 >i>Summer>/i> 2004, 71 (2), 279-292.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>12</BIBL>	  <BIBTEXT> Krueger, A. "The Political Economy of
 the Rent-Seeking Society." >i>American Economic Review>/i>, June 1974, 64,
 291-303.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Kuczynski, P.-P., and Williamson, J. >i>After the Washington
 Consensus: Restarting Growth and Reform in Latin America.>/i> Washington,
 DC: Institute for International Economics, 2003.</BIBTEXT>	 </REF>    
  <REF>        <BIBL>14</BIBL>	      <BIBTEXT> Lal, D. "The Poverty of
 Development Economics." Hobart Paper no. 16, Institute of Economic
 Affairs, London, 1983.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>15</BIBL>	<BIBTEXT> Little, I.; Scitovsky, T.; and Scott, M.
 >i>Industry and Trade in Some Developing Countries: A Comparative
 Study.>/i> London: Oxford University Press for the Development Centre of
 the Organization for Economic Cooperation and Development, 1970.</BIBTEXT>
      </REF>	  <REF>        <BIBL>16</BIBL>	      <BIBTEXT> Mandl, C.
 "BalanÃ§os revelam queda de lucros por efeito do cÃ¢mbio." >i>Valor>/i>,
 March 28, 2006.</BIBTEXT>	</REF>	    <REF>	 <BIBL>17</BIBL>   
     <BIBTEXT> Nurkse, R. >i>Problems of Capital Formation in
 Underdeveloped Countries.>/i> New York: Oxford University Press,
 1953.</BIBTEXT>      </REF>	  <REF>        <BIBL>18</BIBL>	     
 <BIBTEXT> Prebisch, R. >i>The Economic Development of Latin America and
 Its Principal Problems.>/i> Santiago: United Nations Economic Commission
 for Latin America, 1950.</BIBTEXT>	 </REF>      <REF>	 
 <BIBL>19</BIBL>	<BIBTEXT> Reinert, E. >i>How Rich Countries Got
 Rich â¦ And Why Poor Countries Stay Poor.>/i> London: Constable &
 Robinson, 2007.</BIBTEXT>	</REF>	    <REF>	 <BIBL>20</BIBL>   
     <BIBTEXT> Singer, H. "An Example of the New Pragmatism: Towards a
 Theory of Pre- Investment." In H. Singer (ed.), >i>International
 Development: Growth and Change.>/i> New York: McGraw-Hill, 1964, pp.
 19-22.</BIBTEXT>      </REF>	   <REF>	<BIBL>21</BIBL>       
 <BIBTEXT> Soros, G. >i>The Alchemy of Finance.>/i> New York: Simon and
 Schuster, 1987.</BIBTEXT>	</REF>	    <REF>	 <BIBL>22</BIBL>   
     <BIBTEXT> Toye, J. >i>Dilemmas of Development>/i>, 2d ed. Oxford:
 Blackwell, 1993.</BIBTEXT>	 </REF>      <REF>	  <BIBL>23</BIBL>  
      <BIBTEXT> Toye, J., and Toye, R. >i>The UN and Global Political
 Economy.>/i> Bloomington: Indiana University Press for the United Nations
 Intellectual History Project, 2004.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>24</BIBL>	 <BIBTEXT> United Nations Conference on Trade and
 Development (UNCTAD). "Report of the Secretary General." New York and
 Geneva, 1964.</BIBTEXT>      </REF>	  <REF>        <BIBL>25</BIBL>	   
   <BIBTEXT> United Nations Conference on Trade and Development (UNCTAD).
 "Anatomy of the Crises in the Post-Bretton Woods Period." >i>Trade and
 Development Report, 1998.>/i> New York and Geneva: UNCTAD, 1998, pp.
 54-58.</BIBTEXT>      </REF>	   <REF>	<BIBL>26</BIBL>       
 <BIBTEXT> Viner, J. "International Finance in the Postwar World."
 >i>Journal of Political Economy>/i>, April 1947, 55 (2), 97-107.</BIBTEXT>
      </REF>	  <REF>        <BIBL>27</BIBL>	      <BIBTEXT> Williamson,
 J. >i>The Exchange Rate System.>/i> Washington, DC: Institute for
 International Economics, 1983.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>28</BIBL>	<BIBTEXT> Williamson, J. "What Washington Means by
 Policy Reform." In J. Williamson (ed.) L, >i>Latin American Adjustment:
 How Much Has Happened?>/i> Washington, DC: Institute for International
 Economics, 1989, pp. 5-20.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>29</BIBL>	<BIBTEXT> Williamson, J. "Exchange Rate Regimes for
 Emerging Markets: Reviving the Intermediate Option." Institute for
 International Economics Policy Analyses in International Economics no. 60,
 Washington, DC, September 2000 (available at >a target="_blank"
 href='http://www.iie.com/publications/chapters_preview/320/iie2938.pdf'>ww
 w.iie.com/publications/chapters_preview/320/iie2938.pdf>/a></BIBTEXT>	   
 </REF>      <REF>	  <BIBL>30</BIBL>	 <BIBTEXT> Williamson, J.
 "Did the Washington Consensus Fail?" Outline of Speech at the Center for
 Strategic & International Studies, Washington, DC, November 6, 2002
 (available at >a target="_blank"
 href='http://www.iie.com/publications/papers/paper.cfm?ResearchID=488'>www
 .iie.com/publications/papers/paper.cfm?ResearchID=488>/a></BIBTEXT>	 
 </REF>      <REF>	  <BIBL>31</BIBL>	 <BIBTEXT> Williamson, J.,
 and Miller, M.H. "Targets and Indicators: A Blueprint for the
 International Coordination of Economic Policy." Institute for
 International Economics Policy Analyses in International Economics no. 22,
 Washington, DC, September 1987.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>32</BIBL>	<BIBTEXT> World Trade Organization (WTO).
 "Communication from UNCTAD: The Effects of Financial Instability and
 Commodity Price Volatility on Trade, Finance and Development."
 WT/WGTDF/W/5/Rev.1, Working Group on Trade, Debt and Finance, Geneva, July
 31, 2002 (02-4229).</BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:541-560




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Title: The Making of Monetary Policy in Endogenous Money Theory: An Introduction
Journal: Journal of Post Keynesian Economics
Pages: 503-509
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490340
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490340
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Title: The Triumph of Keynes: What Now for Monetary Policy Research?
Abstract: 
 This paper argues that De Long’s (2000) announcement of “the triumph of monetarism” is misplaced on the grounds that the cornerstone of monetarism–the quantity theory of money–is no longer used by central banks in practice. Instead, modern monetary policy is based on maintaining aggregate demand growth that is compatible with supply-side capacity growth, a framework that can be traced to chapter 21 of Keynes’s (1936) General Theory. This paper discusses the implications for future monetary policy research, paying particular attention to how the “output gap” should be interpreted in explaining inflationary trends.
Journal: Journal of Post Keynesian Economics
Pages: 511-527
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490341
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490341
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:511-527




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: The Bank of England Macroeconomic Model: Its Nature and Implications
Abstract: 
 The Bank of England’s report on its approach to macroeconomic modeling reveals the underlying structure of their macroeconomic model used for policy purposes. A simplified representation of the Bank of England model is presented, which is less disaggregated than the original model and focuses on the “long run” relationships. Following current econometric practice, the Bank of England generally estimates long-run steady-state relationships that have embedded short-run dynamics and error correction mechanisms. It is argued that the Bank of England has adopted an essentially endogenous view of money. The model is used to explore the effectiveness of the use of interest rates for the control of inflation and the implications of the macroeconomic model for monetary policy and its channels of influence throughout the economy.
Journal: Journal of Post Keynesian Economics
Pages: 529-545
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490342
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490342
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:529-545




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Author-Name: Alfonso Palacio-Vera
Author-X-Name-First: Alfonso
Author-X-Name-Last: Palacio-Vera
Title: Monetary Policy Rules: What Are We Learning?
Abstract: 
 The paper shows that the “monetary policy rules and inflation targeting” literature and the” endogenous money” literature share a reaction function approach to central banking policy. Monetary aggregates are the outcome of the price-maker and quantity-taker behavior of central banks in the reserve market, and of banks in the loans market. However, the paper argues that any process of convergence between those two approaches has to confront the following four critical areas: (a) the meaning of endogenous money, (b) the theory  of inflation, (c) the theory of interest rates, and (d) the long-run role of money.
Journal: Journal of Post Keynesian Economics
Pages: 547-568
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490343
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490343
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:547-568




Template-Type: ReDIF-Article 1.0
Author-Name: Iris Biefang-Frisancho Mariscal
Author-X-Name-First: Iris
Author-X-Name-Last: Biefang-Frisancho Mariscal
Author-Name: Peter Howells
Author-X-Name-First: Peter
Author-X-Name-Last: Howells
Title: Central Banks and Market Interest Rates
Abstract: 
 In a world of endogenous money, the central bank’s role in monetary policy is reduced to the setting of a very short-term official rate of interest, which indicates the price at which it will make liquidity available to the banking system. However; it is changes in market rates that affect behavior; and so the ability of the central bank to influence anything at all depends, first, on the interaction between official and market rates. In this paper; we use a vector autogressive error correction model to explore the response to changes in the central bank rate of three short-term market rates that have beenfeatured previously in this journal in debates about the demand for endogenous money.
Journal: Journal of Post Keynesian Economics
Pages: 569-585
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490344
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490344
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:569-585




Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Chick
Author-X-Name-First: Victoria
Author-X-Name-Last: Chick
Author-Name: Sheila Dow
Author-X-Name-First: Sheila
Author-X-Name-Last: Dow
Title: Monetary Policy with Endogenous Money and Liquidity Preference: A Nondualistic Treatment
Abstract: 
 This paper builds on a synthesis of endogenous money and liquidity preference theory to address the mechanisms by which monetary policy takes effect. We focus on the United Kingdom, under a range of institutional arrangements. Rather than operating solely by means of “the” exogenous interest rate, we consider the real process by which the central bank exerts its influence on the banking system, and how that is transmitted to the credit market and the money market. The focus is on process rather than equilibrium, and on the state of expectations, departing from the usual dualism between the interest rate and the money supply.
Journal: Journal of Post Keynesian Economics
Pages: 587-607
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490345
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490345
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:587-607




Template-Type: ReDIF-Article 1.0
Author-Name: Julio Lopez G.
Author-X-Name-First: Julio
Author-X-Name-Last: Lopez G.
Title: Two Versions of the Principle of Effective Demand: Kalecki and Keynes
Abstract: 
 In this paper the differences between the principle of effective demand of Keynes and Kalecki are analyzed, focusing on Kalecki’ s less well known version. The paper considers, in the first place, the theory of prices and the theory of distribution. Then it deals with the theory of investment, and finally it studies money and finance in the principle of effective demand. The author concludes that it would be difficult to disregard the importance of Kalecki’s theory of the profit share based on the pricing policy offirms, and of the profit level based on capitalist expenditure. A host of empirical research showing that investment is determined by past profits and is conditionally stable has also, in the authors’ opinion, vindicated Kalecki’s theory of investment. But, on the other hand, the study of the financial aspects of capitalism is an area where Kalecki’s theory needs to be completed and updated.
Journal: Journal of Post Keynesian Economics
Pages: 609-621
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490346
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490346
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:609-621




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kriesler
Author-X-Name-First: Peter
Author-X-Name-Last: Kriesler
Title: Was Kalecki an “Imperfectionist”? Davidson on Kalecki
Abstract: 
 Davidson (2000), in making an important comparison of Keynes and Kalecki on employment and effective demand, is unfair in his representation of Kalecki’s analysis. Davidson labels Kalecki an “imperfectionist,” with unemployment being the result of imperfect competition, and is critical of Kalecki’s discussions of financial behavior, due to the limited role given to the interest rate. The paper distinguishes between Kalecki’s general analysis of effective demand and his analysis specific to capitalist economies. His general analysis of effective demand is applicable to both competitive and imperfectly competitive situations. Unemployment, in the Kaleckian model, is not the result of imperfect competition, but rather results from insufficient effective demand. Imperfect competition can exacerbate the problem. Kalecki’s monetary analysis stresses the importance of credit rationing, rather than the rate of interest, as well as assuming demand-determined money supply. It has provided the inspirationfor much Post Keynesian analysis.In other words, Kalecki’s analysis suggests that a full employment outcome could be automatically maintained by sufficient competition in the product market. … Kalecki’s theory of effective demand … places the ultimate cause of unemployment on the absence of competition in product markets. (Davidson, 2000, p. 5)
Journal: Journal of Post Keynesian Economics
Pages: 623-629
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490347
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490347
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:623-629




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Keynes versus Kalecki: Responses to Lopez and Kriesler
Abstract: 
 López and Kriesler have argued that Kalecki not only discovered the principle of effective demand independently of Keynes, but in Kalecki’s theory of price, distribution, investment, and money andfinance is superior to Keynes’s General Theory. These claims of superiority may hold against Old (neoclassical synthesis) and New Keynesian macrotheories. This paper explicates why Keynes, however, is clearly superior not only to Kalecki, but also to Old and New Keynesian analysis. The advantages of Keynes’s General Theory analysis of price and distribution, investment, and money and finance are explained.
Journal: Journal of Post Keynesian Economics
Pages: 631-641
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490348
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490348
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:631-641




Template-Type: ReDIF-Article 1.0
Author-Name: Bruce R. McFarling
Author-X-Name-First: Bruce R.
Author-X-Name-Last: McFarling
Title: A Post Keynesian Appreciation of a Reconstruction of Economics
Abstract: 
 Kenneth Boulding, in A Reconstruction of Economics (1950) for a population perspective as the foundation of economic theory, argued that a reconstruction of economics is required to address the problem of true uncertainty. The microeconomic side of this argument is elaborated here, exploring the limitations of marginal analysis in the face of uncertain windfall gains and losses. A comparison of renewable and nonrenewable resource populations demonstrates that potential windfall gains and losses may bias decision-making, despite true uncertainty regarding their likelihood. This approach is shown to be related to Keynes’s analysis of liquidity preference in the face of true uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 643-656
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490349
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490349
File-Format: text/html
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:643-656




Template-Type: ReDIF-Article 1.0
Author-Name: M. E. Sharpe
Author-X-Name-First: M. E.
Author-X-Name-Last: Sharpe
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 657-658
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490350
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490350
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:657-658




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 24
Journal: Journal of Post Keynesian Economics
Pages: 659-661
Issue: 4
Volume: 24
Year: 2002
Month: 7
X-DOI: 10.1080/01603477.2002.11490351
File-URL: http://hdl.handle.net/10.1080/01603477.2002.11490351
File-Format: text/html
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Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:659-661




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew  Kliman 
Author-X-Name-First: Andrew  
Author-X-Name-Last: Kliman 
Title: What is spurious correlation? a reply to DÃ­az and Osuna 
Abstract:
 Studies by the author showed that strong cross-sectional correlations
 between industry-level values and prices are spurious. DÃ­az and Osuna
 (2005-6) challenged this finding, arguing that the correlation results are
 fatally indeterminate, and that the author's procedure for eliminating
 spurious correlation destroys the value-price correlation because of its
 differential effect on the variables' standard deviations. Replying to
 these claims, this note argues that the charge of indeterminacy stems from
 DÃ­az and Osuna's misunderstanding of the concept of spurious correlation,
 and that the author's procedure causes the value-price correlation to
 vanish because the correlation is spurious.
Journal: Journal of Post Keynesian Economics 
Pages: 345-356 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: aggregation problem, price, spurious correlation, value, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=J205884U81525151 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> DÃ­az, E., and Osuna,
 R. "Can We Trust in Cross-Sectional Price-Value Correlation Measures? Some
 Evidence from the Case of Spain." >i>Journal of Post Keynesian
 Economics>/i>, Winter 2005-6, 28 (2), 345-363.</BIBTEXT>      </REF>	  
 <REF>	      <BIBL>2</BIBL>	    <BIBTEXT> Kliman, A. "The Law of Value
 and Laws of Statistics: Sectoral Values and Prices in the U.S. Economy,
 1977-97." >i>Cambridge Journal of Economics>/i>, May 2002, 26 (3),
 299-311.</BIBTEXT>	 </REF>      <REF>	  <BIBL>3</BIBL>       
 <BIBTEXT> Kliman, A. "Spurious Value-Price Correlations: Some Additional
 Evidence and Arguments." >i>Research in Political Economy>/i>, 2004, 21,
 223-238.</BIBTEXT>	 </REF>      <REF>	  <BIBL>4</BIBL>       
 <BIBTEXT> Kliman, A. >i>Reclaiming Marx's "Capital": A Refutation of the
 Myth of Inconsistency.>/i> Lanham, MD: Lexington Books, 2007.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>5</BIBL>	  <BIBTEXT> Simon, H.A.
 "Spurious Correlation: A Causal Interpretation." >i>Journal of the
 American Statistical Association>/i>, September 1954, 49 (267),
 467-479.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:345-356




Template-Type: ReDIF-Article 1.0
Author-Name: P. Arestis
Author-X-Name-First: P.
Author-X-Name-Last: Arestis
Author-Name: C. Driver
Author-X-Name-First: C.
Author-X-Name-Last: Driver
Author-Name: J. Rooney
Author-X-Name-First: J.
Author-X-Name-Last: Rooney
Title: The Real Segment of a UK Post Keynesian Model
Journal: Journal of Post Keynesian Economics
Pages: 163-181
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489556
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489556
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Handle: RePEc:mes:postke:v:8:y:1985:i:2:p:163-181




Template-Type: ReDIF-Article 1.0
Author-Name: Russell Shannon
Author-X-Name-First: Russell
Author-X-Name-Last: Shannon
Author-Name: Myles S. Wallace
Author-X-Name-First: Myles S.
Author-X-Name-Last: Wallace
Title: Wages and Inflation: An Investigation into Causality
Journal: Journal of Post Keynesian Economics
Pages: 182-191
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489557
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489557
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Handle: RePEc:mes:postke:v:8:y:1985:i:2:p:182-191




Template-Type: ReDIF-Article 1.0
Author-Name: John M. Gowdy
Author-X-Name-First: John M.
Author-X-Name-Last: Gowdy
Title: Rational Expectations and Predictability
Journal: Journal of Post Keynesian Economics
Pages: 192-200
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489558
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489558
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Handle: RePEc:mes:postke:v:8:y:1985:i:2:p:192-200




Template-Type: ReDIF-Article 1.0
Author-Name: Ronald A. Heiner
Author-X-Name-First: Ronald A.
Author-X-Name-Last: Heiner
Title: Rational Expectations When Agents Imperfectly Use Information
Journal: Journal of Post Keynesian Economics
Pages: 201-207
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489559
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489559
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Handle: RePEc:mes:postke:v:8:y:1985:i:2:p:201-207




Template-Type: ReDIF-Article 1.0
Author-Name: Shirley J. Gedeon
Author-X-Name-First: Shirley J.
Author-X-Name-Last: Gedeon
Title: The Post Keynesian Theory of Money: A Summary and an Eastern European Example
Journal: Journal of Post Keynesian Economics
Pages: 208-221
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489560
File-URL: http://hdl.handle.net/10.1080/01603477.1985.11489560
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Handle: RePEc:mes:postke:v:8:y:1985:i:2:p:208-221




Template-Type: ReDIF-Article 1.0
Author-Name: Tracy Mott
Author-X-Name-First: Tracy
Author-X-Name-Last: Mott
Title: Towards a Post-Keynesian Formulation of Liquidity Preference
Journal: Journal of Post Keynesian Economics
Pages: 222-232
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489561
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Template-Type: ReDIF-Article 1.0
Author-Name: John S. L. McCombie
Author-X-Name-First: John S. L.
Author-X-Name-Last: McCombie
Title: Why Cutting Real Wages Will Not Necessarily Reduce Unemployment—Keynes and the “Postulates of the Classical Economics”
Journal: Journal of Post Keynesian Economics
Pages: 233-248
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489562
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Deprez
Author-X-Name-First: Johan
Author-X-Name-Last: Deprez
Title: Time in a Multi-Industry, Fixed-Capital World
Journal: Journal of Post Keynesian Economics
Pages: 249-265
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489563
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronnie J. Phillips
Author-X-Name-First: Ronnie J.
Author-X-Name-Last: Phillips
Title: Marx, the Classical Firm, and Economic Planning
Journal: Journal of Post Keynesian Economics
Pages: 266-276
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489564
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Template-Type: ReDIF-Article 1.0
Author-Name: John W. Ballantine
Author-X-Name-First: John W.
Author-X-Name-Last: Ballantine
Author-Name: Frederick W. Cleveland
Author-X-Name-First: Frederick W.
Author-X-Name-Last: Cleveland
Author-Name: C. Timothy Koeller
Author-X-Name-First: C. Timothy
Author-X-Name-Last: Koeller
Title: Profit Differences: A Management Approach
Journal: Journal of Post Keynesian Economics
Pages: 277-297
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489565
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Template-Type: ReDIF-Article 1.0
Author-Name: Fausto Vicarelli
Author-X-Name-First: Fausto
Author-X-Name-Last: Vicarelli
Title: Natural Laws and Economic Policy: Some Considerations on the Theoretical Foundations of the New Classical Macroeconomics
Journal: Journal of Post Keynesian Economics
Pages: 298-314
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489566
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Barrère
Author-X-Name-First: Alain
Author-X-Name-Last: Barrère
Title: Price System and Money-Wage System
Journal: Journal of Post Keynesian Economics
Pages: 315-335
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489567
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editor’s Corner
Journal: Journal of Post Keynesian Economics
Pages: 336-336
Issue: 2
Volume: 8
Year: 1985
Month: 12
X-DOI: 10.1080/01603477.1985.11489568
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Paul Leigh
Author-X-Name-First: J. Paul
Author-X-Name-Last: Leigh
Title: Accounting for Tastes: Correlates of Risk and Time Preferences
Journal: Journal of Post Keynesian Economics
Pages: 17-31
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489597
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward E. Williams
Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Author-Name: M. Chapman Findlay
Author-X-Name-First: M. Chapman
Author-X-Name-Last: Findlay
Title: Risk and the Role of Failed Expectations in an Uncertain World
Journal: Journal of Post Keynesian Economics
Pages: 32-47
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489598
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Vickers
Author-X-Name-First: Douglas
Author-X-Name-Last: Vickers
Title: Time, Ignorance, Surprise, and Economic Decisions: A Comment on Williams and Findlay’s “Risk and the Role of Failed Expectations in an Uncertain World”
Journal: Journal of Post Keynesian Economics
Pages: 48-57
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489599
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: Potential Surprise, Potential Confirmation, and Probability
Journal: Journal of Post Keynesian Economics
Pages: 58-78
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489600
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Asimakopulos
Author-X-Name-First: A.
Author-X-Name-Last: Asimakopulos
Title: Finance, Liquidity, Saving, and Investment
Journal: Journal of Post Keynesian Economics
Pages: 79-90
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489601
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Kregel
Author-X-Name-First: J. A.
Author-X-Name-Last: Kregel
Title: A Note on Finance, Liquidity, Saving, and Investment
Journal: Journal of Post Keynesian Economics
Pages: 91-100
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489602
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Finance, Funding, Saving, and Investment
Journal: Journal of Post Keynesian Economics
Pages: 101-110
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489603
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo M. Ochoa
Author-X-Name-First: Eduardo M.
Author-X-Name-Last: Ochoa
Title: An Input-Output Study of Labor Productivity in the U.S. Economy, 1947–72
Journal: Journal of Post Keynesian Economics
Pages: 111-137
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489604
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sarantis
Author-X-Name-First: Nicholas
Author-X-Name-Last: Sarantis
Title: The Mundell-Fleming Model with Perfect Capital Mobility and Oligopolistic Pricing
Journal: Journal of Post Keynesian Economics
Pages: 138-148
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489605
File-URL: http://hdl.handle.net/10.1080/01603477.1986.11489605
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Ahmad
Author-X-Name-First: Syed
Author-X-Name-Last: Ahmad
Title: A Pasinetti Theory of Relative Profit Share for the Anti-Pasinetti Case
Journal: Journal of Post Keynesian Economics
Pages: 149-158
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489606
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Template-Type: ReDIF-Article 1.0
Author-Name: Liliana Basile
Author-X-Name-First: Liliana
Author-X-Name-Last: Basile
Author-Name: Neri Salvadori
Author-X-Name-First: Neri
Author-X-Name-Last: Salvadori
Title: Kalecki’s Pricing Theory: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 159-160
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489607
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Template-Type: ReDIF-Article 1.0
Author-Name: Fred Lee
Author-X-Name-First: Fred
Author-X-Name-Last: Lee
Title: Reply to Basile and Salvadori
Journal: Journal of Post Keynesian Economics
Pages: 161-162
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489608
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz D. Kurz
Author-X-Name-First: Heinz D.
Author-X-Name-Last: Kurz
Author-Name: Neri Salvadori
Author-X-Name-First: Neri
Author-X-Name-Last: Salvadori
Title: A Comment on Levine
Journal: Journal of Post Keynesian Economics
Pages: 163-165
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489609
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Template-Type: ReDIF-Article 1.0
Author-Name: A. L. Levine
Author-X-Name-First: A. L.
Author-X-Name-Last: Levine
Title: Reply to Kurz and Salvadori
Journal: Journal of Post Keynesian Economics
Pages: 166-168
Issue: 1
Volume: 9
Year: 1986
Month: 9
X-DOI: 10.1080/01603477.1986.11489610
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyman P. Minsky
Author-X-Name-First: Hyman P.
Author-X-Name-Last: Minsky
Author-Name: Piero Ferri
Author-X-Name-First: Piero
Author-X-Name-Last: Ferri
Title: Prices, Employment, and Profits
Journal: Journal of Post Keynesian Economics
Pages: 489-499
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489460
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Template-Type: ReDIF-Article 1.0
Author-Name: Willy Sellekaerts
Author-X-Name-First: Willy
Author-X-Name-Last: Sellekaerts
Author-Name: Brigitte Sellekaerts
Author-X-Name-First: Brigitte
Author-X-Name-Last: Sellekaerts
Title: Both Anticipated and Unanticipated Inflation Determine Relative Price Variability
Journal: Journal of Post Keynesian Economics
Pages: 500-508
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489461
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheetal K. Chand
Author-X-Name-First: Sheetal K.
Author-X-Name-Last: Chand
Title: A Keynesian Fiscal Policy and the New Classical Macroeconomics
Journal: Journal of Post Keynesian Economics
Pages: 509-522
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489462
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Tuchscherer
Author-X-Name-First: Thomas
Author-X-Name-Last: Tuchscherer
Title: Meltzer on Keynes’s Labor Market Theory: A Review of the ’s Second Chapter
Journal: Journal of Post Keynesian Economics
Pages: 523-531
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489463
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Template-Type: ReDIF-Article 1.0
Author-Name: Allan H. Meltzer
Author-X-Name-First: Allan H.
Author-X-Name-Last: Meltzer
Title: Keynes’s Labor Market: A Reply
Journal: Journal of Post Keynesian Economics
Pages: 532-539
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489464
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Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid H. Rima
Author-X-Name-First: Ingrid H.
Author-X-Name-Last: Rima
Title: Involuntary Unemployment and the Respecified labor Supply Curve
Journal: Journal of Post Keynesian Economics
Pages: 540-550
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489465
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Parrinello
Author-X-Name-First: Sergio
Author-X-Name-Last: Parrinello
Title: Adaptive Preferences and the Theory of Demand
Journal: Journal of Post Keynesian Economics
Pages: 551-560
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489466
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Reviving Keynes’s Revolution
Journal: Journal of Post Keynesian Economics
Pages: 561-575
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489467
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Template-Type: ReDIF-Article 1.0
Author-Name: Girol Karacaoglu
Author-X-Name-First: Girol
Author-X-Name-Last: Karacaoglu
Title: Absence of Gross Substitution in Portfolios and Demand for Finance: Some Macroeconomic Implications
Journal: Journal of Post Keynesian Economics
Pages: 576-589
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489468
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinrich Bortis
Author-X-Name-First: Heinrich
Author-X-Name-Last: Bortis
Title: Employment in a Capitalist Economy
Journal: Journal of Post Keynesian Economics
Pages: 590-604
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489469
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Template-Type: ReDIF-Article 1.0
Author-Name: John Spraos
Author-X-Name-First: John
Author-X-Name-Last: Spraos
Title: On the Commodity Power of Less Developed Countries
Journal: Journal of Post Keynesian Economics
Pages: 605-613
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489470
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Template-Type: ReDIF-Article 1.0
Author-Name: Avi J. Cohen
Author-X-Name-First: Avi J.
Author-X-Name-Last: Cohen
Title: The Methodological Resolution of the Cambridge Controversies
Journal: Journal of Post Keynesian Economics
Pages: 614-629
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489471
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Template-Type: ReDIF-Article 1.0
Author-Name: Ingrid H. Rima
Author-X-Name-First: Ingrid H.
Author-X-Name-Last: Rima
Title: Balogh’s Assessment of Conventional Economics
Journal: Journal of Post Keynesian Economics
Pages: 630-633
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489472
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer
Author-X-Name-First: Sherrill
Author-X-Name-Last: Shaffer
Title: Production and Contingent Contracts: Comment
Journal: Journal of Post Keynesian Economics
Pages: 634-636
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489473
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy J. Rotheim
Author-X-Name-First: Roy J.
Author-X-Name-Last: Rotheim
Title: Contingent Contracts and Uncertain Economies
Journal: Journal of Post Keynesian Economics
Pages: 637-639
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489474
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Handle: RePEc:mes:postke:v:6:y:1984:i:4:p:637-639




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 640-640
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489475
File-URL: http://hdl.handle.net/10.1080/01603477.1984.11489475
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Corrections
Journal: Journal of Post Keynesian Economics
Pages: 641-641
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489476
File-URL: http://hdl.handle.net/10.1080/01603477.1984.11489476
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume VI
Journal: Journal of Post Keynesian Economics
Pages: 642-644
Issue: 4
Volume: 6
Year: 1984
Month: 7
X-DOI: 10.1080/01603477.1984.11489477
File-URL: http://hdl.handle.net/10.1080/01603477.1984.11489477
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Blecker
Author-X-Name-First: Robert A.
Author-X-Name-Last: Blecker
Title: International Competitiveness, Relative Wages, and the Balance-Of-Payments Constraint
Journal: Journal of Post Keynesian Economics
Pages: 495-526
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490166
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490166
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari
Author-X-Name-First: Steven M.
Author-X-Name-Last: Fazzari
Author-Name: Piero Ferri
Author-X-Name-First: Piero
Author-X-Name-Last: Ferri
Author-Name: Edward Greenberg
Author-X-Name-First: Edward
Author-X-Name-Last: Greenberg
Title: Aggregate Demand and Firm Behavior: A New Perspective on Keynesian Microfoundations
Journal: Journal of Post Keynesian Economics
Pages: 527-558
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490167
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490167
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Template-Type: ReDIF-Article 1.0
Author-Name: Maurizio Pugno
Author-X-Name-First: Maurizio
Author-X-Name-Last: Pugno
Title: The Stability of Thirlwall’s Model of Economic Growth and the Balance-Of-Payments Constraint
Journal: Journal of Post Keynesian Economics
Pages: 559-581
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490168
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490168
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Template-Type: ReDIF-Article 1.0
Author-Name: Leon Podkaminer
Author-X-Name-First: Leon
Author-X-Name-Last: Podkaminer
Title: Inflationary Effects of High Nominal Interest Rates
Journal: Journal of Post Keynesian Economics
Pages: 583-596
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490169
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490169
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Leeson
Author-X-Name-First: Robert
Author-X-Name-Last: Leeson
Title: The Origins of the Keynesian Discomfiture
Journal: Journal of Post Keynesian Economics
Pages: 597-619
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490170
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490170
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Freedman
Author-X-Name-First: Craig
Author-X-Name-Last: Freedman
Title: No End to Means: George Stigler’s Profit Motive
Journal: Journal of Post Keynesian Economics
Pages: 621-648
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490171
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490171
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Panagopoulos
Author-X-Name-First: Yannis
Author-X-Name-Last: Panagopoulos
Author-Name: Aristotelis Spiliotis
Author-X-Name-First: Aristotelis
Author-X-Name-Last: Spiliotis
Title: The Determinants of Commercial Banks’ Lending Behavior: Some Evidence for Greece
Journal: Journal of Post Keynesian Economics
Pages: 649-672
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490172
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490172
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author Index to Volume 20
Journal: Journal of Post Keynesian Economics
Pages: 673-675
Issue: 4
Volume: 20
Year: 1998
Month: 7
X-DOI: 10.1080/01603477.1998.11490173
File-URL: http://hdl.handle.net/10.1080/01603477.1998.11490173
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Handle: RePEc:mes:postke:v:20:y:1998:i:4:p:673-675




Template-Type: ReDIF-Article 1.0
Author-Name: Peter C. Y. Chow 
Author-X-Name-First: Peter C. Y. 
Author-X-Name-Last: Chow 
Author-Name: Kevin R. Foster 
Author-X-Name-First: Kevin R. 
Author-X-Name-Last: Foster 
Title: Liquidity traps or Minsky crises: a critical review of the recent U.S. recession and Japan's Heisei recession in the 1990s 
Abstract:
 This paper reviews the Japanese growth recession from 1991 to 2001 and the
 recent U.S. financial crisis to determine the relevancy of the "liquidity
 trap" hypothesis (due originally to Keynes updated by Krugman) and a
 Minsky crisis hypothesis. To evaluate the Minsky hypothesis, we use the
 same data series that he used in his 1986 analysis and follow in his
 footsteps. These data clearly show increasing financial stress and
 fragility by 2005 in the United States. We find that elements of both
 hypotheses are useful in describing economic conditions and thus guiding
 policy choices. Current Fed policy in vastly expanding its balance sheet
 to support the financial sector is just the sort of policy that Minsky
 might have advocated.
Journal: Journal of Post Keynesian Economics 
Pages: 571-590 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: financial crisis, liquidity trap, Minsky, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=LX8ML81062234535 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Baily, M. N.; Litan, R.
 E.; and Johnson, M. S. "The Origins of the Financial Crisis." Initiative
 on Business and Public Policy at Brookings, Paper no. 3, Brookings
 Institution, Washington, DC, November 2008 (available at >a
 target="_blank"
 href='http://www.brookings.edu/~/media/Files/rc/papers/2008/11_origins_cri
 sis_baily_litan/11_origins_crisis_baily_litan.pdf)'>www.brookings.edu/~/me
 dia/Files/rc/papers/2008/11_origins_crisis_baily_litan/11_origins_crisis_b
 aily_litan.pdf)>/a></BIBTEXT>	    </REF>	<REF>	     <BIBL>2</BIBL>
	<BIBTEXT> Board of Governors of the Federal Reserve. "Flow of Funds
 Accounts." Washington, DC, 2009 (available at >a target="_blank"
 href='http://www.federalreserve.gov/datadownload/'>www.federalreserve.gov/
 datadownload/>/a></BIBTEXT>	  </REF>      <REF>	   <BIBL>3</BIBL>  
      <BIBTEXT> Brunnermeir, M. K. "Deciphering the Liquidity and Credit
 Crunch 2007-2008." >i>Journal of Economic Perspectives>/i>, 2008,
 >i>23>/i> (1), 77-100.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>4</BIBL>        <BIBTEXT> Cochrane, J. "How Did Paul Krugman Get It
 So Wrong?" Working Paper, Booth School of Business, University of Chicago,
 2009 (available at >a target="_blank"
 href='http://faculty.chicagobooth.edu/john.cochrane/research/Papers/krugma
 n_response.htm'>http://faculty.chicagobooth.edu/john.cochrane/research/Pap
 ers/krugman_response.htm>/a></BIBTEXT>      </REF>	 <REF>	     
 <BIBL>5</BIBL>        <BIBTEXT> DeLong, J. B. "The Financial Crisis of
 2007-2009: Causes, ConsequencesâAnd Likely Cures." Working Paper,
 University of California at Berkeley and National Bureau of Economic
 Research, Cambridge, 2009a.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>6</BIBL>        <BIBTEXT> DeLong, J. B. "The Return of Hyman
 Minsky." University of California at Berkeley, 2009b (available at >a
 target="_blank"
 href='http://delong.typepad.com/sdj/2009/05/the-return-of-hyman-minsky.htm
 l'>http://delong.typepad.com/sdj/2009/05/the-return-of-hyman-minsky.html>/
 a></BIBTEXT>	   </REF>      <REF>	    <BIBL>7</BIBL>	  <BIBTEXT>
 Godley, W., and Lavoie, M. "Fiscal Policy in a Stock-Flow-Consistent (SFC)
 Model." >i>Journal of Post Keynesian Economics>/i>, Fall 2007, >i>30>/i>
 (1), 79-100.</BIBTEXT>      </REF>	 <REF>	      <BIBL>8</BIBL>	   
 <BIBTEXT> Gorton, G. "Slapped in the Face by the Invisible Hand: Banking
 and the Panic of 2007." Paper presented at the Federal Reserve Bank of
 Atlanta's 2009 Financial Markets Conference, May 11-13, 2009.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>9</BIBL>	  <BIBTEXT> Greenlaw, D.;
 Hatzius, J.; Kashyap, A. K.; and Shin, H. S. "Leveraged Losses: Lessons
 from the Mortgage Market Meltdown." U. S. Monetary Policy Forum Report no.
 2, Washington, DC, 2008 (available at >a target="_blank"
 href='http://www.chicagobooth.edu/usmpf/docs/usmpf2008confdraft.pdf'>www.c
 hicagobooth.edu/usmpf/docs/usmpf2008confdraft.pdf>/a></BIBTEXT>     
 </REF>      <REF>	  <BIBL>10</BIBL>	 <BIBTEXT> Hamada, K. "The
 Heisei Recession: An Overview." Working Paper, ESRI International Forum,
 Tokyo, September 18, 2003 (available at >a target="_blank"
 href='http://www.esri.go.jp/jp/workshop/030918/030918hamada.pdf'>www.esri.
 go.jp/jp/workshop/030918/030918hamada.pdf>/a></BIBTEXT>      </REF>	 
 <REF>	      <BIBL>11</BIBL>	     <BIBTEXT> Humpage, O. F., and Shenk,
 M. "Japan's Quantitative Easing Policy." Federal Reserve Bank of Cleveland
 Economic Trends, 2008.</BIBTEXT>      </REF>	   <REF>       
 <BIBL>12</BIBL>	<BIBTEXT> Kregel, J. A. "Krugman on the Liquidity
 Trap: Why Inflation Won't Bring Recovery in Japan." Jerome Levy Economics
 Institute, Working Paper no. 298, Annandale-on-Hudson, NY, 2000.</BIBTEXT>
      </REF>	  <REF>        <BIBL>13</BIBL>	      <BIBTEXT> Krugman, P.
 R. "It's Baaack: Japan's Slump and the Return of the Liquidity Trap."
 >i>Brookings Papers on Economic Activity>/i>, 1998, >i>2>/i>,
 137-187.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> Krugman, P. R. "The Night They Reread Minsky." >i>New York
 Times>/i>, May 17, 2009 (available at >a target="_blank"
 href='http://krugman.blogs.nytimes.com/2009/05/17/the-night-they-reread-mi
 nsky/)'>http://krugman.blogs.nytimes.com/2009/05/17/the-night-they-reread-
 minsky/)>/a></BIBTEXT>      </REF>	 <REF>	      <BIBL>15</BIBL>	   
  <BIBTEXT> Maki, A. "Changes in Japanese Household Consumption and Saving
 Behavior Before, During, and After the Bubble Era: Empirical Analysis
 Using NSFIE Micro-Data Sets." >i>Japan and the World Economy>/i>, 2006,
 >i>18>/i> (1), 2-21.</BIBTEXT>      </REF>	 <REF>	     
 <BIBL>16</BIBL>	<BIBTEXT> Mankiw, N. G. >i>Macroeconomics>/i>, 7th
 ed. New York: Worth, 2009.</BIBTEXT>	   </REF>      <REF>	   
 <BIBL>17</BIBL>	<BIBTEXT> Minsky, H. P. >i>Stabilizing an Unstable
 Economy.>/i> New Haven: Yale University Press, 1986.</BIBTEXT>      </REF>
      <REF>	   <BIBL>18</BIBL>	  <BIBTEXT> Ministry of Economy,
 Trade, and Industry. "Challenges and Directions of Economic and Industry
 Policy in Japan." White Paper, Tokyo, Japan, November 2003 (available at
 >a target="_blank"
 href='http://www.meti.go.jp/english/policy/index_metipolicies.html'>www.me
 ti.go.jp/english/policy/index_metipolicies.html>/a></BIBTEXT>	    </REF> 
     <REF>	  <BIBL>19</BIBL>	 <BIBTEXT> National Bureau of
 Economic Research. "U. S. Business Cycle Expansions and Contractions."
 Business Cycle Dating Committee, Cambridge, 2010 (available at >a
 target="_blank"
 href='http://www.nber.org/cycles.html'>www.nber.org/cycles.html>/a></BIBTE
 XT>	  </REF>      <REF>	   <BIBL>20</BIBL>	  <BIBTEXT>
 Reinhart, C. M., and Rogoff, K. S. "Is the 2007 U. S. Sub-Prime Financial
 Crisis So Different? An International Historical Comparison." Working
 Paper, National Bureau of Economic Research Cambridge, MA, 2008.</BIBTEXT>
      </REF>	  <REF>        <BIBL>21</BIBL>	      <BIBTEXT> Roubini, N.
 "Are We at The Peak of a Minsky Credit Cycle?" >i>Global Econo
 Monitor>/i>, July 30, 2007 (available at >a target="_blank"
 href='http://www.roubini.com/roubini-monitor/208166/are_we_at_the_peak_of_
 a_minsky_credit_cycle'>www.roubini.com/roubini-monitor/208166/are_we_at_th
 e_peak_of_a_minsky_credit_cycle>/a></BIBTEXT>	    </REF>	<REF>	   
  <BIBL>22</BIBL>	 <BIBTEXT> Sato, K. "The Liquidity Trap: Japan,
 1996-2001 Versus the United States, 1933-1940." >i>Journal of Asian
 Economics>/i>, 2008, >i>19>/i> (2), 155-169.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>23</BIBL>	     <BIBTEXT> Swagel, P. "The Financial
 Crisis: An Inside View." >i>Brookings Papers on Economic Activity>/i>,
 2009, >i>1>/i>, 1-63.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>24</BIBL>	<BIBTEXT> Tanaka, I. "Essays on the Impact of
 Globalization on Labor Markets." Ph.D. dissertation, Graduate Center,
 Department of Economics, City University of New York, 2004.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>25</BIBL>	 <BIBTEXT> Wray, L. R.
 "Financial Markets Meltdown: What Can We Learn from Minsky?" Jerome Levy
 Economics Institute Public Policy Brief no. 94, Annandale-on-Hudson, NY,
 2008.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:571-590




Template-Type: ReDIF-Article 1.0
Author-Name: HIROYA AKIBA
Author-X-Name-First: HIROYA
Author-X-Name-Last: AKIBA
Title: Expectations, stability, and exchange rate dynamics under the Post Keynesian hypothesis
Abstract: 
 This paper considers the recent empirical support for the Post Keynesian hypothesis on the role of expectations in the foreign exchange market. Our specific interests are whether the model exhibits stability, and whether an overshooting phenomenon is observed. The model is likely to be stable for plausible parameter values, contrary to the conclusion of saddle-point instability in the "sticky price monetary model." Overshooting is possible for expectations for the medium-term horizon, but undershooting is also possible for the short-term horizon. Because the extrapolative expectations are stronger than the regressive expectations, undershooting is likely for the actual exchange rate in the short run.
Journal: Journal of Post Keynesian Economics
Pages: 125-140
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051422
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051422
File-Format: text/html
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:125-140




Template-Type: ReDIF-Article 1.0
Author-Name: STEVEN PRESSMAN
Author-X-Name-First: STEVEN
Author-X-Name-Last: PRESSMAN
Title: What is wrong with public choice
Abstract: 
 Three problems plague the public choice perspective. First, it cannot explain why people vote, changes in voting behavior, or the actual votes of people. Second, public choice cannot predict the behavior of politicians. It cannot help us understand the sorts of people who run for public office, why candidates run for office promising less government, nor help us understand the actual votes cast by elected politicians. Finally, evidence about the growth of government runs counter to the claims of the public choice school. The paper concludes with some suggestions about how and why public choice has gone wrong.
Journal: Journal of Post Keynesian Economics
Pages: 3-18
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051423
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051423
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:3-18




Template-Type: ReDIF-Article 1.0
Author-Name: WILLIAM M. RODGERS III
Author-X-Name-First: WILLIAM M.
Author-X-Name-Last: RODGERS III
Author-Name: WILLIAM E. SPRIGGS
Author-X-Name-First: WILLIAM E.
Author-X-Name-Last: SPRIGGS
Author-Name: BRUCE W. KLEIN
Author-X-Name-First: BRUCE W.
Author-X-Name-Last: KLEIN
Title: Do the skills of adults employed in minimum wage contour jobs explain why they get paid less?
Abstract: 
 Using data from the National Longitudinal Survey of Youth, we compare the pay of workers employed on the minimum wage contour to the pay of similar workers in other jobs. We also examine whether the minimum wage increases of 1990 and 1991 narrow the pay gap. We find that characteristics of minimum wage contour workers explain most of their relative pay disadvantage; however, from 1986 to 1990, a residual wage gap of 5.0 to 5.8 percent emerged. The increases in the minimum wage help to slow the gap's widening.
Journal: Journal of Post Keynesian Economics
Pages: 38-66
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051424
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051424
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:38-66




Template-Type: ReDIF-Article 1.0
Author-Name: H. SONMEZ ATESOGLU
Author-X-Name-First: H. SONMEZ
Author-X-Name-Last: ATESOGLU
Title: Defense spending and investment in the United States
Abstract: 
 Effects of defense spending on investment in the United States are examined. Findings reveal that there is a positive cointegration relation between defense spending and investment. Findings do not indicate a tradeoff between defense spending and investment. Nondefense government spending has a greater positive effect on investment compared to defense spending. The results suggest that the anticipated rise in defense spending during the first decade of the twenty-first century should promote investment and thereby enhance capital accumulation and economic growth.
Journal: Journal of Post Keynesian Economics
Pages: 163-170
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051425
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051425
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:163-170




Template-Type: ReDIF-Article 1.0
Author-Name: W.D. MCCAUSLAND
Author-X-Name-First: W.D.
Author-X-Name-Last: MCCAUSLAND
Author-Name: I. THEODOSSIOU
Author-X-Name-First: I.
Author-X-Name-Last: THEODOSSIOU
Author-Name: I. THEODOSSIOU
Author-X-Name-First: I.
Author-X-Name-Last: THEODOSSIOU
Title: Training and hysteresis effects on the wage inflation-unemployment relationship
Abstract: 
 This paper develops a model that shows how training costs incurred by firms alters the relationship between wage inflation and unemployment. During an upswing, firms will take on and train new workers. These workers are, however, not shed during a following downswing. This is due to the lump sum training cost forcing a wedge between the level of demand that triggers a firm to begin training new workers and that triggers them to shed trained workers. This has important policy implications as it gives a renewed role to demand-side policy in enhancing labor market flexibility, while reinforcing the value of supply-side incentives to train and educate workers.
Journal: Journal of Post Keynesian Economics
Pages: 67-86
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051426
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051426
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:67-86




Template-Type: ReDIF-Article 1.0
Author-Name: JOHN T. HARVEY
Author-X-Name-First: JOHN T.
Author-X-Name-Last: HARVEY
Title: Deviations from uncovered interest rate parity: a Post Keynesian explanation
Abstract: 
 Finding satisfactory explanations of deviations from uncovered interest rate parity (UIRP) has proved to be a frustrating experience for Neoclassical economists. Studies have focused on the role of risk, but thus far no one has been able to put forward a source thereof that can account for the specific pattern of deviations from UIRP. This paper offers an alternative perspective that finally resolves the mystery. Drawing on the work of Marc Lavoie and John Smithin and extending it with some basic Post Keynesian propositions regarding endogenous money, uncertainty, and nonergodicity, it is shown that one can devise a comprehensive explanation of UIRP--an explanation that shows that much more than risk is responsible for deviations. In particular, it is argued that Keynes's "confidence" is a vitally important and overlooked factor. This contention is supported by a regression analysis of the U.S.-German and U.S.- Japanese asset markets.
Journal: Journal of Post Keynesian Economics
Pages: 19-35
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051427
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051427
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:19-35




Template-Type: ReDIF-Article 1.0
Author-Name: CONNIE WEE-WEE CHUNG
Author-X-Name-First: CONNIE WEE-WEE
Author-X-Name-Last: CHUNG
Author-Name: JOSE L. TONGZON
Author-X-Name-First: JOSE L.
Author-X-Name-Last: TONGZON
Title: A paradigm shift for China's central banking system
Abstract: 
 This paper recognizes the challenges faced by the People's Bank of China in its central banking endeavor. The fundamental problem lies with the entrenchment of party politics within the government, which compromises its operations. We conclude that it needs to make a paradigm shift from its current controlled disposition to one that calls the shots in all central banking decisions, especially now that more is expected of it with China becoming a member of the World Trade Organization. However, the relationship between the government and the party has to be changed before it can enjoy the manifestations of a truly independent central bank.
Journal: Journal of Post Keynesian Economics
Pages: 87-104
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051428
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051428
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:87-104




Template-Type: ReDIF-Article 1.0
Author-Name: PABLO RUIZ-NÁPOLES
Author-X-Name-First: PABLO
Author-X-Name-Last: RUIZ-NÁPOLES
Title: Exports, growth, and employment in Mexico, 1978-2000
Abstract: 
 In this paper, the results of an export-led growth strategy accompanied by a trade liberalization policy implemented in Mexico are analyzed for various periods between 1978 and 2000. The input-output analysis is used to determine the effects of growing exports on gross output and on the level of employment. The results of this analysis allowed us to conclude that the positive effect of increasing manufacturing exports on production is limited and offset by manufacturing imports, thus displacing domestic production. The positive effect of exports on direct and indirect employment is not as important as that of domestic production. However, these positive effects of exports are accentuated by the North American Free Trade Agreement.
Journal: Journal of Post Keynesian Economics
Pages: 105-124
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051429
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051429
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Template-Type: ReDIF-Article 1.0
Author-Name: MAN-SEOP PARK
Author-X-Name-First: MAN-SEOP
Author-X-Name-Last: PARK
Title: A pure credit money economy: a simple steady-state model
Abstract: 
 The paper presents a model of a simplified pure credit money economy, in the setting of the steady-state growth. Despite obvious limitations coming from drastic simplifications, the resulting simplicity brings into sharp relief some important points related to the endogeneity of money. Arguments are presented in the framework of the Cambridge-type model; in particular, by way of the discussion of the existence of one or more social classes, we support the proposition that money is essential for the continued existence of the economy.
Journal: Journal of Post Keynesian Economics
Pages: 141-162
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051430
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051430
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Handle: RePEc:mes:postke:v:27:y:2004:i:1:p:141-162




Template-Type: ReDIF-Article 1.0
Author-Name: INGRID H. RIMA
Author-X-Name-First: INGRID H.
Author-X-Name-Last: RIMA
Title: Increasing returns, new growth theory, and the classicals
Abstract: 
 Contemporary "new classical" endogenous growth models make imaginative use of the Smith-Marshall-Young-Kaldor division of labor-increasing returns principle. Yet new growth theorists seem to have forgotten (or misunderstood) the essential role of an expanding market as a companion to division of labor as the cause and consequence of economic growth; it is the force of aggregate demand operating through the scope of the market that makes the cost savings inherent in Smith's division of labor operational. While professing to build on the insights of Marshall, as well as those of Smith, Young, and Kaldor, new growth theorists perceive the growth process as a phenomenon of general equilibrium, and focus on the cost experiences of individual producing units as their starting point for identifying increasing returns in the macroeconomy. The mathematical conventions they adopt (about which the classical economists were oblivious) render growth an endogenous process that proceeds on a deterministic growth path into an infinite future without a feedback into aggregate demand, or a consideration of the requirements for market clearing. This approach suggests that when contemporary theorists make casual use of well-established historical principles (in this case, division of labor, externalities, and increasing returns), the theoretical outcome may have limited substantive value despite its appearance of technical elegance.
Journal: Journal of Post Keynesian Economics
Pages: 171-184
Issue: 1
Volume: 27
Year: 2004
X-DOI: 10.1080/01603477.2004.11051431
File-URL: http://hdl.handle.net/10.1080/01603477.2004.11051431
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Template-Type: ReDIF-Article 1.0
Author-Name: Clive Beed
Author-X-Name-First: Clive
Author-X-Name-Last: Beed
Author-Name: Cara Beed
Author-X-Name-First: Cara
Author-X-Name-Last: Beed
Title: Intellectual Progress and Academic Economics: Rational Choice and Game Theory
Journal: Journal of Post Keynesian Economics
Pages: 163-185
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490234
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490234
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:163-185




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo De Angelis
Author-X-Name-First: Massimo
Author-X-Name-Last: De Angelis
Title: Capital Movements, Tobin Tax, and Permanent Fire Prevention: A Critical Note
Journal: Journal of Post Keynesian Economics
Pages: 187-195
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490235
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490235
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:187-195




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: Capital Movements, Tobin Tax, and Permanent Fire Prevention: A Response to de Angelis
Journal: Journal of Post Keynesian Economics
Pages: 197-206
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490236
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490236
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:197-206




Template-Type: ReDIF-Article 1.0
Author-Name: Antonio J. Alves
Author-X-Name-First: Antonio J.
Author-X-Name-Last: Alves
Author-Name: Fernando Ferrari
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari
Author-Name: Luiz F.R. De Paula
Author-X-Name-First: Luiz F.R.
Author-X-Name-Last: De Paula
Title: The Post Keynesian Critique of Conventional Currency Crisis Models and Davidson’s Proposal to Reform the International Monetary System
Journal: Journal of Post Keynesian Economics
Pages: 207-225
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490237
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490237
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:207-225




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Title: A Post Keynesian Theory of Asset Price Inflation with Endogenous Money
Journal: Journal of Post Keynesian Economics
Pages: 227-245
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490238
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490238
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:227-245




Template-Type: ReDIF-Article 1.0
Author-Name: James R. Thompson
Author-X-Name-First: James R.
Author-X-Name-Last: Thompson
Author-Name: Edward E. Williams
Author-X-Name-First: Edward E.
Author-X-Name-Last: Williams
Title: A Post Keynesian Analysis of the Black-Scholes Option Pricing Model
Journal: Journal of Post Keynesian Economics
Pages: 247-263
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490239
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490239
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:247-263




Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Piegay
Author-X-Name-First: Pierre
Author-X-Name-Last: Piegay
Title: The New and Post Keynesian Analyses of Bank Behavior: Consensus and Disagreement
Journal: Journal of Post Keynesian Economics
Pages: 265-283
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490240
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490240
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:265-283




Template-Type: ReDIF-Article 1.0
Author-Name: Joël Hellier
Author-X-Name-First: Joël
Author-X-Name-Last: Hellier
Title: Independence of the Central Bank, Growth, and Coalitions in a Monetary Union
Journal: Journal of Post Keynesian Economics
Pages: 285-311
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490241
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490241
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:285-311




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Seguino
Author-X-Name-First: Stephanie
Author-X-Name-Last: Seguino
Title: The Investment Function Revisited: Disciplining Capital in South Korea
Journal: Journal of Post Keynesian Economics
Pages: 313-338
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490242
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490242
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:313-338




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 339-339
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490243
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490243
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:339-339




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 340-340
Issue: 2
Volume: 22
Year: 1999
Month: 12
X-DOI: 10.1080/01603477.1999.11490244
File-URL: http://hdl.handle.net/10.1080/01603477.1999.11490244
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Handle: RePEc:mes:postke:v:22:y:1999:i:2:p:340-340




Template-Type: ReDIF-Article 1.0
Author-Name: ROBERTO FRENKEL
Author-X-Name-First: ROBERTO
Author-X-Name-Last: FRENKEL
Title: An alternative to inflation targeting in Latin America: macroeconomic policies focused on employment
Abstract: 
 A fully opened capital account, a pure floating exchange rate, and inflation-targeting monetary policy is the macroeconomic setting currently recommended in Latin America by the International Monetary Fund and the orthodoxy. In this paper, we present an alternative macroeconomic regime proposal focused on growth and employment. A competitive real exchange rate, as an intermediate target, is an essential component of the regime. The paper argues in favor of the proposed policies by showing that they are viable and manageable and also discusses some possible objections from the mainstream or orthodox approach.
Journal: Journal of Post Keynesian Economics
Pages: 573-591
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280403
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280403
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:573-591




Template-Type: ReDIF-Article 1.0
Author-Name: MALCOLM SAWYER
Author-X-Name-First: MALCOLM
Author-X-Name-Last: SAWYER
Title: Inflation targeting and central bank independence: we are all Keynesians now! or are we?
Abstract: 
 A number of countries have adopted inflation targeting since the early 1990s in an attempt to reduce inflation to low levels. A number of its ingredients can be found in Keynes, especially that of central bank independence. Is it then the case that we are all Keynesians now? The main theoretical ingredients of inflation targeting appear to be very different from Keynes's ideas on central banking and its policy objectives. Regrettably, we may not all be Keynesians after all, or not yet!
Journal: Journal of Post Keynesian Economics
Pages: 639-652
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280406
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280406
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:639-652




Template-Type: ReDIF-Article 1.0
Author-Name: ALVARO ANGERIZ
Author-X-Name-First: ALVARO
Author-X-Name-Last: ANGERIZ
Author-Name: PHILIP ARESTIS
Author-X-Name-First: PHILIP
Author-X-Name-Last: ARESTIS
Title: Has inflation targeting had any impact on inflation?
Abstract: 
 This paper deals with the empirical aspects of the "new" monetary policy framework, known as "inflation targeting." Applying intervention analysis to structural time-series models, new empirical evidence is produced in the case of ten countries. These results demonstrate that in terms of its initial impact on inflation, the empirical evidence suggests that central banks that have pursued this strategy have not been successful.
Journal: Journal of Post Keynesian Economics
Pages: 559-571
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280402
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280402
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:559-571




Template-Type: ReDIF-Article 1.0
Author-Name: MARK SETTERFIELD
Author-X-Name-First: MARK
Author-X-Name-Last: SETTERFIELD
Title: Is inflation targeting compatible with Post Keynesian economics?
Abstract: 
 The purpose of this paper is to show that inflation targeting is compatible with Post Keynesian economics, but only if the policies used to achieve the inflation target explicitly acknowledge (1) the demand-determined nature of the real income generating process, and (2) the importance of conflicting claims over the distribution of income for determining the rate of inflation. The paper then questions whether or not policy makers should trouble to engage in inflation targeting. It is shown that there does exist a Post Keynesian case for inflation targeting, but that the appropriate inflation target that emerges from Post Keynesian economics suggests that far too much attention is currently being paid to inflation and that more of policy makers' attention should be devoted to output (and, by extension, employment) targeting.
Journal: Journal of Post Keynesian Economics
Pages: 653-671
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280407
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280407
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:653-671




Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT POLLIN
Author-X-Name-First: ROBERT
Author-X-Name-Last: POLLIN
Author-Name: ANDONG ZHU
Author-X-Name-First: ANDONG
Author-X-Name-Last: ZHU
Title: Inflation and economic growth: a cross-country nonlinear analysis
Abstract: 
 This paper presents new nonlinear regression estimates of the relationship between inflation and economic growth for 80 countries over the 1961- 2000 period, using middle-income and low-income countries. We also consider the four separate decades between 1961 and 2000. The paper consistently finds that higher inflation is associated with moderate gains in gross domestic product growth up to a roughly 15-18 percent inflation threshold. However, the findings diverge when we divide our full data set according to income levels. With the groupings by decade, the results indicate that inflation and growth will be more highly correlated to the degree that macroeconomic policy is focused on demand management as a stimulus to growth. We consider the implications of these findings for the conduct of monetary policy. One conclusion is that there is no justification for inflation-targeting policies as they are currently being practiced throughout the middle- and low-income countries, that is, to maintain inflation with a 3-5 percent band.
Journal: Journal of Post Keynesian Economics
Pages: 593-614
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280404
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280404
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:593-614




Template-Type: ReDIF-Article 1.0
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Title: The more things change . . . inflation targeting and central bank policy
Abstract: 
 Over the past several decades, monetary theory and policy have been rather consistent, giving credence to the old adage that "the more things change, the more they stay the same." Indeed, three constants in monetary policy can be identified: (1) central banks always strive for some form of price stability, (2) inflation is always and everywhere a demand phenomenon, and (3) monetary policy is always neutral in the long run. Even the latest version of mainstream theory, under the guises of the "new consensus," is strangely consistent with this approach, despite advocating exogenous rates of interest and endogenous money. Inflation targeting is a restatement of the old doctrine, with all the traditional bells and whistles.
Journal: Journal of Post Keynesian Economics
Pages: 551-558
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280401
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280401
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:551-558




Template-Type: ReDIF-Article 1.0
Author-Name: H. SONMEZ ATESOGLU
Author-X-Name-First: H. SONMEZ
Author-X-Name-Last: ATESOGLU
Author-Name: JOHN SMITHIN
Author-X-Name-First: JOHN
Author-X-Name-Last: SMITHIN
Title: Inflation targeting in a simple macroeconomic model
Abstract: 
 In this paper, we argue that an explicit inflation-targeting policy is not likely to be a desirable monetary policy rule, even if it were agreed that a lower inflation rate is an important goal of policy. Inflation targeting is not neutral in the short or the long run, and a strict policy will tend to reduce the equilibrium growth rate. In terms of income distribution, a lower inflation target will tend to reduce real wages and profits and increase real interest rates, that is, the return to rentiers. In certain circumstances, it may still be possible to achieve a combination of both higher growth and lower inflation using other types of policy. However, this would actually require lower real interest rates, rather than the higher rates that are traditionally associated with anti-inflation policy.
Journal: Journal of Post Keynesian Economics
Pages: 673-688
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280408
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280408
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:673-688




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Author index to Volume 28
Abstract: 
Journal: Journal of Post Keynesian Economics
Pages: 707-709
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280410
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280410
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:707-709




Template-Type: ReDIF-Article 1.0
Author-Name: LOUIS-PHILIPPE ROCHON
Author-X-Name-First: LOUIS-PHILIPPE
Author-X-Name-Last: ROCHON
Author-Name: SERGIO ROSSI
Author-X-Name-First: SERGIO
Author-X-Name-Last: ROSSI
Title: Inflation targeting, economic performance, and income distribution: a monetary macroeconomics analysis
Abstract: 
 Since the adoption of inflation targeting in New Zealand in 1990, a number of developed as well as developing and emerging market economies have followed suit. Often the sole goal of central bank policies, the strategy of inflation targeting is to reduce the inflation rate and, in some cases, also reduce interest rates and output volatilities. Yet, while there is some evidence that these objectives have not been reached, we intend to look at the impact of inflation targeting on the distribution of income, more specifically on the wage share. Our conclusions show that there appears to be a decline in the wage share in the countries that have adopted an inflation-targeting regime.
Journal: Journal of Post Keynesian Economics
Pages: 615-638
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280405
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280405
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:615-638




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: Can, or should, a central bank inflation target?
Abstract: 
 Classical theory monetarists assumed the quantity theory's equation of exchange gave the central bank direct control of inflation via an exogenous money supply. After Milton Friedman's "natural rate of unemployment" thesis, classical theory recognized that inflation targeting could only be achieved by affecting the unemployment rate. Keynes's theory argues that the central bank can target inflation only via installing an "incomes policy of fear."
Journal: Journal of Post Keynesian Economics
Pages: 689-703
Issue: 4
Volume: 28
Year: 2006
X-DOI: 10.2753/PKE0160-3477280409
File-URL: http://hdl.handle.net/10.2753/PKE0160-3477280409
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Handle: RePEc:mes:postke:v:28:y:2006:i:4:p:689-703




Template-Type: ReDIF-Article 1.0
Author-Name: Pedro PÃ¡ez PÃ©rez 
Author-X-Name-First: Pedro PÃ¡ez 
Author-X-Name-Last: PÃ©rez 
Title: The Ecuadorian proposal for a new regional financial architecture 
Abstract:
 The neoliberal experiment in Latin America has consumed more than a
 generation of enormous resources with very little economic results,
 disastrous social and environmental effects, and a deterioration in
 democratic legitimacy that will have to be recovered. A necessary,
 although insufficient, condition to recover a hopeful horizon on these
 fronts is the qualitative advancement toward a continental integration
 process that includes monetary and financial dimensions, even while the
 classic themes of trade and tariff integration are still far from being
 resolved. The Ecuadorian plan that was introduced at the multilateral
 negotiations in relation to Venezuelan president Hugo ChÃ¡vez's initiative
 to create the Banco del Sur proposes the simultaneous and coherent
 promotion of a process to construct a New Regional Financial Architecture,
 in which the Banco del Sur would be the nucleus of one of the three
 fundamental pillarsâthat is, the transformation of the development bank.
 The other two pillars include the enrichment and coordination of the
 continental tasks of the central bank, connecting stabilization with
 development, and the convergence toward a common monetary scheme.
Journal: Journal of Post Keynesian Economics 
Pages: 163-172 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: exchange rate, financial architecture, trade, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=960Q84253416855T 
File-Format: text/html
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Weisbrot, M. "Global
 Imbalances, Power Shifts and the Future of Multilateralism." Event
 Transcript, Center for Economic and Policy Research, Washington, DC, April
 12, 2007 (available at >a target="_blank"
 href='http://www.cepr.net/documents/publications/global_imbalances_transcr
 ipt_04_07.pdf'>www.cepr.net/documents/publications/global_imbalances_trans
 cript_04_07.pdf>/a></BIBTEXT>	    </REF>    
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:163-172




Template-Type: ReDIF-Article 1.0
Author-Name: Philip  Arestis 
Author-X-Name-First: Philip  
Author-X-Name-Last: Arestis 
Author-Name: Giuseppe  Fontana 
Author-X-Name-First: Giuseppe  
Author-X-Name-Last: Fontana 
Title: Special symposium of discretionary fiscal policy: fiscal policy is back! 
Abstract:
Journal: Journal of Post Keynesian Economics 
Pages: 547-548 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=9T4Q1244L120242M 
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Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:547-548




Template-Type: ReDIF-Article 1.0
Author-Name: ROBERT F. STAUFFER
Author-X-Name-First: ROBERT F.
Author-X-Name-Last: STAUFFER
Title: Credit cards and interest rates: theory and institutional factors
Abstract: 
 Keynesian economics emphasizes that money demand will fall as credit card users economize on transactions balances. This perspective overlooks the fact that credit card use is an increase in credit demand. Loanable funds analysis, along with an emphasis on institutional arrangements, can be utilized to demonstrate that this increase in credit demand is greater than the increase in credit supply associated with a decline in money demand. Any resulting upward pressure on interest rates will encourage an accommodative Federal Reserve policy.
Journal: Journal of Post Keynesian Economics
Pages: 289-302
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051390
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051390
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Template-Type: ReDIF-Article 1.0
Author-Name: LESTER G. TELSER
Author-X-Name-First: LESTER G.
Author-X-Name-Last: TELSER
Title: The veterans' bonus of 1936
Abstract: 
 The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S bonds with a 3 percent annual interest rate to 3 million World War I veterans when bank savings accounts paid 2.5 percent. The average bonus per person exceeded 30 percent of the mean household income for the veterans' age bracket. The June 1936 Federal deficit set a peacetime record of nearly one percent of annual gross national product. In two weeks that June, veterans cashed in 46 percent of their total bonus. The economic recovery in 1936 was more than 2.5 times greater than in the preceding two years. The June 1937 redemptions, 45 percent of the 1936 amount, had less effect.
Journal: Journal of Post Keynesian Economics
Pages: 227-244
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051391
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Template-Type: ReDIF-Article 1.0
Author-Name: ERIC TYMOIGNE
Author-X-Name-First: ERIC
Author-X-Name-Last: TYMOIGNE
Author-Name: FREDERIC S. LEE
Author-X-Name-First: FREDERIC S.
Author-X-Name-Last: LEE
Title: Post Keynesian economics since 1936: a history of a promise that bounced?
Abstract: 
 This paper reviews John King's book on the history of Post Keynesian economics. The reviewers take two views in evaluating the book--one from an older Post Keynesian and the other from a younger Post Keynesian. The two views then comment on King's rendition of the intellectual and institutional history of Post Keynesian economics, each finding different strengths and weaknesses. This multifocus approach also reaches different positions about King's discussion of the traditional Post Keynesian topics of money, uncertainty, expectations, method, and the coherence debate. The paper ends with a discussion of King's vision of the future of Post Keynesian economics.
Journal: Journal of Post Keynesian Economics
Pages: 273-289
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051392
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051392
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Template-Type: ReDIF-Article 1.0
Author-Name: MARK S. PEACOCK
Author-X-Name-First: MARK S.
Author-X-Name-Last: PEACOCK
Title: State, money, catallaxy: underlaboring for a chartalist theory of money
Abstract: 
 This paper explores recent developments in the chartalist theory of money, and looks, in the first section, at the consequences of taxes for the development of markets and monetary exchange. Contrary to Ludwig von Mises's contention that chartalism be acatallactic, I argue, using both theoretical and historical resources, that chartalism has direct implications for catallactic processes. In the second section, I consider the origins of money. I shed new light on Pierre Grierson's thesis, which has been discussed in recent chartalist contributions, that the origins of money are to be found in the medieval legal institution of wergeld. The final section examines the wider implications of chartalism for the analysis of the state in which I put forward a model of the "extortionary state."
Journal: Journal of Post Keynesian Economics
Pages: 205-225
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051393
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051393
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Template-Type: ReDIF-Article 1.0
Author-Name: WARREN MOSLER
Author-X-Name-First: WARREN
Author-X-Name-Last: MOSLER
Title: Credit cards and interest rates: theory and institutional factors--a critical view
Abstract: 
 When the government issues its own nonconvertible currency--also known as a flexible exchange rate policy--the central bank, as monopoly supplier of net reserves to its member banks, is the (exogenous) source of the risk-free yield curve. Furthermore, in the case of government member bank deposit insurance, the banking system is in no case reserve-constrained. In the context of Professor Stauffer's paper, this renders his entire analysis of available funds and demand for balances inapplicable. Only with a fixed exchange rate regime, such as a gold standard, a currency board, or government "peg" of some sort, are interest rates endogenous and subject to the forces Stauffer alludes to.
Journal: Journal of Post Keynesian Economics
Pages: 303-308
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051394
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051394
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Template-Type: ReDIF-Article 1.0
Author-Name: L. RANDALL WRAY
Author-X-Name-First: L. RANDALL
Author-X-Name-Last: WRAY
Title: Loanable funds, liquidity preference, and endogenous money: do credit cards make a difference?
Abstract: 
 This paper criticizes attempts to mix financial stocks and flows to offer a theory of interest rate determination that is consistent with loanable funds theory. It offers an alternative interpretation, using Keynes's liquidity preference theory combined with endogenous money theory. Balance sheet analysis is used to demonstrate operation of fiscal and monetary policy, as well as to analyze how growing use of credit cards affects money "demand and supply." It concludes that orthodox equilibrium approaches are not useful for interest rate determination.
Journal: Journal of Post Keynesian Economics
Pages: 309-323
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051395
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Handle: RePEc:mes:postke:v:26:y:2003:i:2:p:309-323




Template-Type: ReDIF-Article 1.0
Author-Name: PAUL DAVIDSON
Author-X-Name-First: PAUL
Author-X-Name-Last: DAVIDSON
Title: Setting the record straight on A history of Post Keynesian economics
Abstract: 
 In A History of Post Keynesian Economics Since 1936, John King has written an excellent historian's view of the development of Post Keynesian economics. The author of this paper has actually lived through the development of Post Keynesian economics from its beginning in the 1950s. Accordingly, the paper corrects some inaccurate historical details presented by King. More importantly, the paper provides a significantly different interpretation of many of the historical episodes discussed by King. Finally, the paper suggests what the future of Post Keynesian economics will be.
Journal: Journal of Post Keynesian Economics
Pages: 245-272
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051396
File-URL: http://hdl.handle.net/10.1080/01603477.2003.11051396
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Template-Type: ReDIF-Article 1.0
Author-Name: H. SONMEZ ATESOGLU
Author-X-Name-First: H. SONMEZ
Author-X-Name-Last: ATESOGLU
Title: Monetary transmission--federal funds rate and prime rate
Abstract: 
 Two subperiods, 1987:02-1994:01 and 1994:02-2002:05, are selected for examining the relation between the federal funds rate and the prime rate. Empirical evidence from both sample periods reveals a positive cointegration relation representing a pass-through from the federal funds rate to the prime rate. Results from the earlier sample period reveal a two-way causality between the federal funds rate and the prime rate. In contrast, the results from the more recent sample period indicate that causality runs from federal funds to the prime rate.
Journal: Journal of Post Keynesian Economics
Pages: 357-362
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051397
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Template-Type: ReDIF-Article 1.0
Author-Name: CHRISTOPHER BROWN
Author-X-Name-First: CHRISTOPHER
Author-X-Name-Last: BROWN
Title: Toward a reconcilement of endogenous money and liquidity preference
Abstract: 
 A theoretical synthesis of endogenous money and liquidity preference is not possible so long as the latter is recognized as a theory of the demand and supply of money. A key step toward the reconcilement of the two theories is a revival of the original version of Keynes's theory, which appeared in the Treatise on Money as the "theory of bearishness." The most widely known version of liquidity preference is misspecified in that it conflates two distinct phenomena--changes in money balances required to effect a fluctuating stream of current or planned transactions as against portfolio disequilibrium--into a single demand for money function.
Journal: Journal of Post Keynesian Economics
Pages: 325-340
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051398
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Template-Type: ReDIF-Article 1.0
Author-Name: BEGOÑA EGUÍA
Author-X-Name-First: BEGOÑA
Author-X-Name-Last: EGUÍA
Author-Name: FELIPE SERRANO
Author-X-Name-First: FELIPE
Author-X-Name-Last: SERRANO
Title: Funded system and uncertainty
Abstract: 
 The first part of this paper deals with certain theoretical considerations that are relevant to the current debate in Spain on pension system reform. These reflections revolve around the problem of uncertainty. The second part of the paper concentrates on the Spanish case and attempts to examine the empirical validity of these considerations. In doing so, the paper highlights the limits a funded system faces in guaranteeing sufficient retirement incomes.
Journal: Journal of Post Keynesian Economics
Pages: 191-204
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051399
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Template-Type: ReDIF-Article 1.0
Author-Name: ETELBERTO ORTIZ CRUZ
Author-X-Name-First: ETELBERTO ORTIZ
Author-X-Name-Last: CRUZ
Title: Pricing in a small open monetary economy: a Post Keynesian model
Abstract: 
 Pricing is conceived within the framework of a monetary economy with fully endogenous money. Agents react to the basic tools of monetary policy, the rate of interest, and the rate of exchange, forming prices and quantities. But the maximization of the profit rate leads to a bifurcated price behavior, which, as it is shown, can be neither neutral nor stable. The implications for monetary policy highlight that the conditions for macroeconomic stability cannot be reduced to zero inflation nor a nil public deficit. Furthermore, such policies may turn contradictory if they do not consider the non-neutrality of monetary policy.
Journal: Journal of Post Keynesian Economics
Pages: 341-355
Issue: 2
Volume: 26
Year: 2003
X-DOI: 10.1080/01603477.2003.11051400
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: There Are Major Differences between Kalecki’s Theory of Employment and Keynes’s General Theory of Employment Interest and Money
Journal: Journal of Post Keynesian Economics
Pages: 3-25
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490269
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Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Fontana
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Fontana
Title: Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality
Journal: Journal of Post Keynesian Economics
Pages: 27-48
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490270
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490270
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Meyer
Author-X-Name-First: Dirk
Author-X-Name-Last: Meyer
Title: On the Information and Selection Function of Economics Articles—Claims and Reality
Journal: Journal of Post Keynesian Economics
Pages: 49-75
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490271
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490271
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Expectations, Endogenous Money, and the Business Cycle: An Exercise in Open Systems Modeling
Journal: Journal of Post Keynesian Economics
Pages: 77-105
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490272
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490272
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence C. Mills
Author-X-Name-First: Terence C.
Author-X-Name-Last: Mills
Title: Business Cycle Volatility and Economic Growth: A Reassessment
Journal: Journal of Post Keynesian Economics
Pages: 107-116
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490273
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490273
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin B. Schmidt
Author-X-Name-First: Martin B.
Author-X-Name-Last: Schmidt
Title: Asymmetric Adjustment in Efficiency Wage Models
Journal: Journal of Post Keynesian Economics
Pages: 117-140
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490274
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490274
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Template-Type: ReDIF-Article 1.0
Author-Name: Frederic S. Lee
Author-X-Name-First: Frederic S.
Author-X-Name-Last: Lee
Title: The Organizational History of Post Keynesian Economics in America, 1971-1995
Journal: Journal of Post Keynesian Economics
Pages: 141-162
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490275
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490275
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: A Post Keynesian View of Interest Parity Theorems
Journal: Journal of Post Keynesian Economics
Pages: 163-179
Issue: 1
Volume: 23
Year: 2000
Month: 9
X-DOI: 10.1080/01603477.2000.11490276
File-URL: http://hdl.handle.net/10.1080/01603477.2000.11490276
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Handle: RePEc:mes:postke:v:23:y:2000:i:1:p:163-179




Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Dogas
Author-X-Name-First: Dimitris
Author-X-Name-Last: Dogas
Title: Monopoly and Prices: A New Explanation
Journal: Journal of Post Keynesian Economics
Pages: 97-103
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489339
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489339
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward J. Nell
Author-X-Name-First: Edward J.
Author-X-Name-Last: Nell
Title: Growth, Distribution, and Inflation
Journal: Journal of Post Keynesian Economics
Pages: 104-113
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489340
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489340
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven E. Plaut
Author-X-Name-First: Steven E.
Author-X-Name-Last: Plaut
Title: Return to the “Gold Standard”: Recipe for Depression
Journal: Journal of Post Keynesian Economics
Pages: 114-116
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489341
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489341
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Template-Type: ReDIF-Article 1.0
Author-Name: K. V. Nagarajan
Author-X-Name-First: K. V.
Author-X-Name-Last: Nagarajan
Title: Ibn Khaldun and “Supply-Side Economics”: A Note
Journal: Journal of Post Keynesian Economics
Pages: 117-119
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489342
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489342
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Dixon
Author-X-Name-First: Robert
Author-X-Name-Last: Dixon
Title: Relative Shares: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 120-124
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489343
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489343
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Template-Type: ReDIF-Article 1.0
Author-Name: Greg Davidson
Author-X-Name-First: Greg
Author-X-Name-Last: Davidson
Title: A Midnight Summer’s Dream
Journal: Journal of Post Keynesian Economics
Pages: 125-127
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489344
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489344
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Handle: RePEc:mes:postke:v:5:y:1982:i:1:p:125-127




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Salanti
Author-X-Name-First: Andrea
Author-X-Name-Last: Salanti
Title: Neoclassical Tautologies and the Cambridge Controversies
Journal: Journal of Post Keynesian Economics
Pages: 128-131
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489345
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489345
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Dow
Author-X-Name-First: Sheila
Author-X-Name-Last: Dow
Title: Neoclassical Tautologies and the Cambridge Controversies—Reply
Journal: Journal of Post Keynesian Economics
Pages: 132-134
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489346
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489346
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Template-Type: ReDIF-Article 1.0
Author-Name: Myles S. Wallace
Author-X-Name-First: Myles S.
Author-X-Name-Last: Wallace
Author-Name: John T. Warner
Author-X-Name-First: John T.
Author-X-Name-Last: Warner
Title: Inflation and Deficit Spending Revisited
Journal: Journal of Post Keynesian Economics
Pages: 135-139
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489347
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489347
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Template-Type: ReDIF-Article 1.0
Author-Name: Neil T. Skaggs
Author-X-Name-First: Neil T.
Author-X-Name-Last: Skaggs
Title: An Empirical Examination of Current Inflation and Deficit Spending: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 140-141
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489348
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489348
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Handle: RePEc:mes:postke:v:5:y:1982:i:1:p:140-141




Template-Type: ReDIF-Article 1.0
Author-Name: Peter L. Bernstein
Author-X-Name-First: Peter L.
Author-X-Name-Last: Bernstein
Title: Deficits, Monetization, and Inflation: Comment
Journal: Journal of Post Keynesian Economics
Pages: 142-146
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489349
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489349
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillip E. Giffin
Author-X-Name-First: Phillip E.
Author-X-Name-Last: Giffin
Author-Name: James H. Macomber
Author-X-Name-First: James H.
Author-X-Name-Last: Macomber
Author-Name: Robert E. Berry
Author-X-Name-First: Robert E.
Author-X-Name-Last: Berry
Title: A Reply to Skaggs, Wallace-Warner, and Bernstein on Current Inflation and Deficit Spending
Journal: Journal of Post Keynesian Economics
Pages: 147-152
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489350
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489350
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacob Cohen
Author-X-Name-First: Jacob
Author-X-Name-Last: Cohen
Title: The Saving-Leakage Effect of Financial Intermediation
Journal: Journal of Post Keynesian Economics
Pages: 153-156
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489351
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489351
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Handle: RePEc:mes:postke:v:5:y:1982:i:1:p:153-156




Template-Type: ReDIF-Article 1.0
Author-Name: P. D. S. W.
Author-X-Name-First: P. D.
Author-X-Name-Last: S. W.
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 157-157
Issue: 1
Volume: 5
Year: 1982
Month: 9
X-DOI: 10.1080/01603477.1982.11489352
File-URL: http://hdl.handle.net/10.1080/01603477.1982.11489352
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Handle: RePEc:mes:postke:v:5:y:1982:i:1:p:157-157




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis 
Author-X-Name-First: Philip 
Author-X-Name-Last: Arestis 
Author-Name: Malcolm Sawyer 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Sawyer 
Title: The return of fiscal policy 
Abstract:
 This paper examines the implications of the experience with the financial
 crisis of August 2007 for fiscal policy and the use made of it. We briefly
 sketch the changing attitudes toward fiscal policy and the demise of
 arbitrary rules for the budget deficits and the reassertion of purposeful
 fiscal policy, that is fiscal policy for the purpose of helping to create
 the conditions for high levels of employment. Instead of a focus on debt
 overall, there should be consideration of the net balance sheet position.
 It is often argued that running a budget deficit places upward pressure on
 interest rates. We argue that in the context of the use of "functional
 finance," the ability of the deficit to in effect fund itself removes any
 underlying upward pressure on interest rates. We also deal with the issue
 of balance-of-payments constraints, and argue that under such
 circumstances the appropriate policy response is not to forgo fiscal
 policy but rather to tackle the balance-of-payments constraint.
Journal: Journal of Post Keynesian Economics 
Pages: 327-346 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: budget deficits, fiscal policy, functional finance, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=H6180635V721T475 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Arestis, P. "Fiscal
 Policy Within the âNew Consensus Macroeconomicsâ Framework." In J.
 Creel and M. Sawyer (eds.), >i>Current Thinking on Fiscal Policy>/i>.
 Basingstoke, UK: Palgrave Macmillan, 2009a, pp. 6-27.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>2</BIBL>	<BIBTEXT> Arestis, P. "New
 Consensus Macroeconomics: A Critical Appraisal." In E. Hein, T. Niechoj,
 and E. Stockhammer (eds.), >i>Macroeconomic Policies on Shaky
 FoundationsâWhither Mainstream Economics?>/i> Marburg, Germany:
 Metropolis, 2009b.</BIBTEXT>	   </REF>      <REF>	    <BIBL>3</BIBL> 
       <BIBTEXT> Arestis, P., and Chortareas, G. "Atheoretical and
 Theory-Based Approaches to the Natural Equilibrium Real Interest Rate."
 >i>Eastern Economic Journal>/i>, 2008, >i>34>/i> (3), 390-405.</BIBTEXT>  
    </REF>	<REF>	     <BIBL>4</BIBL>	   <BIBTEXT> Arestis, P.,
 and De Antoni, E. "Minsky's Financial Instability Hypothesis: The Crucial
 Role of Fiscal Policy." In J. Creel and M. Sawyer (eds.), >i>Current
 Thinking on Fiscal Policy>/i>. Basingstoke, UK: Palgrave Macmillan, 2009,
 pp. 51-77.</BIBTEXT>	   </REF>      <REF>	    <BIBL>5</BIBL>	 
 <BIBTEXT> Arestis, P., and Sawyer, M. "On the Effectiveness of Monetary
 and Fiscal Policy." >i>Review of Social Economics>/i>, 2003, >i>62>/i>
 (4), 441-463.</BIBTEXT>      </REF>	  <REF>        <BIBL>6</BIBL>	   
  <BIBTEXT> Arestis, P., and Sawyer, M. >i>Alternative Perspectives on
 Economic Policies in the European Union>/i>. Basingstoke, UK: Palgrave
 Macmillan, 2006a.</BIBTEXT>	  </REF>      <REF>	   <BIBL>7</BIBL>  
      <BIBTEXT> Arestis, P., and Sawyer, M. "Fiscal Policy Matters."
 >i>Public Finance>/i>, 2006b, >i>54>/i> (3-4), 133-153.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>8</BIBL>	<BIBTEXT> Arestis, P., and
 Sawyer, M. "A Critical Reconsideration of the Foundations of Monetary
 Policy in the New Consensus Macroeconomics Framework." >i>Cambridge
 Journal of Economics>/i>, 2008a, >i>32>/i> (5), 761-779.</BIBTEXT>	
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Arestis, P., and
 Sawyer, M. "The Intertemporal Budget Constraint and the Sustainability of
 Budget Deficits." In J. Creel and M. Sawyer (eds.), >i>Current Thinking on
 Fiscal Policy>/i>. Basingstoke, UK: Palgrave Macmillan, 2008b, pp.
 95-111.</BIBTEXT>	</REF>	    <REF>	 <BIBL>10</BIBL>       
 <BIBTEXT> Arestis, P., and Sawyer, M. (eds.). >i>21st Century Keynesian
 Economic Policies>/i>. Basingstoke, UK: Palgrave Macmillan, 2010, pp.
 81-119.</BIBTEXT>	</REF>	    <REF>	 <BIBL>11</BIBL>       
 <BIBTEXT> Blanchard, O., and Fischer, S. >i>Lectures on
 Macroeconomics>/i>. Cambridge, MA: MIT Press, 1989.</BIBTEXT>	    </REF> 
     <REF>	  <BIBL>12</BIBL>	 <BIBTEXT> "Budget 2009: Building
 Britain's Future." HM Treasury, London, 2009.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>13</BIBL>	     <BIBTEXT> Godley, W.; Papadimitriou,
 D.; and Zezza, G. "Prospects for the United States and the World: A Crisis
 that Conventional Remedies Cannot Resolve." Strategic Analysis, Levy
 Economics Institute of Bard College, Annandale-on-Hudson, December
 2008.</BIBTEXT>      </REF>	  <REF>        <BIBL>14</BIBL>	     
 <BIBTEXT> Hawtrey, R. G. "Public Expenditure and the Demand for Labour."
 >i>Economica>/i>, 1925, >i>5>/i>, 38-48.</BIBTEXT>	 </REF>      <REF> 
       <BIBL>15</BIBL>	      <BIBTEXT> Kalecki, M. "Three Ways to Full
 Employment." In >i>The Economics of Full Employment: Six Studies in
 Applied Economics>/i>. Oxford: Blackwell, 1944, pp. 39-58.</BIBTEXT>	  
 </REF>      <REF>	  <BIBL>16</BIBL>	 <BIBTEXT> Kamps, C. "New
 Estimates of Government Net Capital Stocks for 22 OECD Countries,
 1960-2001." >i>IMF Staff Papers>/i>, 2006, >i>53>/i> (1),
 120-150.</BIBTEXT>	 </REF>      <REF>	  <BIBL>17</BIBL>	
 <BIBTEXT> Laubach, T., and Williams, J. C. "Measuring the Natural Rate of
 Interest." Finance and Economics Discussion Series 2001-56, Federal
 Reserve Board, Washington, DC, 2001.</BIBTEXT>      </REF>	 <REF>	   
   <BIBL>18</BIBL>	  <BIBTEXT> Leith, C., and Wren-Lewis, S. "Fiscal
 Stabilization Policy and Fiscal Institutions." >i>Oxford Review of
 Economic Policy>/i>, 2005, >i>21>/i> (4), 584-597.</BIBTEXT>	   </REF>  
    <REF>	 <BIBL>19</BIBL>	<BIBTEXT> Lerner, A. "Functional
 Finance and the Federal Debt." In W. Mueller (ed.), >i>Readings in
 Macroeconomics>/i>. New York: Holt, Rinehart and Winston, 1966.
 [Originally published in 1943.]</BIBTEXT>	</REF>	    <REF>	
 <BIBL>20</BIBL>	<BIBTEXT> Meyer, L. H. "Does Money Matter?" Federal
 Reserve Bank of St. >i>Louis Review>/i>, 2001, >i>83>/i> (5),
 1-15.</BIBTEXT>      </REF>	  <REF>        <BIBL>21</BIBL>	     
 <BIBTEXT> Nell, E. >i>The General Theory of Transformational Growth>/i>.
 Cambridge: Cambridge University Press, 1998.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>22</BIBL>	     <BIBTEXT> Organization for Economic
 Cooperation and Development (OECD). >i>Interim Economic Outlook>/i>,
 March. Paris, 2009.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>23</BIBL>	<BIBTEXT> Pasinetti, L. "The Social âBurdenâ of
 High Interest Rates." In P. Arestis, G. Palma, and M. Sawyer (eds.),
 >i>Capital Controversy, Post-Keynesian Economics and the History of
 Economics: Essays in Honour of Geoff Harcourt>/i>. London: Routledge,
 1997, pp. 161-168.</BIBTEXT>	   </REF>      <REF>	    <BIBL>24</BIBL>
	<BIBTEXT> Sawyer, M. "Fiscal Policy Under New Labour." >i>Cambridge
 Journal of Economics>/i>, 2007, >i>31>/i> (6), 885-900.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>25</BIBL>	 <BIBTEXT> Sawyer, M. "The
 Continuing Relevance of Fiscal Policy." In J. Creel and M. Sawyer (eds.),
 >i>Current Thinking on Fiscal Policy>/i>. Basingstoke, UK: Palgrave
 Macmillan, 2009, pp. 78-94.</BIBTEXT>	    </REF>	<REF>	    
 <BIBL>26</BIBL>	<BIBTEXT> Taylor, J. B. "Discretion Versus Policy
 Rules in Practice." >i>Carnegie-Rochester Conference Series on Public
 Policy>/i>, 1993, >i>39>/i> (1), 195-214.</BIBTEXT>	  </REF>      <REF>
	<BIBL>27</BIBL>        <BIBTEXT> Weber, A.; Lemke, W.; and Worms,
 A. "How Useful Is the Concept of the Natural Real Rate of Interest for
 Monetary Policy?" >i>Cambridge Journal of Economics>/i>, 2008, >i>32>/i>
 (1), 49-63.</BIBTEXT>	    </REF>	<REF>	     <BIBL>28</BIBL>	   
 <BIBTEXT> Woodford, M. >i>Interest and Prices: Foundations of a Theory of
 Monetary Policy>/i>. Princeton: Princeton University Press,
 2003.</BIBTEXT>      </REF>	  <REF>        <BIBL>29</BIBL>	     
 <BIBTEXT> Wren-Lewis, S. "Changing the Rules." >i>New Economy>/i>, 2003,
 >i>10>/i> (2), 73-78.</BIBTEXT>      </REF>	
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:327-346




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando J. Cardim de Carvalho 
Author-X-Name-First: Fernando J. Cardim 
Author-X-Name-Last: de Carvalho 
Title: Economic integration and development in Latin America: perspectives for Mercosul 
Abstract:
 Mercosul (the Southern Cone Common Market) was created in the mid-1980s
 with four membersâArgentina, Brazil, Paraguay, and Uruguay.
 Theoretically, it was supposed to be the start of a regional integration
 initiative that could eventually evolve into a Union, following the
 example of the European Union. Economic motivation, however, was not the
 mainspring of Mercosul. The initiative was devised to approximate the two
 main economies of the regionâArgentina and Brazilâboth just emerging
 from long-lasting military regimes, to provide mutual insurance against
 new military coups. In fact, the economies of Brazil and Argentina are
 very similar in structure, which created important obstacles to the
 development of regional division of labor. The removal of barriers to
 trade between the two economies has been permanently stalled by the
 difficulty to allocate activities between them. On the other hand, the
 smaller members of the initiativeâParaguay and Uruguayâhave not found
 in Mercosul the support for development that they expected. Thus, Mercosul
 still survives, more than 20 years later, mostly because of its political
 virtues than because of its economic potentialities. Recent attempts at
 enlarging Mercosul may create new tensions and eventually threaten its
 survival.
Journal: Journal of Post Keynesian Economics 
Pages: 235-248 
Issue: 2 
Volume: 32 
Year: 2009 
Month: 12 
Keywords: economic development, economic intregration, Latin American Economies, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=HG742J3083771062 
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File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Behrman, G. >i>The Most
 Noble Adventure: The Marshall Plan and the Time When America Helped Save
 Europe>/i>, New York: Free Press, 2007.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>2</BIBL>	    <BIBTEXT> Cardim de Carvalho, F. J.
 "Perspectives for Monetary Union Between Argentina and Brazil." In B.
 Fritz and M. Metzger (eds.), >i>New Issues in Regional Monetary
 Coordination. Understanding North-South and South-South Arrangements>/i>,
 London: Palgrave/Macmillan, 2006, pp. 98-115.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>3</BIBL>	    <BIBTEXT> CEPAL, United Nations.
 >i>Estudio economico de America Latina y el Caribe>/i> [Economic Survey of
 Latin America and the Caribbean]. Santiago de Chile: CEPAL,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>4</BIBL>	    
 <BIBTEXT> Furtado, C. >i>A Economia Latino-Americana>/i>, 4th ed. [The
 Latin American Economy]. SÃ£o Paulo: Companhia das Letras, 2007.</BIBTEXT>
      </REF>	  <REF>        <BIBL>5</BIBL>	     <BIBTEXT> Keynes, J.
 M. >i>The Collected Writings of John Maynard Keynes, Volume XXVI:
 Activities 1941-1946âShaping the Post-War World: Bretton Woods and
 Reparations.>/i> Ed. D. Moggridge, London: Macmillan, 1980.</BIBTEXT>	   
 </REF>      <REF>	  <BIBL>6</BIBL>	<BIBTEXT> Olivi, B., and
 Giacone, A. >i>L'Europe difficile: La construction europÃ©enne>/i>
 [Difficult Europe: Building the European Union]. Paris: Gallimard,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>7</BIBL>	    
 <BIBTEXT> Prebisch, R. >i>Hacia una dinamica del desarollo
 latinoamericano>/i> [Toward a Dynamics of Latin American Development].
 Ciudad de Mexico: Fondo de Cultura EconÃ³mica, 1963.</BIBTEXT>      </REF> 
Handle: RePEc:mes:postke:v:32:y:2009:i:2:p:235-248




Template-Type: ReDIF-Article 1.0
Author-Name: Arne Heise
Author-X-Name-First: Arne
Author-X-Name-Last: Heise
Title: Commercial Banks in Macroeconomic Theory
Journal: Journal of Post Keynesian Economics
Pages: 285-296
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489899
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489899
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Commercial Banks, the Central Bank, and Endogenous Money
Journal: Journal of Post Keynesian Economics
Pages: 297-310
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489900
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489900
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Handle: RePEc:mes:postke:v:14:y:1992:i:3:p:297-310




Template-Type: ReDIF-Article 1.0
Author-Name: Gary A. Dymski
Author-X-Name-First: Gary A.
Author-X-Name-Last: Dymski
Title: A “New View” of the Role of Banking Firms in Keynesian Monetary Theory
Journal: Journal of Post Keynesian Economics
Pages: 311-320
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489901
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489901
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Blecker
Author-X-Name-First: Robert A.
Author-X-Name-Last: Blecker
Title: Structural Roots of U.S. Trade Problems: Income Elasticities, Secular Trends, and Hysteresis
Journal: Journal of Post Keynesian Economics
Pages: 321-346
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489902
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489902
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Template-Type: ReDIF-Article 1.0
Author-Name: James A. Yunker
Author-X-Name-First: James A.
Author-X-Name-Last: Yunker
Title: Relatively Stable Lifetime Consumption as Evidence of Positive Time Preference
Journal: Journal of Post Keynesian Economics
Pages: 347-366
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489903
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489903
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Howells
Author-X-Name-First: Peter
Author-X-Name-Last: Howells
Author-Name: Iris Beifang-Frisancho Mariscal
Author-X-Name-First: Iris
Author-X-Name-Last: Beifang-Frisancho Mariscal
Title: An Explanation for the Recent Behavior of Income and Transaction Velocities in the United Kingdom
Journal: Journal of Post Keynesian Economics
Pages: 367-389
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489904
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489904
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Template-Type: ReDIF-Article 1.0
Author-Name: David Alexander
Author-X-Name-First: David
Author-X-Name-Last: Alexander
Title: Resource Use and U.S. Manufacturing Productivity Growth
Journal: Journal of Post Keynesian Economics
Pages: 389-407
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489905
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489905
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Template-Type: ReDIF-Article 1.0
Author-Name: Wallace C. Peterson
Author-X-Name-First: Wallace C.
Author-X-Name-Last: Peterson
Title: The Theory of Economic Breakdown by John Cornwall: A Review Article
Journal: Journal of Post Keynesian Economics
Pages: 409-417
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489906
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 419-419
Issue: 3
Volume: 14
Year: 1992
Month: 3
X-DOI: 10.1080/01603477.1992.11489907
File-URL: http://hdl.handle.net/10.1080/01603477.1992.11489907
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Template-Type: ReDIF-Article 1.0
Author-Name: Warren J. Samuels
Author-X-Name-First: Warren J.
Author-X-Name-Last: Samuels
Title: An Essay on the Nature and Significance of the Normative Nature of Economics
Journal: Journal of Post Keynesian Economics
Pages: 347-354
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489684
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489684
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Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Stutsman
Author-X-Name-First: Douglas
Author-X-Name-Last: Stutsman
Title: Wage Competition in the Labor Queue
Journal: Journal of Post Keynesian Economics
Pages: 355-369
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489685
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Template-Type: ReDIF-Article 1.0
Author-Name: P. D. 
Author-X-Name-First: P. D.
Author-X-Name-Last: 
Title: Introduction: Three Views on the Endogenous Money Supply
Journal: Journal of Post Keynesian Economics
Pages: 370-371
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489686
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489686
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:370-371




Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: The Endogenous Money Supply
Journal: Journal of Post Keynesian Economics
Pages: 372-385
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489687
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Template-Type: ReDIF-Article 1.0
Author-Name: David I. Fand
Author-X-Name-First: David I.
Author-X-Name-Last: Fand
Title: On the Endogenous Money Supply
Journal: Journal of Post Keynesian Economics
Pages: 386-389
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489688
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489688
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann-Marie Meulendyke
Author-X-Name-First: Ann-Marie
Author-X-Name-Last: Meulendyke
Title: Can the Federal Reserve Influence Whether the Money Supply Is Endogenous? A Comment on Moore
Journal: Journal of Post Keynesian Economics
Pages: 390-397
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489689
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489689
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil J. Moore
Author-X-Name-First: Basil J.
Author-X-Name-Last: Moore
Title: Concluding Comments
Journal: Journal of Post Keynesian Economics
Pages: 398-400
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489690
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:398-400




Template-Type: ReDIF-Article 1.0
Author-Name: Evelyn L. Forget
Author-X-Name-First: Evelyn L.
Author-X-Name-Last: Forget
Author-Name: Shahram Manouchehri
Author-X-Name-First: Shahram
Author-X-Name-Last: Manouchehri
Title: Keynes’s Neglected Heritage: The Classical Microfoundations of The General Theory
Journal: Journal of Post Keynesian Economics
Pages: 401-413
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489691
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489691
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Karier
Author-X-Name-First: Thomas
Author-X-Name-Last: Karier
Title: New Evidence on the Effect of Unions and Imports on Monopoly Power
Journal: Journal of Post Keynesian Economics
Pages: 414-427
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489692
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489692
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew J. Buck
Author-X-Name-First: Andrew J.
Author-X-Name-Last: Buck
Author-Name: Felix Fitzroy
Author-X-Name-First: Felix
Author-X-Name-Last: Fitzroy
Title: Inflation and Productivity Growth in the Federal Republic of Germany
Journal: Journal of Post Keynesian Economics
Pages: 428-444
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489693
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489693
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Watts
Author-X-Name-First: Martin
Author-X-Name-Last: Watts
Title: The Average-Productivity Wage Adjustment Rule: A Reconsideration
Journal: Journal of Post Keynesian Economics
Pages: 445-451
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489694
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489694
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:445-451




Template-Type: ReDIF-Article 1.0
Author-Name: J. Kirker Stephens
Author-X-Name-First: J. Kirker
Author-X-Name-Last: Stephens
Title: The Average-Productivity Wage Adjustment Rule: A Further Reconsideration
Journal: Journal of Post Keynesian Economics
Pages: 452-454
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489695
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489695
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:452-454




Template-Type: ReDIF-Article 1.0
Author-Name: Ali Rassuli
Author-X-Name-First: Ali
Author-X-Name-Last: Rassuli
Author-Name: Kathleen M. Rassuli
Author-X-Name-First: Kathleen M.
Author-X-Name-Last: Rassuli
Title: The Realism of Post Keynesian Economics: A Marketing Perspective
Journal: Journal of Post Keynesian Economics
Pages: 455-473
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489696
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489696
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Template-Type: ReDIF-Article 1.0
Author-Name: Fred J. Abraham
Author-X-Name-First: Fred J.
Author-X-Name-Last: Abraham
Title: Chief Executive Officer Compensation: Comment
Journal: Journal of Post Keynesian Economics
Pages: 474-478
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489697
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489697
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Template-Type: ReDIF-Article 1.0
Author-Name: George P. Brockway
Author-X-Name-First: George P.
Author-X-Name-Last: Brockway
Title: Reply
Journal: Journal of Post Keynesian Economics
Pages: 479-481
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489698
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489698
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:479-481




Template-Type: ReDIF-Article 1.0
Author-Name: Douglas Mair
Author-X-Name-First: Douglas
Author-X-Name-Last: Mair
Title: Raw Material Prices and Kalecki’s Wage Share Theory: A Comment
Journal: Journal of Post Keynesian Economics
Pages: 482-486
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489699
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489699
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:482-486




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Riese
Author-X-Name-First: Martin
Author-X-Name-Last: Riese
Title: Raw Material Prices and Kalecki’s Wage Share Theory: Reply
Journal: Journal of Post Keynesian Economics
Pages: 487-488
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489700
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489700
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:487-488




Template-Type: ReDIF-Article 1.0
Author-Name: Frederic S. Lee
Author-X-Name-First: Frederic S.
Author-X-Name-Last: Lee
Title: Costs, Increasing Costs, and Technical Progress: Response to the Critics
Journal: Journal of Post Keynesian Economics
Pages: 489-491
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489701
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489701
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:489-491




Template-Type: ReDIF-Article 1.0
Author-Name: Wesley J. Yordon
Author-X-Name-First: Wesley J.
Author-X-Name-Last: Yordon
Title: Rejoinder
Journal: Journal of Post Keynesian Economics
Pages: 492-494
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489702
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489702
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:492-494




Template-Type: ReDIF-Article 1.0
Author-Name: Louise Davidson
Author-X-Name-First: Louise
Author-X-Name-Last: Davidson
Title: University of Tennessee International Workshop in Post Keynesian Economics
Journal: Journal of Post Keynesian Economics
Pages: 495-495
Issue: 3
Volume: 10
Year: 1988
Month: 3
X-DOI: 10.1080/01603477.1988.11489703
File-URL: http://hdl.handle.net/10.1080/01603477.1988.11489703
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Handle: RePEc:mes:postke:v:10:y:1988:i:3:p:495-495




Template-Type: ReDIF-Article 1.0
Author-Name: Fidel Aroche Reyes
Author-X-Name-First: Fidel
Author-X-Name-Last: Aroche Reyes
Author-Name: Oscar Ugarteche Galarza
Author-X-Name-First: Oscar
Author-X-Name-Last: Ugarteche Galarza
Title: The death of development theory: From Friedrich von Hayek to the Washington consensus
Abstract: 
 Development strategies followed by many countries in the 20th century bestowed a relevant role to the State. During the 1970s, it all reversed, and free markets became paramount to efficiency. F. von Hayek and the Mount Pelerin Society led the way to eliminate the State as a significant economic player, while P.T. Bauer extended such ideas to development economics, which would eventually give way to the Washington Consensus. Beyond actual results of such policies, it is surprising to see the appeal of Bauer&#x2019;s theoretical approach, considering that it is constructed disregarding both empirical evidence, as well as the abundant discussion on development that was taking place contemporarily. This article explores the theoretical process of such reversal in development economics theory.
Journal: Journal of Post Keynesian Economics
Pages: 509-525
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1486210
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486210
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:509-525




Template-Type: ReDIF-Article 1.0
Author-Name: Photis Lysandrou
Author-X-Name-First: Photis
Author-X-Name-Last: Lysandrou
Author-Name: Mimoza Shabani
Author-X-Name-First: Mimoza
Author-X-Name-Last: Shabani
Title: The explosive growth of the ABCP market between 2004 and 2007: A &#x201C;search for yield&#x201D; story
Abstract: 
 The years immediately preceding the financial crisis of 2007 witnessed an explosive growth in the supplies both of the long-term securities issued by the shadow banking entities, the asset-backed securities (ABSs) and collateralized debt obligations (CDOs), and of the short-term securities issued by these entities, notably asset-backed commercial paper (ABCP). Although there is now some acknowledgment that the search for yield was the major driver of ABS and CDO growth in the United States, the same is not true of the U.S. ABCP market where other factors such as regulatory arbitrage on the part of banks or the safety and liquidity concerns of institutional investors are seen as having been the more important growth driving force. This article argues that the search for yield did play a crucial role in U.S. ABCP growth between 2004 and 2007. To back up this argument, the article points to four variables that were closely correlated with this growth: the federal funds rate; U.S. money market mutual funds asset holdings; the change in the geographical breakdown of the institutions supplying ABCP; and, finally, the change in the program breakdown of the ABCP market.
Journal: Journal of Post Keynesian Economics
Pages: 526-546
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1494504
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1494504
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:526-546




Template-Type: ReDIF-Article 1.0
Author-Name: Glenn Lauren Moore
Author-X-Name-First: Glenn Lauren
Author-X-Name-Last: Moore
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Title: The drivers of household indebtedness reconsidered: An empirical evaluation of competing arguments on the macroeconomic determinants of household indebtedness in OECD countries
Abstract: 
 Household debt is at a record high in most Organisation for Economic Co-operation and Development (OECD) countries and it played a crucial role in the recent financial crisis. Several arguments on the macroeconomic drivers of household debt have been put forward, and most have been empirically tested, albeit in isolation of each other. This article empirically tests 7 competing hypotheses on the macroeconomic determinants of household indebtedness together in one econometric study. Existing arguments suggest that residential house prices, upward movements in the prices of assets demanded by households, the income share of the top 1%, falling wages, the rolling back of the welfare state, the age structure of the population, and the short-term interest rate drive household indebtedness. We formulate these arguments as hypotheses and test them for a panel of 13 OECD countries over the period 1993&#x2013;2011 using error correction models. We also investigate whether effects differ in boom and bust phases of the debt and house price cycles. The results show that the most robust macroeconomic determinant of household debt is real residential house prices, and that the phase of the debt and house price cycles plays a role in household debt accumulation.
Journal: Journal of Post Keynesian Economics
Pages: 547-577
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1486207
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486207
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Template-Type: ReDIF-Article 1.0
Author-Name: Nelson H. Barbosa-Filho
Author-X-Name-First: Nelson H.
Author-X-Name-Last: Barbosa-Filho
Title: A vertical social accounting matrix of the U.S. economy
Abstract: 
 This article presents an adaptation of the square social accounting matrix used in economic planning and programming to the rectangular or vertical transaction matrix used in post Keynesian monetary economics. The objective is to obtain a simple and intuitive framework to organize macroeconomic data in terms of the main institutional sectors of the economy, showing how production, distribution, demand, and financing are inter-related. The article presents the social accounting matrix of the U.S. economy as an example and use it to analyze the trends in net lending and household net income since 1960.
Journal: Journal of Post Keynesian Economics
Pages: 578-597
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1486208
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486208
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:578-597




Template-Type: ReDIF-Article 1.0
Author-Name: L&#xFA;cio Ot&#xE1;vio Seixas Barbosa
Author-X-Name-First: L&#xFA;cio Ot&#xE1;vio Seixas
Author-X-Name-Last: Barbosa
Author-Name: Frederico G. Jayme
Author-X-Name-First: Frederico G.
Author-X-Name-Last: Jayme
Author-Name: Fabricio Jos&#xE9; Missio
Author-X-Name-First: Fabricio Jos&#xE9;
Author-X-Name-Last: Missio
Title: Managing real exchange rate for economic growth: Empirical evidences from developing countries
Abstract: 
 This article analyses macroeconomic policies capable of influencing the long-run real exchange rate (RER). In this vein, it identifies economic policy tools that can devalue RER, covering a theoretical issue neglected by the economic literature, which argues that competitive exchange rate enhances growth. After discussing the &#x201C;Trilemma,&#x201D; we identify those variables that could affect RER without constraining monetary policy or exchange rate regime choice. In what follows, we model the probability of achieving an undervalued (small or large) RER for a sample of 14 developing countries from 1980 to 2010 (30&#x2009;years) by applying econometric techniques for discrete choice and censored data. Afterwards, we compare the results for Latin American nations with Asian ones. They suggest that competitive exchange rate requires different approaches depending on the region. Moreover, Latin American countries need to take on additional policies so that interventions in the foreign exchange market become effective.
Journal: Journal of Post Keynesian Economics
Pages: 598-619
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1486209
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486209
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Template-Type: ReDIF-Article 1.0
Author-Name: Emir Phillips
Author-X-Name-First: Emir
Author-X-Name-Last: Phillips
Title: The Bank of England and Parliament were monetarily adroit during the Napoleonic Wars
Abstract: 
 With the connivance of Parliament, was the Bank of England's over issue of banknotes inflationary? The inflation stemmed from military subsidy and Peninsula campaign payments, as well as food imports, far in excess of Britain's export earnings to cover these capital transfers (particularly when crimped by the Continental Blockade), and not merely from domestic credit over issue. Neither domestic money creation nor the fiscal theory of the price level best explains the imbalance in Britain's international accounts during the Napoleonic Wars. This deficit stemmed from domestic production shortfalls in essentials (above all food production) and contractual obligations such as military spending/subsidies relative to the pound's international purchasing power which emanated from the ability of Britain to sell exports and replace imports with domestic output (raise food production internally). These types of highly inelastic transactions tended to operate independently of domestic money creation, fiscal policy (taxes) or price developments (inflation). This article tracks England's bullion debate, which concerned whether gold prices rose (and hence sterling's exchange rate fell) because military capital transfers overwhelmed the balance of payments, or because the Bank of England over issued paper money after the gold cover was removed in 1797. The issues herein are not antiquated because the primary issues in monetary debates for two centuries have concerned the cause of inflation and deflation, and whether the domestic money supply or the balance of payments is responsible. Determining actual causation is critical for the proper solution: monetary deflation, or domestic and international restructuring of trade and investment.
Journal: Journal of Post Keynesian Economics
Pages: 620-647
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1455516
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1455516
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:620-647




Template-Type: ReDIF-Article 1.0
Author-Name: Rudy Bouguelli
Author-X-Name-First: Rudy
Author-X-Name-Last: Bouguelli
Title: A note on &#x201C;Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance&#x201D;
Abstract: 
 In their recent article, Yeva Nersisyan and Flavia Dantas proposed to amend the endogenous money theory to account for the activity of nonbank financial institutions (NBFIs) and of foreign banks. It is indeed argued that the traditional post Keynesian and circuitist approaches are overly narrow because they rely on a limited definition of money. Consequently, these approaches are focused on commercial banks (that create money) and regard other financial institutions as mere intermediaries that intermediate funds from surplus units (savers) toward deficit units (borrowers). Because it treats NBFIs as mere intermediaries, the authors argue that the traditional post Keynesian framework is no longer relevant for the analysis of the contemporary financial system. We believe that this critique is not justified. Using balance sheet analysis, we show that the destabilizing role of NBFIs can be taken into account within the traditional post-Keynesian framework.
Journal: Journal of Post Keynesian Economics
Pages: 648-653
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1494505
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1494505
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:648-653




Template-Type: ReDIF-Article 1.0
Author-Name: Yeva Nersisyan
Author-X-Name-First: Yeva
Author-X-Name-Last: Nersisyan
Author-Name: Flavia Dantas
Author-X-Name-First: Flavia
Author-X-Name-Last: Dantas
Title: Response to &#x201C;A note on &#x2018;Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance&#x2019;&#x201D;
Abstract: 
 In an article published in vol. 40, issue 3 of the Journal of Post Keynesian Economics, we challenged the post Keynesian view that nonbank financial institutions (NBFIs) are intermediaries between savers and borrowers. We argued that the &#x201C;intermediary&#x201D; framework is not an appropriate description of what financial institutions do. Instead, we proposed to broaden the endogenous money theory by incorporating nonbank financial institutions into it using the hierarchy of money. Our article generated a response by Bouguelli in which they argue that the traditional post Keynesian framework, with its clear-cut distinction between banks and NBFIs is better suited for understanding the different roles of these institutions and their &#x201C;symbiotic relationship.&#x201D; In this rejoinder, we respond to the critique of Bouguelli and clarify our position. We demonstrate that banks and nonbanks are similar in how they issue liabilities to finance positions in assets and settle on a netted basis using the liabilities of another entity higher up in the hierarchy. Moreover, we argue that NBFIs&#x2019; reliance on banks is better captured by the framework of leveraging rather than that of intermediation.
Journal: Journal of Post Keynesian Economics
Pages: 654-658
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1494506
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1494506
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:654-658




Template-Type: ReDIF-Article 1.0
Author-Name: Michalis Nikiforos
Author-X-Name-First: Michalis
Author-X-Name-Last: Nikiforos
Title: Some comments on the Sraffian Supermultiplier approach to growth and distribution
Abstract: 
 The article discusses the Sraffian Supermultiplier (SSM) approach to growth and distribution. It makes 5 points. First, in the short run, the role of autonomous expenditure can be appreciated within a standard post Keynesian framework (Kaleckian, Kaldorian, Robinsonian, etc.). Second, and related to the first, the SSM model is a model of the long run and has to be evaluated as such. Third, in the long run, one way that capacity adjusts to demand is through an endogenous adjustment of the rate of utilization. Fourth, the SSM model is a peculiar way to reach what Garegnani called the &#x201C;second Keynesian position.&#x201D; Although, it respects the letter of the &#x201C;Keynesian hypothesis,&#x201D; it makes investment quasi-endogenous and subjects it to the growth of autonomous expenditure. Fifth, in the long run it is unlikely that &#x201C;autonomous expenditure&#x201D; is really autonomous. From a stock-flow consistent point of view this implies unrealistic adjustments after periods of changes in stock-flow ratios. Moreover, if we were to take this kind of adjustment at face value, there would be no space for Minskyan financial cycles. This also creates serious problems for the empirical validation of the model.
Journal: Journal of Post Keynesian Economics
Pages: 659-675
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1486211
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1486211
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:659-675




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcing the Levy Economic Institute&#x2019;s 10th Hyman P. Minsky summer seminar
Journal: Journal of Post Keynesian Economics
Pages: 676-676
Issue: 4
Volume: 41
Year: 2018
Month: 10
X-DOI: 10.1080/01603477.2018.1540222
File-URL: http://hdl.handle.net/10.1080/01603477.2018.1540222
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Handle: RePEc:mes:postke:v:41:y:2018:i:4:p:676-676




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Erratum
Journal: Journal of Post Keynesian Economics
Pages: 310-310
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490074
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490074
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:310-310




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Title: The Keynesian Multiplier, Liquidity Preference, and Endogenous Money
Journal: Journal of Post Keynesian Economics
Pages: 311-331
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490075
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490075
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:311-331




Template-Type: ReDIF-Article 1.0
Author-Name: James R. Crotty
Author-X-Name-First: James R.
Author-X-Name-Last: Crotty
Title: Is New Keynesian Investment Theory Really “Keynesian”? Reflections on Fazzari and Variato
Journal: Journal of Post Keynesian Economics
Pages: 333-357
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490076
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490076
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:333-357




Template-Type: ReDIF-Article 1.0
Author-Name: Steven M. Fazzari
Author-X-Name-First: Steven M.
Author-X-Name-Last: Fazzari
Author-Name: Variato Anna Maria
Author-X-Name-First: Variato
Author-X-Name-Last: Anna Maria
Title: Varieties of Keynesian Investment Theories: Further Reflections
Journal: Journal of Post Keynesian Economics
Pages: 359-368
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490077
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490077
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:359-368




Template-Type: ReDIF-Article 1.0
Author-Name: Clive Beed
Author-X-Name-First: Clive
Author-X-Name-Last: Beed
Author-Name: Cara Beed
Author-X-Name-First: Cara
Author-X-Name-Last: Beed
Title: Measuring the Quality of Academic Journals: The Case of Economics
Journal: Journal of Post Keynesian Economics
Pages: 369-396
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490078
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490078
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:369-396




Template-Type: ReDIF-Article 1.0
Author-Name: Penny Neal
Author-X-Name-First: Penny
Author-X-Name-Last: Neal
Title: Keynesian Uncertainty in Credit Markets
Journal: Journal of Post Keynesian Economics
Pages: 397-418
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490079
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490079
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:397-418




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen D. Parsons
Author-X-Name-First: Stephen D.
Author-X-Name-Last: Parsons
Title: Post Keynesian Realism and Keynes’ General Theory
Journal: Journal of Post Keynesian Economics
Pages: 419-441
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490080
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490080
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:419-441




Template-Type: ReDIF-Article 1.0
Author-Name: Martin H. Wolfson
Author-X-Name-First: Martin H.
Author-X-Name-Last: Wolfson
Title: A Post Keynesian Theory of Credit Rationing
Journal: Journal of Post Keynesian Economics
Pages: 443-470
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490081
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490081
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:443-470




Template-Type: ReDIF-Article 1.0
Author-Name: Amal Sanyal
Author-X-Name-First: Amal
Author-X-Name-Last: Sanyal
Title: Real-World Agents, REH Agents, and the Econometrician
Journal: Journal of Post Keynesian Economics
Pages: 471-476
Issue: 3
Volume: 18
Year: 1996
Month: 3
X-DOI: 10.1080/01603477.1996.11490082
File-URL: http://hdl.handle.net/10.1080/01603477.1996.11490082
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Handle: RePEc:mes:postke:v:18:y:1996:i:3:p:471-476




Template-Type: ReDIF-Article 1.0
Author-Name: JesÃºs Ferreiro 
Author-X-Name-First: JesÃºs 
Author-X-Name-Last: Ferreiro 
Author-Name: M. Teresa GarcÃ­a-del-Valle 
Author-X-Name-First: M. Teresa 
Author-X-Name-Last: GarcÃ­a-del-Valle 
Author-Name: Carmen GÃ³mez 
Author-X-Name-First: Carmen 
Author-X-Name-Last: GÃ³mez 
Title: Social preferences and fiscal policies: an analysis of the composition of public expenditures in the European Union 
Abstract:
 The European Union has recently been putting the emphasis on the need to
 change the composition of public expenditures to what, according to the
 public policies endogenous models, is considered as a high quality of
 public financesâthat is, a higher share of productive expenditures.
 These recommendations are the same for all the EU member states. Joined to
 the fiscal requirements arisen from the Maastricht Treaty and the
 Stability and Growth Pact, EU authorities are promoting a
 one-size-fits-all fiscal policy model. Our paper analyzes the differences
 existing in the composition of public expenditures in the European Union.
 If this composition is significantly different, that would mean that in
 the European Union there are differences in the national preferences about
 the role-size of public expenditures, some that would not allow the
 implementation of a single model of public sector and fiscal policy.
Journal: Journal of Post Keynesian Economics 
Pages: 347-370 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: composition of public expenditures, European Union, productive public expenditures, quality of public finances, social preferences, varieties of capitalism, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R51N36V451711055 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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 <BIBTEXT> Ferreiro, J.; Garcia del Valle, T.; and Gomez, C. "Is the
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 <BIBTEXT> Gemmel, N., and Kneller, R. "The Impact of Fiscal Policy on
 Long-Run Growth," >i>European Economy: Reports and Studies>/i>, 2001,
 >i>1>/i>, 97-129.</BIBTEXT>	  </REF>      <REF>	   <BIBL>31</BIBL> 
       <BIBTEXT> Giavazzi, F.; Japelli, T.; and Pagano, M. "Searching for
 the Non-Linear Effects of Fiscal Policy: Evidence for Industrial and
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 Economic Research, Cambridge, MA, 2000.</BIBTEXT>	</REF>	    <REF>  
      <BIBL>32</BIBL>	     <BIBTEXT> Giudice, G.; Turrini, A.; and in't
 Veld, J. "Can Fiscal Consolidation Be Expansionary in the EU? Ex-Post
 Evidence and Ex-Ante Analysis." >i>European Economy, Economic Papers>/i>,
 2003, 195.</BIBTEXT>	   </REF>      <REF>	    <BIBL>33</BIBL>	  
 <BIBTEXT> Gupta, S.; Clements, B.; Baldacci, E.; and Mulas-Granados, C.
 "Fiscal Policy, Expenditure Composition and Growth in Low-Income
 Countries." >i>Journal of International Money and Finance>/i>, 2005,
 >i>24>/i> (3), 441-463.</BIBTEXT>	</REF>	    <REF>	
 <BIBL>34</BIBL>	<BIBTEXT> Hall, P. E., and Soskice, D. (eds.).
 >i>Varieties of Capitalism: The Institutional Foundations of Comparative
 Advantage>/i>. Oxford: Oxford University Press, 2001.</BIBTEXT>     
 </REF>      <REF>	  <BIBL>35</BIBL>	 <BIBTEXT> Heise, A. "A
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 <BIBTEXT> Hemming, R.; Kell, M.; and Mahfouz, S. "The Effectiveness of
 Fiscal Policy in Stimulating Economic Activity: A Review of the
 Literature." Working Paper WP/02/208, International Monetary Fund,
 Washington, DC, 2002.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>37</BIBL>	<BIBTEXT> Irmen, A., and Kuehnel, J. "Productive
 Government Expenditure and Economic Growth." >i>Journal of Economic
 Surveys>/i>, 2009, >i>23>/i> (4), 692-733.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>38</BIBL>	     <BIBTEXT> Iversen, T., and Stephens,
 J. D. "Partisan Politics, the Welfare State, and Three Worlds of Human
 Capital Formation." >i>Comparative Political Studies>/i>, 2008, >i>41>/i>
 (4-5), 600-637.</BIBTEXT>	</REF>	    <REF>	 <BIBL>39</BIBL>   
     <BIBTEXT> Jackson, G., and Degg, R. "From Comparing Capitalism to the
 Politics of Institutional Change." >i>Review of International Political
 Economy>/i>, 2008, >i>15>/i> (4), 680-709.</BIBTEXT>	   </REF>     
 <REF>	      <BIBL>40</BIBL>	     <BIBTEXT> King, R. G., and Rebelo, S.
 "Public Policy and Economic Growth: Developing Neoclassical Implications."
 Working Paper 3338, National Bureau of Economic Research, Cambridge, MA,
 1990.</BIBTEXT>      </REF>	  <REF>        <BIBL>41</BIBL>	     
 <BIBTEXT> Kneller, R.; Bleaney, M. F.; and Gemmell, N. "Fiscal Policy and
 Growth: Evidence from OECD Countries." >i>Journal of Public Economics>/i>,
 1999, >i>74>/i> (2), 171-190.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>42</BIBL>	<BIBTEXT> Kneller, R.; Bleaney, M. F.; and Gemmell,
 N. "Testing the Endogenous Growth Model: Public Expenditure, Taxation and
 Growth Over the Long-Run." >i>Canadian Journal of Economics>/i>, 2001,
 >i>34>/i> (1), 36-57.</BIBTEXT>      </REF>	  <REF>       
 <BIBL>43</BIBL>	<BIBTEXT> Kumar, M. S.; Leigh, D.; and Plekhanov,
 A. "Fiscal Adjustments: Determinants and Macroeconomic Consequences."
 Working Paper WP/07/178, International Monetary Fund, Washington, DC,
 2007.</BIBTEXT>      </REF>	  <REF>        <BIBL>44</BIBL>	     
 <BIBTEXT> Ormerod, P.; Rosewell, B.; and Phelps, P.
 "Inflation/Unemployment Regimes and the Instability of the Phillips
 Curve." Economics Discussion Paper no. 2009-43, âOctober 7â, 2009
 (available at >a target="_blank"
 href='http://www.economics-ejournal.org/economics/discussionpapers/2009-43
 '>www.economics-ejournal.org/economics/discussionpapers/2009-43>/a></BIBTE
 XT>	  </REF>      <REF>	   <BIBL>45</BIBL>	  <BIBTEXT> Rhodes,
 M. "Varieties of Capitalism and the Political Economy of European Welfare
 States." >i>New Political Economy>/i>, 2005, >i>10>/i> (3),
 363-370.</BIBTEXT>	 </REF>      <REF>	  <BIBL>46</BIBL>	
 <BIBTEXT> Romero de Avila, D., and Strauch, R. "Public Finances and
 Long-Term Growth in Europe: Evidence from a Panel Data Analysis." Working
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    <REF>	 <BIBL>47</BIBL>	<BIBTEXT> Sanz, I., and Velazquez,
 F. J. "The Evolution and Convergence of the Government Expenditure
 Composition in the OECD Countries." >i>Public Choice>/i>, 2004, >i>119>/i>
 (1-2), 61-72.</BIBTEXT>      </REF>	  <REF>        <BIBL>48</BIBL>	   
   <BIBTEXT> Starke, P.; Obinger, H.; and Castles, F. G. "Convergence
 Towards Where: In What Ways, If Any, Are Welfare States Becoming More
 Similar?" >i>Journal of European Public Policy>/i>, 2008, >i>15>/i> (7),
 975-1000.</BIBTEXT>	  </REF>      <REF>	   <BIBL>49</BIBL>	 
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 >i>58>/i> (301), 236-244.</BIBTEXT>	  </REF>      <REF>	  
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 >i>Institutional Change and Globalization.">/i>>i>Socio-Economic
 Review>/i>, 2007, >i>5>/i> (3), 548-556.</BIBTEXT>	 </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:347-370




Template-Type: ReDIF-Article 1.0
Author-Name: Bill  Martin 
Author-X-Name-First: Bill  
Author-X-Name-Last: Martin 
Title: Fiscal policy in a stock-flow consistent model: a comment 
Abstract:
 This comment provides a simple analytical exposition of the model used by
 Godley and Lavoie (2007a) to argue a case for fiscal stabilization policy.
 I show that the government-spending stabilization rule they propose
 ensures budget solvency as long as private-sector saving behavior is
 stable. If monetary policy is to be actively pursued, a government debt
 rule is required to avoid instabilities arising from the accumulation of
 debt interest payments. Godley and Lavoie (2007b) simulate such
 instabilities but do not propose a solution. I do so and derive optimal
 policy rules consistent with their model.
Journal: Journal of Post Keynesian Economics 
Pages: 649-668 
Issue: 4 
Volume: 30 
Year: 2008 
Month: 7 
Keywords: fiscal policy, fiscal solvency, monetary policy, optimal policy rules, stock-flow consistency, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=R775107L05L1454J 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Akerlof, G. "The
 Missing Motivation in Macroeconomics." >i>American Economic Review>/i>,
 March 2007, 97 (1), 5-36.</BIBTEXT>	  </REF>      <REF>	  
 <BIBL>2</BIBL>        <BIBTEXT> Ando, A., and Modigliani, F. "The âLife
 Cycleâ Hypothesis of Saving: Aggregate Implications and Tests."
 >i>American Economic Review>/i>, March 1963, 53 (1), 55-.-84.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>3</BIBL>	  <BIBTEXT> Blinder, A.,
 and Solow, R. "Does Fiscal Policy Matter?" >i>Journal of Public
 Economics>/i>, November 1973, 2 (4), 319-337.</BIBTEXT>      </REF>	 
 <REF>	      <BIBL>4</BIBL>	    <BIBTEXT> Carlin, W., and Soskice, D.
 >i>Macroeconomics.>/i> Oxford: Oxford University Press, 2005.</BIBTEXT>   
   </REF>      <REF>	    <BIBL>5</BIBL>	  <BIBTEXT> GalÃ­, J.;
 LÃ³pez-Salido, D.; and VallÃ©s, J. "Understanding the Effects of
 Government Spending on Consumption." >i>Journal of the European Economic
 Association>/i>, March 2007, 5 (1), 227-270.</BIBTEXT>      </REF>	
 <REF>	      <BIBL>6</BIBL>	    <BIBTEXT> Godley, W., and Lavoie, M.
 "Fiscal Policy in a Stock-Flow Consistent (SFC) Model." >i>Journal of Post
 Keynesian Economics>/i>, Fall 2007a, 30 (1), 79-100.</BIBTEXT>      </REF>
      <REF>	   <BIBL>7</BIBL>	 <BIBTEXT> Godley, W., and Lavoie,
 M. >i>Monetary Economics.>/i> Basingstoke, UK: Palgrave Macmillan,
 2007b.</BIBTEXT>      </REF>	   <REF>	<BIBL>8</BIBL>	     
 <BIBTEXT> Kirsanova, T., and Wren-Lewis, S. "Optimal Fiscal Feedback on
 Debt in an Economy with Nominal Rigidities." Discussion Paper Series no.
 306, Department of Economics, University of Oxford, 2007.</BIBTEXT>	 
 </REF>      <REF>	  <BIBL>9</BIBL>	<BIBTEXT> Kirsanova, T.;
 Stehn, S.; and Vines, D. "The Interactions Between Fiscal Policy and
 Monetary Policy." >i>Oxford Review of Economic Policy>/i>, 2005, 21 (4),
 532-564.</BIBTEXT>	 </REF>      <REF>	  <BIBL>10</BIBL>	
 <BIBTEXT> Leeper, E. "Equilibria Under âActiveâ and âPassiveâ
 Monetary and Fiscal Policies." >i>Journal of Monetary Economics>/i>, 1991,
 27 (1), 129-147.</BIBTEXT>	 </REF>      <REF>	  <BIBL>11</BIBL>  
      <BIBTEXT> Leith, C., and Wren-Lewis, S. "Interactions Between
 Monetary and Fiscal Policy Rules." >i>Economic Journal>/i>, March 2000,
 110 (462), 93-108.</BIBTEXT>	   </REF>      <REF>	    <BIBL>12</BIBL>
	<BIBTEXT> Modigliani, F. "Life Cycle, Individual Thrift, and the
 Wealth of Nations." >i>American Economic Review>/i>, June 1986, 76 (3),
 297-313.</BIBTEXT>	 </REF>      <REF>	  <BIBL>13</BIBL>	
 <BIBTEXT> Muscatelli, V., and Tirelli, P. "Analysing the Interaction of
 Monetary and Fiscal Policy." >i>CESifo Economic Studies>/i>, 2005, 51 (4),
 549-585.</BIBTEXT>	 </REF>      <REF>	  <BIBL>14</BIBL>	
 <BIBTEXT> Ploeg, F., van der. "Back to Keynes?" >i>CESifo Economic
 Studies>/i>, 2005, 51 (4), 777-822.</BIBTEXT>	    </REF>	<REF>	   
  <BIBL>15</BIBL>	 <BIBTEXT> Svensson, L. "Inflation Forecast
 Targeting: Implementing and Monitoring Inflation Targets." >i>European
 Economic Review>/i>, 1997, 41, 1111-1148.</BIBTEXT>	  </REF>    
Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:649-668




Template-Type: ReDIF-Article 1.0
Author-Name: Keith Cowling 
Author-X-Name-First: Keith 
Author-X-Name-Last: Cowling 
Author-Name: Stephen P. Dunn 
Author-X-Name-First: Stephen P. 
Author-X-Name-Last: Dunn 
Author-Name: Philip R. Tomlinson 
Author-X-Name-First: Philip R. 
Author-X-Name-Last: Tomlinson 
Title: Global imbalances and modern capitalism: a structural approach to understanding the present economic crisis 
Abstract:
 The world economy is riven by very large imbalances, with the U.S. economy
 exhibiting high levels of consumption but low savings ratios and a high
 current account deficit while China provides the mirror opposite. In this
 paper, we explore the structural causes of these imbalances that underpin
 the current global economic crisis. A key focus here is on the corporate
 sector in the United States, which has been instrumental in creating
 unsustainable consumptionist tendencies through the use of excessive
 advertising strategies. In China, changing demographics and market reforms
 have led to a significant rise in precautionary saving. Correcting the
 current imbalances requires recognizing the underlying characteristics of
 both modern and nonmodern capitalist economies, with appropriate responses
 being structural in nature in addition to any macroeconomic adjustments.
Journal: Journal of Post Keynesian Economics 
Pages: 575-596 
Issue: 4 
Volume: 33 
Year: 2011 
Month: 7 
Keywords: advertising, consumption and saving, corporate strategy, global imbalance, modern capitalism, 
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X-Bibl:
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Handle: RePEc:mes:postke:v:33:y:2011:i:4:p:575-596




Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Ornelas Martins 
Author-X-Name-First: Nuno Ornelas 
Author-X-Name-Last: Martins 
Title: Sen's capability approach and Post Keynesianism: similarities, distinctions, and the Cambridge tradition 
Abstract:
 The capability approach to human development, proposed by Amartya Sen and
 others, is now a prominent perspective within welfare economics and
 development economics. I argue that the capability approach, like Post
 Keynesianism, can be situated within the Cambridge economic tradition, a
 tradition grounded on classical economics, and characterized by an
 ontological focus on themes such as openness and uncertainty, and by a
 common social philosophy. Furthermore, I argue that the capability
 approach and Post Keynesianism can be seen as complementary and mutually
 enriching approaches.
Journal: Journal of Post Keynesian Economics 
Pages: 691-706 
Issue: 4 
Volume: 31 
Year: 2009 
Month: 7 
Keywords: Cambridge tradition, capability approach, methodology, ontology, Post Keynesianism, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=D7Q5700107G26602 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
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Handle: RePEc:mes:postke:v:31:y:2009:i:4:p:691-706




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Davidson
Author-X-Name-First: Paul
Author-X-Name-Last: Davidson
Title: What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?
Abstract: 
 Paul Samuelson’s own words are used to demonstrate that he and his “Keynesian” followers never comprehended Keynes’s general theory or the Post Keynesian development of Keynes’s analysis. Samuelson claimed that Keynes’s theory is a slow adjusting Walrasian system and any theory which rejected the Walrasian foundations is not a valid economic theory. Samuelson’s arrogance in believing he had discovered the “Foundations of Economic Analysis” is the primary factor that has marginalized Post Keynesian theory. Keynes had explicitly rejected Walras’s system. Sidney Weintraub, a founder of Post Keynesian theory, developed the Marshallian micro foundations that are the foundations of Keynes’s general theory.
Journal: Journal of Post Keynesian Economics
Pages: 369-383
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000093
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000093
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:369-383




Template-Type: ReDIF-Article 1.0
Author-Name: Rowan Cherodian
Author-X-Name-First: Rowan
Author-X-Name-Last: Cherodian
Author-Name: A. P. Thirlwall
Author-X-Name-First: A. P.
Author-X-Name-Last: Thirlwall
Title: Regional disparities in per capita income in India: convergence or divergence?
Abstract: 
 The paper looks at the latest evidence on what has been happening to regional disparities in per capita income (measured as gross state domestic product per capita) in India over the first decade of the twenty-first century (1999/2000 to 2010/2011) by estimating cross-section equations for unconditional and conditional beta (β) convergence and sigma (σ) convergence across thirty-two regions (twenty-eight states and four union territories). There is no evidence of unconditional convergence, but weak evidence of conditional convergence controlling for population growth, credit growth, male literacy, the share of agriculture in state GDP, and state expenditure as a share of state GDP. Sigma divergence has increased continuously, except among the poorest states.
Journal: Journal of Post Keynesian Economics
Pages: 384-407
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000109
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000109
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:384-407




Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Fernando de Paula
Author-X-Name-First: Luiz Fernando
Author-X-Name-Last: de Paula
Author-Name: André de Melo Modenesi
Author-X-Name-First: André de Melo
Author-X-Name-Last: Modenesi
Author-Name: Manoel Carlos C. Pires
Author-X-Name-First: Manoel Carlos C.
Author-X-Name-Last: Pires
Title: The tale of the contagion of two crises and policy responses in Brazil: a case of (Keynesian) policy coordination?
Abstract: 
 This paper aims to assess the reasons for the economic slowdown in Brazil after 2010. In particular, it contributes to a better understanding of why Brazil’s countercyclical policies succeeded in handling the contagion resulting from the Lehman Brothers crisis but did not manage the contagion caused by the euro crisis. The paper examines what we understand by Keynesian policies and the importance of policy coordination and then evaluates the extent to which Brazil used coordinated economic policies in the face of both crises. The main hypothesis of the paper is that the difference in the performance of the countercyclical policies in both crises is related mainly to Brazil’s lack of coordination of macroeconomic policies in 2011–12, especially the implementation of fiscal policy.
Journal: Journal of Post Keynesian Economics
Pages: 408-435
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000118
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000118
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:408-435




Template-Type: ReDIF-Article 1.0
Author-Name: Philip Arestis
Author-X-Name-First: Philip
Author-X-Name-Last: Arestis
Author-Name: Marco Flávio Cunha Resende
Author-X-Name-First: Marco Flávio Cunha
Author-X-Name-Last: Resende
Title: Fiscal policy and the substitution between national and foreign savings
Abstract: 
 This paper addresses the relationship between fiscal policy, the real exchange rate, national and foreign savings, and investment. It shows how the mechanism of the finance–investment–saving–funding Keynesian circuit (FISF) works in open economies. This is undertaken in an attempt to demonstrate that real exchange rate changes affect the FISF circuit in that they trigger the substitution between national and foreign savings. Thus, domestic investment causes savings, but the distribution of aggregate savings between its national and foreign components depends on the level of the real exchange rate. Finally, we show that if government budget deficits change relative prices in an economy, this worsens the current account balance by triggering substitution between national and foreign savings. Thus, the constraint on investment (and on growth) that can emanate from this process is one that emerges from external forces.
Journal: Journal of Post Keynesian Economics
Pages: 436-458
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000168
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000168
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:436-458




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Berr
Author-X-Name-First: Eric
Author-X-Name-Last: Berr
Title: Sustainable development in a post Keynesian perspective: why eco-development is relevant to post Keynesian economics
Abstract: 
 While sustainable development is a unanimously accepted watchword today, the article aims to show that the post Keynesian school, although it did not emphasize environmental issues and sustainable development as such, has tools that make it relevant on this topic. Indeed, post Keynesian sustainable development can be close to Ignacy Sachs’s eco-development, which is inspired by Michal Kalecki. Thus, post Keynesianism and eco-development share the same position related to economic growth. They meet, via the concept of radical uncertainty, on the importance of the precautionary principle. If the implications of the principle of effective demand seem to oppose them, these divergences can be easily overcome.
Journal: Journal of Post Keynesian Economics
Pages: 459-480
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000173
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000173
File-Format: text/html
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:459-480




Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Cruz
Author-X-Name-First: Moritz
Author-X-Name-Last: Cruz
Title: International reserves and growth: assessing the mercantilist motive in Latin America
Abstract: 
 Official reserves have increased to unprecedented levels since the mid-1990s, particularly in developing economies. One of the reasons ascribed for accumulating official reserves is the so-called mercantilist motive. This motive is seen as a part of an active industrial policy in the sense that these resources allow the monetary authorities to maintain a stable and undervalued real exchange rate, promoting economic growth and development via the tradable goods sector. In this paper we attempt to assess this motive using data for ten selected Latin American economies during the period 1996–2011. Unlike most previous work done on this topic, we consider official reserves as one of the determinants of the real exchange rate. Our econometric findings indicate that international reserves in the region appreciate the real exchange rate. This result suggests that the strategy of hoarding reserves in Latin America has not promoted economic growth and development.
Journal: Journal of Post Keynesian Economics
Pages: 481-502
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000176
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000176
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Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:481-502




Template-Type: ReDIF-Article 1.0
Author-Name: Marcello Spanò
Author-X-Name-First: Marcello
Author-X-Name-Last: Spanò
Title: Financial assets overhang in Europe
Abstract: 
 This work analyses external imbalances across Europe using data on sectorial gross value of assets over sixteen years (1995–2011) in founder countries of the European Union and in the whole euro area. The empirical analysis strongly supports arguments against the thesis that in Europe sovereign debt is the problem and fiscal austerity the solution. On the contrary, it suggests that the current crisis should be analysed in the light of the growing disproportion of the financial sector compared to real sectors of the economy. This study divides the financial assets generated by the domestic financial companies and by the foreign sector into two aggregates: a proxy for financial resources channelled to the real domestic sectors and a proxy for “financial assets overhang” held within the financial and foreign sector. The financial assets overhang, which boosted the relative size of the financial sector across the continent, should be considered as the main source of excess finance to be rigidly constrained.
Journal: Journal of Post Keynesian Economics
Pages: 503-527
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1000199
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1000199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:503-527




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Editors' Corner
Journal: Journal of Post Keynesian Economics
Pages: 528-531
Issue: 3
Volume: 37
Year: 2015
Month: 7
X-DOI: 10.1080/01603477.2015.1023676
File-URL: http://hdl.handle.net/10.1080/01603477.2015.1023676
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos GarcimartÃ­n 
Author-X-Name-First: Carlos 
Author-X-Name-Last: GarcimartÃ­n 
Author-Name: Luis A. Rivas 
Author-X-Name-First: Luis A. 
Author-X-Name-Last: Rivas 
Author-Name: Pilar GarcÃ­a MartÃ­nez 
Author-X-Name-First: Pilar GarcÃ­a 
Author-X-Name-Last: MartÃ­nez 
Title: On the role of relative prices and capital flows in balance-of-payments-constrained growth: the experiences of Portugal and Spain in the euro area 
Abstract:
 Broadly speaking, the balance-of-payments constraint hypothesis as
 developed by Thirlwall has been empirically supported. Yet it shows some
 shortcomings highlighted in the literature. In our opinion, two of them
 must be analyzed. First, temporary disequilibria and capital flows must be
 incorporated into the balance-of-payments-constrained growth models.
 Second, the role of relative prices must be made explicit, since it can be
 relevant even in an external constraint framework. This study is aimed at
 developing a model that incorporates both possibilities: temporary
 external disequilibria and the impact of relative prices. This model is
 subsequently used to analyze the evolution of the Spanish and Portuguese
 economies in past decades, and, in particular, the different paths shown
 by both countries since their accession to the euro zone.
Journal: Journal of Post Keynesian Economics 
Pages: 281-306 
Issue: 2 
Volume: 33 
Year: 2010 
Month: 1 
Keywords: exchange rate, external constraint, growth, 
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Handle: RePEc:mes:postke:v:33:y:2010:i:2:p:281-306




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki  Sasaki 
Author-X-Name-First: Hiroaki  
Author-X-Name-Last: Sasaki 
Title: North-South Ricardian trade and growth under the balance-of-payments constraint 
Abstract:
 This paper analyzes the growth rates of two countries and the bilateral
 income disparity in relation to North-South trade mainly from the
 viewpoint of the South. We extend a Ricardian trade model with a continuum
 of goods in order to consider a situation where the South faces the
 balance-of-payments constraint while the North is in full employment.
 Using the model, we show that depending on the size of a technological
 parameter, two possibilities arise with regard to the growth of the South:
 (1) the South can catch up with the North in income level by expanding its
 comparative advantage sectors, and (2) the South, in contrast, fails to
 catch up with the North in spite of expanding its comparative advantage
 sectors. Moreover, we show that if the South is in the catching-up
 process, a policy intended to improve its international price
 competitiveness exerts a positive effect on its growth, thereby promoting
 the catching-up process, whereas if the South is in the falling-behind
 process, such a policy exerts a negative effect on its growth, thereby
 leading to immiserizing growth.
Journal: Journal of Post Keynesian Economics 
Pages: 299-324 
Issue: 2 
Volume: 31 
Year: 2008 
Month: 12 
Keywords: cumulative causation, North-South relation, Ricardian trade, shifts in comparative advantage, Thirlwall's law, 
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X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Blecker, R.A. "The New
 Economic Integration: Structuralist Models of North-South Trade and
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 Change and Economic Dynamics>/i>, 2000, 11 (4), 371-392.</BIBTEXT>	
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 >i>Journal of Post Keynesian Economics>/i>, Fall 2006, 29 (1),
 67-92.</BIBTEXT>      </REF>	   <REF>	<BIBL>37</BIBL>       
 <BIBTEXT> Verdoorn, P.J. "Fattori che regolano lo sviluppo della
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Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:299-324




Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Alexiou 
Author-X-Name-First: Constantinos 
Author-X-Name-Last: Alexiou 
Title: A Keynesian-Kaleckian model of investment determination: a panel data investigation 
Abstract:
 The undertaken study purports to assess the empirical merits of the Post
 Keynesian doctrine as this is reflected by both the Keynesian as well as
 the Kaleckian theoretical approaches to investment determination. In doing
 so, a generalized method of moments panel data methodology provides the
 econometric platform upon which the respective models have been vigorously
 tested. Annual time-series data were used, spanning from 1970 to 2005, for
 the G7 economies. The generated evidence confirms previous analyses
 insofar as capacity utilization and profits assume a key role in the
 determination of investment.
Journal: Journal of Post Keynesian Economics 
Pages: 427-444 
Issue: 3 
Volume: 32 
Year: 2010 
Month: 4 
Keywords: investment modeling, Kalecki, Keynes, panel data, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=KK05787U67723GP3 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Alexiou, C. "Modelling
 Investment Behaviour: Emerging Evidence." >i>Indian Economic Journal>/i>,
 2009, >i>56>/i> (4), 21-36.</BIBTEXT>	    </REF>	<REF>	    
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 Trost, R. P.; Li, H.; and Joutz, F. "Estimation of Short-Run and Long- Run
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 Error Correction Models: The Temporal Causality Between Investment and
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 âSpringâ 1994, >i>16>/i> (3), 478-498.</BIBTEXT>	   </REF>     
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 "Random Coefficient Models: Theory and Applications." >i>Journal of
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 Psychoanalysis and Keynes' Account of the Animal Spirits of Capitalism."
 >i>Social Research>/i>, 1986, >i>53>/i> (4), 549-578.</BIBTEXT>     
 </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:427-444




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Terzi 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Terzi 
Title: Keynes's uncertainty is not about white or black swans 
Abstract:
 How does Nassim Taleb's notion of uncertainty compare with Keynes's? In
 describing "black swan events" as rare, consequential, unforecastable
 events, Taleb has stressed how statistical risk differs from intractable
 uncertainty. This difference had been similarly underscored by Keynes in
 his theory of behavior in a monetary economy. Yet beyond this apparent
 similarity, Taleb's and Keynes's views of uncertainty are opposite with
 respect to both method and consequences. This paper claims that even
 Taleb's black swan argument may face its own "black swan" when it is found
 that his conclusions do not hold under the more extreme assumption of
 ontological uncertainty.
Journal: Journal of Post Keynesian Economics 
Pages: 559-566 
Issue: 4 
Volume: 32 
Year: 2010 
Month: 7 
Keywords: black swan, epistemic and ontological uncertainty, financial crisis, Keynes, Taleb, 
File-URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=B1573M4306206417 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
X-Bibl:
       <REF>	    <BIBL>1</BIBL>	  <BIBTEXT> Taleb, N. >i>The Black
 Swan: The Impact of the Highly Improbable>/i>, 2d ed. New York: Random
 House, 2010.</BIBTEXT>      </REF>    
Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:559-566




Template-Type: ReDIF-Article 1.0
Author-Name: Rudy Bouguelli
Author-X-Name-First: Rudy
Author-X-Name-Last: Bouguelli
Title: Is shadow banking really akin to banking? A critical analysis in light of monetary theory
Abstract: 
 This paper purports to show that a very specific theory of money underlies the way in which shadow banking is understood by most economists as well as the regulatory changes that arises from their understanding of the phenomenon. It demonstrates that the “shadow banking” metaphor implicitly relies on an erroneous conception of banking according to which banks are mere intermediaries of loanable funds. An alternative conception of shadow banking is proposed, based on the theory of endogenous money, where banks play a unique and very special role. The paper provides another comprehension of the purpose of the shadow banking system within the overall financial system, which leads to quite different regulatory proposals.
Journal: Journal of Post Keynesian Economics
Pages: 1-27
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1684826
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1684826
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File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:43:y:2020:i:1:p:1-27




Template-Type: ReDIF-Article 1.0
Author-Name: Angel Asensio
Author-X-Name-First: Angel
Author-X-Name-Last: Asensio
Title: SFC modeling and the liquidity preference theory of interest
Abstract: 
 According to Lavoie and Reissl, stock-flow consistent (SFC) modeling with “fully specified” financial sector allows for a better understanding of the dynamics of monetary economies than less detailed models. Although detailed models can help to identify mechanisms that cannot be captured by simpler models, they also have limitations that are worth bearing in mind when it comes to assess the merits of both kinds of modeling. This note pinpoints some difficulties regarding the conceptual framework and formal treatment of the “fully specified” SFC model, leading to a more balanced assessment regarding economic models.
Journal: Journal of Post Keynesian Economics
Pages: 28-35
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1616564
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1616564
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:mes:postke:v:43:y:2020:i:1:p:28-35




Template-Type: ReDIF-Article 1.0
Author-Name: J. E. Woods
Author-X-Name-First: J. E.
Author-X-Name-Last: Woods
Title: New exercises in decomposition analysis
Abstract: 
 Decomposition analysis, which breaks down the Total Return on an asset into constituents of Income Yield, Income Growth and the Revaluation Effect, can be used prospectively and retrospectively. To date, it has been mainly applied retrospectively to Equities. In this article, we break new ground, demonstrating that, with appropriate data series, it can be extended to Bonds, which means that Equity and Bond returns and their constituents can now be compared on a like–for–like basis. Empirical analysis of UK Index data since 1976 produces some unexpected results on Fixed Interest and Index–Linked Gilts: for example, throughout the period, the Revaluation Effect has been a consistently significant contributor to the Total Returns of both classes and at a much higher average level than that for Equities; also, the Revaluation Effect for Index–Linked Gilts has recently been at an unprecedented level for any asset class. Seeking to explain them, we examine the role of regulatory activity, arguing that it has created a dangerous dynamic on unsound foundations. We demonstrate that our method of analysis does not consist only of technical operations devoid of practical applications but actually enables us to address important issues in economics and political economy.
Journal: Journal of Post Keynesian Economics
Pages: 36-60
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1672564
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1672564
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Template-Type: ReDIF-Article 1.0
Author-Name: Ante Farm
Author-X-Name-First: Ante
Author-X-Name-Last: Farm
Title: Pricing in practice in consumer markets
Abstract: 
 This article offers a theory of pricing in consumer markets that relates cost-plus pricing and value-based pricing to price competition and price leadership, including, in particular, competitive price leadership as defined by Kenneth Boulding. It also argues that the basic question in Keynesian economics is why firms choose prices such that production is restricted by sales, not why prices, once chosen, can be “sticky.” And finally it shows that a firm’s labor demand depends on its sales at the price it sets and not on its “real wage.”
Journal: Journal of Post Keynesian Economics
Pages: 61-75
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1616562
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1616562
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Template-Type: ReDIF-Article 1.0
Author-Name: Sylvio Antonio Kappes
Author-X-Name-First: Sylvio Antonio
Author-X-Name-Last: Kappes
Author-Name: Marcelo Milan
Author-X-Name-First: Marcelo
Author-X-Name-Last: Milan
Title: Dealing with adaptive expectations in Stock-Flow consistent models
Abstract: 
 Stock-flow consistent (SFC) models, in their simulations of the macroeconomic dynamics, have not properly dealt with how households form their expectations about future income flows. Although the majority of SFC models assume some type of adaptive expectations, the literature has not provided so far guidelines about how to best model expected variables in general, and expect flows of income in consumption decisions in particular, thus not paying enough attention to the role of expectations in affecting the path of variables and the steady-state composition of stocks. In this article, which compares different types of modeling strategies for income expectations, it is shown that minor differences in the way that expectations are modeled may have important macroeconomic consequences, mainly in terms of the traverse and the steady-state composition of wealth.
Journal: Journal of Post Keynesian Economics
Pages: 76-89
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1640067
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1640067
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres F. Cantillo
Author-X-Name-First: Andres F.
Author-X-Name-Last: Cantillo
Title: Production commitments and the financial foundations of specialized economies
Abstract: 
 Production commitments are the financial underpinnings of the productive system. All productive systems that involve specialization require the formulation, tacit or explicit, of production commitments. This paper explains how production commitments are related to the financial and productive sides of the economy. The article has two main objectives: First, to introduce the notion of production commitment as a credit/debit relation that exists (and must exist) between specialized producers. Second, use this notion to bridge the gap between the inter-industry and intersectoral analyses. This connection can also be used to complement Keynes’ General Theory and other Post Keynesian approaches. The connection between the inter-sectoral and inter-industry sides of the productive system allows for the inclusion of multiple types of financial assets. Correspondence can be established between the existing production commitments and the required outstanding financial assets. In addition to the interaction between currency and bonds traditionally analyzed in the Post Keynesian literature, the present analysis offers a path for the inclusion of other types of financial assets like stocks and derivatives.
Journal: Journal of Post Keynesian Economics
Pages: 90-111
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1672561
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1672561
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongkil Kim
Author-X-Name-First: Hongkil
Author-X-Name-Last: Kim
Title: The relationship between public debt accumulation and default risk under the ECB’s conventional vs. non-standard monetary policy: a panel data analysis of 9 Eurozone countries (2000–2015)
Abstract: 
 This paper investigates a long-run relationship between public debt accumulation and default risk, represented by Eurozone countries’ bond rates minus German benchmark bond rates for 9 Eurozone countries under the ECB’s conventional vs. nonstandard monetary policy for the period 2000–2015. Along with various unit root tests and cointegration tests, Dynamic OLS (DOLS) and Fully Modified OLS (FMOLS) methods are applied in order to examine a common long-run linkage between bond rates spreads and macro variables concerned without ignoring heterogeneous short-run dynamics. Such techniques directly address the endogeneity issue often encountered in analyses of economic fundamental variables. The empirical evidence reveals that a positive relationship between the bond rates spread and the debt-to-GDP ratio is found during the European Sovereign Debt Crisis and before the Global Financial Crisis in which the conventional monetary policy prevailed, reflecting negative market sentiments on default risk and market discipline. A negative long-run relationship is, by contrast, shown under the effective unconventional monetary policy, implying that overstated (exaggerated) default risk diminished after the ECB’s nonstandard measures. This phenomenon is especially apparent in, but not restricted to, peripheral Eurozone countries where most of the new monetary measures were targeted.
Journal: Journal of Post Keynesian Economics
Pages: 112-130
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1673176
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1673176
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Template-Type: ReDIF-Article 1.0
Author-Name: Antoine Monserand
Author-X-Name-First: Antoine
Author-X-Name-Last: Monserand
Title: A note on “zero growth and structural change in a post Keynesian growth model”
Abstract: 
 This note is a critique of the results found by Rosenbaum concerning zero growth and structural change in a post-Keynesian growth model, some of which are shown to be problematic. First, the (im)possibility for a neo-Kaleckian model of growth and distribution to generate a profit-led growth regime is discussed. Next, we review the role played by the “paradox of costs” when introducing the depreciation of capital and how this changes the stability characteristics of the model presented by Rosenbaum. Finally we show that, contrary to what is claimed in the article, the proposed model is not able to show that zero growth is compatible with a positive net rate of profit.
Journal: Journal of Post Keynesian Economics
Pages: 131-138
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2019.1683866
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1683866
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Template-Type: ReDIF-Article 1.0
Author-Name: João Sicsú
Author-X-Name-First: João
Author-X-Name-Last: Sicsú
Title: Keynes and Graham’s intelligent investor
Abstract: 
 Keynes was a great investor in liquid markets. He operated in the currency, commodity and stock markets. The objective of this article is to describe Keynes’s profile as a stock market investor in the 1930s. He successfully beat the market during that decade. Benjamin Graham’s works are the primary references for stock market researchers and investors, particularly his book The Intelligent Investor. In it, Graham described the profile of an investor capable of beating the market. This article compared Keynes’ practices with those suggested by Graham in order for an investor to be intelligent. The conclusion is that Keynes was not fully Graham’s Intelligent Investor. Keynes was an idiosyncratic investor with unprecedented practices. He was a top-down, bottom-up, buy-and-hold and nondiversified investor.
Journal: Journal of Post Keynesian Economics
Pages: 139-166
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2020.1713009
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Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Economic Possibilities for our Grandchildren, 90 years later
Journal: Journal of Post Keynesian Economics
Pages: 167-168
Issue: 1
Volume: 43
Year: 2020
Month: 1
X-DOI: 10.1080/01603477.2020.1729656
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1729656
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Tonveronachi
Author-X-Name-First: Mario
Author-X-Name-Last: Tonveronachi
Title: Ages of financial instability
Abstract: 
 Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more recent experience starting from the 1970s. The period in between is divided into two subperiods. The first goes up to World War II and sees a retrenchment from globalization and the affirmation of a statist approach to national policy autonomy. The second subperiod, marked by the new international monetary order and limited globalization, although appearing as a relatively calm interlude, conceals the seeds of a renewed push toward financial fragility. The above periods are synthetically analyzed in terms of the development and mutual fertilization of theories, institutions, and vested public and private interests. The narrative is based on two interpretative keys: the Minskyan theory of financial fragility and changes in the public-private partnership, mainly with reference to the financial sector for which the role of the State as the guarantor of last resort necessarily ensues. The lesson is that a laissez-faire approach strengthens asymmetric powers and financial instability, rendering it extremely difficult and socially costly for the State to comply with its role of financial guarantor.
Journal: Journal of Post Keynesian Economics
Pages: 169-209
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2020.1734469
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734469
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Template-Type: ReDIF-Article 1.0
Author-Name: Zengping He
Author-X-Name-First: Zengping
Author-X-Name-Last: He
Author-Name: Genliang Jia
Author-X-Name-First: Genliang
Author-X-Name-Last: Jia
Title: Rethinking China’s local government debts in the frame of modern money theory
Abstract: 
 Local government debt is a great threat to China’s financial stability. Local government debt in China is in a dynamic process of financial innovation. The competition of local officials for promotion and the characteristics of China’s fiscal system are the reasons behind the growth in local government debt. The yardstick for the promotion competition is the local GDP growth rate and this drives local officials to increase expenditure to achieve their targets. Because in China’s fiscal system the central government often gives priority to reducing its fiscal deficit and the central government can largely determine the distribution of revenue and expenditure between itself and local governments, there is a tendency for the fiscal burden to be shifted from the central government to the local governments. Resolving China’s local government debt problem requires not only strengthening regulation, but also abandoning the central government’s fiscal balance target, because this target may make regulation hard to sustain in times of economic downturn. This paper discusses central-local fiscal relations in the framework of Modern Money Theory, suggesting that China’s central government should bear more fiscal burden because a central government with currency sovereignty can always afford any spending denominated in its own currency.
Journal: Journal of Post Keynesian Economics
Pages: 210-230
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2020.1734468
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Template-Type: ReDIF-Article 1.0
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Author-Name: Collin Constantine
Author-X-Name-First: Collin
Author-X-Name-Last: Constantine
Author-Name: Severin Reissl
Author-X-Name-First: Severin
Author-X-Name-Last: Reissl
Title: Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms
Abstract: 
 The paper proposes a post-Keynesian analysis of the Eurozone crisis and contrasts interpretations inspired by New Keynesian, New Classical, and Marxist theories. We analyze the role different paradigms attribute to current account imbalances, fiscal policy and monetary policy. Remarkably, opposing views on the relative importance of cost and demand developments in explaining current account imbalances can be found in both heterodox and orthodox economics. Regarding the assessment of fiscal and monetary policy there is a clearer polarization, with heterodox analysis regarding austerity as unhelpful and large parts of orthodox economics endorsing it. We conclude that there is a weak mapping between post-Keynesian, New Classical, New Keynesian and Marxist theories and different economic policy strategies for the Euro area, which we label Keynesian New Deal, European Orthodoxy, Moderate Reform and Progressive Exit respectively.
Journal: Journal of Post Keynesian Economics
Pages: 231-266
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2020.1734464
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734464
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunanda Sen
Author-X-Name-First: Sunanda
Author-X-Name-Last: Sen
Title: Investment decisions under uncertainty
Abstract: 
 Divergent trends, as observed, between growth in the financial and real sectors of the global economy entail the need for further research, especially on the motivations behind investment decisions. Investments in market economies are generally guided by call-put option pricing models—which rely on an ergodic notion of probability that conforms to a normal distribution function. This article considers critiques of the above models, which include Keynes’s Treatise on Probability and the General Theory, as well as follow-ups in the post Keynesian approaches and others dealing with “fundamental uncertainty.” The methodological issues, as can be pointed out, are relevant in the context of policy issues and social institutions, including those subscribed to by the ruling state. As it has been held in variants of institutional economics subscribed to by John Commons, Thorstein Veblen, Geoffrey Hodgeson, and John Kenneth Galbraith, social institutions remain important in their capacity as agencies that influence individual behavior with their “informational-cognitive” functions in society. By shaping business concerns and strategies, social institutions have a major impact on investment decisions in a capitalist system. The role of such institutions in investment decisions via policy making is generally neglected in strategies relying on mainstream economics, which continue to rely on optimization of stock market returns based on imprecise estimations of probability.
Journal: Journal of Post Keynesian Economics
Pages: 267-280
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2019.1571927
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1571927
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Richters
Author-X-Name-First: Oliver
Author-X-Name-Last: Richters
Author-Name: Erhard Glötzl
Author-X-Name-First: Erhard
Author-X-Name-Last: Glötzl
Title: Modeling economic forces, power relations, and stock-flow consistency: a general constrained dynamics approach
Abstract: 
 We present a differential-algebraic equation framework of constrained dynamics to implement monetary Stock-Flow Consistent (SFC) models. Agents exert forces on the variables according to their desire, for instance to gradually improve their utility. The parameter ‘economic power’ corresponds to their ability to assert their interest. In analogy to Lagrangian mechanics, system constraints from accounting identities generate additional constraint forces that lead to unintended dynamics. We exemplify the procedure using a simple SFC model and reveal its implicit assumptions about power relations and agents’ preferences.
Journal: Journal of Post Keynesian Economics
Pages: 281-297
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2020.1713008
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1713008
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Template-Type: ReDIF-Article 1.0
Author-Name: Luiz Carlos Bresser-Pereira
Author-X-Name-First: Luiz Carlos
Author-X-Name-Last: Bresser-Pereira
Title: Neutralizing the Dutch disease
Abstract: 
 This paper discusses the economic policies required to neutralize the Dutch disease—a long-term overvaluation of a national currency originated in the export of commodities—and the political economy involved. The difficulty in addressing this major market failure is associated with two political problems: the natural resource curse, the generalized rent-seeking that often takes over a commodity-exporting country, and exchange rate populism, the practice of keeping the currency overvalued, to ensure the reelection of politicians. While the two political problems have cultural and institutional roots that make them resilient to change, this paper shows that there is a relatively simple policy—a variable export tax on the commodities—that will make the currency competitive and therefore make it possible for the manufacturing industry to flourish.
Journal: Journal of Post Keynesian Economics
Pages: 298-316
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2020.1713004
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Tymoigne
Author-X-Name-First: Eric
Author-X-Name-Last: Tymoigne
Title: Law, sovereignty and the monetization of the European economies: a review of Making Money and Money in the Western Legal Tradition
Abstract: 
 Making Money and Money in the Western Legal Tradition provide an extensive analysis of the monetary systems of medieval, renaissance and modern Europe. They use an analytical framework that emphasizes the legal, political, and financial aspects of monetary mechanics and show convincingly that monetary systems are made and planned. Modern monetary systems did not emerge from an impersonal process of trial and error driven by market exchanges among free and equal individuals. The unit of account and accompanying monetary instruments have legal and political origins. The emergence and evolution of modern monetary systems since Ancient Mesopotamia is a story of power relations with an authority that aims at redirecting some of the economic output by imposing dues on the population. Post Keynesian readers will approach these books with Keynes’s framework in mind and will be pleased to see that it does hold well against historical evidence.
Journal: Journal of Post Keynesian Economics
Pages: 317-340
Issue: 2
Volume: 43
Year: 2020
Month: 4
X-DOI: 10.1080/01603477.2019.1672563
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1672563
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Jetin
Author-X-Name-First: Bruno
Author-X-Name-Last: Jetin
Author-Name: Luis Reyes Ortiz
Author-X-Name-First: Luis
Author-X-Name-Last: Reyes Ortiz
Title: Wage-led demand as a rebalancing strategy for economic growth in China
Abstract: 
 Rebalancing growth in favor of domestic consumption has been an objective of Chinese policy makers for over two decades. However, until recently little progress has been achieved. This article argues that the nature of the demand regime is a major reason for the limited rebalancing operated thus far. Until the great recession (2008–09), Chinese growth was profit-led, which means that an increase in the profit share of income had a positive effect on investment and net exports that exceeded the negative effect on consumption. The fact that the profit share increased by 10 percentage points explains why the rate of growth boomed over the 1996–2007 period. We show that after the great recession, China’s demand regime turned wage-led, which means that an increase in the wage share results in a positive effect on households’ consumption which exceeds the negative effect on investment and net exports. The conclusion is that a pro-labor policy may now contribute to rebalance China’s growth and make it less dependent on exports, overinvestment and carbon-intensive industries.
Journal: Journal of Post Keynesian Economics
Pages: 341-366
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1774392
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1774392
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Pierros
Author-X-Name-First: Christos
Author-X-Name-Last: Pierros
Title: Insolvency dynamics of the Greek private sector during the era of austerity: an empirical assessment
Abstract: 
 This paper examines empirically the impact of austerity on the financial balance of the Greek private sector, with the use of the Dynamic OLS (DOLS) methodology. The standard stock-flow consistent private expenditure function is extended by treating corporate profits separately from the disposable income of the private sector in order to take into account the impact of austerity on distribution and private spending. The empirical findings indicate that the economy is debt-led, with austerity generating insolvency dynamics for the private sector. On one hand, at least since the introduction of the euro currency, private expenditure was heavily relying on the disposable income net of profits in an unsustainable manner, while on the other, the implementation of the Economic Adjustment Programs (EAPs) have intensified these unsustainable conditions, degrading the growth prospects of the economy.
Journal: Journal of Post Keynesian Economics
Pages: 367-390
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1734466
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734466
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Handle: RePEc:mes:postke:v:43:y:2020:i:3:p:367-390




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa
Author-X-Name-First: Imad A.
Author-X-Name-Last: Moosa
Title: Futures crude oil prices as predictors of spot prices: lessons from the foreign exchange market
Abstract: 
 Thanks mainly to the work of Post Keynesian economists, it is no longer universally accepted that the forward exchange rate is an accurate, unbiased and efficient forecaster of the spot exchange rate. However, the proposition that futures prices of crude oil can be used to forecast spot prices seems to be accepted without much scrutiny. This proposition is challenged both theoretically and empirically, suggesting instead that futures prices have nothing to do with forecasting. Since spot and futures prices are related contemporaneously, futures prices are as good or as bad forecasters as spot prices, in which case it is not sound to use the futures price as a forecaster and the spot price as a benchmark. The results show that spot and futures prices are not as good forecasters as they are portrayed to be. While futures prices produce small forecasting errors, because they are related contemporaneously to spot prices, they fail to capture turning points and exhibit signs of biasedness and inefficiency. Adjusting the random walk and the unbiased efficiency equations, by including a time-varying risk premium or a drift factor, does not make the models better in terms of predicting turning points.
Journal: Journal of Post Keynesian Economics
Pages: 391-416
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1788395
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1788395
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Handle: RePEc:mes:postke:v:43:y:2020:i:3:p:391-416




Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Sgambati
Author-X-Name-First: Stefano
Author-X-Name-Last: Sgambati
Title: Historicizing the money of account: a critique of the nominalist ontology of money
Abstract: 
 The article puts forward a case against the nominalist ontology of money, that is, the heterodox notion that moneyness – the quality of being money – is conferred by the money of account. From the nominalist perspective, money is essentially a balance-sheet phenomenon: a credit-debit bookkeeping entity whose origins can be traced back to ancient Near Eastern practices of accounting. This ontological position, which is often erroneously traced back to Keynes’ Treatise, mystifies and obscures the actual history of the money of account as a regime of monetary governance and a mode of speculation that only made sense in the European late medieval context of bimetallism. The article thus provides a critique of monetary nominalism based on Keynes’ reflection on the value of money in the Treatise and the General Theory. In turn, it proceeds to historicize the phenomenon of the money of account, building on the seminal contributions of Marc Bloch and Luigi Einaudi.
Journal: Journal of Post Keynesian Economics
Pages: 417-444
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1788396
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1788396
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Handle: RePEc:mes:postke:v:43:y:2020:i:3:p:417-444




Template-Type: ReDIF-Article 1.0
Author-Name: Satya Prasad Padhi
Author-X-Name-First: Satya Prasad
Author-X-Name-Last: Padhi
Title: Export surpluses and complementarities of countries: a note on realism of balance of payment constrained growth models
Abstract: 
 The present note develops an argument in which the connection between exports and growth should underpin the demand side role of exports. The role of exports supports the external economies and supply dynamics in the Young-Kaldor cumulative causation growth. Perhaps most important, the export-led growth in a developed country and its need of proper, dynamic supply response induces imports that, in turn, can support effective export-led growth of its trading partners. This perspective brings in the crucial role of a broad range of domestic Keynesian policies, supporting the demand side role of investment and exports that ensures the proper interactions of domestic growth and the broader participation in the export-led growth. The resultant macro increasing returns at the international stage—export-led advanced growth in one country associated with such growth in other participating countries—provides the Keynesian understanding of the short run adjustment underlying interaction of exports, imports and domestic growth that permits the long run transition toward the balance of payment constrained growth. The Keynesian insight into the role of demand also underpins how additional participation in export-led growth brings forth further enhanced, endogenous export-led growth propensities for the trading partners that propagate in a cumulative way.
Journal: Journal of Post Keynesian Economics
Pages: 445-469
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1774391
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1774391
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Handle: RePEc:mes:postke:v:43:y:2020:i:3:p:445-469




Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe
Author-X-Name-First: Jesus
Author-X-Name-Last: Felipe
Author-Name: John McCombie
Author-X-Name-First: John
Author-X-Name-Last: McCombie
Title: The illusions of calculating total factor productivity and testing growth models: from Cobb-Douglas to Solow and Romer
Abstract: 
 Growth models in the tradition of Solow and Romer are framed in terms of production functions. Consequently, they are equally subject to a criticism developed by, among others, Phelps Brown, Simon, and Samuelson. These authors argued that production function estimations are flawed exercises because output, labor and capital stock, are definitionally related through an accounting identity. The identity argument helps demystify two illusions in the literature: (i) finding the Holy Grail: total factor productivity is, by construction, a weighted average of dollars per worker and a pure number (the rate of profit or the rental rate of capital); and (ii) the possibility of testing: if estimated properly, production function regressions will yield: (a) a very high fit, potentially an R2 of unity; and (b) estimated factor elasticities equal to the factor shares, hence they must always add up to 1. We illustrate these points through a series of well-known growth accounting exercises and models directly derived from production functions. They are futile exercises. We conclude that we know substantially less than we think about growth and that many of the discussions in the neoclassical growth literature are Kuhnian puzzles that only make sense within this paradigm.
Journal: Journal of Post Keynesian Economics
Pages: 470-513
Issue: 3
Volume: 43
Year: 2020
Month: 7
X-DOI: 10.1080/01603477.2020.1774393
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1774393
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Template-Type: ReDIF-Article 1.0
Author-Name: Florencia Médici
Author-X-Name-First: Florencia
Author-X-Name-Last: Médici
Title: Financial instability in peripheral economies: an approach from the balance-of-payments constraint
Abstract: 
 The accumulation regime of Latin American countries is characterized by a structural heterogeneity that gives rise to constant balance-of-payment problems. The need to finance trade deficits can lead to an unstable financing path as foreign investment and external indebtedness generate new foreign currency requirements in the medium term due to profit remittance, interest payment and the reversal of these flows when profit possibilities are extinguished, thus originating continuous and growing dollar outflows. From a Minsky-inspired analytical perspective, the aims of this paper are to analyze the financial fragility of the peripheral economies as one further characteristic of the problems of external restriction and to discuss that a development strategy should contemplate not only a productive but also a financial program. We propose an analysis of the degree of financial instability through indicators obtained from the balance of payments statistics. We analyze the cases of Argentina and Brazil to identify some stylized facts about financial instability in these countries over the past four decades.
Journal: Journal of Post Keynesian Economics
Pages: 515-539
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1811126
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1811126
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Barredo-Zuriarrain
Author-X-Name-First: Juan
Author-X-Name-Last: Barredo-Zuriarrain
Author-Name: Faruk Ülgen
Author-X-Name-First: Faruk
Author-X-Name-Last: Ülgen
Author-Name: Ognjen Radonjić
Author-X-Name-First: Ognjen
Author-X-Name-Last: Radonjić
Title: Fallacies of market-friendly financial regulation conducted by the Federal Reserve in the 1990s and 2000s
Abstract: 
 This article draws from the Minskyian/Post-Keynesian literature on the dynamics of the 21st century capitalism and points to the incompatibility between market-efficiency-based micro-prudential regulatory reforms—conducted by the Federal Reserve System in the 1990s–2000s—and financial system stability. We argue that these reforms rested on a twofold efficiency fallacy: efficient financial markets/regulation-free innovative dynamics and informational transparency seeking market-friendly regulation. Thus, the financial instabilities of the 2000s do not rest on accidental strategies of some irrational individuals but on the liberal regulatory changes implemented in the last decades. This article supplies evidence about the prevalence of this theoretical and policy stance, documenting through speeches and hearings given over the period 1999–2010 by the Fed’s officials. We then show that major regulatory changes conducted by the Fed were based on micro-prudential measures consistent with the blind faith of authorities in the capacity of free financial markets to self-regulate. This faith does not seem to be replaced by an alternative objective regulatory approach even in the aftermath of the world-wide 2007–2008 catastrophe. The major conclusion of this study is that a relevant alternative regulation should rest on a macro-prudential approach seeking to deal with the endogenously unstable dynamics of capitalism.
Journal: Journal of Post Keynesian Economics
Pages: 540-575
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1734465
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734465
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Herndon
Author-X-Name-First: Thomas
Author-X-Name-Last: Herndon
Author-Name: Mark Paul
Author-X-Name-First: Mark
Author-X-Name-Last: Paul
Title: A public banking option as a mode of regulation for household financial services in the US
Abstract: 
 The current financial system fails to adequately serve millions of consumers, resulting in widespread financial exclusion and consumer financial protections abuses. To address these problems, this paper proposes a public option in household financial services. A public option as a mode of regulation is defined as the government using the direct provision of services to households and intermediaries as a tool to regulate in the public interest. The public option explored would include two components. First, the federal government would create a public bank that directly provides households with basic transaction services and consumer credit. Second, the public bank would directly provide intermediaries with a service, through managing an online financial services marketplace where public products would compete alongside private products. A public option of this type would create the financial infrastructure required for universal service, as well as prevent consumer financial protection abuses through public-private competition.
Journal: Journal of Post Keynesian Economics
Pages: 576-607
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1734462
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734462
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Template-Type: ReDIF-Article 1.0
Author-Name: Anil Bolukoglu
Author-X-Name-First: Anil
Author-X-Name-Last: Bolukoglu
Title: Capital flows, real exchange rate appreciation, and income distribution in an open economy post Keynesian model of distribution and growth
Abstract: 
 This paper presents a post Keynesian open economy model to investigate the possible effects of capital flows on capacity utilization and distribution in financially controlled and financially liberalized small open economies. In financially controlled regimes, capital flows increase labor productivity through spillover effects. The increase in labor productivity leads to a decrease in wage share of workers from national income which leads to lower prices. The lower price level in turn results in real exchange rate depreciation and provides higher trade balances through enhanced export competitiveness. In financially liberalized regimes, capital flows result in real exchange rate appreciation, which decreases the cost of foreign borrowing, foreign intermediate goods, and lower wage shares. In line with all these developments, capacity utilization increases, but trade balances deteriorate due to diminished export competitiveness.
Journal: Journal of Post Keynesian Economics
Pages: 608-633
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1811125
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1811125
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Template-Type: ReDIF-Article 1.0
Author-Name: Ante Farm
Author-X-Name-First: Ante
Author-X-Name-Last: Farm
Title: Labor demand and product demand
Abstract: 
 This paper shows that the neoclassical model of labor demand in a firm is incomplete and that the determinants of labor demand in a complete model include the demand for the firm’s output but not the real wage.
Journal: Journal of Post Keynesian Economics
Pages: 634-639
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1794905
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1794905
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Handle: RePEc:mes:postke:v:43:y:2020:i:4:p:634-639




Template-Type: ReDIF-Article 1.0
Author-Name: Hongkil Kim
Author-X-Name-First: Hongkil
Author-X-Name-Last: Kim
Title: A missing element in the empirical post Keynesian theory of inflation—total credits to households: A first-differenced VAR approach to U.S. inflation
Abstract: 
 This paper analyzes U.S. inflation since the early 1980s, using the post Keynesian theory of inflation. Our empirical model that contains both supply- and demand-side variables is run over the total sample and the recent subsample after we notice a structural break in 2000Q3. The empirical results of the generalized impulse response analysis based on the estimated vector autoregression suggests that supply-side variables are significant in explaining U.S. inflation regardless of time, whereas the demand-side variable, the excess credit creation/depletion of households, is only crucial in the recent period. It demonstrates a missing element in the empirical post Keynesian theory of inflation. Furthermore, it is found that current monetary policy tools of maneuvering target interest rates and controlling monetary supply is not effective to their policy goals toward price stability.
Journal: Journal of Post Keynesian Economics
Pages: 640-656
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2019.1672559
File-URL: http://hdl.handle.net/10.1080/01603477.2019.1672559
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Template-Type: ReDIF-Article 1.0
Author-Name: Teófilo de Paula
Author-X-Name-First: Teófilo
Author-X-Name-Last: de Paula
Author-Name: Fábio Gama
Author-X-Name-First: Fábio
Author-X-Name-Last: Gama
Author-Name: Marco Crocco
Author-X-Name-First: Marco
Author-X-Name-Last: Crocco
Title: Regional growth under a monetary perspective: a theoretical model with empirical application to the Brazilian case
Abstract: 
 This study aims to establish a link between the regional growth rate and the Keynesian concept of Liquidity Preference from a model of Circular Cumulative Causation. Particularly, it replaces Verdoorn's Law by a mutual causal relationship between credit and regional growth rate. The model is represented by a first-order difference equation dynamic system. The analytical solution suggests that regional changes in Liquidity Preference lead to a Center/Periphery pattern of growth. An empirical application is performed for the Brazilian case, using banking variables at state level in a GMM estimation for Dynamic Panel Data. The results corroborate the hypothesis of persistent different growth rates between the more and the less-developed Brazilian regions.
Journal: Journal of Post Keynesian Economics
Pages: 657-673
Issue: 4
Volume: 43
Year: 2020
Month: 10
X-DOI: 10.1080/01603477.2020.1713005
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1713005
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Template-Type: ReDIF-Article 1.0
Author-Name: Gennaro Zezza
Author-X-Name-First: Gennaro
Author-X-Name-Last: Zezza
Title: Presentation
Journal: Journal of Post Keynesian Economics
Pages: 1-1
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840279
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840279
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitri B. Papadimitriou
Author-X-Name-First: Dimitri B.
Author-X-Name-Last: Papadimitriou
Title: The legacy of Wynne Godley, Wednesday, May 13, 2020: welcome and introduction
Journal: Journal of Post Keynesian Economics
Pages: 2-5
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840285
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840285
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Lavoie
Author-X-Name-First: Marc
Author-X-Name-Last: Lavoie
Title: Wynne Godley’s monetary circuit
Abstract: 
 This article outlines the main points of full agreement between Wynne Godley and I. These explain why we managed to complete the task of writing our book Monetary Economics. The main points are the following: we had an identical conception of pricing procedures and the lack of impact of demand on prices relative to normal unit costs; we both had identified the compensation thesis in our previous work, that is, the belief that balance-of-payment surpluses have no impact on the stock of high-powered money in an economy set in a fixed-exchange-rate regime, in contrast to the Mundell–Fleming model; we both held very similar views about the endogeneity of the money supply and the essential role of banks versus the rest of the financial institutions; and finally, we both held a view of the monetary production economy that was in line with that presented by French circuit theorists and Augusto Graziani. This last point is developed in more detail, as it is pointed out that a number of scholars now combine the stock-flow consistent approach of Godley with the theory of the monetary circuit.
Journal: Journal of Post Keynesian Economics
Pages: 6-23
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840284
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840284
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis Cripps
Author-X-Name-First: Francis
Author-X-Name-Last: Cripps
Title: Godley and the world today
Abstract: 
 Applied macro-economics which Godley sought to promote has survived decades of criticism. Yet no solution has been found for imbalances in trade which he perceived as a crucial obstacle to full employment and climate change raises the ante in a manner that he did not foresee.
Journal: Journal of Post Keynesian Economics
Pages: 24-26
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1848437
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1848437
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Template-Type: ReDIF-Article 1.0
Author-Name: Ken Coutts
Author-X-Name-First: Ken
Author-X-Name-Last: Coutts
Title: Notes for a talk on the Legacy of Wynne Godley, Wednesday 12 May, 2020
Abstract: 
 The paper celebrates the career of Wynne Godley, his achievements and approach to economics. The author worked for many years with Godley in Cambridge, England. He explains Godley’s methods of working, his skills in economic forecasting and the long struggle to develop an integration of Keynesian macroeconomics and monetary economics.
Journal: Journal of Post Keynesian Economics
Pages: 27-31
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1848438
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1848438
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Gudgin
Author-X-Name-First: Graham
Author-X-Name-Last: Gudgin
Title: Notes from Graham Gudgin
Journal: Journal of Post Keynesian Economics
Pages: 32-37
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840281
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840281
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Template-Type: ReDIF-Article 1.0
Author-Name: Gennaro Zezza
Author-X-Name-First: Gennaro
Author-X-Name-Last: Zezza
Title: Learning applied macro with Godley as a mentor
Abstract: 
 This article reports my contribution to the conference “The legacy of Wynne Godley”, focusing on his empirical work.
Journal: Journal of Post Keynesian Economics
Pages: 38-45
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840280
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840280
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio H. Dos Santos
Author-X-Name-First: Claudio H.
Author-X-Name-Last: Dos Santos
Title: A passionate craftsman and his craft: reflections on Wynne Godley’s work and legacy
Abstract: 
 The text has three main goals. The first is to share some of the author’s personal recollections on (briefly) working as Wynne Godley’s research assistant. The second is to reflect on the origins of the term/brand “stock-flow consistent” (or SFC, for insiders), which is at once successful (given the number of people who seem to like using it) and controversial. The third and most important is to reflect on Wynne Godley’s approach to macroeconomics—however, one wants to call it—and legacy.
Journal: Journal of Post Keynesian Economics
Pages: 46-56
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840282
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840282
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacques Mazier
Author-X-Name-First: Jacques
Author-X-Name-Last: Mazier
Title: The legacy of Wynne Godley
Abstract: 
 Godley’s approach is macroeconomic without micro-foundations, based on national accounts with an integrated treatment of the real and financial sides of the economy, stock flow consistent (SFC). In this framework the main economic imbalances at the national and world levels have been usefully analyzed. The SFC approach is well suited to study some of the post-corona period main issues (management of the increasing public debt, specificities of the euro zone system). But the difficulties of the task must not be underestimated (efforts to develop empirical SFC models, modeling the supply side).
Journal: Journal of Post Keynesian Economics
Pages: 57-61
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840925
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840925
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Template-Type: ReDIF-Article 1.0
Author-Name: Anwar Shaikh
Author-X-Name-First: Anwar
Author-X-Name-Last: Shaikh
Title: Notes from Anwar Shaikh
Journal: Journal of Post Keynesian Economics
Pages: 62-67
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1840283
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840283
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeva Nersisyan
Author-X-Name-First: Yeva
Author-X-Name-Last: Nersisyan
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Can we afford the Green New Deal?
Abstract: 
 The cost of the Green New Deal is usually estimated in financial terms, adding the projected costs of the various programs which leads to the conclusion that large tax hikes would be needed to pay for it. In this paper, we apply the methodology developed by J. M. Keynes in How to Pay for the War to offer a better approach for evaluating the affordability of the GND. We argue that the cost of the GND must be measured in terms of real resources, not financial costs. Affordability cannot be determined by adding up the financial costs and weighing them against prospective tax increases. What is required instead is a careful accounting of the resources the GND will require, weighing those against resources it will release plus what is already in excess supply. Only then can we determine whether a reduction of aggregate demand is needed, and consequently, whether we need counter-inflationary measures, such as tax hikes. While we acknowledge the major uncertainties involved in estimating real resource costs, we argue that our approach to affordability is much more relevant than the mainstream one.
Journal: Journal of Post Keynesian Economics
Pages: 68-88
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1835499
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835499
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Template-Type: ReDIF-Article 1.0
Author-Name: João Sicsú
Author-X-Name-First: João
Author-X-Name-Last: Sicsú
Author-Name: Andre de Melo Modenesi
Author-X-Name-First: Andre
Author-X-Name-Last: de Melo Modenesi
Author-Name: Débora Pimentel
Author-X-Name-First: Débora
Author-X-Name-Last: Pimentel
Title: Severe recession with inflation: the case of Brazil
Abstract: 
 Severe recessions usually occur in the company of deflation. However, Brazil displayed atypical results in 2015, with a severe recession and double-digit inflation at the same time. Fisher delivered the classical explanation for severe recession and dramatic price level variation. Inspired by Fisher’s model, we elaborated on an explanation for the case of Brazil. The country displayed the essential elements of Fisher’s model: debt disturbances and price-level disturbances. A contractionary fiscal policy triggered the recession, and once contraction started, the price level moved upwards dramatically. Among the government’s spending cuts were subsidies to intermediate inputs. Once the prices of these inputs increased, the general price level followed. In the presence of a recession, nonfinancial corporations saw their costs soar. As a result, they could not entirely pass on the rise in production costs to retail prices. With fewer revenues and smaller profits, production was discouraged. The over-indebted companies decided to use their available resources to pay off debts and avoid bankruptcy, instead of increasing production. Thus, we concluded that a specific type of inflation and the companies’ over-indebtedness could severely aggravate recession.
Journal: Journal of Post Keynesian Economics
Pages: 89-111
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1835497
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835497
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuele Bibi
Author-X-Name-First: Samuele
Author-X-Name-Last: Bibi
Title: The stabilizing role of the government in a dynamic distribution growth model
Abstract: 
 This work builds upon “Keynes, Kalecki and Metzler in a Dynamic Distribution Model”. In that paper the dynamics of an economy from the ultra-short to the short period inside a Post-Keynesian perspective were studied questioning the general shared assumption of equilibrium between aggregate demand and aggregate supply in the short and long run Kaleckian models. This paper responds to some unresolved issues of the model proposed there considering a proper analysis of the Kaleckian investment function and a more realistic scenario with the presence of the government sector. Moreover, even if that model tried to deal with firms’ expectations in producing goods, some values boundaries were exogenously established. Here, those boundaries are questioned again. In fact, the novelty of this work is that an active role of the government can actually influence both the values of the expectations and their respective boundaries. It is argued that is particularly the case when the government is engaged in policies which aim is to support and secure a high level of economic activity and to smooth and steer the cycles phases toward a sustainable development path. Particularly we focus on the role of different fiscal policies aimed at obtaining such goals.
Journal: Journal of Post Keynesian Economics
Pages: 112-142
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1835495
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835495
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Handle: RePEc:mes:postke:v:44:y:2021:i:1:p:112-142




Template-Type: ReDIF-Article 1.0
Author-Name: Dun Liu
Author-X-Name-First: Dun
Author-X-Name-Last: Liu
Title: Is China’s economic growth profit-led or wage-led? A re-estimation incorporating investment nonlinearity, sectoral change, and regional disparity
Abstract: 
 This paper estimates China’s growth regime based on Bhaduri-Marglin model, using the provincial panel data from 1978 to 2017. It contributes to related empirical studies in that: (1) it tests that the responsiveness of investment growth to labor share increase is dependent on the existed labor share level; (2) it uses the labor share changes adjusted for the sectoral-change effects as a more appropriate proxy for distributive changes; and (3) it manifests the necessity of recognizing regional heterogeneity in parameters for a large economy. The results show that at 2017 level, whereas the eastern area is weakly profit-led, the inland area is strongly wage-led, and an even increase of labor share in all areas lead to more rapid growth of the whole economy. At this stage, China needs pro-labor institutional reforms to restore rapid, balanced, and sustainable growth.
Journal: Journal of Post Keynesian Economics
Pages: 143-172
Issue: 1
Volume: 44
Year: 2021
Month: 1
X-DOI: 10.1080/01603477.2020.1848436
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1848436
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Title: Rethinking the theory of money, credit, and macroeconomics: a review essay.
Abstract: 
 This article provides a summary, analysis, and critique of John Smithin’s recently published book Rethinking the Theory of Money, Credit, and Macroeconomics. The book can be viewed as Smithin’s magnum opus. It focuses on how profits arise under capitalism and provides a sensible explanation in terms of money and the need to borrow. As with John’s other writings, it provides deep insights into how capitalist economies work. It is also erudite and extremely well-written. On the other hand, I have concerns with some of the policy positions espoused in the book—controlling inflation via some monetary policy rule, opposition to the balanced budget multiplier, and how monetary policy can help with our contemporary distribution problem.
Journal: Journal of Post Keynesian Economics
Pages: 302-314
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2020.1794904
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1794904
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Template-Type: ReDIF-Article 1.0
Author-Name: Agustín Mario
Author-X-Name-First: Agustín
Author-X-Name-Last: Mario
Title: Simulating an employer of last resort program for Argentina (2003–2015)
Abstract: 
 The employer of last resort (ELR) is a policy proposal designed as an alternative to using unemployment as the primary mean to control the value of the currency. This paper complements the analysis at the theoretical level and provides an estimate of the potential economic effects of an ELR program on the Argentine economy. According to the simulations within the historical economic cycle, the ELR (1) would permanently eliminate involuntary unemployment, (2) by setting an effective minimum wage equal to the poverty line, it would eradicate poverty—at least that originating in insufficient labor income—, (3) if combined with a quantity rule for non-ELR public spending, the policy could influence the size of the program and, thus, attempt to offset the acceleration (or deceleration) of inflation with respect to the target. In addition, the ELR would prevent the so-called “external constraint” from implying (as it currently does) involuntary unemployment (and poverty). In a sense, and as the simulated scenarios pretend to illustrate, an ELR would, at least, replace the tradeoff between the “two evils” (unemployment and inflation) by another between inflation and the proportion of ELR employment. 
Journal: Journal of Post Keynesian Economics
Pages: 208-238
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2020.1734467
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734467
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Handle: RePEc:mes:postke:v:44:y:2021:i:2:p:208-238




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Williams
Author-X-Name-First: Alex
Author-X-Name-Last: Williams
Title: Moral hazard in a modern federation
Abstract: 
 Arguments against providing fiscal aid to state governments usually rely on a simplistic moral hazard argument: supporting states through a cyclical downturn encourages them to overspend. This argument undergirds the policy recommendations made by the mainstream literature on Fiscal Federalism. I argue that these accounts are predicated on a misunderstanding of what it means to be an agent with respect to one’s budget over the business cycle. Basic corporate finance theory teaches us that in order to have control over the relative movement of income and expenditure in the current period, one must be able to design one’s own capital structure. US State governments are institutionally and constitutionally prevented from designing their own capital structures, and as such, cannot be judged to have budgetary agency across the business cycle. I show that the moral hazard problem presented in the fiscal finance literature is ill-posed, and obscures a second, more important problem of moral hazard. Namely, that politicians at the federal level reap the political rewards of pursuing austerity at the state level while remaining insulated from any political, economic, or social costs or responsibility. This second moral hazard problem admits of a simple solution: trigger-based fiscal aid to state governments.
Journal: Journal of Post Keynesian Economics
Pages: 173-183
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2021.1872031
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1872031
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Ederer
Author-X-Name-First: Stefan
Author-X-Name-Last: Ederer
Author-Name: Maximilian Mayerhofer
Author-X-Name-First: Maximilian
Author-X-Name-Last: Mayerhofer
Author-Name: Miriam Rehm
Author-X-Name-First: Miriam
Author-X-Name-Last: Rehm
Title: Rich and ever richer? Differential returns across socioeconomic groups
Abstract: 
 This paper estimates rates of return across the gross wealth distribution in eight European countries. Like differential saving rates, differential rates of return matter for post Keynesian theory, because they impact the income and wealth distribution and add an explosive element to growth models. We show that differential rates of return matter empirically by merging data on household balance sheets with long-run returns for individual asset categories. We find that (a) the composition of wealth differentiates three socioeconomic groups: 30% are asset-poor, 65% are middle-class home owners, and the top 5% are business-owning capitalists; (b) rates of return rise across all groups; and (c) rates of return broadly follow a log-shaped function across the distribution, where inequality in the lower half of the distribution is higher than in the upper half. If socioeconomic groups are collapsed into the bottom 95% workers and top 5% capitalists, then rates of return are 5.6% for the former and 7.2% for the latter.
Journal: Journal of Post Keynesian Economics
Pages: 283-301
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2020.1794902
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1794902
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Handle: RePEc:mes:postke:v:44:y:2021:i:2:p:283-301




Template-Type: ReDIF-Article 1.0
Author-Name: Amanda Page-Hoongrajok
Author-X-Name-First: Amanda
Author-X-Name-Last: Page-Hoongrajok
Title: Can state and local government capital spending be a vehicle for countercyclical policy? Evidence from new interview and survey data
Abstract: 
 This paper investigates the extent to which state and local government capital spending in the United States can be an effective vehicle for countercyclical policy. Policy responses to recent cyclical downturns have included a variety of policies to encourage greater spending at the state and local level, including efforts to lower borrowing costs for these governments, but the effectiveness of these policies remains unclear. To examine the effectiveness of state-local capital spending as a countercyclical tool, I use a unique data set consisting of open-ended interviews with state and local budget officers and a survey of state governments. I find that at present, there are significant barriers preventing countercyclical state-local capital spending. First, interventions to stimulate capital spending via easing financing conditions are likely limited by two factors: some governments use minimal amounts of borrowing to finance capital spending, and for governments that do rely primarily on borrowing, capital spending appears insensitive to interest rates. Second, state and local capital spending decisions involve substantial lags, making it a poor vehicle for countercyclical fiscal policy even in the absence of financing constraints. Third, state-local budget officials do not view capital spending as a tool for economic stabilization.
Journal: Journal of Post Keynesian Economics
Pages: 184-207
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2021.1875246
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1875246
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Handle: RePEc:mes:postke:v:44:y:2021:i:2:p:184-207




Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Duwicquet
Author-X-Name-First: Vincent
Author-X-Name-Last: Duwicquet
Title: Financialization, dividends, and accumulation of capital
Abstract: 
 The article proposes a stock-flow consistent macroeconomic modeling of a financialized growth regime. The different effects of financialization are studied in open economies with interest rates, share prices, credit, capital accumulation, and income distribution. The structural characteristics of the financialized growth regime, such as financial accumulation, shareholder power, and international competition, remain heavy brakes on investment and employment. Using the model, we measure the consequences of dividend reduction. In a financialized growth regime, a reduction in dividends would allow a return to full employment throughout the eurozone. However, this policy would have to be accompanied by a reduction in firms’ financial accumulation and by a fiscal stimulus policy. In order to achieve a satisfactory social situation, a major institutional change appears essential.
Journal: Journal of Post Keynesian Economics
Pages: 239-282
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2020.1713820
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1713820
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Handle: RePEc:mes:postke:v:44:y:2021:i:2:p:239-282




Template-Type: ReDIF-Article 1.0
Author-Name: Ramesh Chandra
Author-X-Name-First: Ramesh
Author-X-Name-Last: Chandra
Author-Name: Roger J. Sandilands
Author-X-Name-First: Roger J.
Author-X-Name-Last: Sandilands
Title: Nicholas Kaldor, increasing returns and Verdoorn’s Law
Abstract: 
 Nicholas Kaldor made much of the Verdoorn’s Law and the objective of this paper is to examine the validity of this alleged law and whether it justifies special treatment to manufacturing. This paper reviews the Smith-Young approach to increasing returns and shows that Kaldor was not much guided by this framework when it came to policy making. He was more guided by empirical observations with respect to the applicability of Verdoorn’s Law. The paper also critically reviews Verdoorn’s Law particularly in so far as Verdoorn himself was not fully convinced of its general applicability. The correspondence between Kaldor and Lauchlin Currie (and Roger Sandilands) is also highlighted in this regard and brings out their differing views on both agriculture and industry. The paper’s main conclusion is that even if Verdoorn’s Law is valid it does not call for a special treatment to manufacturing. The logic of favoring manufacturing at the cost of other sectors distorts intersectoral relationships, leads to adverse terms of trade for agriculture, and is likely to pose a demand constraint for industry itself. To undo one distortion (i.e., protection to industry), one has to match it with other distortions like price support and marketing board in agriculture, and dual exchange rates to promote exports. The whole economic system becomes an intricate maze with adverse consequences for growth and productivity for the whole economy.
Journal: Journal of Post Keynesian Economics
Pages: 315-339
Issue: 2
Volume: 44
Year: 2021
Month: 4
X-DOI: 10.1080/01603477.2021.1872030
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1872030
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Medlen
Author-X-Name-First: Craig
Author-X-Name-Last: Medlen
Author-Name: Zelin Chen
Author-X-Name-First: Zelin
Author-X-Name-Last: Chen
Title: Kalecki’s principle of increasing risk violated: debt, cash flow and free cash
Abstract: 
 The recent expansion of leverage among the largest U.S. nonfinancial firms violates Michal Kalecki’s “Principle of Increasing Risk” in the sense that the largest firms are more leveraged than their smaller counterparts. The thesis presented herein is that this violation is critically dependent on cash and free cash flows derived from public and noncorporate private deficit spending outside of the corporate sector. In reference to public deficits, this dependency was first elaborated in Hyman Minsky’s elaboration of Kalecki’s derivation of free cash. Arguably, noncorporate private debt relative to personal income—based mainly on household deficit spending—has approached an upper limit. Arrival at such a limit would mean that corporate leverage in the nonfinancial sector would be dependent on public deficits alone. Under present circumstances, this means a continued dependency on the hegemonic role of the dollar in world markets and the continued willingness of foreigners to absorb U.S. public debt.
Journal: Journal of Post Keynesian Economics
Pages: 390-410
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2020.1713007
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1713007
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Handle: RePEc:mes:postke:v:44:y:2021:i:3:p:390-410




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Announcing the Levy Economic Institute’s 11th Hyman P. Minsky Summer Seminar June 12–18, 2022
Journal: Journal of Post Keynesian Economics
Pages: 508-508
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2021.1961549
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1961549
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Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Ingham
Author-X-Name-First: Geoffrey
Author-X-Name-Last: Ingham
Title: In defence of the nominalist ontology of money
Abstract: 
 “Historicizing the money of account: a critique of the nominalist ontology of money” (Journal of Post Keynesian Economics, 3, 43) argues that “money itself” is always something more than money of account; that nominalists mistakenly believe that Keynes shared their position; and that money of account is historically specific to medieval Europe. This response contends that the case is based on misinterpretation, misunderstanding, and imprecise arguments.
Journal: Journal of Post Keynesian Economics
Pages: 492-507
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2021.1913755
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1913755
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Henrique Bittes Terra
Author-X-Name-First: Fabio Henrique
Author-X-Name-Last: Bittes Terra
Author-Name: Fernando Ferrari-Filho
Author-X-Name-First: Fernando
Author-X-Name-Last: Ferrari-Filho
Title: Public Sector Financial Fragility Index: an analysis of the Brazilian federal government from 2000 to 2016
Abstract: 
 This article adapts the Public Sector Financial Fragility Index to exam the Brazilian federal government financial posture over 2000–2016. This Index enables examining public finances based on Minsky’s financial fragility hypothesis. The paper undertakes three analyses: one explores the federal government financial fragility using the borrowing requirements data, which is the standard series to assess public finances. The second analysis makes use of the budget execution data, comprising all governmental cash flows, including the financial revenues and expenses but excluding credit operations, which are new debt borrowed by the government; this new debt is considered in the third analysis. The outcomes show that, in its borrowing requirements, the Brazilian government was Speculative over 2000–2013, and Ponzi from 2014 to 2016. Applying the Index to the budget execution data, Brazil was Speculative throughout the period. Considering the budget execution added with credit operations, Brazil was mostly Hedge, although artificially, because built on new debt and not on government revenues. Parallelly, the Index enables analyzing the type of the Brazilian fiscal policy, if pro or countercyclical: it was chiefly procyclical, maintaining Speculative and Ponzi postures whilst the GDP grew, a diverse behavior in relation to the Post Keynesian proposition.
Journal: Journal of Post Keynesian Economics
Pages: 365-389
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2020.1713006
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1713006
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Handle: RePEc:mes:postke:v:44:y:2021:i:3:p:365-389




Template-Type: ReDIF-Article 1.0
Author-Name: Joel Rabinovich
Author-X-Name-First: Joel
Author-X-Name-Last: Rabinovich
Title: Financialisation and the ‘supply-side’ face of the investment-profit puzzle
Abstract: 
 The high level of profits along with low levels of gross physical investment has been characterized as a puzzle in heterodox economics. One of the most extended answers at the firm level is that changes in corporate governance have altered the objectives of the firm toward profits, rather than growth. However, once it is acknowledged that investment becomes the basis upon which companies supply commodities as well as compete with other firms, an ever decreasing rate of investment should not be compatible with permanent high levels of profits. This is what we call the ‘supply-side’ face of the investment-profit puzzle. The article builds on the post-Keynesian theory of the firm and its investment decision and explores different answers already linked to the financialisation literature such as changes brought about by production outsourcing, increased market power, the attack on labor conditions and financial accumulation. Once these solutions are critically assessed, an extension to the theory is proposed in order to show that firm’s profitability has been detaching from its physical investment decisions.
Journal: Journal of Post Keynesian Economics
Pages: 434-462
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2020.1734463
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1734463
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Template-Type: ReDIF-Article 1.0
Author-Name: Cory Cutsail
Author-X-Name-First: Cory
Author-X-Name-Last: Cutsail
Author-Name: Farley Grubb
Author-X-Name-First: Farley
Author-X-Name-Last: Grubb
Title: Colonial North Carolina’s paper money regime, 1712–1774: value decomposition and performance
Abstract: 
 North Carolina’s colonial assembly emitted its own paper money and maintained some amount in public circulation during its entire history as a separate colony. No systematic or statistical analysis of North Carolina’s paper money regime exits in the literature. We correct that here. We model and estimate how the market value of this money was determined. We compare the quantity theory of money with an asset-pricing model to see which explains the observed market value of the paper money better. Finally, we explore counterfactual redemption architectures to show how redemption affected monetary performance in periods of value collapse.
Journal: Journal of Post Keynesian Economics
Pages: 463-491
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2020.1835498
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835498
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Cedrini
Author-X-Name-First: Mario
Author-X-Name-Last: Cedrini
Author-Name: Joselle Dagnes
Author-X-Name-First: Joselle
Author-X-Name-Last: Dagnes
Author-Name: Çinla Akdere
Author-X-Name-First: Çinla
Author-X-Name-Last: Akdere
Title: Stephen King’s "Needful Things": a dystopian vision of capitalism during its triumph
Abstract: 
 In Stephen King’s horror novel Needful Things, a stranger comes to town and opens a shop wherein any inhabitant can find exactly the thing s/he desires most, in exchange for playing “pranks” that cause distress to other members of the community, until the whole town is caught in a war of all against all. The paper analyses the novel as a “satire of Reaganomics,” as the author himself happened to describe it. Using insights from economics, economic sociology, and economic anthropology, it aims at demonstrating that the book provides an opportunity to explore the actual and possible evolution of individual behavior in consumer societies, as well as the tensions that such societies engender between ideals of self-realization (via market logics and consumption) and social relationships.
Journal: Journal of Post Keynesian Economics
Pages: 341-364
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2021.1932525
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1932525
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Handle: RePEc:mes:postke:v:44:y:2021:i:3:p:341-364




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Lainé
Author-X-Name-First: Michael
Author-X-Name-Last: Lainé
Title: Opening the black box of investment expectations: an empirical inquiry into animal spirits
Abstract: 
 When it comes to investment expectations, entrepreneurs rely on their gut feelings, aka “animal spirits.” And yet, in most models, animal spirits are seen as “black box” irrationality that would cause random shocks. The purpose of this paper is to open this black box in order to comprehend how animal spirits work. First, we draw on Keynes’s texts and insights from psychology and neuroscience so as to elaborate a theoretical model of animal spirits. It seems they estimate prospective yields in an analogical and emotional fashion. Second, we implement a field study (presumably the first of its kind) in the context of a very realistic business game simulation in order to assess the animal spirits of would-be entrepreneurs and see whether they weigh more in investment expectations than the real factors so far outlined by the literature (profits, debt, the rate of capacity utilization, etc.). We find that emotions play a prominent role in investment decisions and that some of them enable entrepreneurs to cope with radical uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 411-433
Issue: 3
Volume: 44
Year: 2021
Month: 7
X-DOI: 10.1080/01603477.2020.1852091
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1852091
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Handle: RePEc:mes:postke:v:44:y:2021:i:3:p:411-433




Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Pacitti
Author-X-Name-First: Aaron
Author-X-Name-Last: Pacitti
Title: The cost of job loss, long-term unemployment, and wage growth
Abstract: 
 Since the end of the Great Recession in June 2009, and despite the current low unemployment rate, wage growth in the United States has been substantially slower than in previous recoveries. This paper argues that the cost of job loss—the one year income loss associated with job loss—and the long-term share of unemployment can account for slow wage growth relative to other labor market variables. Using a wage-Phillips curve for three sample periods, empirical evidence suggests that the cost of job loss and the long-term share of unemployment better explain and forecast wage growth in the United States, particularly during the recovery from the Great Recession relative to conventional measures. This finding better highlights and captures deeper trends in the U.S. labor market, specifically the declining bargaining power of labor.
Journal: Journal of Post Keynesian Economics
Pages: 509-536
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2020.1835494
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835494
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Handle: RePEc:mes:postke:v:44:y:2021:i:4:p:509-536




Template-Type: ReDIF-Article 1.0
Author-Name: Carmem Feijo
Author-X-Name-First: Carmem
Author-X-Name-Last: Feijo
Author-Name: Marcos Tostes Lamônica
Author-X-Name-First: Marcos Tostes
Author-X-Name-Last: Lamônica
Author-Name: Sergiany da Silva Lima
Author-X-Name-First: Sergiany
Author-X-Name-Last: da Silva Lima
Title: Investment cycle of the Brazilian economy: a panel cointegration analysis of industrial firms based on Minsky’s financial instability hypothesis—2007–2017
Abstract: 
 The aim of this paper is to argue that one of the impacts of the 2008 international financial crisis and the European crisis in the Brazilian economy was in the investment rate. Our interpretation is that the impact of the international crises made the balance sheet of non-financial firms more fragile, mainly the industrial firms, and the economic measures implemented to sustain profit margins from 2011 onwards were not enough to counterbalance the deceleration in the aggregate demand and the rise in financial costs. To investigate the evolution of the financial fragility of industrial firms , following Minsky’s financial fragility hypothesis , we propose an econometric model using a cointegration panel. We develop the analysis in two stages using instrumental variables to estimate the rate of investment and the share of financial receipts in total receipts. Among the instrumental variables, the share of wages in value-added, the domestic interest rate, the exchange rate, and the world income were statistically significant. We conclude that the deterioration of the capacity of industrial firms to generate enough internal funds to face debt commitments can be explained by the deceleration of the aggregate demand, expressed by investment rate and the deceleration of the world income, and the increase in the weight of the wage share in total value-added.
Journal: Journal of Post Keynesian Economics
Pages: 604-622
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2020.1840277
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840277
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Handle: RePEc:mes:postke:v:44:y:2021:i:4:p:604-622




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Allain
Author-X-Name-First: Olivier
Author-X-Name-Last: Allain
Title: Heterogeneous unit labor costs and profit margins in an economy with vintage capital: an amended neo-Kaleckian model
Abstract: 
 Post-Keynesian literature studying the impact of functional income distribution on economic activity and growth focuses on indirect demand effects (i.e., the consequences of real wage changes on aggregate demand components). The purpose of this article is to explore two points neglected by this literature. First, it ignores the direct supply effects corresponding to the impact of real wage changes on firms’ current profitability. Second, it does not explicitly take into account capital heterogeneity as a consequence of embodied technical progress. We, therefore, analyze the properties of a neo-Kaleckian model that includes both labor productivity differences between firms and the necessary condition of positive profits to engage in production. We show that the positive impact of real-wage increases on effective demand forces some firms to stop production because they become unprofitable. Moreover, the increase in effective demand can be impeded by the decrease in the capacity of profitable firms. Therefore, a recovery of economic activity through wage increases reaches its limits when profitable firms are at full capacity. The model also highlights the importance of technical competition and its role in firms’ behavior regarding capital replacement.
Journal: Journal of Post Keynesian Economics
Pages: 537-568
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2020.1835496
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835496
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Handle: RePEc:mes:postke:v:44:y:2021:i:4:p:537-568




Template-Type: ReDIF-Article 1.0
Author-Name: C. Saratchand
Author-X-Name-First: C.
Author-X-Name-Last: Saratchand
Author-Name: Soumya Datta
Author-X-Name-First: Soumya
Author-X-Name-Last: Datta
Title: Endogenously heterogeneous inflation expectations and monetary policy
Abstract: 
 This study adopts insights from Heterogeneous Agent Models (HAM) in order to formalize Post Keynesian insights and further develop heterodox macroeconomics. We formulate a macrodynamic model consisting of a standard Post Keynesian investment function and conflict inflation, resulting from workers and capitalists making conflicting claims over their shares in output. The central bank targets the inflation rate by employing the nominal rate of interest as an instrument. However, in a departure from standard Post Keynesian literature, expectations about inflation are endogenously heterogeneous. An endogenously determined fraction of the agents expects the inflation target of the central bank to prevail, while the rest of the agents are trend-followers. The proportion of trend followers depends directly on the proportionate deviation of the actual rate of inflation from the target rate. We examine the stability of the model and discuss some of its dynamic properties. We find that even along the steady-state neither class is able to achieve its desired share. Further, due to the endogenously heterogeneous nature of inflation expectations, any large shock to the system might destabilize it. We reexamine the effectiveness of a monetary policy that relies solely on inflation targeting in this context.
Journal: Journal of Post Keynesian Economics
Pages: 569-603
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2020.1714450
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1714450
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Handle: RePEc:mes:postke:v:44:y:2021:i:4:p:569-603




Template-Type: ReDIF-Article 1.0
Author-Name: Giacomo Bracci
Author-X-Name-First: Giacomo
Author-X-Name-Last: Bracci
Author-Name: Walter Paternesi Meloni
Author-X-Name-First: Walter
Author-X-Name-Last: Paternesi Meloni
Author-Name: Pasquale Tridico
Author-X-Name-First: Pasquale
Author-X-Name-Last: Tridico
Title: Output gap, participation and minimum income: a proposal for Italy
Abstract: 
 Recently, some attempts to increase the stance for fiscal policies in the European budgetary framework have followed the line of reducing the estimated “structural” unemployment rate (NAIRU), with the ensuing increase in the computation of the output gap. A similar effect can be obtained by increasing the actual participation rate. In this paper, we propose the introduction of a deficit-financed conditional minimum income (CMI) to discouraged people which are outside the labor force. By stimulating participation, this measure would bring about an upward revision of Italy’s potential output, and this in turn will contribute to generate a greater fiscal stance. We empirically assess the reliability of this measure by using both comparative statics and empirical estimations carried out via the simulation procedure used by the Output Gaps Working Group of the European Commission. Assuming one million newcomers in the labor force, our findings indicate that the measure would have produced a greater fiscal space of approximately €19 billion in 2016 and €12 billion in 2017. We also forecast the impact of the introduction of the deficit-financed CMI on real GDP and public finance indicators. We finally discuss the feasibility and the main criticisms of the proposal.
Journal: Journal of Post Keynesian Economics
Pages: 643-676
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2021.1913752
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1913752
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Template-Type: ReDIF-Article 1.0
Author-Name: Arslan Razmi
Author-X-Name-First: Arslan
Author-X-Name-Last: Razmi
Title: Walking the tightrope of real exchange rate policy for development: the roles of targets, instruments, and saving rates
Abstract: 
 Real exchange rate policy can potentially be utilized to target the trade balance and/or development through capital accumulation. However, the presence of distributional conflict and the tradeoff between current and future trade imbalances complicates matters. For example, steps that address development/external account issues may influence income distribution in socially unacceptable ways. Comparative studies of the East Asian and Latin American development experiences serve to highlight this issue. I show that policy assignment matters for dynamic stability, that is, the simultaneous achievability of multiple targets. Moreover, the relative saving behavior of different functional income groups influences dynamic behavior. The analysis sheds light on why real exchange rate policy may often be infeasible, even if desirable from a developmental perspective.
Journal: Journal of Post Keynesian Economics
Pages: 623-642
Issue: 4
Volume: 44
Year: 2021
Month: 10
X-DOI: 10.1080/01603477.2020.1840278
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1840278
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Handle: RePEc:mes:postke:v:44:y:2021:i:4:p:623-642




Template-Type: ReDIF-Article 1.0
Author-Name: Hanna Karolina Szymborska
Author-X-Name-First: Hanna Karolina
Author-X-Name-Last: Szymborska
Title: Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies
Abstract: 
 This paper analyses the impact of household wealth heterogeneity on inequality and macroeconomic stability in financialized economies. Based on the case of the USA since the 1980s it argues that transformation of financial sector operations has generated inequality by influencing gains from wealth ownership and leverage levels across the income distribution. Securitization and the subprime lending expansion have led to the emergence of a new class of leveraged homeowners, experiencing large increases in wealth prior to the Great Recession, followed by substantial losses after the crisis. Simultaneously, capitalists have diversified their asset portfolios while earning the highest and fastest-growing wages in the economy when employed as financial sector executives. In this light, the paper proposes a new conceptualization of households in macroeconomic models, defined by balance sheet composition rather than income sources alone. To inform this taxonomy, inequality and leverage indicators are simulated in a stock-flow consistent model calibrated to US data with three classes of households distinguished by their wealth composition, and a securitized financial sector. The proposed framework is found to produce more empirically accurate levels of income inequality and greater macroeconomic instability than the two-class division and establishes an equalizing effect of housing for wealth distribution.
Journal: Journal of Post Keynesian Economics
Pages: 24-72
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2021.1969951
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1969951
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Handle: RePEc:mes:postke:v:45:y:2022:i:1:p:24-72




Template-Type: ReDIF-Article 1.0
Author-Name: Fred Block
Author-X-Name-First: Fred
Author-X-Name-Last: Block
Title: Technology and productivity: a critique of aggregate indicators
Abstract: 
 Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different dimensions. First, the idea that it is possible to separate out the relative contribution to economic output of labor, capital, and technology requires ignoring their complex interdependence in actual production. Second, since TFP growth has declined in recent decades in all of the developed market societies, there is good reason to believe that the decline is an artifact of the slower rates of economic growth that are linked to austerity policies. Third, reliance on TFP assumes that measures of the gross domestic product are accurately capturing changes in economic output, even as the portion of the labor force producing tangible goods has declined substantially. Finally, there are other indicators that suggest that current rates of technological progress might be as strong or stronger than in earlier decades.
Journal: Journal of Post Keynesian Economics
Pages: 1-23
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2022.2029491
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2029491
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Template-Type: ReDIF-Article 1.0
Author-Name: Samba Michel Cyrille
Author-X-Name-First: Samba Michel
Author-X-Name-Last: Cyrille
Author-Name: Mbassi Christophe
Author-X-Name-First: Mbassi
Author-X-Name-Last: Christophe
Title: The endogenous money hypothesis: empirical evidence from the CEMAC area (1990–2017)
Abstract: 
 The aim of this study is to assess the nature of money supply in the CEMAC area. Specifically, we aim at testing the post-Keynesian endogenous money hypothesis which asserts that money supply is demand-determined and not in the control of the central bank. Contrary to the usual Granger causality tests performed in most studies related to the post-Keynesian theory, we use in this paper a direct test of the endogeneity of money. Using quarterly data from 1990 to 2017, we provide empirical evidence on endogenous money supply in the CEMAC area. Moreover, the structuralist and liquidity preference views are the principal transmission channels of money supply endogeneity in this monetary union. Monetary authorities should consequently shift their policy from the apparent monetary targeting to interest rate targeting, and subsequently to inflation targeting. Moreover, the banking system must undergo profound structural changes.
Journal: Journal of Post Keynesian Economics
Pages: 73-99
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2020.1835493
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1835493
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Template-Type: ReDIF-Article 1.0
Author-Name: Tanweer Akram
Author-X-Name-First: Tanweer
Author-X-Name-Last: Akram
Title: A simple model of the long-term interest rate
Abstract: 
 This paper presents a simple model of the long-term interest rate. The model represents Keynes’s conjecture that the central bank’s actions influence the long-term interest rate primarily through the short-term interest rate, while allowing for other important factors. It relies on the geometric Brownian motion to formally model Keynes’s conjecture. Geometric Brownian motion has been widely used in modeling interest rate dynamics in quantitative finance. However, it has not been used to represent Keynes’s conjecture. Empirical studies in support of the Keynesian perspective and the stylized facts on the dynamics of the long-term interest rate on government bonds suggest that interest rate models based on Keynes’s conjecture can be advantageous.
Journal: Journal of Post Keynesian Economics
Pages: 130-144
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2021.1878906
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1878906
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Template-Type: ReDIF-Article 1.0
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Conventions in Keynes’s theory of goods markets: investment and production decisions
Abstract: 
 The role of conventions in Keynes’s theory has been controversial. When dealing with investment and production decisions, Keynes referred to a projective rule that is his main example of convention. In addition, conventions appear in the practical techniques that Keynes attributed to agents concerned with the accumulation of wealth. Two important points have been neglected in existing interpretations. First, all these practical rules are directly present in goods markets and are not just rules used in financial markets that possibly influence agents in goods markets. Second, Keynes’s conventions in investment decisions are characterized by two properties: conformity with conformity and arbitrariness. The mechanisms underlying conformity with conformity include informational differences and possibly epistemic legitimacy, but, in contrast to Keynes’s discussion of financial markets, not a coordination effect with self-fulfilling prophecies. Those two properties are not clear in the case of production decisions.
Journal: Journal of Post Keynesian Economics
Pages: 145-167
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2021.1913753
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1913753
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastien Charles
Author-X-Name-First: Sebastien
Author-X-Name-Last: Charles
Author-Name: Thomas Dallery
Author-X-Name-First: Thomas
Author-X-Name-Last: Dallery
Author-Name: Jonathan Marie
Author-X-Name-First: Jonathan
Author-X-Name-Last: Marie
Title: The slowing of growth in France: an interpretation based on Thirlwall’s law
Abstract: 
 In this paper, we evaluate the French balance-of-payments constrained growth rate and we compare it with the effective growth rate. Empirically, we show that France is experiencing, simultaneously to its European integration, a substantial increase in the income elasticity of demand for imports and a collapse in the growth rate of its exports. Within the balance-of-payments constrained growth approach, this twofold negative effect is a major obstacle to true economic recovery and full employment.
Journal: Journal of Post Keynesian Economics
Pages: 100-129
Issue: 1
Volume: 45
Year: 2022
Month: 1
X-DOI: 10.1080/01603477.2020.1794903
File-URL: http://hdl.handle.net/10.1080/01603477.2020.1794903
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Template-Type: ReDIF-Article 1.0
Author-Name: Alice Nicole Sindzingre
Author-X-Name-First: Alice Nicole
Author-X-Name-Last: Sindzingre
Author-Name: Fabrice Tricou
Author-X-Name-First: Fabrice
Author-X-Name-Last: Tricou
Title: Six forms of hierarchy for a theoretical analysis of capitalism
Abstract: 
 The paper develops a conceptual analysis, which aims at refining the general concept of capitalism through an inquiry about the forms of hierarchy it involves. It is argued that the capitalist regime exhibits a series of specific attributes that have been so far underinvestigated together and are here comprehensively elucidated via the deepening of the concept of hierarchy. Qualitatively, the capitalist social structure is ambivalent, as it is neither the strict arborescent hierarchy exhibited by the feudal society, nor the flat partition displayed by the pure market economy; and the complex structure of the capitalist firm is an encompassing hierarchy, capital and labor being associated in a production process ruled by capital. Quantitatively, the capitalist pyramidal hierarchies of income and of wealth are essentially mobile, through the dynamics of market sanction and asset evaluation; and the relationship between capital bets and profit gains draws a tangled hierarchy as these returns are reinvested. All these capitalist hierarchies are typically economic, situational hierarchies arising when capitalists do not dominate the political order of power or in the social order of prestige. Finally, echoing post Keynesian perspectives, the conception of capitalism as a hierarchical phenomenon underlines its monetary structure and its self-transforming nature.
Journal: Journal of Post Keynesian Economics
Pages: 210-245
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1913754
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1913754
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Template-Type: ReDIF-Article 1.0
Author-Name: Yerin Yu
Author-X-Name-First: Yerin
Author-X-Name-Last: Yu
Author-Name: Jung-In Jo
Author-X-Name-First: Jung-In
Author-X-Name-Last: Jo
Title: Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms’ real and research and development investments
Abstract: 
 This study explores financialization’s effects on corporate innovation using data on 711 firms taken from the KIS-Value database (1994–2019) and the generalized method of moments (GMM) model. Scholars warn that aiming solely to maximize shareholders’ interests and short-term financial investments places non-financial firms’ entrepreneurship at risk. Long-term R&D and real investments decline as a result, leading to stagnant growth. This study investigates whether empirical findings from the US and the UK, where financialization negatively affects corporations’ real and R&D investments, apply to the South Korean market. We find that the financialization of South Korean non-financial firms has damaged both real and R&D investments. The first channel of financialization, increased financial investments, reduces real investments and R&D spending. Furthermore, the second channel of financialization, profit-sharing, reduces corporate innovation. The more that South Korean non-financial firms adhere to dividend payments and stock buybacks, the greater the negative impacts on real and R&D investments are.
Journal: Journal of Post Keynesian Economics
Pages: 184-209
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2022.2027786
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2027786
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:184-209



Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Sgambati
Author-X-Name-First: Stefano
Author-X-Name-Last: Sgambati
Title: Historicizing the money of account—a rejoinder
Abstract: 
 “In Defence of the Nominalist Ontology of Money” by Geoffrey Ingham (published by the Journal of Post Keynesian Economics in 2021) contends that “Historicising the Money of Account: A Critique of the Nominalist Ontology of Money” (published by the same journal in 2020) is based on misunderstanding, misrepresentation, and imprecisions. The core proposition in “Historicising the Money of Account” is that the money of account, which is generally understood to be a universal attribute of money, is in fact an institution of late medieval and early modern times that has no significant equivalent in today’s world (or in the ancient world, for that matter). This reply is intended to provide further clarification on the historical and ontological specificity of the late medieval institution of the money of account.
Journal: Journal of Post Keynesian Economics
Pages: 329-337
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1993071
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1993071
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:329-337



Template-Type: ReDIF-Article 1.0
Author-Name: Selwyn Cornish
Author-X-Name-First: Selwyn
Author-X-Name-Last: Cornish
Author-Name: John Hawkins
Author-X-Name-First: John
Author-X-Name-Last: Hawkins
Title: Remembering Geoff Harcourt (1931–2021): a post-Keynesian pioneer
Abstract: 
 Geoff Harcourt was esteemed for the quality of his prolific scholarship. He was a pioneering post-Keynesian economist who specialized in capital theory. But he also wrote on many other theoretical areas as well as contributing to policy debates and writing intellectual biographies. In addition to his published work, he made a remarkable contribution as a teacher and mentor, encouraging, supporting and guiding countless students and colleagues. His contributions to economics and public policy are therefore far more than the work he wrote himself. Generous, collegiate, encouraging and sympathetic, he was an outstanding person as well as a great economist.
Journal: Journal of Post Keynesian Economics
Pages: 169-183
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2022.2068036
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2068036
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:169-183



Template-Type: ReDIF-Article 1.0
Author-Name: Ivan Rozmainsky
Author-X-Name-First: Ivan
Author-X-Name-Last: Rozmainsky
Author-Name: Yuliana Kovezina
Author-X-Name-First: Yuliana
Author-X-Name-Last: Kovezina
Author-Name: Anna Klimenko
Author-X-Name-First: Anna
Author-X-Name-Last: Klimenko
Title: An empirical application of the financial instability hypothesis based on data from the Dutch non-financial private sector
Abstract: 
 This paper conducts an empirical analysis of the financial instability hypothesis on Dutch data. The main literature on this topic has been reviewed, and various financial fragility indexes to determine whether Dutch firms are in a hedge, speculative, or Ponzi regime are discussed. To do empirical analysis, 340 publicly-listed private Dutch firms from various industries were selected, and these panel data include observations from 2005 to 2019. This period includes three cases of falling GDP of the Netherlands: 2008–2009, 2011, and 2014. We use for our empirical analysis three financial fragility indexes. After identifying the regime of firms according to these criteria, we chose an index developed by Nishi to make a logistic regression. We use the Nishi approach to determine what affects a firm’s probabilities of becoming a Ponzi and thereby confirm Minsky’s hypothesis on Dutch data. According to our analysis, significant factors of the probability that Dutch private non-financial companies will be a Ponzi firm are profitability, interest rate, industry output, and crisis. Both accumulation of financial fragility due to “destabilizing stability” and austerity policy were reasons for economic crises in the Netherlands in the last decades.
Journal: Journal of Post Keynesian Economics
Pages: 281-300
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1993072
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1993072
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:281-300



Template-Type: ReDIF-Article 1.0
Author-Name: George Pantelopoulos
Author-X-Name-First: George
Author-X-Name-Last: Pantelopoulos
Title: Cross-border payments, global imbalances and involuntary constraints
Abstract: 
 Investigations into the process by which cross-border payments are completed within the international monetary system remain largely unresolved. By exploring how these payments are executed through a flow of funds representation as per Institutional Practice—the operations of both the Central Bank and commercial banks within the payment and settlement system—this paper will (1) demonstrate that domestic monetary policy implementation entails the Central Bank offsetting all autonomous reserve flows to maintain an overnight policy rate; (2) show why global imbalances occur and persist across the international monetary system; and (3) outline the impact of involuntary constraints on policymaking.
Journal: Journal of Post Keynesian Economics
Pages: 301-328
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1999829
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1999829
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:301-328



Template-Type: ReDIF-Article 1.0
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Title: Testing Keynes’ aggregate investment function
Abstract: 
 In Keynes’ model, no variety of private sector spending plays a more critical role than investment. This is so because reaching full employment requires that it be large enough to offset the volume of saving that would be forthcoming at that level of economic activity, which occurs only rarely and by coincidence. Despite its key role, very few Post Keynesians have undertaken empirical studies of Keynes’ approach (as opposed to one based on Keynes). While I suspect that there are a number of reasons for this, perhaps the greatest stumbling block is one related to data: how do we measure not just investors’ expectations, but the difference between what was expected and what actually transpired? I believe I have developed a defensible solution to this problem, one that not only allows for a more direct test of Keynes’ theory but also offers tremendous support for it.
Journal: Journal of Post Keynesian Economics
Pages: 246-262
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1932524
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1932524
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:246-262



Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Maclachlan
Author-X-Name-First: Fiona
Author-X-Name-Last: Maclachlan
Title: The case for the public provisioning of the payments system
Abstract: 
 This paper makes the case for allowing citizens and organizations the option of opening deposit accounts at the central bank that would receive the policy rate of interest. Unlike proposals to nationalize banks, this proposal would leave the function of allocating credit to the private sector. I contend that opening up the privilege of transactions accounts at the central bank to non-banks would result in the public provisioning of the payments systems (PPPS). I discuss the feasibility of the reform by framing it within the context of the evolution of the payments system. Specifically, I argue that the PPPS could reduce the financial fragility and the unnecessary expansion of the financial sector that has evolved out of the current arrangements. Furthermore, I address three criticisms that can be made of the PPPS: the inefficiency of government provisioning relative to the private sector, the necessity of private sector bank deposits for the capital development of a country and, finally, the possibility that the problems created by private sector depository institutions might reemerge in the shadow banking sector.
Journal: Journal of Post Keynesian Economics
Pages: 263-280
Issue: 2
Volume: 45
Year: 2022
Month: 4
X-DOI: 10.1080/01603477.2021.1969952
File-URL: http://hdl.handle.net/10.1080/01603477.2021.1969952
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Handle: RePEc:mes:postke:v:45:y:2022:i:2:p:263-280

Template-Type: ReDIF-Article 1.0
# input file: catalog-resolver7584606658038495032.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Eduardo Garzón Espinosa
Author-X-Name-First: Eduardo
Author-X-Name-Last: Garzón Espinosa
Author-Name: Bibiana Medialdea García
Author-X-Name-First: Bibiana
Author-X-Name-Last: Medialdea García
Author-Name: Esteban Cruz Hidalgo
Author-X-Name-First: Esteban
Author-X-Name-Last: Cruz Hidalgo
Author-Name: Carlos Sánchez Mato
Author-X-Name-First: Carlos
Author-X-Name-Last: Sánchez Mato
Title: Link between private debt and public surplus in Spain
Abstract: 
 Throughout recent history, the Spanish economy registered a fiscal surplus only between 2005 and 2007. Analysts agree that this surplus was a product of the extraordinary economic growth, but they often fail to notice that it was based on similarly exceptional growth in private debt, which was a necessary condition for achieving fiscal surplus. This finding can be illuminated from the vantage of sectoral balances: in economies that usually run a current account deficit, such as Spain’s, a public surplus can be achieved only in situations characterized by a credit bubble. To verify this idea we examine the impact that the Spanish real estate and credit bubble had on public accounts, and we also estimate an econometric model of autoregressive vectors. The results corroborate the working hypothesis: Spain’s only fiscal surplus in recent years was achieved thanks to the largest private indebtedness process in the country’s history. This evidence could have important implications in terms of economic policy, because economies with regular current account deficits such as Spain could have difficulties in achieving their fiscal goals without experiencing credit booms.
Journal: Journal of Post Keynesian Economics
Pages: 454-475
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2068035
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2068035
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Template-Type: ReDIF-Article 1.0
# input file: catalog-resolver8471750411733554302.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Vicente Ferreira
Author-X-Name-First: Vicente
Author-X-Name-Last: Ferreira
Title: Lost in consolidation? Declining public investment, multiplier effects and alternatives to the path of fiscal consolidation in Portugal
Abstract: 
 This paper deals with one of the most pressing concerns that Eurozone periphery economies will face in the near future: how to achieve a sustained recovery from the COVID-19 crisis while dealing with growing public debt-to-GDP ratios. The paper assesses the macroeconomic relationship between public spending, economic growth and debt sustainability. We use a TSLS method to perform the econometric estimation of the public spending multiplier for a panel of 11 Eurozone economies over the 1995–2019 period. We find evidence that the multiplier is positive and close to 1,8, suggesting that the benefits of promoting public investment exceed its initial financing cost. As a result, we conclude that debt sustainability is not only compatible with, but in fact improved by a more expansive fiscal policy and present an alternative policy path for the Portuguese economy in the 2021–2025 period based on this conclusion.
Journal: Journal of Post Keynesian Economics
Pages: 359-385
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2077764
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2077764
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Handle: RePEc:mes:postke:v:45:y:2022:i:3:p:359-385



Template-Type: ReDIF-Article 1.0
# input file: catalog-resolver5867788598985577489.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Joana David Avritzer
Author-X-Name-First: Joana
Author-X-Name-Last: David Avritzer
Title: Estimation of a long run regime for growth and demand through different filtering methods
Abstract: 
 This paper discusses the possibility of estimating a long run relationship between income distribution and growth. As emphasized by Blecker, the neo-Kaleckian empirical literature has focused on the estimation of a short run relationship. This paper contributes to the debate by looking at a long term relationship through the use of filtering methods. We first estimate the long run component (or “trend” component) of the relevant variables using various types of filters. Second, we run causality tests and frequentist estimations to test for the relationship between the estimated trend components. We find that there is little difference between the results of each filter and there is empirical evidence for long run relationship between the rate of capacity utilization and income distribution. We also find that there is some empirical evidence for long run wage-led growth.
Journal: Journal of Post Keynesian Economics
Pages: 408-428
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2068033
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2068033
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# input file: catalog-resolver2254988976704187757.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Peter N. Hess
Author-X-Name-First: Peter N.
Author-X-Name-Last: Hess
Title: More fiscally responsible: Democrat or Republican presidents?
Abstract: 
 Evidence is reviewed that national economic performance generally has been better under Democrat presidents. It is likely, but not necessarily true, however, that better economic performance is related to greater fiscal responsibility. A brief history of federal budget deficits and the gross federal debt for the last seven decades is followed by discussion of why federal budget deficits matter. A simple model is estimated where the shares of federal budget deficits in gross domestic products over the 72-year period from 1950 to 2021 are regressed on the civilian unemployment rate, indicating the state of the economy, and controlling for whether a Democrat or Republican is president and for years the U.S. was engaged in war. An Index of Fiscal Discipline is then regressed on the growth rate in real gross domestic product, again controlling for the party in the White House and war years. The results show that Democrat presidents have been significantly more fiscally responsible.
Journal: Journal of Post Keynesian Economics
Pages: 339-358
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2094276
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2094276
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# input file: catalog-resolver3287883204329582091.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Cláudio Castelo Branco Puty
Author-X-Name-First: Cláudio
Author-X-Name-Last: Castelo Branco Puty
Title: Shape matters: cost curves and capacity utilization in U.S. manufacturing
Abstract: 
 This study investigates the shape of cost curves and cost components of twenty industries in the U.S. manufacturing sector in the 1958–2010 period. After aggregating data for the 459 industries of the U.S. Standard Industrial Classification (SIC), I analyzed, at both sectoral and two-digit levels, the behavior of unit variable costs for different levels of output, as represented by a proxy for capacity utilization. In addition, I decomposed the cost structure into payroll, wages, and material costs. Results show that the unit variable costs of the large majority of industries present constancy around the trend of the output series, giving support therefore to the hypothesis of a post-Keynesian inverted L-shaped cost curve that, at the aggregate level, shows a considerable range of constancy in unit direct cost curves around normal capacity utilization. In addition, decomposition in material and labor costs shows that labor hoarding is a generalized phenomenon in the manufacturing sector, shown by the steeper slopes of the local regression fits for payroll and wage costs in relation to material costs.
Journal: Journal of Post Keynesian Economics
Pages: 386-407
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2021.2000336
File-URL: http://hdl.handle.net/10.1080/01603477.2021.2000336
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# input file: catalog-resolver57998453495529676.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Carles Manera
Author-X-Name-First: Carles
Author-X-Name-Last: Manera
Author-Name: Ferran Navines
Author-X-Name-First: Ferran
Author-X-Name-Last: Navines
Author-Name: Jose Pérez-Montiel
Author-X-Name-First: Jose
Author-X-Name-Last: Pérez-Montiel
Author-Name: Javier Franconetti
Author-X-Name-First: Javier
Author-X-Name-Last: Franconetti
Title: Capital productivity and the decreasing wage share in the United States: a Keynesian Approach
Abstract: 
 We argue that in the US there is a causal relationship running unidirectionally from negative shocks in capital productivity to negative variations in the wage share. We sustain that, faced with a capital productivity decrease, the US firm sector pushes wages down to maximize the rate of profit. Through asymmetric SVAR techniques that are robust to endogeneity and structural breaks; we show that decreases in capital productivity unidirectionally cause decreases in the wage share. We offer some possible explanations for that.
Journal: Journal of Post Keynesian Economics
Pages: 429-453
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2068034
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2068034
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# input file: catalog-resolver4550606675815096503.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220713T202513 git hash: 99d3863004
Author-Name: Pablo Bortz
Author-X-Name-First: Pablo
Author-X-Name-Last: Bortz
Author-Name: Gabriel Michelena
Author-X-Name-First: Gabriel
Author-X-Name-Last: Michelena
Author-Name: Fernando Toledo
Author-X-Name-First: Fernando
Author-X-Name-Last: Toledo
Title: The global financial cycle and external debt: effects on growth and distribution in emerging and developing economies
Abstract: 
 The global financial cycle (GFCy), driven by international monetary conditions and global risk perceptions, is a major driver of capital flows to and out of emerging and developing economies (EDEs), reflected in external indebtedness. This paper analyzes the impact of the GFCy on the economic performance of EDEs borrowing in international markets. Rising external borrowing generates appreciating pressures on the exchange rate and lowers the cost of external borrowing. The overall impact of these reinforcing effects acts over investment, debt servicing and the current account balance. We conduct simulation exercises which show that rising external debt coupled with lax external financial conditions have a detrimental impact on economic activity and creates inflationary pressures through the effect of financial costs and the reaction of nominal wage demands. We show that capital control measures increase the degrees of freedom of monetary authorities.
Journal: Journal of Post Keynesian Economics
Pages: 476-502
Issue: 3
Volume: 45
Year: 2022
Month: 7
X-DOI: 10.1080/01603477.2022.2068032
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2068032
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# input file: MPKE_A_2103826_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Felipe Orsolin Teixeira
Author-X-Name-First: Felipe Orsolin
Author-X-Name-Last: Teixeira
Author-Name: Fabricio José Missio
Author-X-Name-First: Fabricio José
Author-X-Name-Last: Missio
Author-Name: Ricardo Dathein
Author-X-Name-First: Ricardo
Author-X-Name-Last: Dathein
Title: Distribution and demand in Brazil: empirical evidence from the structural and aggregative approaches
Abstract: 
 This paper examines the relationship between functional income distribution, aggregate demand and capacity utilization for the Brazilian economy between 2000 and 2015. Therefore, we take on two different theoretical perspectives in the empirical exercises: (i) under the structural perspective, we analyze the effects of the wage share on the components of aggregate demand; and (ii) from an aggregative perspective, we evaluated the cyclical relationship between the demand curve and the distribution curve. The results differ according to the theoretical view: the first approach indicated that aggregate demand assumed a wage-led pattern with negative effects on investment (conflicting-stagnationism), while the second one showed a profit-squeeze distribution regime.
Journal: Journal of Post Keynesian Economics
Pages: 581-611
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2103826
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2103826
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# input file: MPKE_A_2107017_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Steven Pressman
Author-X-Name-First: Steven
Author-X-Name-Last: Pressman
Author-Name: Robert Haywood Scott
Author-X-Name-First: Robert Haywood
Author-X-Name-Last: Scott
Title: A refundable tax credit for children: its impact on poverty, inequality, and household debt
Abstract: 
 Households with children face burdens that households without children don’t face. Besides food, clothing, shelter and healthcare, childcare can easily run several thousand dollars each year. Historically, US economic and social policies have done little to help families with children. Until 2018, families with children were helped indirectly through tax exemptions for children and some child tax credits. These benefits mainly helped middle-income families in high tax brackets. Things changed with American Rescue Plan Act of 2021, which provided a refundable tax credit to all families with children ($3,600 annually for children under six and $3,000 for those six and older)—even families with no taxable income. This payment is like the child allowance programs that exist in nearly all nations. Our paper examines how the refundable child tax credit affected the economic condition of US households with children, and the impact of this credit on poverty and income inequality in the United States. We conclude with some suggestions for improving the refundable child credit so that it does a better job of helping families with children.
Journal: Journal of Post Keynesian Economics
Pages: 536-557
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2107017
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2107017
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# input file: MPKE_A_2110121_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Fábio Henrique Bittes Terra
Author-X-Name-First: Fábio Henrique
Author-X-Name-Last: Bittes Terra
Author-Name: Cleomar Gomes
Author-X-Name-First: Cleomar
Author-X-Name-Last: Gomes
Title: The effect of expectations on the Brazilian Central Bank’s policy rate
Abstract: 
 This article investigates how expectations influence the determination of the Brazilian benchmark interest rate based on Keynes’ views on the relationship between expectations and monetary policy. Then, as empirical methodology, Autoregressive Distributed Lag Models and Bounds Testing Approach to Cointegration are used to study, in the short and long-run, the connection between expectations and central bank interest rate. For the period from 2001Q3 to 2017Q4, results show that in the long-run business and consumer confidence, as well as expectations related to market interest rates, GDP, inflation and exchange rate play an important role on monetary policy actions. In the short-run, business and consumer confidence lose importance, while the other mentioned expectations are still statistically significant. The findings of the paper lend credence to Keynes’s view on the relation between expectation and money policy in Brazil.
Journal: Journal of Post Keynesian Economics
Pages: 612-635
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2110121
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2110121
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# input file: MPKE_A_2101125_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jakob Pedersen
Author-X-Name-First: Jakob
Author-X-Name-Last: Pedersen
Title: Abductive analogies between Keynes’ monetary-production economics and Einstein’s theories of relativity
Abstract: 
 In this paper, it is argued that there exist different interdisciplinary abductive analogies between Keynes’ monetary-production theory and Einstein’s theories of relativity. Based on some of the equations in Einstein’s special theory of relativity vis-à-vis the fundamental equation describing the equilibrium condition in Keynes’ model version of a realistic entrepreneur economy—a complementary scheme to an algebraic-topological interpretation of Keynes’ vision is outlined within the Post Keynesian scientific research programme.
Journal: Journal of Post Keynesian Economics
Pages: 523-535
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2101125
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2101125
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# input file: MPKE_A_2101475_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Yener Altunbaş
Author-X-Name-First: Yener
Author-X-Name-Last: Altunbaş
Author-Name: John Thornton
Author-X-Name-First: John
Author-X-Name-Last: Thornton
Title: Does inflation targeting increase income inequality?
Abstract: 
 We contribute to the growing empirical literature on the impact of monetary policy on income distribution by focusing on the impact of adopting an inflation targeting (IT) regime to guide monetary policy. We assess the impact employing a panel of 121 advanced and developing economies, including 27 IT adopters, during the period 1971–2015. Our results suggest that IT adoption has contributed to greater inequality of household income as measured by the Gini coefficient and to a reduced share of GDP going to labor compensation. The results are robust to alternative estimation methodologies and to variations in the sample with respect to countries and data frequency.
Journal: Journal of Post Keynesian Economics
Pages: 558-580
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2101475
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2101475
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# input file: MPKE_A_2103827_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Sebastian Valdecantos
Author-X-Name-First: Sebastian
Author-X-Name-Last: Valdecantos
Title: Endogenous exchange rates in empirical stock-flow consistent models for peripheral economies: an illustration from the case of Argentina
Abstract: 
 In recent years there has been an increase in empirical SFC models applied to specific countries to address a broad range of research questions. However, in most cases, the exchange rate has been modeled as exogenous. This prevents the analysis of both the multiplicity of channels through which the global financial cycle impacts economies and the effects that the different tools of domestic economic policy have on the external sector and macro-financial stability. To overcome this limitation, this paper presents an empirical quarterly SFC model for Argentina where the exchange rate is modeled among the lines proposed by Godley and Lavoie. The model includes a diversity of tools of economic policy that in the recent past have affected exchange rate stability and, consequently, the economy in general. The results suggest that the closure used in this model can be useful for the construction of similar models for other peripheral countries in which the nominal exchange rate results from the interaction of different processes from both the domestic economy and the rest of the world.
Journal: Journal of Post Keynesian Economics
Pages: 636-666
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2103827
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2103827
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# input file: MPKE_A_2094807_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Natália Bracarense
Author-X-Name-First: Natália
Author-X-Name-Last: Bracarense
Author-Name: Paulo Bracarense Costa
Author-X-Name-First: Paulo
Author-X-Name-Last: Bracarense Costa
Title: Measuring green jobs through fuzzy logic: aimed at environmental conservation and socio-economic stability and inclusion
Abstract: 
 The western model of development is experiencing a generalized crisis manifested by economic, political, ecological and sociological worldwide instabilities and heated popular responses sparking in several points of the globe. As illustrated by Kate Raworth in Doughnut Economics, 13% of the world population lives in a situation of food insecurity and 19% lives without electricity, meanwhile society experiences increasing rate of green gas emissions, biodiversity degradation, and deposits of reactive nitrogen. Aims at proposing an economic theory that supports access to basic human rights to every human being without depredating the quality of the environment have led a group of post-Keynesian/neo-Kaleckian economists to push for a framework that couples economic stability with concerns related to the broader social and environmental systems. To contribute to the newly intensified push of a post-Keynesian/neo-Kaleckian ecological economics, the present article introduces a metric for green jobs, using non-dichotomous measurements as proposed by “fuzzy logic,” as a tool to operationalize economic policies such as an ecological employment-guarantee program, for instance.
Journal: Journal of Post Keynesian Economics
Pages: 503-522
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2094807
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2094807
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# input file: MPKE_A_2151304_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: The Editors
Title: Announcement
Journal: Journal of Post Keynesian Economics
Pages: 667-667
Issue: 4
Volume: 45
Year: 2022
Month: 10
X-DOI: 10.1080/01603477.2022.2151304
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2151304
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# input file: MPKE_A_2099423_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Joaquim Vergés-Jaime
Author-X-Name-First: Joaquim
Author-X-Name-Last: Vergés-Jaime
Title: Apparent micro-realism in mainstream orthodox economics
Abstract: 
 As reiterated for a long, mainstream economics mainly relies upon a set of unrealistic axioms and deductive assumptions, which, nevertheless, are what underpins its core postulates. They are unnecessarily unrealistic assumptions, mainly because the empirical evidence for contrasting them is as overwhelming as old. Even the claim for (returning to) realism in economics is already old within part of the profession. However, most mainstream academics tend to consider that their research works have in fact empirical contents insofar as they usually start by considering simplified cases, situations, or descriptions that allude to some real economic facet; this, in the way of specificities to be introduced into the standard General Equilibrium model. This seeming paradox is discussed in this paper, and as a result, it is argued that there do is a predominance of a research programme in mainstream orthodox economics (modern neoclassical “economic theory,” plus “econometrics”) that is mainly characterized, more than by micro-empirical precisions, by a sort of abstract micro empiricism. It is also argued that the outcomes brought about by such a “mode of research production” (contributions) do not appear significantly relevant in terms of the quantum of knowledge provided about the functioning and problems of our economies.
Journal: Journal of Post Keynesian Economics
Pages: 87-112
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2099423
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2099423
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# input file: MPKE_A_2134034_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Thomas E. Lambert
Author-X-Name-First: Thomas E.
Author-X-Name-Last: Lambert
Title: The Baran Ratio, investment, and British economic growth and development
Abstract: 
 Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in England and the UK. This paper uses Zhun Xu’s Baran Ratio concept to try to develop general trends to demonstrate and reinforce other historical accounts of these times that a productive and sufficient level of public and private investment out of accumulated capital income, taxation, and rents does not have a real impact on economic per capita growth until around the 1600 s in Britain. This would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment more consistently becomes more than one hundred percent of the level of the domestic economic surplus and takes in government spending. The types of investment, threshold amounts of investment out of profits and rents along with government spending seem to matter when it comes to a growth path raising GDP per capita and national income per capita to higher levels. Although much of this knowledge perhaps is embodied in current historical accounts, the Baran Ratio nicely summarizes and illustrates the importance of levels of investment to economic growth.
Journal: Journal of Post Keynesian Economics
Pages: 142-172
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2134034
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2134034
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# input file: MPKE_A_2084630_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Anne Löscher
Author-X-Name-First: Anne
Author-X-Name-Last: Löscher
Author-Name: Annina Kaltenbrunner
Author-X-Name-First: Annina
Author-X-Name-Last: Kaltenbrunner
Title: Climate change and macroeconomic policy space in developing and emerging economies
Abstract: 
 This paper addresses the macroeconomic challenges stemming from the double affectedness of climate change and dependence on external finance in peripheral countries. The paper uses the Post-Keynesian concept of an asset’s own rate of return to assess how susceptibility to the combined effects of erratic capital flows and the vulnerability vis-à-vis the physical and transitional risks of climate change reduces macroeconomic policy space. Climate change and mitigation strategies are said to contribute to financial instability ensuing flight-to-quality of international investors. This translates into higher external financial fragility in low income countries with a high degree of commodity dependence—with increased exchange rate volatility and devaluating pressure deteriorating affected countries’ currencies’ liquidity premia and the expectation of their short-term exchange rates as result. Consequently, policy-makers in affected countries are forced to commit to investor-friendly policies and high interest rates to uphold their currencies’ acceptance. The susceptibility to the physical risks of climate change and mitigation hence contributes to the self-perpetuating nature of international monetary asymmetries and hierarchies.
Journal: Journal of Post Keynesian Economics
Pages: 113-141
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2084630
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2084630
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# input file: MPKE_A_2090378_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Ryan Woodgate
Author-X-Name-First: Ryan
Author-X-Name-Last: Woodgate
Title: Offshoring via vertical FDI in a long-run Kaleckian Model
Abstract: 
 This paper develops a two-country Kaleckian model in which “Northern” firms invest a fixed fraction of total investment in foreign affiliates in the low-wage “South” in order to offshore the production of intermediate goods over time. On the back of this setup follows an analysis of the macroeconomic implications of offshoring in the short and long run. Offshoring through vertical FDI is found to lead to a falling wage share and a simultaneously falling price level and rising markup in the North, whereas the effect on equilibrium capacity utilization may be positive or negative. Regardless of the effect on capacity utilization and firm profitability, we can show that the structural change implied by offshoring leads to lower rates of capital accumulation and employment in the North in the short run. The long-run effects on Northern employment and growth, on the other hand, depend crucially on the long-run accumulation rate of the Northern-owned multinational firms and on whether wages in the North and the South endogenously converge. The model appears well suited to shed light on many real-world macroeconomic phenomena, such as rising FDI flows, falling wage shares, rising markups in an era of low inflation, hysteresis, and secular stagnation.
Journal: Journal of Post Keynesian Economics
Pages: 32-64
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2090378
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2090378
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# input file: MPKE_A_2134033_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Henrique Paiva
Author-X-Name-First: Henrique
Author-X-Name-Last: Paiva
Author-Name: João Gabriel Oliveira
Author-X-Name-First: João Gabriel
Author-X-Name-Last: Oliveira
Author-Name: Joanilio Teixeira
Author-X-Name-First: Joanilio
Author-X-Name-Last: Teixeira
Title: A Kaleckian model of growth and distribution considering the effects of the urban informal sector
Abstract: 
 In this paper we present an effort to integrate the informal sector into a neo-Kaleckian growth and distribution model. While informality is a relevant issue to all developing countries, our work is motivated mainly by the Brazilian case, where recent growth of informal employment occurs amid stagnation of the formal sector. We seek to shed light on the relationship between the expansion of both sectors and their influences on economic performance, using as theoretical background the reproduction scheme from Kalecki, now considering the informal sector into the model. Also, we seek to examine the extent to which the expansion of the informal activities can be helpful or harmful for the formal economy in the long run. Our model is consistent with observed empirical facts and reinforces some theoretical and empirical results, for instance, the resilience of the informal activity, its growth at times of economic expansion as well as in times of recession, and its ultimate dependence on the formal economy.
Journal: Journal of Post Keynesian Economics
Pages: 65-86
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2134033
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# input file: MPKE_A_2144383_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Andrea Terzi
Author-X-Name-First: Andrea
Author-X-Name-Last: Terzi
Title: Fiscal sustainability under a paper standard: two paradigms
Abstract: 
 This paper investigates the theoretical foundations of fiscal sustainability and the policy prescription that when the trajectory of public debt is above a certain threshold, priority should be given to fiscal consolidation. The author contends that the assumption that the government sector is subject to an intertemporal budget constraint can be validated only within a real-exchange economy where money is neutral and public debt entails the absorption of private savings. Conversely, when the economy is viewed as a system of interlocking balance sheets under a paper standard, public debt may prompt higher prices but not an inflation overhang forcing monetization or default. Another justification regards the quality of spending when policymakers’ incentives create a deficit bias, but this must be balanced against the need to flexibly provide safe financial assets to offer fiscal support when needed. In conclusion, limiting fiscal action within an intertemporal budget constraint is unwarranted under a paper standard and generates deflationary effects, underlining the urgent need that Europe move decisively toward the creation of a coordinated fiscal policy joined to a permanent capacity to issue EU debt. This is today’s most urgently needed reform for the economic, social, and political sustainability of the European Union.
Journal: Journal of Post Keynesian Economics
Pages: 1-31
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2144383
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# input file: MPKE_A_2134035_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Gustavo Pereira Serra
Author-X-Name-First: Gustavo Pereira
Author-X-Name-Last: Serra
Title: Household debt, student loan forgiveness, and human capital investment: a neo-Kaleckian approach
Abstract: 
 This paper aims to analyze the sustainability of student debt in the US. For this purpose, I build a neo-Kaleckian model in which households can borrow to either consume or invest in human capital. Next, I calibrate the model using US data to simulate the economic effects of specific policies such as student loan forgiveness. To my knowledge, this is the first study that considers household borrowing for two different purposes, consumption and human capital accumulation, in a demand-led macro-modeling framework. The main findings are that (i) household debt is sustainable in the long run (i.e., the debt servicing is compatible with the long-term economic growth) for a consumption level greater than 90% of household income; (ii) new borrowing boosts short-term economic activity while having ambiguous long-term effects because of its outcomes to household indebtedness and debt servicing; and (iii) student loan cancelation has only short-run economic effects, whereas reducing loan interest rates and changing the eligibility criterion for student loan forgiveness result in long-term effects.
Journal: Journal of Post Keynesian Economics
Pages: 173-206
Issue: 1
Volume: 46
Year: 2023
Month: 1
X-DOI: 10.1080/01603477.2022.2134035
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# input file: MPKE_A_2167093_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert Calvert Jump
Author-X-Name-First: Robert
Author-X-Name-Last: Calvert Jump
Author-Name: Engelbert Stockhammer
Author-X-Name-First: Engelbert
Author-X-Name-Last: Stockhammer
Title: Building blocks of a heterodox business cycle theory
Abstract: 
 A key characteristic of heterodox theories of the business cycle is their focus on endogenous business cycle mechanisms. This paper provides an overview and comparison of four models in heterodox business cycle theory: multiplier-accelerator models, Goodwin models, Minskyan debt-cycle models, and momentum trader models. A representative model from each theory is formulated as a two-dimensional predator-prey system in continuous time, which allows us to identify the different stabilizing and destabilizing mechanisms. We argue that the theories are substantially competing, as they posit different mechanisms that explain cycles, but we also argue that these mechanisms are not mutually exclusive. We suggest that heterodox economists work toward a synthesis.
Journal: Journal of Post Keynesian Economics
Pages: 334-358
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2023.2167093
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2167093
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# input file: MPKE_A_2167092_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Éric Berr
Author-X-Name-First: Éric
Author-X-Name-Last: Berr
Author-Name: Virginie Monvoisin
Author-X-Name-First: Virginie
Author-X-Name-Last: Monvoisin
Title: Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory
Abstract: 
 Stock-flow-consistent models (SFC) and modern monetary theory (MMT) are growing in popularity. Both are part of post-Keynesian theory and provide it with a modeling tool for the former and political proposals for the latter. However, these new modern post-Keynesian approaches share features with monetary circuit theory: their accounting framework, the hierarchy of agents and economic flows, and the importance of the Keynes’s finance motive. This article examined the fundamental elements of these new approaches to establish their links with monetary circuit theory.
Journal: Journal of Post Keynesian Economics
Pages: 359-377
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2023.2167092
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2167092
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# input file: MPKE_A_2167094_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: George Dotsis
Author-X-Name-First: George
Author-X-Name-Last: Dotsis
Author-Name: Konstantinos Loizos
Author-X-Name-First: Konstantinos
Author-X-Name-Last: Loizos
Title: Bank capital regulation and the Modigliani-Miller Theorem: a Post-Keynesian perspective
Abstract: 
 This paper challenges the validity for bank regulation of the Modigliani-Miller (MM) Theorems. We argue that the Modigliani–Miller analysis cannot be applied to banks because when lending creates deposits the asset side of banks varies together with the liability side and equity behaves more like a sticky variable. Hence, from an endogenous money point of view and Minsky’s Financial Instability Hypothesis (FIH), much of the debate on bank capital adequacy rules is misleading because: First, it is not at a bank’s discretion to decide the mix of its funding when it provides credit. Secondly, bank liability management might have implications for financial stability as far as it reduces the liquidity in the economy. Bank regulation in the lines of MM Theorems misses both points as long as it disregards the endogenous process of money supply and the effects of financial fragility. In this sense, refutation of the validity of MM Theorems for bank regulation lends support to a Minskian cash-flow oriented bank regulation for the detection of Ponzi finances.
Journal: Journal of Post Keynesian Economics
Pages: 219-242
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2023.2167094
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2167094
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# input file: MPKE_A_2146591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Samuel Costa Peres
Author-X-Name-First: Samuel Costa
Author-X-Name-Last: Peres
Author-Name: André Moreira Cunha
Author-X-Name-First: André Moreira
Author-X-Name-Last: Cunha
Author-Name: Luiza Peruffo
Author-X-Name-First: Luiza
Author-X-Name-Last: Peruffo
Title: International financial integration and economic growth in developing and emerging economies: an empirical investigation
Abstract: 
 This paper explores the relationship between international financial integration (IFI), external vulnerability and economic growth. It proposes a taxonomy of typical IFI profiles and applies it to a sample of 90 developing and emerging economies (DEEs) for the 1992–2016 period using a dynamic panel data model. Drawing from a Post Keynesian and Structuralist analytical framework, it argues that what matters for economic growth is less the degree of IFI per se and more the profile, or “quality,” of this integration. The results suggest that DEEs which succeed in integrating into global financial markets under a more balanced and autonomous profile may experience, at best, negligible benefits for economic growth, while a more financially dependent and vulnerable profile exacerbates the risks of financial globalization, undermining growth in the long run. Moreover, the growth path in the latter tends to be more affected by external financial shocks, even though systemic shocks also impact the former.
Journal: Journal of Post Keynesian Economics
Pages: 274-302
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2022.2146591
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2146591
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# input file: MPKE_A_2134036_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Elena Perepelkina
Author-X-Name-First: Elena
Author-X-Name-Last: Perepelkina
Author-Name: Ivan Rozmainsky
Author-X-Name-First: Ivan
Author-X-Name-Last: Rozmainsky
Title: Empirical analysis of the financial fragility of Russian enterprises using the financial instability hypothesis
Abstract: 
 This paper conducts an empirical analysis of the financial instability hypothesis on Russian data. The main literature on this topic has been reviewed, and two financial fragility indexes—developed by Mulligan and by Torres Filho with coauthors—to determine whether Russian firms are in a hedge, speculative or Ponzi regime are used. To do empirical analysis, 371 Russian firms from nine industries—Agriculture, Construction, Investment, Light Industry, Power Industry, Machinery, Steel Industry, Trade, and also Oil, Gas, and Chemicals Industry—were selected, and these panel data include observations from 2005 to 2020. This period includes three cases of falling GDP in Russia: 2008–2009, 2014–2015, and 2020. After identifying the regime of firms according to the two above-mentioned criteria, we make a logistic regression on the base of the Nishi approach to determine what affects a firm’s probability of becoming a Ponzi unit. According to our analysis, the increase in GDP and Profitability leads to declining in the Russian firms’ probability to become Ponzi, whereas the rise in Short-term Debt results in the growing probability to have a fragile financing regime. In general, speculative financing dominated, and Construction, Investment, Power Industry, and Machinery were the most fragile sectors.
Journal: Journal of Post Keynesian Economics
Pages: 243-273
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2022.2134036
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2134036
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# input file: MPKE_A_2134031_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Germán David Feldman
Author-X-Name-First: Germán David
Author-X-Name-Last: Feldman
Title: The nature of money under a commodity standard: exogenous or endogenous?
Abstract: 
 The aim of the present article is to discuss the nature of money under a commodity standard. The notion of money supply endogeneity, endorsed by Post-Keynesian (PK) scholars within the institutional framework of modern credit economies, is extended to the case of a gold standard regime by recourse to the view of early classical economists, which highlights the endogenous determination of the supply of precious metals in a long-period position. This interpretation represents a more robust and natural extension of the PK approach than the neoclassical quantity-theoretic framework employed by several PK scholars to give account of the normal working of this monetary system.
Journal: Journal of Post Keynesian Economics
Pages: 207-218
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2022.2134031
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2134031
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# input file: MPKE_A_2170248_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wonik Park
Author-X-Name-First: Wonik
Author-X-Name-Last: Park
Title: Two theories of endogenous money: an empirical study of Korea
Abstract: 
 This study tests Korea’s two endogenous money supply channels: the accommodationist and structuralist channels. The main analytic tools are the Fully Modified OLS, Maki’s structural break test, Error Correction Model, and Impulse Response Function (IRF) analysis. The primary purpose of this study is to propose analytical methods to compare the two endogenous money supply channels. The analytic models also consider the impact of fiscal policy and the current account balance on reserves. The test results reveal a unilateral causality from loan to reserve and a bilateral causal relationship between loan/reserve and Lf/deposit ratio. These results suggest that both accommodationist and structuralist channels coexist in Korea. However, the structuralist channel explains a relatively small portion of the endogenous money supply process. The IRF analysis does not provide evidence for the pressure on the interest rate spread exerted by financial institutions’ portfolio adjustment. This result can be attributed mainly to the central bank’s growing accommodative attitude toward the reserve demand.
Journal: Journal of Post Keynesian Economics
Pages: 303-333
Issue: 2
Volume: 46
Year: 2023
Month: 4
X-DOI: 10.1080/01603477.2023.2170248
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2170248
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# input file: MPKE_A_2222711_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Gilbert L. Skillman
Author-X-Name-First: Gilbert L.
Author-X-Name-Last: Skillman
Author-Name: Roberto Veneziani
Author-X-Name-First: Roberto
Author-X-Name-Last: Veneziani
Title: The problem(s) with representing decision processes under uncertainty
Abstract: 
 Underscoring the economic significance of the Knightian distinction between risk and uncertainty, Don Katzner forcefully challenges the continued dominance of the expected utility model based on subjective probability in macroeconomic analysis and offers in its place a simple yet elegant model of decision making inspired by the pioneering work of G.L.S. Shackle. In doing so, Katzner lends support to a research program to identify a more coherent and empirically grounded theory of decision making under uncertainty. Our paper makes three contributions to this program. First, we argue that the appropriate choice of a model of individual behavior under uncertainty cannot be adjudicated merely on logical, a priori grounds, but must ultimately be based on consistency with observed behavior. There are many internally consistent models and their external conditions of validity hardly ever rely on inconceivable scenarios. Second, while Katzner’s model certainly provides a plausible foundation for understanding choice under uncertainty, we suggest that it is somewhat underdetermined. It requires further theoretical articulation to yield testable predictions which differentiate it from competing approaches. Third, we discuss recent experimental findings that may need to be addressed by any satisfactory theoretical account of decision making under uncertainty.
Journal: Journal of Post Keynesian Economics
Pages: 420-439
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2222711
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2222711
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# input file: MPKE_A_2222705_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Peter E. Earl
Author-X-Name-First: Peter E.
Author-X-Name-Last: Earl
Title: Shackle’s analysis of choice under uncertainty: its strengths, weaknesses and potential synergies with rival approaches
Abstract: 
 This paper offers a constructively critical examination of George Shackle’s theory of expectations and decision-making under uncertainty, a theory that Shackle developed because he questioned the relevance of objective probabilities as foundations for expectations. His theory is cast in terms of degrees of possibility and potential for surprise associated with disbelief that comes from imagining things that could prevent outcomes from eventuating. His idea that there may be ranges of mutually exclusive “perfectly possible” events has posed a problem for blending his thinking with the subjective probability approach, but here it is argued that this idea is flawed. Shackle’s theory of how expectations are deployed in making choices involves a reference-dependent theory of attention that results in focus on best-case and worst-case pairs of outcomes for each scheme. The paper identifies potential synergies with this idea and prospect theory and explores emotion- and satisficing-based perspectives as well as Shackle’s formal analysis of how focus outcomes are used in ranking rival schemes of action.
Journal: Journal of Post Keynesian Economics
Pages: 400-419
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2222705
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2222705
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# input file: MPKE_A_2222707_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: The problem with probability
Abstract: 
 Knightian uncertainty is the circumstance in which there is not enough information available to quantitatively measure in terms of probability the uncertainty that is present. Economic decision makers usually face that kind of uncertainty when attempting to determine their best route forward into the future. But instead of confronting Knightian uncertainty head on, economists generally have assumed it away by opting instead to employ what Knight called risk as measured by probability. But there are serious questions about whether probability has the capacity to coral in a meaningful way the uncertainty many decision makers actually face, and whether its use in models of decision making provides an appropriately relevant and realistic explanation of what is going on. This paper argues that it does not by examining the meaning of the probability concept as it relates to the true uncertain environment the decision maker faces. It also suggests that the alternative measure of surprise introduced by Shackle not only returns such analyses to the more realistic realm of Knightian uncertainty, but is also a workable and suitable replacement for probability in explanations of decision making that need to account for the unpredictability of the future.
Journal: Journal of Post Keynesian Economics
Pages: 379-399
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2222707
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2222707
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# input file: MPKE_A_2222721_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: David Dequech
Author-X-Name-First: David
Author-X-Name-Last: Dequech
Title: Types of uncertainty and probability: some remarks
Abstract: 
 This article comments on Donald Katzner’s “The Problem with Probability.” Professor Katzner criticizes any approach that uses probability to deal with “Knightian uncertainty.” The present article attempts to promote and improve the dialogue between proponents of different approaches to uncertainty and probability, as well as between different proponents of Post Keynesian economics. In this regard, this article highlights (a) the difference between Knightian risk and Savage’s uncertainty, (b) the acceptance into mainstream economics of approaches that go beyond both, (c) the fact that Keynes’s writings of the mid-1930s combined uncertainty with probability and weight in crucial parts of his theory, and (d) some comments on Shackle by authors in the Keynes literature. This article also intends to provide food for thought, hopefully stimulating Professor Katzner and other sympathizers of Shackle’s conception of uncertainty to reconsider the statement or the implication that uncertainty of the strongest type relevant in economic reality is synonymous with complete ignorance about the future.
Journal: Journal of Post Keynesian Economics
Pages: 440-449
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2222721
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2222721
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# input file: MPKE_A_2224029_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Anna Carabelli
Author-X-Name-First: Anna
Author-X-Name-Last: Carabelli
Title: On Keynes’s probability and uncertainty
Abstract: 
 There has been great confusion on Keynes’s notions of probability and uncertainty in recent years. Keynes believes that probability (his logical probability) is the guide of life, i.e., it is having some reasons to believe and to act. So probability is a theory of reasonable partial belief and a logic of non-demonstrative reasoning, upon which decision and action in conditions of limited knowledge, are based. (His) probability is, for Keynes, a positive, constructive, and forward-looking element of life. Limited knowledge is not a bar to decision and action. According to him, (his) probability helps us in almost all ordinary situations of life. This is the main reason why Keynes believes that ignorance and uncertainty are the two most difficult issues to tackle in life and in economics in particular. Both are related to a lack of limited knowledge. Ignorance is a lack of known reasons; Keynes writes we do not know. Keynes’s uncertainty is a much more intriguing concept than mere ignorance. Uncertainty is due to various reasons, one of them is the intrinsic incommensurability of probabilities. So, uncertainty is related to Keynes’s philosophy of measurement, a philosophy that also pervades his complex economics.
Journal: Journal of Post Keynesian Economics
Pages: 465-492
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2224029
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2224029
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# input file: MPKE_A_2236533_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: The Editors
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: iii-iv
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2236533
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2236533
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# input file: MPKE_A_2222737_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Andres F. Cantillo
Author-X-Name-First: Andres F.
Author-X-Name-Last: Cantillo
Title: The problem with probability: comment
Abstract: 
 The article with the title “The Problem With Probability” suggests an interesting connection between Knightian uncertainty and Shackle’s Potential Surprise Function. The paper offers additional support to the formal analysis of uncertainty proper. Nevertheless, it suffers from insufficiencies in the definitions and classifications related to the concept of probability and time. Readers can complement it with Shackle’s assessment of probability and with Cantillo’s analysis of the Potential Surprise Function as a language whose main function is to serve as a means for engendering the future.
Journal: Journal of Post Keynesian Economics
Pages: 450-464
Issue: 3
Volume: 46
Year: 2023
Month: 7
X-DOI: 10.1080/01603477.2023.2222737
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# input file: MPKE_A_2269058_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jan Kregel
Author-X-Name-First: Jan
Author-X-Name-Last: Kregel
Title: Editors’ Corner
Journal: Journal of Post Keynesian Economics
Pages: 493-495
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2269058
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2269058
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# input file: MPKE_A_2242348_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Tanweer Akram
Author-X-Name-First: Tanweer
Author-X-Name-Last: Akram
Author-Name: Khawaja Mamun
Author-X-Name-First: Khawaja
Author-X-Name-Last: Mamun
Title: An analysis of UK swap yields
Abstract: 
 John Maynard Keynes argued that the central bank influences the long-term interest rate through the effect of its policy rate on the current short-term interest rate. However, Keynes’s claim was confined to the behavior of the long-term government bond yield. This paper investigates whether Keynes’s claim holds for the yields of spread products and over-the-counter financial derivatives by econometrically modeling the dynamics of the pound sterling (GBP)–denominated long-term interest rate swap yield. It uses the generalized autoregressive conditional heteroskedasticity modeling approach to examine the relationship between the month-over-month change in the current short-term interest rate and the month-over-month change in the long-term swap yield, while controlling for several key macroeconomic and financial variables. The month-over-month change in the current short-term interest rate has a positive and statistically significant effect on the month-over-month change in the long-term swap yield. This finding reinforces and extends Keynes’s conjecture concerning the central bank’s influence over the long-term interest rate. The investigation’s empirical findings and their policy implications are discussed from a Keynesian perspective.
Journal: Journal of Post Keynesian Economics
Pages: 566-586
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2242348
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2242348
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# input file: MPKE_A_2268616_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Yavuz Yaşar
Author-X-Name-First: Yavuz
Author-X-Name-Last: Yaşar
Author-Name: Mark B. Lautzenheiser
Author-X-Name-First: Mark B.
Author-X-Name-Last: Lautzenheiser
Title: Introduction for the special issue for Tracy Mott
Journal: Journal of Post Keynesian Economics
Pages: 496-497
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2268616
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2268616
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# input file: MPKE_A_2246444_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Noemi Levy-Orlik
Author-X-Name-First: Noemi
Author-X-Name-Last: Levy-Orlik
Title: The role of money and financial institutions in Kalecki and Keynes
Abstract: 
 Numerous discussions on money and financial institutions have been advanced both between and within economic theories. Heterodox schools of thought consider money to be non-neutral, with causality running from money demand to money supply and the interest rate as a monetary and distributive variable. In this paper we discuss the views of Michał Kalecki and John Maynard Keynes on money and the operation of financial institutions. Kalecki and Keynes formulated the theory of effective demand, specifically in terms of its effects on economic growth and financial instability. Nonetheless, in line with the work of Tracy Mott, we argue that Kalecki’s analyses of the financial system are more profound because they better capture the complexity of the oligopolistic financial system, providing the foundations for Keynes’ liquidity preference theory. As a result, it may be concluded that the main problem of economic growth and investment spending is the structure of corporate finance.
Journal: Journal of Post Keynesian Economics
Pages: 527-544
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2246444
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# input file: MPKE_A_2249431_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Mark Setterfield
Author-X-Name-First: Mark
Author-X-Name-Last: Setterfield
Title: Inflation and distribution during the post-COVID recovery: a Kaleckian approach
Abstract: 
 The early stages of recovery from the recession induced by the COVID-19 pandemic were accompanied by a marked increase in inflation in the US and elsewhere. Much has been made of this outcome, and the economic distress associated with it, in popular discussion of the economy. This paper provides a Kaleckian conflicting-claims analysis of inflation during the post-COVID recovery, that distinguishes between rising wages, pandemic-related supply shocks, and corporate price-setting behavior as sources of inflationary pressure. A key conclusion that arises from the co-determination of inflation and distributional outcomes in the Kaleckian framework is that distributional developments that have further disadvantaged working households, rather than inflation per se, are the chief source of recent economic distress – and should be the chief cause for concern among policy makers.
Journal: Journal of Post Keynesian Economics
Pages: 587-611
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2249431
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2249431
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# input file: MPKE_A_2268095_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nina Eichacker
Author-X-Name-First: Nina
Author-X-Name-Last: Eichacker
Title: Government spending with increasing risk: sovereign debt, liquidity preference, and the fiscal-monetary nexus
Abstract: 
 During financial and economic crises, government expenditure is a potential source of liquidity and replacement for private demand; this expenditure, in turn, generates more deposits and spending in the economy at large, potentially increasing the endogenous supply of money and overall liquidity in a given economy. Governments may also require liquidity support during crises, if bond market activity constrains access to funding. This paper introduces government activity to Mott’s elaboration of Kalecki’s theory of increasing risk, and its implications for endogenous money creation, especially during periods of heightened liquidity preference. Some governments are likely to face greater obstacles in providing liquidity and accessing funding in times of economic uncertainty, whether due to their issuance of a non-sovereign currency, their position in the global currency hierarchy, or both, while others may find their ability to provide liquidity is bolstered by popular perceptions of their credit worthiness. Recent crises illustrate the importance of understanding the monetary and financial factors that may constrain governments’ abilities to fund deficits, especially given the importance of fiscal expenditure as a stabilizing economic force, or as a potential driver of development.
Journal: Journal of Post Keynesian Economics
Pages: 612-635
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2268095
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2268095
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# input file: MPKE_A_2242327_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Jan Toporowski
Author-X-Name-First: Jan
Author-X-Name-Last: Toporowski
Title: Tracy Mott’s understanding of Kalecki’s economics
Abstract: 
 Following his death in 1970, interest in Kalecki’s economics has come to be confined to Post-Keynesian circles and discussions of political economy. In general, these have provided partial accounts of Kalecki’s ideas, to supplement gaps in the theories of Keynes, Marx and their followers. Tracy Mott’s work departs from this by placing Kalecki’s economic theories around their foundation point in the financing of capitalist business. This provides a more systematic approach to Kalecki’s account of capitalism. It also points to a monetary interpretation of Kalecki’s Principle of Increasing Risk that was central to Mott’s understanding of Kalecki’s economics and an original interpretation of debt structures.
Journal: Journal of Post Keynesian Economics
Pages: 517-526
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2242327
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2242327
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# input file: MPKE_A_2242332_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: L. Randall Wray
Author-X-Name-First: L. Randall
Author-X-Name-Last: Wray
Title: Post-Keynesian liquidity preference theory four decades later: a reexamination
Abstract: 
 Tracy Mott was best known as a scholar of the work of Michal Kalecki, but he also made an important contribution to Keynesian liquidity preference theory. In 1983 Tom Asimakopulos generated a firestorm in the Post Keynesian community with a series of articles claiming that while Keynes’s argument is that investment creates an equivalent amount of saving, this is true only ex post, after the multiplier has fully operated. Meantime, lack of savings could inhibit investment as the supply of bonds for long-term finance would exceed the supply of savings, driving up interest rates. Several Post Keynesians vociferously responded in defense of Keynes. Mott’s contribution to the debate approached the subject from a perspective that was more heavily influenced by Kalecki, Robinson, and Marx. Not only does the outcome of this debate impact our view of investment finance, but it also has implications for our view of financing government deficits. In this piece, I look back at Mott’s contribution to our understanding of liquidity preference, taking account of developments in Post Keynesian thought over the past four decades. The two most obvious and relevant are the endogenous money approach and Modern Money Theory.
Journal: Journal of Post Keynesian Economics
Pages: 498-516
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2242332
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2242332
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# input file: MPKE_A_2270949_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Malcolm Sawyer
Author-X-Name-First: Malcolm
Author-X-Name-Last: Sawyer
Title: Secular stagnation and monopoly capitalism
Abstract: 
 The paper opens with a brief review of economic growth in industrialized economies over the past four decades, indicating a general slow-down in growth. This is followed by a brief review of the mainstream views on ‘secular stagnation’. The major section of the paper is based on outlining elements of approaches to secular stagnation within the monopoly capital literature associated with authors such as Steindl, Kalecki and Cowling, followed by consideration of evidence in broad support of those dimensions. This includes the recent, generally upward, trends in industrial concentration, profit margins, and relationship with investment and innovation. Brief remarks are made on the effects of financialization, globalization and climate change on economic growth.
Journal: Journal of Post Keynesian Economics
Pages: 545-565
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2270949
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2270949
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# input file: MPKE_A_2284394_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Joseph Chul-kyoo Jung
Author-X-Name-First: Joseph Chul-kyoo
Author-X-Name-Last: Jung
Title: Sectoral dynamics of industrial policy in a two-sector economy: the case of Korea’s heavy and chemical industry (HCI) promotion (1973–1979)
Abstract: 
 This study explores the impact of state’s industrial policy on sectoral capacity utilization and growth in total output in the context of the Korea’s Heavy and Chemical Industry (HCI) promotion (1973–1979). Using a Kalecki-Steindl framework within a two-sector open economy, the study first finds that primary industrial policy instruments—preferential interest rates and export promotion regime—have a positive effect on capacity utilization (aggregate demand) and economic growth, but unbalanced sectoral dependence undermines the effect of industrial policy. Second, the increased market power of firms in the targeted sector has a dual impact on the sectoral capacity, depending on the productivity growth characteristics of each sector. Third, the industrial policy regime is highly susceptible to adverse external price shocks. These findings are consistent with the Korean growth experience during the HCI promotion period in which chaebols (big business groups) flourished, and the economy suffered from stagflation and idle capacity in the final stage of HCI promotion.
Journal: Journal of Post Keynesian Economics
Pages: 636-675
Issue: 4
Volume: 46
Year: 2023
Month: 10
X-DOI: 10.1080/01603477.2023.2284394
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2284394
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# input file: MPKE_A_2254504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Zdravka Todorova
Author-X-Name-First: Zdravka
Author-X-Name-Last: Todorova
Title: Social processes of oppression in the stratified economy and Veblenian feminist post Keynesian connections
Abstract: 
 Conceptions of social stratification and oppression should be central to post Keynesian inquiry. The article takes a Veblenian feminist view to discuss aspects of oppression in economies of stratification and outlines connections to areas of post Keynesian economics. The article is structured around “five faces of oppression” delineated by political theorist Iris Young: exploitation, violence, powerlessness, cultural imperialism, and marginalization. The paper reframes those based on a conception of evolving social processes and diverse economic relations, and employs Veblen’s theory of surplus and stratification, which has a broad understanding of domination that goes beyond capital accumulation. The article provides illustrations of these interconnected aspects of oppression, and discusses how each is co-opted today. The article presents specific connections to post Keynesian economic analysis and concludes by highlighting the potential of post Keynesian economics for social justice.
Journal: Journal of Post Keynesian Economics
Pages: 25-54
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2254504
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2254504
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# input file: MPKE_A_2221667_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Don J. Webber
Author-X-Name-First: Don J.
Author-X-Name-Last: Webber
Author-Name: Gissell Huaccha
Author-X-Name-First: Gissell
Author-X-Name-Last: Huaccha
Title: Rethinking productivity: the crucial role of demand
Abstract: 
 Building on the macroeconomic Cambridge capital controversies and issues regarding capital reversal, this article develops a novel microeconomic way of understanding productivity figures and demonstrates that thinking using a two-dimensional model corresponding to scale and pricing. The two-dimensional depiction enables a deeper understanding of the demand and supply forces that lie behind GVA figures, underscores that demand factors are critically important, and stimulates reflection on how the absence of aggregate demand in conventional supply-side productivity models perverts our understanding of the evolution of GDP productivity figures.
Journal: Journal of Post Keynesian Economics
Pages: 55-83
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2221667
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2221667
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# input file: MPKE_A_2268061_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Donald W. Katzner
Author-X-Name-First: Donald W.
Author-X-Name-Last: Katzner
Title: The past is only prologue – not the future: response to my critics
Abstract: 
 This is my response to criticisms of my paper "The Problem with Probability" (JPKE, 2023, n. 3) given by Dequech, Cantillo, and Skillman and Veneziani (also appearing in JPKE 2023, n. 3). The main issues discussed concern the possibility of having knowledge of the future and empirical testing of decision-making models.
Journal: Journal of Post Keynesian Economics
Pages: 236-243
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2268061
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2268061
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# input file: MPKE_A_2136096_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Jinsong Wang
Author-X-Name-First: Jinsong
Author-X-Name-Last: Wang
Author-Name: Luoqiu Tang
Author-X-Name-First: Luoqiu
Author-X-Name-Last: Tang
Author-Name: Yueqiao Li
Author-X-Name-First: Yueqiao
Author-X-Name-Last: Li
Title: Real estate assets, heterogeneous firms, and debt stability
Abstract: 
 By constructing a “financial accelerator” model that combines real estate assets and heterogenous enterprises, we use China’s housing price data to explore the effect of real estate assets on corporate debt and macroeconomic stability in the context of the Chinese economy. Based on the dynamic economic characteristics of the model, we find that the financial accelerator mechanism of housing prices further amplifies the various effects of housing price fluctuations when transmitted to the macroeconomic system, resulting in the size of corporate debt closely related to the economic boom–bust cycles. However, owing to the institutional factors, heterogenous firms have some differences in debt stability under the influence of asset price fluctuations. There is an obvious crowding-out effect of state-owned enterprise (SOE) credit on private-owned enterprise (POE) credit, and the existence of the implicit guarantee ratio of SOE credit will weaken the external financing constraints on the SOE and promote the expansion of SOE credit. Finally, the effect of fiscal and monetary policies on corporate debt stability is somewhat divergent, institutional factors can similarly weaken policy effects.
Journal: Journal of Post Keynesian Economics
Pages: 155-188
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2022.2136096
File-URL: http://hdl.handle.net/10.1080/01603477.2022.2136096
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# input file: MPKE_A_2221444_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Pintu Parui
Author-X-Name-First: Pintu
Author-X-Name-Last: Parui
Title: Fiscal expansion, government debt and economic growth: a post-Keynesian perspective
Abstract: 
 Constructing a post-Keynesian macro-model, we investigate the impact of fiscal expansion on aggregate demand and economic growth, explore public debt sustainability, and analyze whether fiscal policy plays any role in stabilizing the economy. We explore how the interaction between capital accumulation and government debt opens the possibility of multiple equilibria and instability in the economy. We investigate the impact of various parameters on short-run aggregate demand and long-run equilibrium growth rate, and public debt-capital ratio. We explore the relationship between a progressive tax system and a wage-led demand regime. In some cases, a sufficiently high government expenditure to GDP ratio is essential for achieving stability in the system. A sufficiently high government expenditure to GDP ratio ensures economic stability in other circumstances. The possibility of the limit cycle is also explored. Higher autonomous investment demand is desirable as it enhances the stable region of the economy.
Journal: Journal of Post Keynesian Economics
Pages: 117-154
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2221444
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2221444
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# input file: MPKE_A_2178462_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Alexandre Chirat
Author-X-Name-First: Alexandre
Author-X-Name-Last: Chirat
Author-Name: Basile Clerc
Author-X-Name-First: Basile
Author-X-Name-Last: Clerc
Title: Convergence on inflation and divergence on price control among post Keynesian pioneers: insights from Galbraith and Lerner
Abstract: 
 This article proposes a historical and analytical reconstruction of a debate that never happened between John Kenneth Galbraith and Abba Lerner over the issue of price controls. While they adopted a similar analysis of underemployment inflation, shared by many post Keynesians, Lerner and Galbraith remained fundamentally opposed as to the effectiveness of price controls. Indeed, while both agreed on the relevance of price controls in the specific context of World War II, they disagreed over including price controls within the conventional framework of economic policies, as illustrated by their respective stances in the debate surrounding the stagflation of the 1970s. Throughout the paper, we provide the rationales behind their divergence on price controls by investigating its theoretical, epistemological, and normative roots. Finally, we put into perspective the contemporary debates about price control in the context of resurgent inflationary pressures with some salient points drawn from our reconstruction of the debate that opposed these two pioneering post Keynesians economists.
Journal: Journal of Post Keynesian Economics
Pages: 189-235
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2178462
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2178462
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# input file: MPKE_A_2170247_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Laura Barbosa de Carvalho
Author-X-Name-First: Laura Barbosa de
Author-X-Name-Last: Carvalho
Author-Name: Gilberto Tadeu Lima
Author-X-Name-First: Gilberto Tadeu
Author-X-Name-Last: Lima
Author-Name: Gustavo Pereira Serra
Author-X-Name-First: Gustavo Pereira
Author-X-Name-Last: Serra
Title: Household debt, knowledge capital accumulation, and macrodynamic performance
Abstract: 
 Motivated to some extent by the empirical significance of student loans in the U.S., this paper incorporates knowledge capital formation by working households financed through debt to a demand-led dynamic model of physical and knowledge capital utilization and output growth. Average labor productivity varies positively with the average knowledge capital across the labor force. A rise in labor productivity resulting from knowledge capital accumulation is fully passed on to the real wage so that the wage share remains constant. In the unique long-run equilibrium, which is stable, an exogenous rise in the wage share raises the rates of physical capital utilization and output growth but has an ambiguous effect on the rate of employment (which also measures the rate of knowledge capital utilization). The long-run equilibrium also features the following interrelated results: the output growth rate is greater than the exogenous interest rate; the debt ratio (working households’ debt as a ratio of either the physical or the knowledge capital, or the output) is independent of the interest rate; and the allocation of a higher (lower) proportion of wage income to debt repayment (consumption) raises instead of lowers the debt ratio, which we dub the paradox of debt repayment.
Journal: Journal of Post Keynesian Economics
Pages: 84-116
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2170247
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2170247
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# input file: MPKE_A_2229302_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20231214T103247 git hash: d7a2cb0857
Author-Name: Celia Lessa Kerstenetzky
Author-X-Name-First: Celia Lessa
Author-X-Name-Last: Kerstenetzky
Author-Name: Marcio Alvarenga Junior
Author-X-Name-First: Marcio
Author-X-Name-Last: Alvarenga Junior
Author-Name: Lucas Costa
Author-X-Name-First: Lucas
Author-X-Name-Last: Costa
Author-Name: Ricardo Bielschowsky
Author-X-Name-First: Ricardo
Author-X-Name-Last: Bielschowsky
Title: Public social services and sustainable development: estimating opportunities in the global south
Abstract: 
 In this article, which seeks to check the supposed potential of public social services to promote sustainable and equitable well-being, we assess, on the one hand, the magnitude of unmet social needs in Brazil in terms of additional public spending on education and health, and, on the other hand, the economic, social, and environmental benefits that might accrue from meeting these needs. Estimating the size of unmet social needs reveals abysmal distances between current service provision and a set of benchmarks. The huge size of these gaps reflects the lack of priority given to these services in the various national development projects of the past. In turn, the measurement of benefits, carried out with the help of the 2019 Brazilian Input Output Tables (IOTs), and the generation of an environmental matrix based on the IOTs, reveals that investments in these areas are key opportunities for promoting sustainable development. The greater capacity for galvanizing the economy and generating formal employment, and the smaller carbon footprint of public education and health services when compared to the average for the economy, stand out. Additionally, in comparison with the private social services provision network, public services stand out in terms of average wages, collection of taxes and contributions, formal employment, income multipliers and formal employment, and greenhouse gas emissions per unit of wage.
Journal: Journal of Post Keynesian Economics
Pages: 1-24
Issue: 1
Volume: 47
Year: 2024
Month: 1
X-DOI: 10.1080/01603477.2023.2229302
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2229302
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Author-Name: Loïck Tange
Author-X-Name-First: Loïck
Author-X-Name-Last: Tange
Title: Labor cost, competitiveness, and imbalances within the eurozone
Abstract: 
 This paper examines the impact of the cost of labor on macroeconomic imbalances within the eurozone. For this purpose, we construct a three-country Stock-Flow Consistent (SFC) macroeconomic model in an open economy including the eurozone and the rest of the world. We show that internal devaluation is not effective as an economic policy for getting the eurozone economies to converge. Cutting labor costs cannot kick-start economic activity through a rebound in exports of those countries that do so. Instead, it involves the risk of locking their economies concerned into low-wage production activities. The fall in unemployment it entails is the consequence, then, of a downturn in labor productivity. In contradistinction, we defend the idea that the introduction of a new wage rule making monetary wages dependent on productivity gains and on the target for inflation set by the European Central Bank, together with a budgetary stimulation policy, would be conducive to initiating convergence among European economies. In particular, it would produce a convergence in living conditions by improving labor productivity but it would also bring production structures closer together.
Journal: Journal of Post Keynesian Economics
Pages: 282-345
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2286485
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2286485
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:282-345



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# input file: MPKE_A_2251464_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Thomas R. Michl
Author-X-Name-First: Thomas R.
Author-X-Name-Last: Michl
Title: Inflation stabilization and normal utilization
Abstract: 
 This paper presents a model of inflation and distribution that examines the relationship between the employment of labor and the utilization of capital. It features a structural difference between the wage Phillips curve and the price Phillips curve that gives rise to persistent changes in the real wage whenever the inflation-neutral level of activity fails to utilize the existing capital stock at its normal level. Assuming an inflation-targeting central bank that is obliged to run the system around its inflation-neutral level, these changes will reduce the gap between the inflation-neutral level and normal utilization by moving the system along a stable wage curve. In the end this implies that the inflation-neutral level of employment and full or normal utilization of capital will tendentially coincide, lending some support to the Duménil-Lévy thesis that monetary policy makes normal utilization a long-run center of gravity.
Journal: Journal of Post Keynesian Economics
Pages: 400-418
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2251464
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2251464
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:400-418



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# input file: MPKE_A_2201823_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Adem Yavuz Elveren
Author-X-Name-First: Adem Yavuz
Author-X-Name-Last: Elveren
Title: Militarization, gender inequality, and growth: a feminist-Kaleckian model
Abstract: 
 While some economic models exist on the nexus of military spending and economic growth, and comprehensive theory on the mechanisms through which militarization affects gender inequality, there are no structural models to show how military spending affects economic growth through gender inequality. This paper introduces a feminist-Kaleckian model to examine this mechanism. The main implication of the suggested model is that higher military spending is likely to increase gender inequality, and thereby reduce economic growth. This is because the marginal propensity to consume between men and women is different and military spending reduces the productive capacity of the economy in the long run.
Journal: Journal of Post Keynesian Economics
Pages: 245-262
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2201823
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2201823
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:245-262



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# input file: MPKE_A_2251963_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Camilo Andrés Guevara Castañeda
Author-X-Name-First: Camilo Andrés
Author-X-Name-Last: Guevara Castañeda
Title: Post-Keynesian economics and social policy: equality of opportunity or equality of place?
Abstract: 
 This article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity. These are two conceptions of social policy. Equality of opportunity distinguishes between poor and non-poor, and state intervention is focused on poor people. This mode of intervention promotes individuals’ improvements in human capital, assuming that the poor can reach the position they want through a competitive process. In contrast, the idea of equality of place is intertwined with the concept of decommodification and supply-side subsidies. It envisions a scenario in which markets might not ensure that people can access fundamental rights. Consequently, it suggests an alternate role for state intervention. Because some heterodox and post-Keynesian authors have identified with the principle of equality of opportunity, it is important to clarify the nature of the relationship between social policy and post-Keynesian economics. The principle of equality of place can provide a framework of social policy that is consistent with the tenets of the post-Keynesian tradition.
Journal: Journal of Post Keynesian Economics
Pages: 263-281
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2251963
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2251963
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:263-281



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# input file: MPKE_A_2242346_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Andrea Borsato
Author-X-Name-First: Andrea
Author-X-Name-Last: Borsato
Title: Does the Secular Stagnation hypothesis match the data? Evidence from the USA
Abstract: 
 This paper focusses on Secular Stagnation in the United States. It answers to two research questions. First: is Secular Stagnation a fact? Second: conditional to the previous reply, how does the literature meet the qualitative and quantitative evidence? I focus on historical annual data related to the USA from 1870 onwards. The contribution to the debate is manifold. Firstly, I provide a careful systematization of the concept and explain why this definition is crucial for the topic analysis. Secondly, I talk about Secular Stagnation in terms of labor and multifactor productivity growth: their decline since the 1970s is not comparable to any previous shortfall. Thirdly, the definition allows to evaluate whether present-day debates on the phenomenon are supported by data, but it also lets to disentangle the most relevant channels through which Secular Stagnation emerges. Therefore, I carry out a comparative validation exercise on the different lines of thought. Finally, as long as Secular Stagnation is confirmed as empirical evidence, also policy implications can be drawn from the different theoretical frameworks. Despite the several contrasting approaches and viewpoints, I trace out a complementary in policy implications.
Journal: Journal of Post Keynesian Economics
Pages: 346-374
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2242346
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2242346
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:346-374



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# input file: MPKE_A_2201820_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Corey Leore
Author-X-Name-First: Corey
Author-X-Name-Last: Leore
Title: “To give additional credit to this paper”: the Lower Canada Army Bills and provisioning the state during the War of 1812
Abstract: 
 This article seeks to provide insight into the history and acceptance of paper money within British North America by examining the state money issued by Lower Canada’s civil government and the British Army during the War of 1812. Prior to the war, British North America was suffering from a specie shortage that was further exacerbated by the need for significant expenditure increases to provision the state with the resources it needed for its war effort. In response, colonial authorities issued the Army Bills, a paper money that was backed by acceptance in paying public debts and duties while also possessing qualities that adhered to metalist principles. To many observers surprise, the money successfully circulated and was accepted by Lower Canada’s colonists, who beforehand had largely been perceived by colonial officials as distrusting of paper money. This research argues that the state’s acceptance of Army Bills for discharging public debts, particularly merchant duties, ensured that the money would provide the colonial government with the fiscal flexibility it needed to conduct its war effort. This provision, in addition to measures like legal tender laws protecting its use in private transactions, also supported its successful circulation within the colonial economy during the war.
Journal: Journal of Post Keynesian Economics
Pages: 375-399
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2201820
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2201820
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:375-399



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# input file: MPKE_A_2284763_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: John T. Harvey
Author-X-Name-First: John T.
Author-X-Name-Last: Harvey
Author-Name: Khanh Pham
Author-X-Name-First: Khanh
Author-X-Name-Last: Pham
Title: Austrian vs Post Keynesian explanations of the business cycle: an empirical examination
Abstract: 
 Neoclassical economists posted many mea culpas after they completely missed the Financial Crisis of 2008. Some heterodox schools of thought, however, claimed to have seen it coming. Among these were the Austrians and Post Keynesians. There was a surge in references to Austrian Business Cycle Theory in both the scholarly and popular press, while Post Keynesians like Steve Keen took to the blogosphere to warn people of the coming crash. One is led to wonder, however, if both can truly lay a legitimate claim to such accurate precognition when their theoretical underpinnings are so radically different? Can it be that deviations of the actual from the “natural” rate of interest were to blame at the same time that Keynes/Kalecki-style boom-bust cycles were emerging? To answer this question, an empirical test is run comparing the explanatory power of models based on each theory. Rather than limit this to just the period around the Financial Crisis, the test covers 1962 through 2020. The overall results are then compared, as well as the fit just leading up to and through the recession of 2008Q1 to 2009Q2. The results suggest that the Post Keynesians have a considerably stronger case than the Austrians.
Journal: Journal of Post Keynesian Economics
Pages: 419-441
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2284763
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2284763
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:419-441



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# input file: MPKE_A_2240761_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Nicolas Hernán Zeolla
Author-X-Name-First: Nicolas Hernán
Author-X-Name-Last: Zeolla
Author-Name: Juan E. Santarcángelo
Author-X-Name-First: Juan E.
Author-X-Name-Last: Santarcángelo
Title: Financialization, financial assets and productive investment in Latin America: evidence from large public listed companies 1995–2015
Abstract: 
 Using firm-level data from public listed large non-financial corporations (NFC) this paper studies the impact of financialization on productive investment in Latin America in the last two decades. After considering the main stylized facts on investment, profits and financial incomes from balance sheet information, we estimate an econometric model of investment determinants to measure the impact of financialization over large NFC. Similar to developed economies, evidence suggest that dividends payments and financial income has negative affect investment. But, in Latin America, restricted only for large and very large firms. Besides this, we also registered that non-current financial assets holding negatively affects productive investment. This seems to be especially relevant in the context of the carry trade boom in the region after 2009. These findings provide new insights on the negative effects of the international dimension of financialization on emerging countries productive investment.
Journal: Journal of Post Keynesian Economics
Pages: 442-466
Issue: 2
Volume: 47
Year: 2024
Month: 4
X-DOI: 10.1080/01603477.2023.2240761
File-URL: http://hdl.handle.net/10.1080/01603477.2023.2240761
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Handle: RePEc:mes:postke:v:47:y:2024:i:2:p:442-466