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Journal articles on the topic 'Classical-Keynesian'

Author: Grafiati

Published: 14 March 2023

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1

GREENWALD, B., and J. E. STIGLITZ. "KEYNESIAN, NEW KEYNESIAN AND NEW CLASSICAL ECONOMICS." Oxford Economic Papers 39, no. 1 (1987): 119–33. http://dx.doi.org/10.1093/oxfordjournals.oep.a041773.

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2

Seidman, Laurence. "Keynesian stimulus versus classical austerity." Review of Keynesian Economics, no. 1 (October 1, 2012): 77–92. http://dx.doi.org/10.4337/roke.2012.01.05.

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3

Coen, Robert M., and Bert G. Hickman. "Classical and Keynesian unemployment in Austria." Empirica 22, no. 1 (1995): 47–70. http://dx.doi.org/10.1007/bf01388380.

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4

Palley, Thomas I. "Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique." Review of Political Economy 25, no. 2 (2013): 179–204. http://dx.doi.org/10.1080/09538259.2013.775821.

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5

Coen, Robert M., Bert G. Hickman, Stephen M. Goldfeld, and James Tobin. "Keynesian and Classical Unemployment in Four Countries." Brookings Papers on Economic Activity 1987, no. 1 (1987): 123. http://dx.doi.org/10.2307/2534515.

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6

Padoa Schioppa, Fiorella. "Classical, Keynesian and mismatch unemployment in Italy." European Economic Review 34, no. 2-3 (1990): 434–42. http://dx.doi.org/10.1016/0014-2921(90)90116-g.

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7

Dibeh, Ghassan. "A Classical-Keynesian Model of Macroeconomic Fluctuations." Review of Radical Political Economics 27, no. 3 (1995): 12–21. http://dx.doi.org/10.1177/048661349502700302.

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8

Piluso, Nicolas, and Gabriel Colletis. "A Keynesian reformulation of the WS-PS model: Keynesian unemployment and Classical unemployment." Economia Politica 38, no. 2 (2021): 447–60. http://dx.doi.org/10.1007/s40888-021-00222-y.

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AbstractThe orthodox theory of wage negotiations considers that the trade union monopoly causes a rigidity of real wages which is, itself, the cause of unemployment. The model of this negotiation ("Nash bargaining") only considers situations where negotiations between union and firm succeed. In this article, we attempt to read the WS-PS model from a Keynesian point of view. Our model reflects the fact that successful negotiation is only one case among other situations, including failure where the union expresses a claim that is not necessarily satisfied. Although, in situations close to full employment, there is a bargaining mechanism by which unions and firms reach an agreement, this is not the case in times of massive unemployment. In the latter situation, employment is unilaterally determined by firms, on the basis of previous demand.

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9

Tobin, James. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives 7, no. 1 (1993): 45–65. http://dx.doi.org/10.1257/jep.7.1.45.

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In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.

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10

McAleer, Michael, and C. R. McKenzie. "Keynesian and New Classical Models of Unemployment Revisited." Economic Journal 101, no. 406 (1991): 359. http://dx.doi.org/10.2307/2233546.

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11

Fazzari, Steven M. "Keynesian macroeconomics as the rejection of classical axioms." Journal of Post Keynesian Economics 32, no. 1 (2009): 3–18. http://dx.doi.org/10.2753/pke0160-3477320101.

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12

Nikaido, Hukukane. "Transition from the classical to the Keynesian Perspective." European Journal of the History of Economic Thought 8, no. 4 (2001): 526–46. http://dx.doi.org/10.1080/09672560110079520.

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13

Rao, B. Bhaskara. "Unit root hypothesis, new classical and Keynesian models." Economics Letters 41, no. 1 (1993): 47–52. http://dx.doi.org/10.1016/0165-1765(93)90110-x.

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14

Flaschel, P., and W. Semmler. "On Composite Classical and Keynesian Micro-Dynamical Processes." IFAC Proceedings Volumes 22, no. 5 (1989): 271–79. http://dx.doi.org/10.1016/s1474-6670(17)53462-x.

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15

Nikiforov, Alexandr, Olga Antipina, and Nina Miklashevskaya. "Macroeconomics as a Set of Scientific Research Programmes: New Opportunities and Competitive Advantages." Moscow University Economics Bulletin 2015, no. 2 (2015): 3–16. http://dx.doi.org/10.38050/01300105201521.

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The authors consider Macroeconomics as a set of interrelateol research programmes which incorporates such schools of thought as Neoclassical, Keynesian, Neoclassical synthesis, Monetarism, New Classical and New Keynesian. This approach has a number of competitive advantages over a standard course and provides new opportunities for researchers, academics, entrepreneurs and students of economic theory.

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16

Allard, Marie, Camille Bronsard, and Gilles McDougall. "Note sur la théorie néo-keynésienne du producteur." Articles 57, no. 2 (2009): 137–47. http://dx.doi.org/10.7202/600968ar.

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ABSTRACT While the meaningful theorems of neo-classical theory of the producer are well known, the neo-keynesian counterparts are not. Therefore, this paper will present those new meaningful theorems and their relations with neo-classical theory. On the one hand, this paper is of interest to the theoretician who would want to use the properties of comparative statics of the producer with quantitative rationing. On the other hand, since a neo-keynesian structural form is presented, the econometrician will be interested in imposing the meaningful theorems of this theory as a priori restrictions.

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17

Dormont, Brigitte. "Employment in Disequilibrium: a Disaggregated Approach on a Panel of French Firms." Recherches économiques de Louvain 55, no. 1 (1989): 61–93. http://dx.doi.org/10.1017/s0770451800031584.

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SummaryThe purpose of this paper is to understand disequilibrium phenomena at a disaggregated level. By using data on French firms, we carry out the estimation of labor demand model with two regimes, which correspond to the Keynesian and classical hypotheses. The results enable us to characterize classical firms as being particularly good performers: they have more rapid growth, younger productive plant and higher productivity gains and profitability. Classical firms stand out, with respect to their production function, by higher growth rate of disembodied technical progress and, with respect to their accumulation behaviour, by more rapid investment and replacement rates which lead to the rejuvenation of their capital stock. But the production-employment elasticities and production-capital elasticities, as well as the accelerator, are identical for classical and Keynesian firms.

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18

Beltratti, Andrea. "L’economia dell’equilibrio." Journal of Public Finance and Public Choice 3, no. 2 (1985): 97–108. http://dx.doi.org/10.1332/251569298x15668907117101.

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Abstract The new classical macroeconomists have widely criticized Keynesian economics during the last fifteen years; most of all, on the basis of a lack of microfoundations to Keynesian models and theories.The rational expectations hypothesis is necessary but not sufficient, by itself, to deny the policy effectiveness results advocated by Keynesian theorists; the most important hypothesis, and the most characteristic feature, of the new classical school is continuous market-clearing on each market. Rational expectations can be used also in disequilibrium models, and can even strengthen policy effectiveness results.This paper considers some interesting points made by the equilibrium theorists, such as the Lucas critique and the equilibrium business cycles, and also tries to show some limits of the models.The debate between Keynesians and New Classical Economists is very useful; both schools are able to benefit from the valuable insights of the last few years, which allow theorists to hope in a substantial improvement of macroeconomics as a science and as a tool to understand the working of today’s economic systems.

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19

Sunna, Claudia. "Did Keynes Go to Developing Countries?" ISTITUZIONI E SVILUPPO ECONOMICO, no. 1 (February 2009): 31–52. http://dx.doi.org/10.3280/ise2007-001002.

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- This work examine the nature of the relation between Keynesianism and the theories of development economics, pinpointing the consistencies and differences existing between them. In this respect a Keynesian heritage is unquestionable and can even be discerned in the vicissitudes of many development economists' lives. At the same time, it must be acknowledged that some foundational concepts of the development debate cannot be ascribed to any Keynesian genealogy, and must rather be traced back to classical categories. The eclecticism of early development economics makes the so-called label of Keynesian consensus too narrow a concept.

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20

BRESSER-PEREIRA, LUIZ CARLOS. "From classical developmentalism and post-Keynesian macroeconomics to new developmentalism." Brazilian Journal of Political Economy 39, no. 2 (2019): 187–210. http://dx.doi.org/10.1590/0101-31572019-2966.

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ABSTRACT New developmentalism was a response to the inability of classical developmentalism and post-Keynesian macroeconomics in leading middle-income countries to resume growth. New developmentalism was born in the 2000s to explain why Latin American countries stopped growing in the 1980s, while East Asian countries continued to catch up. This paper compares new developmentalism with classical developmentalism, which didn’t have a macroeconomics, and with post-Keynesian economics, whose macroeconomics is not devoted to developing countries. And shows that to follow the East Asian example is not enough industrial policy, it is also necessary a macroeconomic policy that sets the five macroeconomic prices right, rejects the growth with foreign savings policy, and keeps the macroeconomic accounts balanced.

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21

Helm, Dieter, Trevor S. Preston, and Jan Pen. "Amongst Economists: Reflections of a Neo-Classical Post-Keynesian." Economic Journal 95, no. 380 (1985): 1118. http://dx.doi.org/10.2307/2233283.

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22

Cover, James Peery. "A Keynesian Macroeconomic Model with New-Classical Econometric Properties." Southern Economic Journal 54, no. 4 (1988): 831. http://dx.doi.org/10.2307/1059519.

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23

Walter, Edward. "Keynesian Economic Theory .and the Revival of Classical Theory." Social Philosophy Today 4 (1990): 99–121. http://dx.doi.org/10.5840/socphiltoday1990488.

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24

Bresser-Pereira, Luiz Carlos. "New and Classical Developmentalism compared: a response to Medeiros." Review of Keynesian Economics 8, no. 2 (2020): 168–77. http://dx.doi.org/10.4337/roke.2020.02.02.

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New Developmentalism, which Carlos Medeiros (2020) criticizes, is a new theoretical approach to development macroeconomics and the political economy of middle-income countries. It is a system of thought whose roots are in Post-Keynesian economics and Classical Developmentalism, but it is an open and growth-oriented approach. This paper summarizes the new theoretical framework. Thereafter, it responds to the indictments that New Developmentalism is neither a Post-Keynesian nor a developmental theory, but rather an expression of the ‘market failure approach,’ ‘methodological nationalism,’ the ‘mistaken’ association of exchange-rate economic growth, etc. The paper then argues that New Developmentalism is a system of thought that responds to the new realities of the globalized world and compares New Developmentalism with Classical Developmentalism.

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25

Eichengreen, Barry. "Keynesian economics: can it return if it never died?" Review of Keynesian Economics 8, no. 1 (2020): 23–25. http://dx.doi.org/10.4337/roke.2020.01.03.

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Appreciation of the Keynesian synthesis was enhanced by the events of the last decade. The global financial crisis highlighted the fragility of financial markets and the capriciousness of animal spirits. The depth of the downturn pointed to the value of not just automatic stabilizers but also discretionary fiscal policy as tools of macroeconomic management. Keynesian models and not their New Classical challengers provided the practical analytical framework for policy design. Models of the anti-Keynesian effects of fiscal consolidation received little support from actual consolidation experience. The secular-stagnation debate that followed the crisis lent legitimacy to the view that policy-makers with fiscal space were wise to use it.

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26

Shvets`, Serhii. "Development of the fundamentals of DSGE-modeling." Ekonomìčna teorìâ 2021, no. 01 (2021): 67–85. http://dx.doi.org/10.15407/etet2021.01.067.

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This article attempts to analyze the evolution of approaches that constitute grounds for macro modeling. The counteraction to destructive consequences of crises assumes practical use of model apparatus as a necessary tool for preventing destabilization. The article aims to study the progressive stages and identify unsettled issues and promising ways to assist macro models' evolution. The fundamental Marshall's and Walras's platforms supported progressive changes following the destructive Great Depression and Great Inflation in the USA in 1920-1970 and marked a new trend in macro modeling called dynamic stochastic general equilibrium (DSGE) models. The new instrument is remarkable for a radical change in macro modeling approaches, where microeconomics comes to the fore. DSGE models debuted by invoking four essential ingredients: the Phillips curve, adaptive inflation expectations, anchoring nominal prices, and an endogenous production function. The progression stages of theoretical approaches to macro modeling incorporate the classical and Keynesian schools' advanced innovations. The evolution of macro modeling has five generations of models: Keynesian, classical, RBS, new Keynesian, and new Keynesian DSGE models. Among advantages of DSGE models are "political neutrality," distinguishing the shocks into economic and political ones, and establishing the upshots of significant structural changes in the economy. The next generation of macro models is called to solve four pressing issues: establishing financial frictions, relaxing rational expectations, introducing heterogeneous agents, and underpinning the framework with more appropriate microfoundations.

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27

Hine, Steven C., and Charles W. Bischoff. "Adjusted P and F Tests and the Keynesian-Classical Debate." Southern Economic Journal 61, no. 2 (1994): 288. http://dx.doi.org/10.2307/1059977.

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28

Schefold, Bertram. "ECOLOGICAL PROBLEMS AS A CHALLENGE TO CLASSICAL AND KEYNESIAN ECONOMICS(*)." Metroeconomica 37, no. 1 (1985): 21–61. http://dx.doi.org/10.1111/j.1467-999x.1985.tb00402.x.

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29

Bazhan, Anatoliy. "The slowing Growth of Global Economy: Keynesian and Neo-Classical Interpretations." Contemporary Europe 99, no. 6 (2020): 142–52. http://dx.doi.org/10.15211/soveurope62020142152.

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The article outlines the reasons for the slowing growth of global economy in the last 2 years and analyzes the views of IMF and UNCTAD experts on this subject. The author concludes that the new US protection policy cannot be considered the main reason of the slowdown: the growth of US import tariffs for China and Europe does impede the economic growth in those regions, but it stimulates growth in the US and other countries whose corporations compete with Chinese producers in the US market. The author argues that the Keynesian theory gives a better explanation to the slower growth as it is attributed to lack of demand and productive investment. The article shows that the Keynesian theory needs to be corrected as well, because the liberalization of global economy distorts the connection between money demand, generated by incomes in various countries, and growth of their economies: the demand can be covered by goods produced abroad, while investment can be allocated for foreign projects. Thus, promotion of economic activity should utilize not only the traditional Keynesian recipes of financial and credit influence, but also the national customs and currency regulation, as well as respective cross border capital migration restrictions.

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30

Hung, N. M., and P. Lefebvre. "Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy." Articles 57, no. 4 (2009): 525–52. http://dx.doi.org/10.7202/601005ar.

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ABSTRACT This paper deals with involuntary unemployment. We suppose that wages fail to clear markets and undertake a disequilibrium analysis of the effect of unemployment insurance (U.I.) on unemployment and production. The disequilibrium model is so constructed as to take into account the impact of U.I. on all markets. The neo-classical paradigm based on an equilibrium approach is contrasted with the neo-keynesian paradigm which assumes persistent disequilibrium. It is shown in this perspective that U.I. has an impact on unemployment when the latter is keynesian in nature rather than classical. We conclude that in order to evaluate empirically the effect of U.I., the various kinds of unemployment under analysis must be distinguished. We find moreover, that a disequilibrium framework is most appropriate for the study of unemployment.

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31

Argoti, Primera, and George Samuleson. "Some Elements About the Classical Employment Theory and the Keynesian Perspective." ENDLESS: International Journal of Future Studies 5, no. 2 (2022): 170–81. http://dx.doi.org/10.54783/endlessjournal.v5i2.86.

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The fundamental aim of this paper is to lay out essential elements concerning classical economic theory about employment, and compare them with the Keynesian approach. In other words, this document shows a comparative-contrasting study of the classical and more modern theoretical claims, concerning employment. Since employment is a crucial variable related to economic growth and development, this paper is focused on a revision of conceptual issues concerning such a critical indicator. The approach presented here is important not only for professional economists but also for other social scientists. One of the major conclusions of this study is referred to the evidence that the Keynesian “General Theory” is not precisely the most completed and updated theoretical approach to solve problems of employment, but it has a particular richness in its contents that is important to rescue; in fact that theory was extremely useful to undertake unemployment and economic growth problems during the Great Recession in the United States.

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32

Satti, Ahsan Ul Haq, Wasim Shahid Malik, and Ghulam Saghir. "New Keynesian Phillips Curve for Pakistan." Pakistan Development Review 46, no. 4II (2007): 395–404. http://dx.doi.org/10.30541/v46i4iipp.395-404.

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Recently macroeconomists have moved to a new neo-classical synthesis by integrating Keynesian features like imperfect competition and nominal rigidities with dynamic stochastic general equilibrium model of the Real Business Cycle Theory with micro foundations and rational expectations, [see, for instance, McCallum and Nelson (1999)]. The standard model comprises of a trinity; consumption and inflation adjustment equations with a monetary authority’s reaction function. One of the pillar of the modelinflation adjustment equation, also known as New Keynesian Phillips Curve (NKPC) in the literature, has at least two important features; unlike the traditional Phillips curve the NKPC is forward-looking; and it has been derived from the profit maximising behaviour of the firms in a monopolistically competitive market structure.

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33

Guerrazzi, Marco. "PROSPERITY FOR ALL: AN ASSESSMENT OF THE “FARMERIAN” REMEDIES TO PREVENT FINANCIAL CRISES AND REDUCE UNEMPLOYMENT." Macroeconomic Dynamics 23, no. 3 (2017): 1287–93. http://dx.doi.org/10.1017/s1365100517000220.

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In a recent book, Roger Farmer offers a quick but exhaustive rundown of the research agenda that he drove forward over the last 10 years with the aim to offer a novel microfoundation for Keynesian macroeconomics and—as a by-product—providing practical remedies to prevent financial crises, reduce unemployment, and ensure prosperity for all. In that work, the Farmerian arguments question the conventional visions underlying the Neo-Classical and New Keynesian paradigms and the addressed topics cover relevant theoretical, empirical, and policy issues that have been widely debated after the Great Recession of 2007–2009.

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34

Chidinma, Mbah Catherine, Okoli Chike Kingsley, Uzonwanne Maria Chinecherem, and Orjime Simon Mtswenem. "Economic Stabilization Policy in Nigeria: Reassessing the Classical-Keynesian Uncertainty Controversy." International Journal of Research and Innovation in Social Science 06, no. 05 (2022): 892–99. http://dx.doi.org/10.47772/ijriss.2022.6547.

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The economic theory proposes adjustment in the lending interest rate as a means of attaining macroeconomic stabilization through inflation targeting. The inability of policymakers to bring about the desired change in inflation without looking at the past values of the lending interest rate and inflation draws us into the economic uncertainty debate between the Classical and Keynesian schools of thought. Using the lending interest rate as a proxy for macroeconomic stabilization policy, this study determined whether it is the classical assertion that the future behaviour of economic variables can be perfectly predicted from historical data that holds for Nigeria, or it is the opposite notion of Keynes. This was done by analyzing trends in Nigeria’s lending interest rate, inflation rate and economic growth over the period of 1986 to 2020. The relevance of macroeconomic stabilization policy in Nigeria was also examined using a structural vector autoregressive model. Findings agreed with the Keynesian notion that due to uncertainty, the future behaviour of economic variables cannot be predicted by historical data. This has made the macroeconomic stabilization policy in Nigeria ineffective. However, the policy is still relevant in Nigeria and should not be undermined. The study recommends alternative policy options such as formulating an employment-targeting stabilization policy alongside the inflation targeting policy as this may likely stabilize the economy and also prepare the economy for economic uncertainty.

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35

Bryant, W. D. A. "Non-nested tests of new classical versus Keynesian models: further evidence." Applied Economics 23, no. 2 (1991): 385–90. http://dx.doi.org/10.1080/00036849100000148.

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36

DALZIEL, PAUL. "CLASSICAL AND KEYNESIAN UNEMPLOYMENT IN A SIMPLE DISEQUILIBRIUM AS-AD FRAMEWORK." Australian Economic Papers 32, no. 60 (1993): 40–52. http://dx.doi.org/10.1111/j.1467-8454.1993.tb00130.x.

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37

Brancaccio, Emiliano, and Damiano Buonaguidi. "Stock Market Volatility Tests: A Classical-Keynesian Alternative to Mainstream Interpretations." International Journal of Political Economy 48, no. 3 (2019): 253–74. http://dx.doi.org/10.1080/08911916.2019.1655954.

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38

Rosser, J. Barkley. "Indeterminacy of Macroeconomic Equilibrium in a “Post Keynesian New Classical” Model." Journal of Post Keynesian Economics 14, no. 1 (1991): 111–16. http://dx.doi.org/10.1080/01603477.1991.11489882.

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39

Lee, Frederic S. "Book Review: Competition, Technology and Money: Classical and Post-Keynesian Perspectives." Review of Radical Political Economics 29, no. 2 (1997): 110–12. http://dx.doi.org/10.1177/048661349702900209.

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40

Woolsey, W. William. "The BFH payments system in new classical and new Keynesian models." Atlantic Economic Journal 21, no. 2 (1993): 62–70. http://dx.doi.org/10.1007/bf02302316.

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41

GUARINI, GIULIO. "A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity." Brazilian Journal of Political Economy 43, no. 1 (2023): 67–77. http://dx.doi.org/10.1590/0101-31572023-3391.

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ABSTRACT The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP’s neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP’s conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation.

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42

Colombatto, Enrico. "Teoria neo-keynesiana e aspettative razionali in economia aperta*." Journal of Public Finance and Public Choice 3, no. 2 (1985): 109–23. http://dx.doi.org/10.1332/251569298x15668907117110.

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Abstract The introductory paragraph is devoted to the outline of the role of the rational expectations (r.e.) element within the Keynesian, the Monetarist and the New-Classical-Economics framework; in all such cases the closed-economy version only is taken into account.The second part of the article, on the other hand, is devoted to the analysis of an open-economy framework, where the consequences of the r.e. hypothesis are analysed in greater depth. In short, two groups of aspects are stressed: on the one hand, considerable attention is given to the importance and the analysis of the velocity of anticipation and of adjustment, both on the goods market and on the capital market; on the other, the dimensions and the frequence of the eventual distortions which arise in the neo-Keynesian and in the Monetarist cases are examined. The results yielded by the analysis carried out within both groups of aspects are then compared with the results obtained from a New-Classical viewpoint. The role of the alternative classes of expectations - apart from the r. e. case - is taken into account as well.

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43

Christensen, Paul P. "Recovering and extending classical and Marshallian foundations for post-Keynesian environmental economics." International Journal of Environment, Workplace and Employment 1, no. 2 (2005): 155. http://dx.doi.org/10.1504/ijewe.2005.006382.

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44

Prascevic, Aleksandra. "The return to keynesianism in overcoming cyclical fluctuations?" Ekonomski anali 53, no. 177 (2008): 30–58. http://dx.doi.org/10.2298/eka0877030p.

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The problems faced by the American economy in the second half of 2007, which intensified in 2008, have once again asked economic science, and even more so economic policy, questions relating to business cycles - the reasons for cyclical fluctuations, the character of business cycles and, naturally, economic policy measures that can be implemented to alleviate and overcome an economic recession. Since the 1970s, business cycle theories have been intensively developed - ranging from monetary theories, developed within monetarism and the first phase of New Classical Macroeconomics, to the real business cycle theory of New Classical Macroeconomics. Consequently, the triggers for the beginning of a cycle can be monetary (monetary theories) or real in the form of technological shocks (real business cycles). In essence economic policy conducted since the 1970s, has rejected the Keynesian explanations of the functioning of the economic system, and thus the policy of aggregate demand management. However, the measures that are now being implemented in the USA point to a return to Keynesianism. This refers, above all, to attempts to compensate for the inefficiency of monetary policy with fiscal expansion. All three psychological propensities (propensity to consume, propensity to invest and liquidity preference) in Keynes's theory and applied in Keynesian economic policy, are still the significant determinants of monetary and fiscal policies. The return to Keynesianism points to the depth of the crisis faced by the USA, but also confirms the vitality of Keynesian economics and affirms the view that - although Keynes wished to present his theory as being "general" - it is actually the theory of economic depression.

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45

Posada Posada, Carlos Esteban. "Expectativas de inflación y tasa de interés: aspectos teóricos." Lecturas de Economía, no. 20 (March 10, 2011): 37–65. http://dx.doi.org/10.17533/udea.le.n20a7997.

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• Resumen: ¿Qué efectos tienen los cambios en las expectativas de inflación sobre las tasas de interés, nominales y reales? ¿Cómo se producen esos efectos? Existen dos grandes respuestas teóricas antagónicas a las preguntas anteriores: la clásica y la keynesiana. En este artículo se resumen dichas respuestas y se exponen sus alcances y limitaciones. A partir de este resumen se construye un modelo "cuasi-keynesiano", pero que arroja una conclusión que coincide con la respuesta clásica al respecto: las expectativas de inflación tienden a quedar incorporadas en la tasa nominal de interés sin modificar de manera permanente la tasa real de interés. En países o épocas con alteraciones significativas de las expectativas de inflación esta conclusión puede ser la correcta, no así la keynesiana. • Abstract: This question of just how expectations of inflation influence the real and the nominal rate of interest have been addressed from both a Keynesian and a classical perspective. This paper presents a critical summary of these arguments in the context of a quasi-keynesian model. Its finding is however is essentially classical – that inflationary expectations will be incorporated into the nominal rate of interest without having any permanent effect on the real rate.

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46

Thompson, Stephen. "Profit Squeeze in the Duménil and Lévy Model." Review of Radical Political Economics 50, no. 2 (2018): 297–316. http://dx.doi.org/10.1177/0486613417701265.

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This article looks at the implications of labor-supply limits and endogenous wage growth in the Duménil and Lévy model. A long-run relationship is established between the employment rate and capitalists’ decisions to reinvest profits. Elements of a Marxian approach to macroeconomic policy are sketched. New conditions are derived for being Kaleckian/Keynesian in the short run and classical Marxian in the long run.

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47

Oner, Engin. "Comparative Interpretation of Classical and Keynesian Fiscal Policies (Assumptions, Principles and Primary Opinions)." International Journal of Finance & Banking Studies (2147-4486) 4, no. 2 (2015): 11–20. http://dx.doi.org/10.20525/ijfbs.v4i2.213.

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Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial".

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Dadkhah, Kamran M., and Santiago Valbuena. "Non-nested test of New Classical vs Keynesian models: evidence from European economies." Applied Economics 17, no. 6 (1985): 1083–98. http://dx.doi.org/10.1080/00036848500000069.

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Moore, Kenneth. "A Re-Evaluation of the Application of Keynesian Economic Theory to Classical Athens." Athens Journal of History 4, no. 1 (2017): 7–18. http://dx.doi.org/10.30958/ajhis.4-1-1.

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Stützle, Ingo. "To be or not to be a Keynesian – ist das die Frage?" PROKLA. Zeitschrift für kritische Sozialwissenschaft 39, no. 157 (2009): 607–23. http://dx.doi.org/10.32387/prokla.v39i157.414.

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Keynes is back. Not only in the discourse of political economy but also in the debates around an "alternative economic policy". This article outlines Keynes's approach to the political economy of capitalism and offers a critique in the tradition of Marx's critique of classical political economy. It points out the limits and conditions of radical reforms and criticizes the illusions attached to the idea of a new Keynesian project.

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