Dissertations / Theses: 'Keynesian economics'

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Jorge, Fernandes Mata Tiago. "Dissent in economics : making radical political economics and post Keynesian economics, 1960-1980." Thesis, London School of Economics and Political Science (University of London), 2006. http://etheses.lse.ac.uk/2691/.

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The history of dissent in economics has thus far been subject to scant interest. The existing scholarship, authored by dissenters probing their own past, has failed to address the crucial questions of how dissent emerged and rooted itself. This study is about two dissenting communities, Radical Political Economics and Post Keynesian Economics. I review the circumstances that led to their emergence in the late 1960s and early 1970s. I draw from the histories of religious and scientific dissent to explore the making of the dissenters' challenge to the economics orthodoxy. Notably, I use the concept of boundary work to analyse the debates between dissenters and mainstream. The history of Radical Political Economics begins with the founding in 1968 of the Union for Radical Political Economics. Onto this Union converged a generation of young radicalised academics that sought to unite their political interests and their scholarly pursuits. After a period devoted to the design of a "paradigm of conflict," radicals turned to outreach work with popular movements. The new commitment brought divisive political identities into their Union that barred any agreement on a programme to transform economics. Post Keynesian Economics emerged in the aftermath of debates on capital theory between Cambridge left Keynesians and neoclassical economists. With the conviction that the debates signalled the emergence of a new theory in economics, American dissenters decided to ally with the Cambridge critics. The content of the alliance was redefined many times in the 1970s by a succession of spokespersons for the group. Of this period resulted a weakly bound community joined by a sense of shared ancestry. The two case studies reveal the diverse resources and allies that dissenters mustered for their battle with the economics orthodoxy. They show how the dissenters' challenge shaped the boundaries of their communities and the content of their identity.

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Staines, David. "Stochastic equilibrium, the Phillips curve and Keynesian economics." Thesis, Cardiff University, 2019. http://orca.cf.ac.uk/118938/.

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I uncover serious problems with the benchmark New Keynesian Phillips curve linearized around its non-stochastic zero inflation steady state when the underlying model features a subset of prices that stay rigid over multiple periods, as in the popular Calvo model. I am able to demonstrate that the dynamics of approximations taken at the non-stochastic steady state are non-hyperbolic. This means that approximations taken at this point do not represent a valid description of the dynamics of the underlying model at any other point in the state space. This allows me to overturn results such as the 'Divine Coincidence' that equates welfare under price rigidity with the level prevailing under price dispersion. I introduce a dynamic stochastic concept of equilibrium that can be applied to New Keynesian models and offers a natural point to take approximations to analyze business cycle dynamics. It is methodologically interesting as it is a notion of general equilibrium that does not correspond to partial equilibrium. Keywords: Macroeconomics, Mathematical Economics, Random Dynamical Systems, General Equilibrium, Monetary Policy JEL Classification: C6, D5, E1, E3, E5 2010 Mathematics Subject Classification: 37Axx, 37Bxx, 37Cxx, 37Dxx, 37Gxx, 37Hxx.

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Souza, Leonardo Flauzino de 1985. "A crise financeira de 2008 = uma interpretação teórica heterodoxa." [s.n.], 2012. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286126.

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Orientador: Antonio Carlos Macedo e Silva Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia Made available in DSpace on 2018-08-20T05:46:58Z (GMT). No. of bitstreams: 1 Souza_LeonardoFlauzinode_M.pdf: 1156212 bytes, checksum: 680a27401a91a86efbf66d613a7ad412 (MD5) Previous issue date: 2012 Resumo: A crise econômica de 2008 pode ser analisada pelo arcabouço das teorias keynesianas, em especial a partir das interpretações em torno da teoria da preferência pela liquidez. Esta foi elaborada primeiramente na Teoria Geral de Keynes, mas alcançou interpretações muito diversas nas obras de Kaldor, Hicks, Davidson e Minsky. As idéias expostas por estes autores são capazes de fornecer algumas explicações sobre as escolhas de ativos, em especial os relacionados aos mercados financeiros, e analisar os impactos dinâmicos das decisões de financiamento e alocação do capital. Entretanto, algumas inovações financeiras, como a securitização e os derivativos, que tiveram uma participação fundamental na constituição da crise, não são, de forma geral, exploradas por estes autores. Desta forma, o presente trabalho se propõe a explorar a teoria e as interpretações supracitadas, a fim de construir uma analise teórica da crise de 2008, abarcando as contribuições das inovações financeiras mencionadas. O contexto histórico em torno da crise de 2008, analisado pelo viés teórico keynesiano, é capaz de explicar como esta tomou a forma de uma das mais severas crises da história do capitalismo contemporâneo. Ao se iniciar como uma crise de crédito convencional e aos poucos tomar a forma de uma crise de liquidez e solvência, destaca-se o papel crucial da securitização de créditos e dos derivativos financeiros neste processo, alterando as escolhas de portfólio, as decisões de financiamento e a dinâmica das interações entre os balanços das diversas instituições financeiras da economia norte-americana e mundial Abstract: The 2008 economic crisis can be analyzed by the framework of post-Keynesian theories, especially the interpretations around the liquidity preference theory. This one was first presented in Keynes' General Theory, but it reached very different interpretations in the work of Kaldor, Hicks, Davidson and Minsky. The ideas put forward by these authors can provide some explanations about the asset choices, particularly those related to financial markets, and analyze the dynamic impact of finance decisions and capital allocation. However, some financial innovations, such as securitization and derivatives, which had a seminal role in the constitution of the crisis, are not generally exploited by these authors. Thus, this study aims to explore the theory and the interpretations above, in order to build a theoretical analysis of the 2008 economic crisis, covering the contributions of the financial innovations mentioned. The historical context surrounding the 2008 economic crisis, analyzed by the bias of Keynesian theory, is able to explain how that took the form of one of the most severe crises in the history of contemporary capitalism. When it start as a conventional credit crisis and gradually take the form of a crisis of liquidity and solvency, it highlight the crucial role of securitization of loans and financial derivatives in this process, changing the portfolio choices, funding decisions and the dynamics of interactions between the balance sheets of many financial institutions in the U.S. economy and the world Mestrado Ciências Economicas Mestre em Ciências Econômicas

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Welz, Peter. "Quantitative New Keynesian Macroeconomics and Monetary Policy." Doctoral thesis, Uppsala : Department of Economics, Uppsala University, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-5978.

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Turnell, Sean. "Monetary reformers, amateur idealists and Keynesian crusaders Australian economists' international advocacy, 1925-1950 /." Phd thesis, Australia : Macquarie University, 1999. http://hdl.handle.net/1959.14/76590.

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Thesis (PhD)--Macquarie University, Division of Economic and Financial Studies, Dept. of Economics, 1999. Bibliography: p. 232-255. Introduction -- Cheap money and Ottawa -- The World Economic Conference -- F.L. McDougall -- The beginnings of the 'employment approach' -- Coombs and consolidation -- Bretton Woods -- An international employment agreement -- The 'employment approach' reconsidered -- The Keynesian 'revolution' in Australia -- Conclusion. Between 1925 and 1950, Australian economists embarked on a series of campaigns to influence international policy-making. The three distinct episodes of these campaigns were unified by the conviction that 'expansionary' economic policies by all countries could solve the world's economic problems. As well as being driven by self-interest (given Australia's dependence on commodity exports), the campaigns were motivated by the desire to promote economic and social reform on the world stage. They also demonstrated the theoretical skills of Australian economists during a period in which the conceptual instruments of economic analysis came under increasing pressure. -- The purpose of this study is to document these campaigns, to analyse their theoretical and policy implications, and to relate them to current issues. Beginning with the efforts of Australian economists to persuade creditor nations to enact 'cheap money' policies in the early 1930s, the study then explores the advocacy of F.L. McDougall to reconstruct agricultural trade on the basis of nutrition. Finally, it examines the efforts of Australian economists to promote an international agreement binding the major economic powers to the pursuit of full employment. -- The main theses advanced in the dissertation are as follows: Firstly, it is argued that these campaigns are important, neglected indicators of the theoretical positions of Australian economists in the period. Hitherto, the evolution of Australian economic thought has been interpreted almost entirely on the basis of domestic policy advocacy, which gave rise to the view that Australian economists before 1939 were predominantly orthodox in theoretical outlook and policy prescriptions. However, when their international policy advocacy is included, a quite different picture emerges. Their efforts to achieve an expansion in global demand were aimed at alleviating Australia's position as a small open economy with perennial external sector problems, but until such international policies were in place, they were forced by existing circumstances to confine their domestic policy advice to orthodox, deflationary measures. -- Secondly, the campaigns make much more explicable the arrival and dissemination of the Keynesian revolution in Australian economic thought. A predilection for expansionary and proto-Keynesian policies, present within the profession for some time, provided fertile ground for the Keynesian revolution when it finally arrived. Thirdly, by supplying evidence of expansionary international policies, the study provides a corrective to the view that Australia's economic interaction with the rest of the world has largely been one of excessive defensiveness. -- Originality is claimed for the study in several areas. It provides the first comprehensive study of all three campaigns and their unifying themes. It demonstrates the importance to an adequate account of the period of the large amount of unpublished material available in Australian archives. It advances ideas and policy initiatives that have hitherto been ignored, or only partially examined, in the existing literature. And it provides a new perspective on Australian economic thought and policy in the inter-war years. Mode of access: World Wide Web. 255 p

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Jung, Yong-Gook. "Essays on the specification of New Keynesian dynamic stochastic general equilibrium model." Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2007. http://wwwlib.umi.com/cr/ucsd/fullcit?p3273810.

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Thesis (Ph. D.)--University of California, San Diego, 2007. Title from first page of PDF file (viewed October 3, 2007). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 60-64).

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Amitrano, Claudio Roberto 1973. "Instituições e desenvolvimento = críticas e alternativas à abordagem de variedades de capitalismo." [s.n.], 2010. http://repositorio.unicamp.br/jspui/handle/REPOSIP/285963.

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Orientador: Antonio Carlos Macedo e Silva Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia Made available in DSpace on 2018-08-16T14:44:02Z (GMT). No. of bitstreams: 1 Amitrano_ClaudioRoberto_D.pdf: 2319609 bytes, checksum: db18f6b0d07ae935c08c70c8141ac37f (MD5) Previous issue date: 2010 Resumo: Nos últimos anos tem crescido o debate em torno do papel das instituições na performance econômica. Dentre as diversas vertentes que analisam este possível papel encontra-se a chamada abordagem de Variedades de Capitalismo (VoC), desenvolvida, sobretudo, a partir dos trabalhos de Peter Hall e David Soskice. Segundo os proponentes desta abordagem a questão relevante reside no fato de que não apenas as instituições influenciam o desempenho econômico, mas que o fazem por meio de uma forte complementaridade. A existência desta complementaridade tem como conseqüência uma forte inércia, de modo que as economias não apresentariam tendência de convergência ao longo do tempo, seja do ponto de vista de suas instituições, seja em termos de taxas de crescimento. O objetivo desta tese consiste em investigar a consistência teóricometodológica da noção de complementaridade institucional e sua relação com a mudança institucional e a performance econômica. A despeito da concordância com a tese da VoC, de que a divergência entre países se configura mais como regra do que como exceção, a hipótese principal deste trabalho é que existe uma incongruência na abordagem de Variedades de Capitalismo entre os conceitos de instituição, complementaridade e o modelo teórico que norteia a análise da performance econômica. Neste sentido, pretende-se ao longo do trabalho demonstrar que uma definição distinta de instituição, associada não só a padrões comportamentais, mas também à noção de modelos mentais de interpretação, é capaz de conferir maior robustez ao conceito de complementaridade. Esta noção requer que se leve em conta três elementos na definição de instituição: incerteza fundamental, racionalidade limitada e reciprocidade. Além disso, procurar-se-á demonstrar na tese que a relação entre complementaridade e performance econômica, quando mediada por um conceito de instituição adequado, se articula e confere sentido às noções de regime de demanda e de produtividade dos modelos pós-keynesianos de crescimento Abstract: The debate surrounding the role of institutions in economic performance has grown in recent years. Among the various strands that analyze this possible role is the one called Varieties of Capitalism (VoC) approach, developed by Peter Hall and David Soskice. According to proponents of this approach the relevant question lies in the fact that not only institutions influence the economic performance, but they do so through a strong institutional complementarity. The existence of this complementarity implies a strong inertia, so that economies would not converge over time, neither from the point of view of its institutions, nor in terms of growth rates. The goal of this thesis is to investigate the theoretical-methodological consistency of the concept of institutional complementarity and its relationship with the institutional change and economic performance. Despite the agreement with the central thesis of VoC, that divergence between countries is much more a rule than an exception, the main hypothesis of this thesis is that there is an inconsistency in the Varieties of Capitalism approach between the concepts of institution, complementarity and the theoretical model that guided the analysis of economic performance. In this sense, we intend to demonstrate that a distinct definition of institution associated with, not only behavioral patterns, but also to the very notion of mental models of interpretation, is able to confer greater robustness to the concept of complementarity. This concept requires consideration about three elements in the definition of institution: fundamental uncertainty, bounded rationality and reciprocity. In addition, will be shown that the relationship between complementarity and economic performance, when mediated by an appropriate concept of institution relates and gives meaning to the concepts of demand and productivity regimes of post Keynesian models of growth Doutorado Teoria Economica Doutor em Ciências Econômicas

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Oliveira, Adriano dos Reis Miranda Laureno. "Complexidade aplicada ao estudo da dinâmica do investimento: um modelo baseado em agentes (ABM) de inspiração Kaleckiana." Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-30102018-162946/.

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Os principais modelos de equilíbrio parcial e DSGE que estudam a dinâmica do investimento desconsideram questões centrais para a pesquisa desse tema e tem dificuldades em explicar resultados da literatura empírica. Defendemos que estudar a dinâmica do investimento como um sistema adaptativo complexo por meio de modelos de simulação baseados em agentes (ABMs) é uma alternativa promissora. Nessa dissertação motivamos, descrevemos, justificamos metodologicamente e construímos um ABM nos inspirando em modelos importantes da literatura e incorporamos às expectativas de demanda das firmas uma regra de revisão de otimismo e um mecanismo de interação em suas decisões de produção e investimento. Com isso, reproduzimos diversos fatos estilizados da literatura empírica e conseguimos testar os efeitos macroeconômicos de hipóteses teóricas relacionadas a fenômenos de contágio via confiança, motivações políticas e à reflexividade, presentes nas decisões das firmas. Nossos resultados colocam em dúvida a efetividade de mecanismos análogos à greve de investimentos, como meios dos empresários controlarem as políticas dos governos, mas confirmam que endogeneizar possíveis motivações políticas, ainda que subjetivas, no nível de confiança das firmas tem efeitos macroeconômicos substanciais. Ademais, nossos experimentos sugerem que i) tanto a evolução da produtividade, quanto dos salários reais são condições necessárias para o crescimento, ii) choques de confiança temporários tem efeitos de longo-prazo, iii) para que choques de pessimismo localizados contagiem a economia, eles precisam ser persistentes, iv) considerar o conceito de reflexividade tem consequências macroeconômicas importantes. Não encontramos evidências de que contrações fiscais do governo possam ser expansionistas, por meio de seus efeitos na confiança. The main parcial equilibrium and DSGE models which study investment dynamics disregard core issues about this subject and have problems to explain results coming from the empirical literature. We argue that studying investment dynamics in a complex adaptive system by using Agent-Based Models is a promising alternative. In this work we motivate, describe, justify methodologically and build an ABM in line with important models from the literature and we incorporate to firms\' demand expectations an optimism revision rule and an interaction mechanism in their decisions to produce and invest. Thereby, we replicate many stylized facts from the empirical literature and we were able to test macroeconomic effects from theoretical hypothesis related to confidence-driven contagion phenomena, political motivation and reflexivity, present in firms\' decisions. Our results question the effectiveness of mechanisms analogous to the investment strikes, as a way for businessmen to control government policies, but confirm that endogenize possible political motivations, yet subjective, in the level of confidence of the firms has substantial macroeconomic effects. Furthermore, our experiments suggest that i) both productivity and real wages are necessary conditions for growth, ii) temporary confidence shocks have long-term effect, iii ) for localized shocks of pessimism, to contagion the economy, they need to be persistent, iv) consider the concept of reflexivity has important macroeconomic consequences. We find no evidence that government fiscal contractions can be expansionist, through their effects on confidence levels.

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Murray, James M. "Three essays in adaptive expectations in New Keynesian monetary economics." [Bloomington, Ind.] : Indiana University, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3337247.

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Thesis (Ph.D.)--Indiana University, Dept. of Economics, 2008. Title from PDF t.p. (viewed on Jul 28, 2009). Source: Dissertation Abstracts International, Volume: 69-12, Section: A, page: 4808. Adviser: Eric M. Leeper.

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Juniper, James. "A Keynesian critique of recent finance and macroeconomic applications of risk-sensitive and robust control theory." Title page, contents and abstract only, 2001. http://web4.library.adelaide.edu.au/theses/09PH/09phj953.pdf.

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Bibliography: leaves 479-544. The objective of this thesis is to assess the strengths and weaknesses of recent economic applications of robust and risk-sensitive control theory from a Keynesian perspective.

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Jo, Tae-Hee Lee Frederic S. "Microfoundations of effective demand." Diss., UMK access, 2007.

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Thesis (Ph. D.)--Dept. of Economics. University of Missouri--Kansas City, 2007. "A dissertation in economics and social science consortium." Advisor: Frederic S. Lee. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed July 30, 2008. Includes bibliographical references (leaves 196-220). Online version of the print edition.

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Gouvêa, Raphael Rocha. "Padrão de especialização produtiva e crescimento econômico sob restrição externa: uma análise empírica." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/12/12140/tde-10052010-144501/.

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Esta dissertação procura contribuir para literatura empírica sobre crescimento econômico restrito pelo balanço de pagamentos através da investigação de como a mudança estrutural, identificada como alterações na composição setorial das exportações e importações, afeta a intensidade da restrição externa. Para tanto, são realizados dois exercícios empíricos. O primeiro fornece evidências para a validade da Lei de Thirlwall Multissetorial para um conjunto de 90 países no período 1965-1999, baseando-se na análise do erro de previsão e do desvio médio absoluto, assim como na aplicação de um teste de regressão. No segundo, apresentam-se evidências de que o crescimento econômico brasileiro no período 1962-2006 foi compatível tanto com a Lei de Thirlwall quanto com a Lei de Thirlwall Multissetorial. As implicações da Lei de Thirlwall Multissetorial foram utilizadas, então, para explorar a relação entre estrutura produtiva, mudança estrutural e restrição externa por meio da análise da evolução das elasticidades-renda ponderadas das exportações e importações. Dadas a natureza setorial deste exercício empírico e sua possível conexão com a literatura historiográfica sobre o II Plano Nacional de Desenvolvimento (1974-1979), os resultados do trabalho foram utilizados para avaliar a contribuição dos setores para a evolução das elasticidades-renda ponderadas das exportações e importações, subsidiando, assim, o debate existente acerca do ajustamento externo promovido entre 1974 e 1984. Os resultados sugerem que a interpretação de Castro (1985), mesmo quando avaliada sob uma métrica diferente daquela utilizada pelo autor, possui fundamento empírico. Porém, faz-se necessário ressaltar a qualificação de Fishlow (1986) de que a melhoria verificada na balança comercial nos anos 1983-1984 decorre em maior medida do comportamento das exportações do que das importações. This dissertation aims to contribute to the empirical literature on balance-of-payments-constrained growth by investigating how structural change, identified with change in the sectoral composition of exports and/imports, affects the extent of the external constraint. This is done by two empirical exercises. The first one presents evidence in favor of the Multi-Sectoral Thirlwall Laws validity for a sample of 90 countries in the period 1965-1999, by analyzing the mean prediction error and the mean absolute deviation, as well as applying a regression test. In the second one, the evidence show that Brazilian economic growth in the period 1962-2006 was compatible with both Thirlwalls Law and Multi-Sectoral Thirlwalls Law. Multi-Sectoral Thirlwalls Law implications were, then, utilized to explore the relationship between productive structure, structural change and external constraint by analyzing the evolution of weighted income elasticities of exports and imports. Given the sectoral nature of this empirical exercise and its possible connection with the historical literature about the II National Development Plan (1974-1979), the results were used to evaluate the sectors contribution to the evolution of weighted income elasticities of exports and imports during the period. These findings provide additional support to the existing debate about the external adjustment promoted between 1974 and 1984. The results suggest that Castros (1985) interpretation has empirical support, even when evaluated using a different metric than the one used by the author. However, it is necessary to highlight Fishlows (1986) insight that the improvement verified in the trade balance in the years 1983-1984 came out to greater extent from exports behavior rather than from imports behavior.

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Tily, Geoffrey Lawrence John. "Keynes's general theory, the rate of interest and 'Keynesian economics'." Thesis, University College London (University of London), 2005. http://discovery.ucl.ac.uk/1446514/.

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Keynes was primarily concerned with monetary policy not fiscal policy. Viewed as a coherent whole, his work was concerned with the appropriate technique and infrastructure for the management of money. More specifically, his rejection of the gold standard led ultimately to his proposal for an international clearing union to support domestic debt-management and monetary policies aimed at cheap money. His ideas became reality. With the start of the great depression, governments across the world began an era of the deliberate management of money. While many others have argued that 'Keynesian' economics is a misrepresentation of Keynes's theory, I therefore argue that 'Keynesian' economics also permitted a gross misrepresentation of his economic policies. The first of two parts is concerned with explaining 'Keynesian' economics as a different theory opposed, and indeed rival, to Keynes's work. Hawtrey made the first contributions, followed by Robertson; Hicks and Modigliani only built on these foundations. The economics profession was willing to turn to this theory to recompense the obvious inadequacies of the classical theory in the wake of the great depression. It was unwilling to entertain the General Theory itself Keynes's response to this rival theory is examined. Lastly the discussion shows how post-war academic debate facilitated the gradual dismantling of the practical measures of monetary reform that Keynes had achieved. The second part of the thesis seeks to re-present Keynes's General Theory as a logical structure aimed at the practical monetary policy conclusions. The steps are as follows: first, the origin and foundation of his theory as monetary economics; second, the 'discovery' of the identity between saving and investment; third, the development of the theories of liquidity preference (why and how cheap money can be set) and of activity as a whole (why cheap money must be set).

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Hartropp, A. J. "Economic methodology, a Lakatosian appraisal of the Keynesian-monetarist-new classical controversy, and a critique." Thesis, University of Southampton, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370515.

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Westaway, P. F. "An analysis of New Keynesian policies using control methods." Thesis, University of Cambridge, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.372274.

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Economopoulos, Takis. "Post-Keynesian theory and the transmission mechanism of money and credit." Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=74579.

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This thesis analyzes the transmission process that generates and links credit, money and economic activity as proposed by Post-Keynesian authors. These authors include mainly Chick, Davidson, Minsky and Wojnilower, who base their hypotheses on the collected works of Keynes and Kalecki. Their key contribution is to identify the cause of the transmission mechanism with the deficit spending of private economic units that is financed by credit that is created by financial intermediaries. The framework used by these authors assumes uncertainty, speculation and instability that have resulted in the formation of institutions such as money, contracts and intermediaries. It is shown that a consistent framework integrates the processes, channels, order and vehicles of the Post-Keynesian mechanism.

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Naqvi, Syed Ali Asjad, and Stockhammer Engelbert. "Directed Technological Change in a post-Keynesian Ecological Macromodel." WU Vienna University of Economics and Business, 2017. http://epub.wu.ac.at/5809/1/SFC_DTC_WP_version.pdf.

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This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private firm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable) Resources. Input productivities depend on R&D expenditures, which are determined by relative changes in their respective prices. Two policy experiments are tested; a Resource tax increase, and an increase in the share of public R&D on Resources. Model results show that policy instruments that are continually increased over a long-time horizon have better chances of achieving a "green" transition than one-of climate policy shocks to the system, that primarily have a short-run affect. Series: Ecological Economic Papers

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Czarnota, Alexander. "Estimating a hybrid New Keynesian Phillips curve for Sweden : An instrumental variables approach." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-415569.

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Previous estimates suggest that there has been a flattening of the Swedish Phillips curve after the global financial crisis of 2008. This apparent flattening is a global phenomenon that has led many economists to search for an explanation. Recent studies suggest that part of the apparent flattening can be explained by failure to overcome the endogeneity problem of the Phillips curve that arise from measurement error and cost-push shocks. In this study I investigate this previously unexplored potential explanation for the Swedish data by estimating a hybrid New Keynesian Phillips curve for Sweden using the instrumental variables approach of Barnichon and Mesters (2020). The approach uses a sequence of lagged monetary policy shocks as instruments and relies on weak instrument robust test statistic for inference. The point estimates vary substantially with changes in the number of lagged instruments and the weak instrument robust confidence intervals are not significant for any number of lags. This indicates that the weak instrument problem is too severe for the Swedish data to provide a practical solution to the puzzle of the Swedish Phillips curve. The conclusion from this study is therefore that is not possible to estimate an unbiased hybrid New Keynesian Phillips curve for Sweden using aggregate time series data.

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Manea, Cristina. "Essays on monetary economics." Doctoral thesis, Universitat Pompeu Fabra, 2020. http://hdl.handle.net/10803/669915.

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In my PhD thesis, I extend the basic New Keynesian (NK) model (Galí (2015), Woodford (2003)) on three distinct dimensions. (i) In the first chapter, I introduce endogenous money creation by private banks (``inside-money''). (ii) In the second chapter, I allow for a share of firms which face financial constraints, and I study how firm heterogeneity in terms of credit access affects monetary policy. (iii) In the third chapter, I analyze how the fiscal limit and the zero lower bound on the policy rate jointly constrain the optimal monetary-fiscal policy response to business cycle fluctuations. These extensions provide relevant insights for the ongoing review of monetary-policy frameworks. Amplío el modelo básico basado en el Nuevo keynesianismo (Galí (2015), Woodford (2003)) en tres vertientes. (i) En el primer capítulo, introduzco la creación endógena de dinero por bancos privados. (ii) En el segundo capítulo, permito que una parte de las empresa pueda afrontar limitaciones financieras, y estudio cómo una heterogeneidad corporativa en relación al acceso crediticio afecta a la política monetaria. (iii) En el tercer capítulo, analizo cómo el límite fiscal y el nivel mínimo cero en la tasa de política monetaria, conjuntamente restringen la respuesta óptima de políticas monetaria y fiscal a las fluctuaciones cíclicas.

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26

Kim, Hae-min. "Empirical study of new Keynesian model using cointegrated VAR : what New Zealand data tell us." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/54656.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Economics, 2009. Cataloged from PDF version of thesis. Includes bibliographical references (p. 27-28). Econometric analysis of rational expectations models has been a widely studied topic in the macro-econometric literature. This thesis looks in particular at evaluating Neokeynesian model (NKM) with respect to its conformity with the data. Among the available econometric techniques, this thesis investigates what cointegrated VAR can illuminate about how close the NKM gets to the data. This project closely follow the approach taken by Mikael Juselius (2008) and extends the analysis to the New Zealand data. The findings from the thesis lend support to Juselius' conclusions but in a limited way. The results from this thesis question the robustness of his claims based on US data supporting inexact rational expectations models. by Hae-min Kim. S.M.

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Archela, Danielle Cristina Guizzo 1989. "Keynes, keynesian economics and the political economy of power of the postwar world." reponame:Repositório Institucional da UFPR, 2016. http://hdl.handle.net/1884/43650.

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Orientadores : Profª. Drª. Iara Vigo de Lima e Prof. Dr. Fabiano Abranches Silva Dalto Tese (doutorado) - Universidade Federal do Paraná, Setor de Ciencias Sociais Aplicadas, Programa de Pós-Graduação em Políticas Públicas. Defesa : 07/06/2016 Inclui referências : f. 220-253 Área de concentração: Estado, economia e políticas públicas Resumo: As origens econômicas e os impactos sociopolíticos do que se tornou a "Economia Keynesiana" não têm recebido a devida atenção por parte de economistas, cientistas políticos e filósofos no que diz respeito ao seu modo de governança. Este trabalho explora o surgimento e a consolidação do Keynesianismo como o modo de governança responsável por criar formas coletivas de relações de poder no mundo do pós-guerra, investigando os possíveis efeitos das ideias econômicas no momento em que influenciaram a prática política. Especificamente, aplicamos uma estrutura analítica denominada "economia política do poder" (doravante "PEP") para compreender o surgimento da teoria econômica de Keynes e suas transformações em uma agenda política que teve consequências específicas em termos de poder, governança e regulação da economia e da população. Enquanto os capítulos 1 e 2 apresentam, respectivamente, uma releitura bibliográfica sobre a genealogia do poder de Michel Foucault (Parte I), e as bases econômicas, filosóficas e políticas de John Maynard Keynes (Parte II), prosseguimos com uma investigação histórica em fontes primárias e documentos oficiais sobre a aceitação e absorção da teoria Keynesiana na política econômica do Pós-Guerra, elaborada no capítulo 3 (Parte III). Nossa metodologia da Economia Política do Poder (PEP) desenvolvida ao longo do capítulo 4 (inserido na Parte III) implementa uma dupla abordagem histórica, combinando aspectos institucionais e genealógicos para analisar a transformação do Keynesianismo em uma agenda política entre o final dos anos 1930 até o início da década de 1970 na Europa ocidental e nos Estados Unidos. Nossas conclusões se apoiam nas mudanças epistemológica e política causada pelo Keynesianismo como paradigma político, ou ainda "governamentalidade". Afirmamos que o modo de governança Keynesiano foi bem-sucedido em trazer princípios economicistas e a técnica econômica para a administração da vida, afetando a maneira como as populações são governadas. Consequentemente, instrumentos técnico-econômicos e sistemas de bem-estar se tornaram uma forma técnico-científica de justificar a intervenção econômica via um discurso de poder que defendia estabilidade, crescimento econômico e bem-estar. Com a consolidação do Keynesianismo como modo de governança nota-se o surgimento de uma sociedade de segurança em que políticas de pleno emprego, administração de demanda, estabilidade econômica e segurança social apontam para novas formas de controle e regulação na forma de um pacto de segurança entre o Estado e a população. Paralelo a isso, convidamos o leitor para um retorno aos pensadores originais - Foucault e Keynes - para repensar o papel da atividade econômica enquanto fim teleológico da vida humana. Ao nos debruçarmos sobre os escritos éticos de ambos os autores, argumentamos que a economia pode ser revista e repensada como um meio para se atingir um fim ético: a boa vida. Tal trajetória, nas palavras de Foucault, se torna uma forma de governo de si em que o sujeito se transforma enquanto homem econômico e interpreta a economia como um meio de ação. Palavras-chave: Keynesianismo. John Maynard Keynes. Michel Foucault. Economia Política do Poder. Mundo Pós-Guerra. Abstract: The economic origins and sociopolitical impacts of what became known as "Keynesian Economics" have not received substantial attention from economists, political scientists and philosophers about its mode of governance. This study explores the rise and consolidation of Keynesianism as a mode of governance responsible for creating collective forms of power relations in the postwar world, investigating the possible effects of economic ideas once they reach the political arena. Specifically, we apply a "political economy of power" (PEP) framework to understand the emergence of Keynes's economic theory and its transformation into a policy agenda that had specific consequences in terms of power, governance and regulation of the economy and the population. While Chapters 1 and 2 respectively promote a bibliographical reading of Michel Foucault's genealogy of power and John Maynard Keynes's economic, philosophical and political foundations, Chapter 3 introduces a historical investigation based on primary sources and official documents about the absorption and acceptance of the Keynesian economic theory in Postwar's economic policies. Our Political Economy of Power (PEP) framework developed throughout Chapter 4 deploys a dual-historical approach, combining institutional and genealogical aspects to analyze the transformation of Keynesianism into a policy agenda between the end of the 1930s and beginning of 1970s across Western Europe and the United States. Our conclusions are buttressed by the epistemological and political shift caused by Keynesianism as a political paradigm, or a "governmentality". The Keynesian mode of governance was successful in bringing economistic principles and economic technicality into life, thus affecting the ways populations are governed. Consequently, technical economic instruments and welfare systems were actually a technical-scientific justification of intervention via a discourse of power that defended stability, economic growth and welfare. Once Keynesianism established itself as a mode of governance we see the rise of a security society in which policies involving full employment, demand management, economic stability and social security point out towards new forms of control and regulation in the shape of a security pact between the state and the population. Parallel to that, we also invite the reader to return to our original intellectuals - Foucault and Keynes - to shed light on the issue of economic activity as a teleological end of human life. By exploring their ethical writings we stress how economics should be reviewed and reconsidered as a means to achieve an ethical end: the good life. Such trajectory, in Foucault's rationale, becomes a form of selfgovernment in which the individual transforms himself/herself within the economy and understands economic activity as a means of action - rather than an end. Key Words: Keynesianism. John Maynard Keynes. Michel Foucault. Political Economy of Power. Postwar World.

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Lopez, Bernardo Javier. "A post-Keynesian macroeconomic theory for equity markets in stock-flow consistent frameworks." Thesis, Kingston University, 2015. http://eprints.kingston.ac.uk/35862/.

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This thesis presents a theoretical framework for understanding the long-term behaviour of equity markets. The framework is informed by post-Keynesian theory. It highlights the importance of effective demand for equity valuation - alongside other post-Keynesian features such as a realistic institutional setup, the (in)efficiency of financial markets in pricing assets and the importance of income and wealth distribution for macroeconomic theory. In contrast to mainstream approaches dominated and constrained only by the logic of rational agents, a Stock-Flow Consistent (SFC) methodology is followed here. The strict accounting rules of SFC models guarantee that all assets, flows and price revaluations that happen in an economic system are booked accordingly, with no accounting 'black holes' in the logical structure. The SFC approach also permits an outcome in which the market value of assets differs from their book value, a crucial distinction that should be at the core of any theory for equity returns. This thesis makes a contribution to the post-Keynesian literature on the Cambridge corporate growth models. It is shown that this literature can be used as a starting point for developing a theory of equity markets with a more realistic institutional setup. The main features of the post-Keynesian theory for equity markets developed here can be summarised as follows. First, aggregate demand determines the return on shares and their valuation in the market. Second, Tobin's q is inversely related to the growth rate of the economy in the long-run and inversely related to the marginal propensities to consume. Third, Tobin's q can be different from 1 even in the long-run. And fourth, wealth holders' consumption decisions are a major driver of the equity yield in the long-run, a feature very similar in spirit to the Levy-Kalecki profit equation, but now applied to financial markets. I conclude that post-Keynesian theory can offer an alternative to mainstream finance and fill a gap in current financial macroeconomic theory.

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Kurt, Ozan Ekin. "Post-Keynesian models of income distribution and growth : applications to developing countries." Thesis, Sorbonne Paris Cité, 2016. http://www.theses.fr/2016USPCD068.

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Le but de cette thèse est d’analyser les effets de court terme de la répartitionfonctionnelle des revenus sur la demande agrégée et ses composants en Corée du Sud,Thaïlande et la Chine dans un cadre postkeynésien. Dans ce but un modèle est proposé etses paramètres sont estimés pour caractériser les régimes de croissance de demande dansces pays. L’analyse économétrique montre que les demandes domestiques de ces payssont tirées par les salaires, sauf Thaïlande dans lequel certaines mesures de la répartitiondes revenus indiquent que l’économie domestique est tirée par les profits, pendant que leséconomies ouvertes sont tirées par les profits. Les résultats décrivent que des politiquesde croissance pro-travaillistes ne sont pas viables au court terme dans ces pays. Cettethèse comprend une revue de la littérature sur les théories de répartition des revenus et decroissance, présente une revue de la littérature sur les travaux empiriques de modèlespostkeynésiennes de croissance et répartition, expose un modèle théorique, elle comprendégalement une analyse du régime de croissance de demande en Corée du Sud, Thaïlandeet la Chine, respectivement. Dernièrement, la thèse discute les défauts du modèle, résumeses résultats et arrive à des conclusions politiques impliquées par le modèle The aim of this PhD dissertation is to analyze the short-term impact offunctional income distribution on aggregate demand and its components in South Korea,Thailand, and China within a post-Keynesian framework. For this purpose, thedissertation proposes a theoretical model, and estimates its parameters for characterizingdemand regimes in these countries. Econometric analysis shows that domestic economiesof the countries are wage-led except for Thailand, in which some measures of incomedistribution point to a profit-led domestic demand regime, while total economies areprofit-led. The results indicate that pro-labor growth policies are not viable in the shortrun in these countries. The dissertation reviews the theories of income distribution andgrowth, offers a survey of the empirical literature on the post-Keynesian models ofincome distribution and growth, presents the theoretical model proposed, and undertakesan analysis of demand regimes in South Korea, Thailand, and China. Finally, thedissertation addresses the shortcomings of the model, summarizes its findings discussesthe implied policy conclusions

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Leite, Anna Olimpia de Moura. "Endogeneidade da taxa natural de crescimento." Universidade de São Paulo, 2012. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-30012013-200904/.

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De acordo com León-Ledesma and Thirlwall (2002), o presente trabalho se propõe a testar a endogeneidade da taxa natural de crescimento para um conjunto amplo de países, no sentido do crescimento de longo prazo ser determinado pela demanda. Econometricamente, a principal hipótese a ser testada é a presença de não linearidade na Lei de Okun, que implica na existência de duas taxas naturais, cada uma correspondendo a um regime de crescimento. Utilizando dados anuais para o período de 1980 a 2007 e dados trimestrais para o intervalo entre 1980 e 2011, os resultados corroboram a hipótese de endogeneidade quando aplicada a metodologia proposta por LLT. Esta evidência se repete ao definir exogenamente os regimes de crescimento pelos métodos de Markov-Switching e threshold autoregressive regression (TAR) para os dados anuais, no entanto, para os dados trimestrais há indicações de endogeneidade e exogeneidade da taxa natural de crescimento. Following León-Ledesma and Thirlwall (2002), this master\'s thesis aims to examine the sensitivity of the natural growth rate to the actual growth rate for a broad set of countries, based on demand-led growth theory. The main hypothesis being tested is the presence of non-linearities in Okun\'s Law, which means the existence of two natural growth rates, each corresponding to a growth regime. Using annual data over the period 1980-2007 and quarterly data over the period 1980-2011, the results support the idea that natural growth rate is dependent of the actual growth rate when applying LLT\'s methodology. This evidence repeats when establishing exogenously the regimes of growth by using Markov-Switching and threshold autoregressive regression (TAR) for the annual data, however for quarterly data this is less straightforward, having indication of endogenous and exogenous natural growth rate.

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Pereira, Marina Sequetto. "A necessidade de reestruturação do sistema monetário internacional no pós-crise financeira internacional." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2011. http://hdl.handle.net/10183/36106.

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A economia mundial foi abalada, em 2007-2008, por uma crise financeira internacional, que incitou um grande debate, tanto na academia quanto nas instituições multilaterais, sobre a reforma do Sistema Monetário Internacional (SMI). A presente dissertação propõe analisar se a necessidade de reforma do SMI, conforme propunha Keynes e propõe os pós-keynesianos, é uma condição necessária para restabelecer a estabilidade da atividade econômica em economias capitalistas, financeirizadas e globais, situação em que as economias estão inseridas nos dias de hoje. Para tanto, busca-se inserir a crise financeira internacional nos problemas inerentes à atual configuração do SMI e da globalização financeira, assim como se apresenta o debate acadêmico em torno das diferentes visões da crise e suas propostas de reestruturação. Ademais, retrata-se o debate que está ocorrendo nas reuniões e nas publicações das principais Autoridades Monetárias e dos órgãos multilaterais e, a partir dessa demonstração, procura-se identificar as questões presentes no diálogo entre essas instituições dentro das proposições acadêmicas de reforma. As análises feitas permitiram concluir que o debate das Autoridades Monetárias e dos órgãos multilaterais converge para a proposta de reestruturação do SMI defendida pelos autores (pós) keynesianos. Dessa forma, aceita-se a hipótese de que a reforma do SMI, nos moldes (pós) keynesianos, é condição necessária para se estabilizar as economias atuais. Por fim, sugere-se, para trabalhos futuros, a discussão institucionalista sobre a viabilidade de adoção da proposta de reforma (pós) keynesiana. The world economy was hit in 2007-2008 by na international financial crisis, which prompted a great debate, both in academia and multilateral institution on the reform of the International Monetary System (IMS). This dissertation proposes to examine the need for reform the IMS, as Keynes proposed and proposes the (post) keynesians, is a necessary condition for resoring the stability of economic activity in capitalist economies, financialized and globalizes in which economies are embedded in today. Therefore, it seeks to enter the international financial crisis on the problems inherent in the current configuration of the IMS and financial globalization, as well as presents the acadmic debate arount the different views of the crisis and its proposals for restructuring. Furthermore, it portrays the debate taking place in meeting and publications of the mais Monetary Authorities and multilateral agencies, and from this demonstration, we try to identify the issues in the dialogue between these institutions within the academic reform proposals. The analysis made it possible to conclude that the discussion of Monetary Authorities and multilateral agencies converges to the restructuring proposal of the IMS, put forward by the (post) keynesian authors. Thus, we accept the hypothesis that the reformo f the ISM, similar to (post) keynesians, is a necessary condition to stabilize the economies of today. Finally, it is suggested for future work, the institutional discussion on the feasibility of adoption of the (post) keynesian reform proposal.

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ENDERS, Zeno. "Transmission mechanisms of shocks in open economy and new Keynesian DSGE models." Doctoral thesis, European University Institute, 2007. http://hdl.handle.net/1814/7010.

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Defence date : 25 May 2007 Examining Board: Prof. Rick van der Ploeg, (EUI, Supervisor) ; Prof. Giancarlo Corsetti, (EUI) ; Prof. Michael Burda, (Humboldt University) ; Prof. Jordi Gali, (Universitat Pompeu Fabra) PDF of thesis uploaded from the Library digital archive of EUI PhD theses Defence date : 25 May 2007; Examining Board: Prof. Rick van der Ploeg, (EUI) ; Prof. Giancarlo Corsetti, (EUI) ; Prof. Michael Burda, (Humboldt University) ; Prof. Jordi Gali, (Universitat Pompeu Fabra); PDF of thesis uploaded from the Library digital archive of EUI PhD theses This thesis deals with the transmission of shocks, i.e. how economics adjust to unforeseen changes in either exogenous circumstances or policy variables. It is divided in three parts, including this introduction. The second part, containing two chapters, is devoted to the transmission of monetary shocks in closed economies. Chapter 1 looks at frictions at the price-setters side and chapter 2 at frictions at the consumers' side. Both chapters are developing alternative, more micro-founded explanations to the nowadays standard model in New Keynesian Economics, in which price setters are exogenously forced to set prices only at random dates.

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Fernandes, Diogo Retti. "Persistência inflacionária na América do Sul." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/15514.

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Submitted by Diogo Retti Fernandes (diogoretti@gmail.com) on 2016-02-22T14:12:54Z No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-02-23T16:35:10Z (GMT) No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) Made available in DSpace on 2016-02-23T20:09:40Z (GMT). No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) Previous issue date: 2016-02-02 This work aims to empirically analyze inflation persistence of a group of ten countries in South America and verify if the persistence remained stable over the analysis period and if inflation persistence is higher in countries that had high inflation in the recent past. The data are quarterly, beginning in the first quarter of 2000, and contains 60 observations. The results were obtained through the estimation of the following models: model with inflation lags with and without GDP gap; New Keynesian Phillips curve with exchange rate; and the reduced form of the structural model of Blanchard and Gali (2005), that incorporates some form of wage rigidity. The results showed that inflation persistence was stable during the analysis period and that its level was below 1, on average, in the group of countries that had high inflation in the recent past and in the group of countries that had not. In addition, the results showed that, in the selected sample, inflation persistence is higher in countries that had high inflation in the recent past. Further that, with 5% significance level, it is not possible to affirm that inflation persistence of all countries that had high inflation in the recent past is different of inflation persistence of economies that had not. Esse trabalho busca analisar empiricamente a persistência inflacionária de um grupo de dez países da América do Sul e verificar se a persistência ficou estável durante o período analisado e se persistência inflacionária é mais alta em países que apresentaram alta inflação no seu passado recente. Os dados são trimestrais, tendo início no primeiro trimestre de 2000, e contém 60 observações. Os resultados do trabalho foram obtidos por meio da estimação dos seguintes modelos: modelo com defasagens de inflação com e sem o hiato do PIB; curva de Phillips Novo-Keynesiana com taxa de câmbio; e a forma reduzida do modelo estrutural de Blanchard e Gali (2005), que incorpora a rigidez de salários. Os resultados mostraram que a persistência inflacionária ficou estável durante o período analisado e que seu nível ficou abaixo de 1, na média, no grupo de países que apresentaram alta inflação no passado recente e no grupo de países que não apresentaram. Além disso, os resultados mostraram que, na amostra selecionada, a persistência inflacionária é mais alta nos países que apresentaram alta inflação no seu passado recente. Também foi verificado que, com 5% de significância, não é possível afirmar que a persistência inflacionária de todos os países que apresentaram alta inflação no passado recente seja diferente das economias que não apresentaram.

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Ahmed, Najeer. "Addressing the Post-Keynesian Critique: Exchange Rate Determination with an Extended Mundell-Fleming Model." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1335.

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The assertion that financial flows are the primary drivers of exchange rates may be considered as financial markets become increasingly large and sophisticated. However, the Post-Keynesian critique leaves little room for the real economy to impact exchange rates. This paper aims to extend the Mundell-Fleming model to address the Post-Keynesian critique of mainstream models, by incorporating wealth effects, expectations, and Taylor-rule interest targeting. Discussion of significant financial events affecting the USDJPY exchange rate finds that wealth effects are significant considerations, and that the real economy cannot be discounted completely. Empirical results find that the real interest rate is a significant factor in exchange rate determination, tying into the discussion over the relationship between savings and consumption.

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Turner, Jason. "A review of the actuaries' capitalisation rate from an economic perspective." Thesis, Rhodes University, 2006. http://eprints.ru.ac.za/263/.

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Salvagno, Michael Justin. "Keynes and the Cambridge Keynesians : a case study of the 'instrumentalisation' of modern economics." Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648107.

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Giannella, Andrea. "Keynes e Robertson após o Tratado sobre a Moeda = a "controvérsia dos baldes em um poço"." [s.n.], 2010. http://repositorio.unicamp.br/jspui/handle/REPOSIP/285972.

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Orientador: Antonio Carlos Macedo e Silva Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia Made available in DSpace on 2018-08-16T01:23:30Z (GMT). No. of bitstreams: 1 Giannella_Andrea_M.pdf: 1109618 bytes, checksum: 700c4b7467685ccd3fe8aa918a8324e0 (MD5) Previous issue date: 2010 Resumo: John M. Keynes e Dennis H. Robertson, ambos economistas de Cambridge, foram intensos colaboradores intelectuais na década de 1920; mas após da publicação da Teoria geral de Keynes, em 1936, a colaboração foi substituída por uma ostensiva rivalidade teórica. O ponto de inflexão do relacionamento entre ambos, entretanto, antecede esta época, e remonta à publicação do Tratado sobre a moeda de Keynes, em 1930. A partir da resenha que Robertson fez deste livro, os autores travaram um debate teórico e terminológico, acerca de questões como a determinação do preço dos bens de investimento, a relação entre poupança, investimento e entesouramento, e a determinação da quantidade de depósitos inativos na economia. Este debate, denominado pela literatura especializada de controvérsia "dos baldes em um poço", foi considerado de importância fundamental para as futuras divergências entre os autores, mas não recebeu atenção analítica à altura desta consideração. Nesta dissertação, argumenta-se que o desdobramento dos pontos debatidos esteve em parte relacionado à necessidade de Keynes de responder às críticas de Hayek ao livro, e procura-se estabelecer um modo de correlação entre os diversos conceitos debatidos (entesouramento, depósitos inativos, nível de preço dos bens de investimento, poupança, etc.) Considerou-se, como ponto de orientação geral, a pergunta: a controvérsia foi teórica ou simplesmente terminológica? O que se constata é que não há resposta simples para esta questão. De fato, a "controvérsia dos baldes em um poço" mistura assuntos teóricos, talvez não inteiramente compatíveis entre si, e em relação aos quais a diferença entre os autores foi em parte teórica, e em parte terminológica Abstract: John M. Keynes and Dennis H. Robertson, both economists from Cambridge, were intense intellectual collaborators in the 1920s; but after the publication of Keynes?s General theory, in 1936, their collaboration was substitutes by an ostensive theoretical rivalry. The turning point of their relationship, however, is previous from that time, and goes back to the publication of Keynes's Treatise on money, in 1930. From Robertson's review of that book on, the authors engaged in a theoretical and terminological debate, concerning matters such as the determination of the price of investment goods, the relation between saving, investment and hoarding, and the determination of the quantity of inactive deposits in the economy. This debate, named the "buckets in a well" controversy by the specialized literature, was considered to be of fundamental importance for the future divergence between the authors, but did not receive an analytical attention compatible to such consideration. In this dissertation, it is argued that the unfolding of the subjects in the debated was partially related to Keynes's need to answer Hayek's critics of his book, and the dissertation means to establish a way to correlate the many debated concepts (hoarding, inactive deposits, price level of investment goods, saving, etc.) It was considered, as a general point of orientation, the question: was the controversy theoretical, or simply terminological? It is concluded that there is no simple answer to such question. As a matter of a fact, the "buckets in a well controversy" mixes many theoretical subjects, which may not be entirely compatible one to another, and in relation to which the difference between the authors was partially theoretical, and partially terminological Mestrado Historia Economica Mestre em Ciências Econômicas

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Santos, André Luís Mota dos. "Metas de inflação numa economia pós-keynesiana." [s.n.], 2010. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286358.

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Orientador: David Dequech Filho Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia Made available in DSpace on 2018-08-16T17:36:01Z (GMT). No. of bitstreams: 1 Santos_AndreLuisMotados_D.pdf: 1503863 bytes, checksum: 3e0350221d980ad77c5ba5b368aaba80 (MD5) Previous issue date: 2010 Resumo: Esta tese examina a compatibilidade do sistema de metas de inflação com uma estrutura econômica que é caracterizada como pós-keynesiana. Essa estrutura é formada por três elementos: uma relação IS; uma relação como a curva de Phillips, mas com teor pós-keynesiano; e um processo adaptativo de formação de expectativas para a taxa de inflação. Políticas monetária e de rendas reagem ao desvio da inflação em relação a uma meta de inflação e/ou ao desvio do produto em relação a uma meta para o produto. Essas funções de reação para as políticas monetária e de rendas fecham o sistema, e diferentes funções de reação conformam diferentes sistemas dinâmicos. Expectativas dependem das taxas de inflação passadas e da taxa meta de inflação: elas são adaptadas em cada período tomando-se a discrepância entre o valor da inflação esperado e a média ponderada entre inflação observada e meta de inflação. A depender de qual desvio ou quais desvios compõem cada função de reação, a combinação de políticas pode ser classificada como pós-keynesiana, ortodoxa ou mesmo como contendo elementos de ambas as orientações. Uma combinação de funções de reação capaz de gerar convergência dos desvios do produto e da inflação em relação às respectivas metas de maneira que cada política seja independente uma da outra tem algum grau de compatibilidade com a estrutura da economia. A capacidade de convergência de cada sistema mede o grau de compatibilidade das políticas com a estrutura da economia. Para alcançar metas para produto e inflação, a maioria dos modelos mostra que a política de rendas deve reagir, no mínimo, ao desvio da inflação, enquanto a política monetária deve pelo menos reagir ao desvio do produto. Um caráter convencional ou institucional surge quando há sucesso do sistema de metas de inflação, o que garante aderência da confiança ao processo de formação de expectativas. Abstract: This dissertation analyses the compatibility of the inflation target system with an economic structure characterized as a post Keynesian one. This structure presents three elements: an IS relation; a relation similar to the Phillips curve but with a post Keynesian content; and an adaptive process of the formation of expectations for the inflation rate. Monetary and incomes policies react to the inflation gap in relation to an inflation target and/or to the output gap in relation to a product target. These reaction functions to monetary and incomes policies close the system and different reaction functions structure different dynamic systems. Expectations depend on past inflation rates and on the inflation target rate: they are adapted in each period, considering the gap between the expected inflation value and the weighted average between the actual inflation and the inflation target. Depending on the gap or gaps that make up each reaction function, the combination of policies can be classified as post Keynesian, orthodox or as a mix of elements from both orientations. A combination of reaction functions capable of generating a convergence of the product and the inflation gaps in relation to the respective targets, in such a way that each policy remains independent from the other, has some degree of compatibility with the structure of the economy. The convergence capacity of each system gauges the compatibility degree between the policies and the structure of the economy. To reach product and inflation targets most models show that the incomes policy must at least react to the inflation gap, whilst the monetary policy must at least react to the product gap. A conventional or institutional character emerges when the inflation targets system succeeds. This guarantees the maintenance of confidence in the process of expectations formation. Doutorado Teoria Economica Doutor em Ciências Econômicas

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Ebisch, Andreas Richard 1976. "Tackling youth unemployment in the European Union = in quest of Keynesian imprints since 2000 = Políticas de combate ao desemprego dos jovens da União Europeia: em busca de traços Keynesianos." [s.n.], 2014. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286427.

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Orientador: Adriana Nunes Ferreira Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia Made available in DSpace on 2018-08-25T10:57:47Z (GMT). No. of bitstreams: 1 Ebisch_AndreasRichard_M.pdf: 1954034 bytes, checksum: 5bafce099f87647d5b73433802b0d5b9 (MD5) Previous issue date: 2014 Resumo: A dissertação rastreou traços keynesianos nas políticas europeias de emprego 2000-2014. Foi dada atenção à inclusão dos jovens pouco qualificados. De especial interesse é a distinção entre as influências econômicas Pós-keynesiana e Novo keynesianas. O primeiro capítulo destacou a relevância do problema do desemprego dos jovens. O segundo capítulo traçou a teoria keynesiana e seu desenvolvimento. O terceiro capítulo distinguiu três períodos de 2000 a 2014. As políticas relevantes para o emprego dos jovens mudaram durante os períodos do pré-crise e da crise financeira e, posteriormente, com a crise da zona do euro. O capítulo predominantemente utilizou publicações da Comissão Europeia para espelhar a mudança na formulação de políticas da União Europeia. No quarto capítulo foi discutida a influência Pós-keynesiana e da Nova Economia keynesiana. A conclusão aponta que, apesar de 27 milhões de candidatos a emprego, os jovens são cada vez mais treinados para atender as demandas do mercado de trabalho, isso não muda o número limitado de 2 milhões de vagas de emprego. Conclui-se que as recentes políticas de desemprego na União Europeia carregam mais traços do Novo keynesianismo do que do Pós- keynesianismo, e que para novos empregos, provavelmente, não precisam de medidas de austeridade, mas de investimento do Estado para incentivar a criação de novos postos de trabalho. Palavras-chave: políticas de desemprego de jovens, pós-keynesianismo, crise da zona do euro, União Europeia Abstract: The dissertation traced Keynesian imprints in the European employment policies from 2000 to 2014. Attention was given to the inclusion of the low-skilled youth. Of special interest was the distinction between Post Keynesian and New Keynesian Economic influences. The first chapter underlined the relevance of the youth unemployment problem. The second chapter traced the Keynesian theory and its development. The third chapter differentiated three periods from 2000 until 2014. The policies relevant for youth employment changed during the periods from Pre crisis to financial crisis, and later to the euro area crisis. The chapter predominantly used publications of the European Commission to mirror the change in the policy making of the Union. The fourth chapter discussed the influence of the Post Keynesian and New Keynesian Economics. The Conclusion points out that even though 27 million jobseekers are more and more trained to meet the labour market demands, this does not change the limited number of 2 million job vacancies. It concludes that the recent unemployment policies in the European Union carry more new Keynesian imprints than Post Keynesian ones, and that new jobs probably need no austerity measures in a slump, but could make use of state investment to encourage the creation of new workplaces Mestrado Economia Social e do Trabalho Mestre em Desenvolvimento Econômico

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Martins, Diogo Miguel Gomes. "Do labour market reforms pay off? Unemployment and capital accumulation in Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12572.

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Mestrado em Economia Monetária e Financeira Esta dissertação tem como propósito o estudo da relação de longo-prazo entre o desemprego, a acumulação de capital e as variáveis do mercado de trabalho em Portugal, entre o 1º trimestre de 1985 e o 4º trimestre de 2013. É utilizado o modelo ARDL-Bounds Test para realizar a estimação econométrica. A evidência encontrada sugere que a acumulação de capital foi o principal determinante da taxa de desemprego de longo-prazo (NAIRU), ao passo que as variáveis do mercado de trabalho têm um poder explicativo residual ou inexistente. Estes resultados sugerem que a NAIRU é endógena em relação à acumulação de capital. Com efeito, conclui-se que as reformas no mercado de trabalho propostas pela Troika foram inadequadas para o caso português, uma vez que foram baseadas num enquadramento teórico (a teoria da NAIRU exógena) não representativo do mercado de trabalho desse país. The aim of this dissertation is to study the long-run relationship between unemployment, capital accumulation and labour market variables in Portugal for the 1985Q1-2013Q4 period. We use an ARDL-bounds test model to perform the econometric estimation. We find evidence that capital accumulation has been the main driver of long-run unemployment (NAIRU), whilst labour market variables have played either a negligible or an existent explicative role. It suggests that Portuguese NAIRU is endogenous relative to capital accumulation. Consequently, we conclude that the labour market reforms proposed by Troika were inadequate to the Portuguese case as they were based upon a theoretical framework (exogenous NAIRU model) that was not representative of the Portuguese labour market.

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Mardaneh, Somayeh. "Three essays on inflation dynamics and oil economics in the context of the New Keynesian Phillips Curve." Thesis, University of Leicester, 2013. http://hdl.handle.net/2381/28180.

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In the first chapter, the structural stability of the hybrid New Keynesian Phillips Curve (NKPC) and possible changes in pricing behaviour of firms is investigated in the context of oil price shocks. Using quarterly US aggregate data, this curve is estimated in subsamples formed with oil shock dates by generalized method of moments (GMM) and continuously updated GMM (CU-GMM). The standard GMM estimates suggest that although the forward-looking behaviour is predominant in pre-oil shock period, it loses ground against backward-looking behaviour after every oil shock. The CU-GMM results confirm the structural instability of hybrid NKPC in presence of oil shocks but now forward-looking behaviour becomes more important after oil shocks. In the second chapter, the structural stability of the NKPC featuring evolving trend inflation derived by Cogley and Sbordone’s (2008) is tested by exploiting three major oil shocks and three macroeconomic regimes. This is estimated by adapting two-step procedure combining Bayesian vector autoregression with minimum distance estimation. The results suggest that when a large and persistent macroeconomic shock sets off a large and sudden increase in trend inflation, backward-looking becomes more rational. When we impose continuous evolving trend inflation across macroeconomic regimes known as Great Inflation, Great Moderation, and Great Recession, the estimates of firm pricing parameters implies a structurally stable NKPC. In the final chapter, a small open economy NKPC is derived and estimated for a developing oil-exporting economy sick with Dutch-Disease. This curve is estimated for standard closed and open economy specifications of the Iranian economy. Introducing open economy elements produces three differences in the estimation. First, the degree of price stickiness and the fraction of backward-looking firms decrease. Second, the degree of substitutability between inputs is close to unity for Iranian economy. Third, the forward-looking behaviour gains ground while the backward-looking behaviour becomes less important.

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Stockhammer, Engelbert, and Özlem Onaran. "Accumulation, distribution and employment. A structural VAR approach to a Post-Keynesian Macro Model." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2002. http://epub.wu.ac.at/1220/1/document.pdf.

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The paper investigates the relation between effective demand, income distribution and unemployment empirically. Its aim is to evaluate Keynesian, Kaldorian and neoclassical hypotheses about the determination of labor market variables. To do so, a vector autoregression model consisting of capital accumulation, capacity utilization, the profit share, unemployment and the growth of labor productivity is estimated. A general post-Keynesian model following the lines of Kalecki and Kaldor is presented and provides the specification for a structural VAR. The model is estimated for the USA, UK and France. (authors' abstract) Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

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Stockhammer, Engelbert. "Is there an equilibrium rate of unemployment in the long run?" Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2000. http://epub.wu.ac.at/766/1/document.pdf.

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Distinguishing between profit led and growth led demand regimes, we analyze the conditions of existence and stability of long run equilibrium of unemployment. The model we employ has at its center the relation between growth and distribution. Growth can be either wage led or profit led. Distribution itself is a function of the unemployment rate, with higher unemployment leading to a higher profit share. We use Okun's Law to close the model, making the change of the rate of unemployment a function of growth. The interesting result of our analysis is that in profit led demand regime the short run and long run equilibrium are stable. However, if the demand regime is wage led, the same conditions that guarantee stability of the goods market equilibrium in the short run render impossible the existence of a long run equilibrium rate of unemployment, and vice versa. Thus, if Kalecki's proposition that higher wages lead to higher growth is true, there will be no equilibrium rate of unemployment in the long run that serves as an anchor for the economic system. (author's abstract) Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

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Lei, Tianming. "FISCAL MULTIPLIERS IN HOME PRODUCTION MODELS." Miami University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=miami1480542791196421.

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Zhao, Guanghua. "Essays on adaptive learning expectations and short sale constraints for multi-asset securities market." Diss., Online access via UMI:, 2009.

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Mickelsson, Glenn. "Monetary Policy in Closed and Open Economies." Thesis, Uppsala University, Department of Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-108006.

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Two DSGE models are calibrated and simulated to investigate how the role of monetarypolicy differs between a closed and an open economy. The central bank conducts monetary policy according to a Taylor (1993) rule, reacting to inflation- and output deviations. Prices are sticky and there are habit components which slow down adjustment of consumption and exports. The models are subjected to shocks in the interest rate, inflation, technology and consumption. In most of the cases the shocks have a bigger and quicker affect on output and employment in the open economy. In connection with positive consumption- and interest rate shocks inflation is big and negative at first but gets positive already two quarters after the shock, due to effects in the exchange rate channel. In closed and open economies, a stronger reaction to output, than in the standard Taylor (1993) rule, decreases welfare losses dramatically.

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Mavroeidis, Sophocles. "Econometric issues in forward-looking monetary models." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.273303.

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Recently, single equation approaches for estimating structural models have become popular in the monetary economics literature. In particular, single-equation Generalized Method Moments estimators have been used for estimating forward-looking models with rational expectations. Two important examples are found in Clarida, Gali, and Gertler (1998) for the estimation of forward- looking Taylor rules and in Gali and Gertler (1999) for the estimation of a forward-looking model for inflation dynamics. In this thesis, we address the issues of identification which have been overlooked due to the incompleteness of the single-equation formulations. We provide extensions to existing results on the properties of GMM estimators and inference under weak identification, pertaining to situations in which only functions of the parameters of interest are identified, and structural residuals exhibit negative autocorrelation. We also characterize the power of the Hansen test to detect mis specification, and address the issues arising from using too many irrelevant instruments as well as from general corrections for residual autocorrelation, beyond what is implied by the maintained model. In general, we show that the non-modelled variables cannot be weakly exogenous for the parameters of interest, and that they are informative about the identification and mis-specification of the model. Modelling the reduced form helps identify pathological situations in which the structural parameters are weakly identified and the GMM estimators are inconsistent and biased in the direction of OLS.We also ¯nd the OLS bias to be increasing in the number of over-identifying instruments, even when the latter are irrelevant, thus demonstrating the dangers of using too many potentially irrelevant instruments. Finally, with regards to the "New Phillips curve", we conclude that, for the US economy, this model is either un-identified or mis-specified, casting doubts on its utility as a model of in°ation dynamics.

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Uhliarová, Lucia. "Rakouská a post-keynesovské teorie hospodářského cyklu: substituty nebo komplementy?" Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75662.

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Neither Austrian nor Post Keynesian school is part of contemporary economic mainstream, both schools explain business cycle theory by monetary influences. This thesis examinates, through analysis of these theories, whether there are any other common elements except of the fact that both are monetary theories of business cycle. The key question author tries to answer is if we can describe these theories as substitute or complement. In last part theoretical analysis is enriched by the scale, which reflects substitution or complementary nature of the theories.

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Kessing, Christopher. "Macroeconomic Indicators of Working Class Voter Abstention in US Presidential Elections, 1948-2004." ScholarWorks@UNO, 2011. http://scholarworks.uno.edu/td/1322.

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In this paper I explore the causal relationship between the strategic economic interdependence advanced by Western democracies after WWII and the "puzzle of participation" in US presidential elections. More specifically, I seek to illustrate first how economic convergence within the West and then the transition from Keynesian to monetarist policy rhetoric reflexively diminish the degree to which US working class voters can realistically petition their elected officials regarding the most salient matters of economic self-interest. My results indicate that from 1948-2004, the working public became more isolated from their most salient economic decisions, voted less often due to heretofore unexplored macroeconomic indicators.

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Muniz, Leonardo Joaquim. "Atuação do BNDES de 2002 a 2016: uma visão pós keynesiana." Pontifícia Universidade Católica de São Paulo, 2018. https://tede2.pucsp.br/handle/handle/21132.

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Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-06-13T12:26:04Z No. of bitstreams: 1 Leonardo Joaquim Muniz.pdf: 1917454 bytes, checksum: 245606e77eb1c28d0f5320f16dd3c88a (MD5) Made available in DSpace on 2018-06-13T12:26:04Z (GMT). No. of bitstreams: 1 Leonardo Joaquim Muniz.pdf: 1917454 bytes, checksum: 245606e77eb1c28d0f5320f16dd3c88a (MD5) Previous issue date: 2018-03-13 The central objective of BNDES disbursement research and analysis from 2002 to 2016, as well as to analyze if the Bank adhered to the post-Keynesian concepts of development bank. The specific objective is to clarify where BNDES funds were directed in the different economic cycles of the period under analysis. And BNDES disbursement prices in relation to payment banks O Objetivo central da pesquisa é analisar os desembolsos do BNDES de 2002 a 2016, bem como analisar se o Banco foi aderente aos conceitos pós-keynesianos de banco de desenvolvimento. O objetivo específico visa esclarecer onde foram direcionados os recursos do BNDES nos diferentes ciclos econômico do período em análise e comparar os desembolsos do BNDES, em relação a atuação dos demais bancos privados

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Dissertations / Theses on the topic 'Keynesian economics'

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