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Journal articles on the topic 'Keynesian economics'

Author: Grafiati

Published: 4 June 2021

Last updated: 25 July 2025

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1

Guizzo, Danielle. "Why does the history of economic thought neglect Post-Keynesian economics?" Review of Keynesian Economics 8, no. 1 (2020): 119–37. http://dx.doi.org/10.4337/roke.2020.01.09.

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Despite receiving increased interest after the global financial crisis of 2007–2008 and consolidating itself as an established research program, Post-Keynesian economics remains under-represented within publications on the history of economics. When compared to other traditional heterodox approaches such as Marxist, Institutionalist, and Austrian economics, Post-Keynesian economics falls behind considerably, contradicting the Post-Keynesian appreciation for the history of the discipline. This article explores some reasons behind this detachment by considering two main factors: first, the recen

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2

Trautwein, Hans-Michael. "Leijonhufvud on New Keynesian Economics and the economics of Keynes." Oxford Economic Papers 72, no. 4 (2020): 923–45. http://dx.doi.org/10.1093/oep/gpaa013.

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Abstract The theme that Axel Leijonhufvud has extracted from the economics of Keynes is the potential for failures in the intertemporal coordination of activities in complex market systems. In his path-breaking book of 1968, he attacked standard Keynesian Economics for its view on frictions, which reduces the causes of macroeconomic pathologies to nominal rigidities. With the rise of DSGE-based New Keynesian Economics, Leijonhufvud has pointed out that ‘standard macroeconomics’ is still stuck in the frictions view. Referring to recent financial crises, he considers DSGE modelling to be hopeles

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3

Strunk, Birte, Stefan Ederer, and Armon Rezai. "The role of labor in a socio-ecological transition: combining post-Keynesian and ecological economics perspectives*." European Journal of Economics and Economic Policies Intervention 19, no. 1 (2022): 103–18. http://dx.doi.org/10.4337/ejeep.2022.01.08.

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This article investigates the role of labor in post-Keynesian economics and proposes an integration with ecological macroeconomics. Although post-Keynesians have to date not engaged extensively with environmental limits, there is an increasing interest in modeling policy proposals by ecological economists. While ecological and post-Keynesian economists share many ways of conceptualizing labor that are distinct from the mainstream, it is unclear how these feed into modeling, since post-Keynesians model labor as a residual and not as a policy variable per se. In fact, post-Keynesians have tradit

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4

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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5

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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6

Costa da Silva, Guilherme Jonas. "MACROECONOMIA DO DESENVOLVIMENTO: UMA PERSPECTIVA KEYNESIANA, JOSÉ LUÍS DA COSTA OREIRO." Investigación Económica 83, no. 327 (2023): 209–16. http://dx.doi.org/10.22201/fe.01851667p.2024.327.87386.

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In Brazil, Professor José Luís Oreiro is considered one of the most talented and productive Keynesian economists of his generation. Prof. Oreiro was hired by the Department of Economics at the Federal University of Paraná in 2003, when I came into touch with some of the theories organized in this book. This book written by Oreiro presents the debate around development macroeconomics from a Keynesian perspective, which is a new and particularly important topic for those who wish to understand a little more about macroeconomics, growth, and economic development. The main contribution of the book

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7

Goktug KAYA, Mustafa, Fatih PEKSEN, and Yigit YILDIZ. "IN SMUGGLE WITH CLIMATE CHANGE, EXTRA–BUDGETARY FUND APPLICATION AS AN INSTRUMENT OF GREEN KEYNESIAN ECONOMIC POLICY." Eurasian Research Journal 6, no. 1 (2024): 51–63. http://dx.doi.org/10.53277/2519-2442-2024.1-03.

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Green Keynesian Economics, which is a postmodern reflection of Keynesian economic thought, suggests that negativities, which are possible for environmental problems causing climate change to lead to, should be solved by active role public sector will undertake. As known, carbon emissions, emitted to atmosphere in global scale, may cause climate change via greenhouse effect. This case leads country economies to face to a set of problems. Green Keynesian Economics suggests a mix of simultaneous sustainable policies as a solution for a set of problems under consideration. The aim of this study is

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8

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 modi

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9

Dimand, Robert W. "The much-exaggerated death of Keynesian economics." Review of Keynesian Economics 8, no. 1 (2020): 36–45. http://dx.doi.org/10.4337/roke.2020.01.04.

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The supposed death of Keynesian economics has long been debated. This paper revisits the four central Keynesian propositions identified by Tobin's 1977 paper, ‘How dead is Keynes?’, to argue, in the light of the global financial crisis and the Great Recession, that Keynesian economics remains alive and relevant as useful economics for understanding the economy in a world of fundamental uncertainty, with particular reference to chapter 19 of Keynes's General Theory concerning economic instability and wage and price flexibility.

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10

Ahn, Young-Jin, and Zuhriddin Juraev. "Essay: Linking Keynesian Theory to Economic Geography." International Journal of Multidisciplinary: Applied Business and Education Research 4, no. 9 (2023): 3071–78. http://dx.doi.org/10.11594/ijmaber.04.09.01.

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This article examines the application of Keynesian theory in the field of economic geography, with a specific focus on regional development and the reduction of inequalities. The objective is to emphasize the importance and advantages of applying Keynesian principles to address spatial economic challenges. The novelty lies in examining the intersection of Keynesian economics and geography, which provides insights into regional planning, infrastructure development, and cluster formation. The results demonstrate how policymakers and researchers can utilize Keynesian theory to foster balanced gro

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11

Harcourt, G. C., and Stephen Rousseas. "Post Keynesian Monetary Economics." Economic Journal 97, no. 387 (1987): 756. http://dx.doi.org/10.2307/2232940.

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12

Niggle, Christopher J., and Stephen Rousseas. "Post Keynesian Monetary Economics." Southern Economic Journal 54, no. 3 (1988): 807. http://dx.doi.org/10.2307/1059042.

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13

Sesselmeier, Werner, Corrado Benassi, Allesandra Chirco, and Caterina Colombo. "The New Keynesian Economics." Southern Economic Journal 63, no. 1 (1996): 278. http://dx.doi.org/10.2307/1061334.

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14

Cottrell, Allin. "Post-Keynesian monetary economics." Cambridge Journal of Economics 18, no. 6 (1994): 587–605. http://dx.doi.org/10.1093/oxfordjournals.cje.a035292.

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15

Biewener, C. "Post-Keynesian Monetary Economics." History of Political Economy 20, no. 1 (1988): 145–47. http://dx.doi.org/10.1215/00182702-20-1-145.

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16

Gedeon, Shirley J. "Post Keynesian Monetary Economics." Journal of Economic Issues 21, no. 1 (1987): 538–40. http://dx.doi.org/10.1080/00213624.1987.11504642.

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17

Onaran, Özlem, and Cem Oyvat. "Invited ArticleSynthesizing feminist and post-Keynesian/Kaleckian economics for a purple–green–red transition*." European Journal of Economics and Economic Policies: Intervention 20, no. 2 (2023): 317–37. http://dx.doi.org/10.4337/ejeep.2023.0117.

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The aim of this article is to discuss why we should synthesize feminist and post-Keynesian/Kaleckian economics. We answer three related questions. Why does post-Keynesian economics need feminist economics? Why does feminist economics need post-Keynesian macroeconomics? Finally, what is the relevance of synthesizing feminist and post-Keynesian economics for policy analysis in the twenty-first century? We then present a theoretical synthesis model bringing together and extending the existing macroeconomic models in feminist post-Keynesian economics. Finally empirical findings based on this synth

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18

Bofinger, Peter. "Reviving Keynesianism: the modelling of the financial system makes the difference." Review of Keynesian Economics 8, no. 1 (2020): 61–83. http://dx.doi.org/10.4337/roke.2020.01.06.

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Keynesian economics is not dead. Instead, it is in a similar condition to Sleeping Beauty after she pricked her finger on the spindle. A large hedge of thorns has been laid over the original Keynesian building so that it is hardly recognizable today. Keynesian economics has suffered from a failure to sufficiently identify the core of the Keynesian revolution. This paper argues that the core concerns the distinction between real and monetary exchange economies, and that a proper understanding of money's role requires identifying the mechanisms of the financial system. Doing so reveals the funda

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19

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

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20

Caldentey, Esteban Pérez, Nathan Perry, and Matías Vernengo. "The return of Keynes and the Phillips curve in Latin America: evidence from four countries." Review of Keynesian Economics 8, no. 1 (2020): 84–101. http://dx.doi.org/10.4337/roke.2020.01.07.

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Robert Rowthorn, in his Godley–Tobin Lecture, suggests that Keynesian policies have again been incorporated by the mainstream of the profession, and the old Phillips relation is again relevant. In other words, there seems to be a persistent trade-off between inflation, wage inflation in particular, and unemployment rates, properly measured, which would create the space for Keynesian policies. This paper discusses the return of Keynesian economics, in particular in Latin American economies. While it is true that Keynesian economics made a comeback in terms of policy in Latin America, as in othe

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21

Lavoie, Marc. "Thoughts on post-keynesian economics and emerging economies." Cuadernos de Economía 39, no. 80 (2020): 417–23. http://dx.doi.org/10.15446/cuad.econ.v39n80.85240.

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22

Pressman, Steven. "Economic Power, the State, and Post-Keynesian Economics." International Journal of Political Economy 35, no. 4 (2006): 67–86. http://dx.doi.org/10.2753/ijp0891-1916350404.

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23

Galbraith, James K., Thomas I. Palley, and Matías Vernengo. "Paul Davidson (1930–2024) and the founding of Post Keynesian economics." Review of Keynesian Economics 12, no. 4 (2024): 423–34. http://dx.doi.org/10.4337/roke.2024.04.01.

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Paul Davidson was a critical figure in the preservation of John Maynard Keynes’s ideas, sticking with them when they were out of fashion. He was also key to the survival of the Post Keynesian school. Davidson endorsed Keynes’s liquidity preference theory of interest, and he emphasized fundamental uncertainty as a central feature of economic reality, essential to making sense of a monetary economy. His greatest legacy is the Journal of Post Keynesian Economics, the intellectual home for a generation of Post Keynesian economists. Without his efforts, the heterodox economics community would be si

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24

Galí, Jordi. "The State of New Keynesian Economics: A Partial Assessment." Journal of Economic Perspectives 32, no. 3 (2018): 87–112. http://dx.doi.org/10.1257/jep.32.3.87.

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In August 2007, when the first signs emerged of what would come to be the most damaging global financial crisis since the Great Depression, the New Keynesian paradigm was dominant in macroeconomics. Ten years later, tons of ammunition has been fired against modern macroeconomics in general, and against dynamic stochastic general equilibrium models that build on the New Keynesian framework in particular. Those criticisms notwithstanding, the New Keynesian model arguably remains the dominant framework in the classroom, in academic research, and in policy modeling. In fact, one can argue that ove

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25

FISUNOGLU, Mahir, and Bilge TAN. "KEYNES'S REVOLUTION AND KEYNESIAN ECONOMICS." Ekonomik Yaklasim 20, no. 70 (2009): 31. http://dx.doi.org/10.5455/ey.10680.

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26

Snowdon, Brian, and G. K. Shaw. "Keynesian Economics: The Permanent Revolution." Southern Economic Journal 56, no. 1 (1989): 278. http://dx.doi.org/10.2307/1059093.

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27

Zannoni, Diane, and Paul Davidson. "Controversies in Post Keynesian Economics." Southern Economic Journal 59, no. 2 (1992): 351. http://dx.doi.org/10.2307/1060561.

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28

Arestis, P. "Post-Keynesian economics: towards coherence." Cambridge Journal of Economics 20, no. 1 (1996): 111–35. http://dx.doi.org/10.1093/oxfordjournals.cje.a013604.

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29

Halevi, Joseph. "Marxism and Post-Keynesian Economics." History of Economics Review 18, no. 1 (1992): 46–58. http://dx.doi.org/10.1080/10370196.1992.11733115.

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30

Lavoie, Marc. "Perspectives for Post-Keynesian Economics." Review of Political Economy 24, no. 2 (2012): 321–35. http://dx.doi.org/10.1080/09538259.2012.664356.

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31

Bateman, B. W. "An Encyclopedia of Keynesian Economics." History of Political Economy 31, no. 3 (1999): 601. http://dx.doi.org/10.1215/00182702-31-3-601.

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32

Sarı Aksakal, Betül. "World Bank and Keynesian Economics." Business and Economics Research Journal 10, no. 1 (2020): 77–94. http://dx.doi.org/10.20409/berj.2019.156.

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33

Petri, Fabio. "Post-Keynesian Economics: New Foundations." Review of Political Economy 27, no. 3 (2015): 457–63. http://dx.doi.org/10.1080/09538259.2015.1067031.

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34

Randall Wray, L. "Controversies in Post Keynesian Economics." Journal of Economic Issues 26, no. 3 (1992): 929–33. http://dx.doi.org/10.1080/00213624.1992.11505344.

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35

Yoshida, Masaaki. "Keynesian Economics—An Evolutionist Manifesto." Evolutionary and Institutional Economics Review 1, no. 1 (2004): 49–56. http://dx.doi.org/10.14441/eier.1.49.

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36

Hiç, Özlen. "Evolution of New Keynesian Economics." Procedia Computer Science 158 (2019): 1025–32. http://dx.doi.org/10.1016/j.procs.2019.09.144.

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37

Lastrapes, William D. "New Keynesian economics, volume 2." International Review of Economics & Finance 2, no. 4 (1993): 425–27. http://dx.doi.org/10.1016/1059-0560(93)90015-i.

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38

Mankiw, N. Gregory. "Symposium on Keynesian Economics Today." Journal of Economic Perspectives 7, no. 1 (1993): 3–4. http://dx.doi.org/10.1257/jep.7.1.3.

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39

Mankiw, N. Gregory. "The reincarnation of Keynesian economics." European Economic Review 36, no. 2-3 (1992): 559–65. http://dx.doi.org/10.1016/0014-2921(92)90113-b.

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40

Cross, Rod. "Hysteresis and Post Keynesian Economics." Journal of Post Keynesian Economics 15, no. 3 (1993): 305–8. http://dx.doi.org/10.1080/01603477.1993.11489945.

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41

McKenna, Edward J., and Diane C. Zannoni. "Post Keynesian Economics and Nihilism." Journal of Post Keynesian Economics 23, no. 2 (2000): 331–47. http://dx.doi.org/10.1080/01603477.2000.11490284.

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42

Fontana, Giuseppe. "Introduction to Post-Keynesian Economics." Eastern Economic Journal 34, no. 1 (2007): 131–33. http://dx.doi.org/10.1057/palgrave.eej.9050013.

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43

Brown, William S. "Keynesian Economics: The Permanent Revolution." Journal of Economic Issues 24, no. 1 (1990): 306–9. http://dx.doi.org/10.1080/00213624.1990.11505024.

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44

Backhouse, Roger E. "Economic theory in an imperfect world: Frank Hahn, general equilibrium, and Keynesian economics." Oxford Economic Papers 72, no. 4 (2020): 1091–107. http://dx.doi.org/10.1093/oep/gpaa005.

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Abstract Frank Hahn was both a Keynesian economist, active in policy debates, and an economic theorist. Placing his work in the context of attempts to make theoretical sense of Keynesian economics, this article explores the way Hahn used abstract general equilibrium theory to draw conclusions relevant to policy in an ‘imperfect’ world that does not conform to the assumptions made in the theory. Hahn’s rigorous approach to theorizing as the route to understanding is assessed in relation to the different approaches of Robert Lucas, Milton Friedman, Paul Samuelson and Axel Leijonhufvud.

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45

Mutoni, Kate. "The Role of Government Intervention in Mitigating Economic Shocks." International Journal of Economic Policy 4, no. 2 (2024): 14–26. http://dx.doi.org/10.47941/ijecop.1763.

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Purpose: This study sought to explore the role of government intervention in mitigation economic shocks. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary

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46

Rowthorn, Robert. "The Godley-Tobin lecture." Review of Keynesian Economics 8, no. 1 (2020): 1–20. http://dx.doi.org/10.4337/roke.2020.01.01.

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This paper surveys some of the main developments in macroeconomics since the anti-Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory, expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, hysteresis, and heterodox theories of growth and distribution. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics.

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47

Fazzari, Steven M. "Was Keynesian economics ever dead? If so, has it been resurrected?" Review of Keynesian Economics 8, no. 1 (2020): 46–60. http://dx.doi.org/10.4337/roke.2020.01.05.

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This article reflects on rising interest in Keynesian macroeconomics in the aftermath of the Great Recession. I identify aspects of Keynesian thinking that never were completely banished from the mainstream as well as threads of Keynesian macroeconomics that have become more influential since the crisis. However, the way most mainstream analysis continues to invoke the zero lower bound for short-term interest rates and the concept of the ‘natural’ rate of interest implies that any Keynesian resurrection outside of heterodoxy remains incomplete. The future may bring broader recognition of how d

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48

Hannonen, Marko. "Urban Housing Policy Considerations: Perspectives from the Finnish Housing Market." Journal of Heterodox Economics 1, no. 2 (2014): 114–30. http://dx.doi.org/10.1515/jheec-2015-0007.

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Abstract It is very difficult to study phenomena in housing markets using conventional so-called neoclassical economics. The core problem stems from the highly unrealistic assumptions of neoclassical economics, such as homogeneous products, equilibrium markets, ceteris paribus clauses, deterministic and linear systems, rationality of economic agents, and the utility maximization principle. New Keynesian economics appears to be a more fruitful approach to housing markets since it presumes that products are differentiated, markets are in disequilibrium state and there exists imperfect competitio

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49

Day, Richard H., and Wayne Shafer. "Keynesian chaos." Journal of Macroeconomics 7, no. 2 (1985): 277–95. http://dx.doi.org/10.1016/s0164-0704(85)80012-4.

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50

Day, Richard H., and Wayne Shafer. "Keynesian Chaos." Journal of Macroeconomics 7, no. 3 (1985): 277–95. http://dx.doi.org/10.1016/0164-0704(85)90072-2.

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