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Journal articles on the topic 'New Keynesian theory'

Author: Grafiati

Published: 4 June 2021

Last updated: 13 February 2022

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1

Tobin, James. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives 7, no. 1 (February 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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2

Stockhammer, Engelbert. "IS THE NAIRU THEORY A MONETARIST, NEW KEYNESIAN, POST KEYNESIAN OR A MARXIST THEORY?" Metroeconomica 59, no. 3 (July 2008): 479–510. http://dx.doi.org/10.1111/j.1467-999x.2008.00314.x.

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3

Palley, Thomas I. "Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory." Journal of Post Keynesian Economics 19, no. 1 (September 1996): 113–35. http://dx.doi.org/10.1080/01603477.1996.11490100.

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4

BARKLEY ROSSER, J. "CHAOS THEORY AND THE NEW KEYNESIAN ECONOMICS." Manchester School 58, no. 3 (September 1990): 265–91. http://dx.doi.org/10.1111/j.1467-9957.1990.tb00423.x.

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5

Crotty, James R. "Is New Keynesian Investment Theory Really “Keynesian”? Reflections on Fazzari and Variato." Journal of Post Keynesian Economics 18, no. 3 (March 1996): 333–57. http://dx.doi.org/10.1080/01603477.1996.11490076.

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6

Artamonova, L. N. "POST-KEYNESIANISM: EVOLUTION OF KEYNESIAN MACROECONOMICS IN THE 20TH CENTURY." MGIMO Review of International Relations, no. 6(51) (December 28, 2016): 106–14. http://dx.doi.org/10.24833/2071-8160-2016-6-51-106-114.

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The article analyzes the development of J.M. Keynes's theory in the second half of the twentieth century due to the works within the new direction of economical science - Post-Keynesianism. It is shown that in free-market economy Keynesian school based of the original Keynesian methodology requires additional studies of state regulation principles and take into account the qualitative changes in the market mechanisms. It is shown that post-Keynesianism has had a significant impact on the subject of research and has taken into account the principles of free enterprise, market pricing, level of price dynamics. All this principles allow realizing the principle of self-regulation of the market mechanism. New approaches to the post-Keynesians role of the state and state regulation combined with the freedom of entrepreneurship are analyzed. Taking into account real changes and economic crises it is necessary to analyze the main directions of development of the Keynesian model of economic regulation with a view to their effective use in shaping economic policy. There are considered the basic directions of development of post-Keynesianism such as Neo-Ricardian theory of value and prices of goods based on direct costs of production in the framework of macroeconomic model by P. Sraffa, information theory of "fundamental" uncertainty of the future by R. Klauder and the theory of financial instability hypothesis by H. Minsky. Their differences within the framework of post-Keynesianism under the subject specialization are considered. It is noted that the development of PostKeynesianism allows to present the latest research in modern Keynesian school within an interdisciplinary approach to economical problems.

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7

Mankiw, N. Gregory. "Real Business Cycles: A New Keynesian Perspective." Journal of Economic Perspectives 3, no. 3 (August 1, 1989): 79–90. http://dx.doi.org/10.1257/jep.3.3.79.

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Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. In this essay, I appraise this newly revived approach to the business cycle. In my view, real business cycle theory does not provide an empirically plausible explanation of economic fluctuations. Both its reliance on large technological disturbances as the primary source of economic fluctuations and its reliance on the intertemporal substitution of leisure to explain changes in employment are fundamental weaknesses. Moreover, to the extent that it trivializes the social cost of observed fluctuations, real business cycle theory is potentially dangerous. The danger is that those who advise policymakers might attempt to use it to evaluate the effects of alternative macroeconomic policies or to conclude that macroeconomic policies are unnecessary.

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8

Messori, Marcello, and Roberto Tamborini. "FALLIBILITY, PRECAUTIONARY BEHAVIOUR and THE NEW KEYNESIAN MONETARY THEORY." Scottish Journal of Political Economy 42, no. 4 (November 1995): 443–64. http://dx.doi.org/10.1111/j.1467-9485.1995.tb01169.x.

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9

Nikiforov, Alexandr, Olga Antipina, and Nina Miklashevskaya. "Macroeconomics as a Set of Scientific Research Programmes: New Opportunities and Competitive Advantages." Moscow University Economics Bulletin 2015, no. 2 (April 30, 2015): 3–16. http://dx.doi.org/10.38050/01300105201521.

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

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10

Satti, Ahsan Ul Haq, Wasim Shahid Malik, and Ghulam Saghir. "New Keynesian Phillips Curve for Pakistan." Pakistan Development Review 46, no. 4II (December 1, 2007): 395–404. http://dx.doi.org/10.30541/v46i4iipp.395-404.

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

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11

Allard, Marie, Camille Bronsard, and Gilles McDougall. "Note sur la théorie néo-keynésienne du producteur." Articles 57, no. 2 (January 21, 2009): 137–47. http://dx.doi.org/10.7202/600968ar.

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

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12

Adewale Obrimah, Oghenovo. "Implications of New Keynesian Theory for Benchmarking of Monetary Efficiency." International Journal of Regional Development 3, no. 2 (August 30, 2016): 76. http://dx.doi.org/10.5296/ijrd.v3i2.9959.

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Relative to free floating exchange rate regimes, I find the adoption of a hybrid exchange rate regime induces alternate monetary policy responses within the context of new Keynesian theory. Specifically, while the efficiency with which an economy is managed can be derived from comparisons of effects of inflation or balance of payments on exchange rates within a cross-section of countries that run free floating exchange rate regimes, this is not the case within a cross-section of countries that operate hybrid exchange rate regimes. In countries that operate hybrid exchange rate regimes, the efficiency with which an economy is managed is derived from comparisons of the effects of exchange rates on inflation or balance of payments situations. In so far as measurement of economic distortions are concerned, while relations between deposit or lending interest rates and inflows of Foreign Direct Investment (FDI) into countries with hybrid exchange rate regimes yield insights into the extent to which inflows of foreign capital induce distortionary effects on price equilibriums, these relations do not yield similar insights within a cross-section of countries that run free floating exchange rate regimes. These findings, generated within the context of new Keynesian theory, identify theoretically appropriate differences in benchmarking of economic efficiency conditional on differences in exchange rate regimes.

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13

Zamulin, O. "The Concept of Real Economic Cycles and Its Role in Evolution of Macroeconomics." Voprosy Ekonomiki, no. 1 (January 20, 2005): 144–53. http://dx.doi.org/10.32609/0042-8736-2005-1-144-153.

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The article discusses the contribution of the 2004 Nobel Prize winners in Economics, F. Kydland and E. Prescott, to business cycle theory. To place this contribution in historical perspective, development of macroeconomic science at large, beginning with 1930, is discussed, including the early Keynesian theories, rational expectations revolution, and the modern debate between New Keynesians and New Classicals. Special emphasis is then made on the differences between the modern general equilibrium theories proposed by Kydland and Prescott and the supporters of theories based on sticky prices and imperfect information. The article is concluded by a discussion of room for consensus between these two branches of macroeconomics.

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14

Rowthorn, Robert. "The Godley-Tobin lecture." Review of Keynesian Economics 8, no. 1 (January 22, 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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15

Raines, J. Patrick, and Alfred S. Eichner. "Toward a New Economics: Essays in Post-Keynesian and Institutional Theory." Southern Economic Journal 54, no. 1 (July 1987): 255. http://dx.doi.org/10.2307/1058840.

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16

Menz, Jan-Oliver. "Uncertainty, social norms and consumption theory: Post and New Keynesian approaches." European Journal of Economics and Economic Policies: Intervention 7, no. 1 (2010): 125–46. http://dx.doi.org/10.4337/ejeep.2010.01.11.

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17

Tan, Fei. "An analytical approach to new Keynesian models under the fiscal theory." Economics Letters 156 (July 2017): 133–37. http://dx.doi.org/10.1016/j.econlet.2017.05.001.

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18

Plushchevskaya, J. "On the Validity of the Theoretical Bases of Inflation Targeting and New Keynesian General Equilibrium Models." Voprosy Ekonomiki, no. 5 (May 20, 2012): 22–36. http://dx.doi.org/10.32609/0042-8736-2012-5-22-36.

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The latest world economic and financial crisis highlighted problems in macroeconomic policies pursued by developed economies as well as the necessity of searching for an effective regulatory framework. In particular, doubts have occurred in the indisputability of advantages of inflation targeting and its theoretical basis: the New Keynesian dynamic stochastic general equilibrium models. The reason for doubts lies mainly in the lack of confidence in the new neoclassical synthesis propositions which form the basis for the modern monetary theory and structural modelling. The article reveals close links between contemporary mainstream economics, inflation targeting and New Keynesian dynamic stochastic general equilibrium models, concentrates on controversial points of the theory which bring into question applicability of the monetary policy regime and the models, and finally, outlines further research agenda.

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19

Mesec, Luka. "The postwar capitalism." Filozofija i drustvo 25, no. 3 (2014): 164–85. http://dx.doi.org/10.2298/fid1403164m.

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In this paper, I will try to offer a very concise overview of the development of the capitalism after the World War II. Specific historical constellation in the postwar period has enabled the development of Keynesian project in response to the crisis of the Great Depression. However, due to the inherent contradictions of the capitalist system, the Keynesian project has exhausted itself by the beginning of the 1970s, which caused a new crisis. This opened the way for the return of neo-liberal theory and neo-liberal policies that dominates today.

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20

Bresser-Pereira, Luiz Carlos. "New and Classical Developmentalism compared: a response to Medeiros." Review of Keynesian Economics 8, no. 2 (April 7, 2020): 168–77. http://dx.doi.org/10.4337/roke.2020.02.02.

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

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21

Hudis, Peter. "New Perspectives on Rosa Luxemburg’s Critique of Global Capitalism." Perspectives on Global Development and Technology 11, no. 1 (2012): 27–37. http://dx.doi.org/10.1163/156914912x620716.

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AbstractThe global economic-financial downturn has given new impetus to a re-examination of Rosa Luxemburg’s writings on capitalist accumulation and economic crisis, which pinpointed the central contradiction of capitalism in its drive for global expansion. In this article I critically engage Luxemburg’s theory of capital accumulation and crisis by evaluating it in comparison with the central categories of Volumes One and Two of Marx’sCapitalon the one hand, and the quest for an alternative to capitalism in the twenty-first century on the other. I argue that Marx’s procedure in Volume Two ofCapital, in which he abstracts from realization crises and foreign trade in order to discern the “law of motion” of capital freed from secondary and tertiary considerations, captures the internal dynamic of capitalist development and crises far better than its Keynesian and neo-Keynesian alternatives.

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22

Hess, Gregory D., and Kwanho Shin. "SOME INTRANATIONAL EVIDENCE ON OUTPUT-INFLATION TRADE-OFFS." Macroeconomic Dynamics 3, no. 2 (June 1999): 187–203. http://dx.doi.org/10.1017/s1365100599011037.

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In a seminal paper, Robert E. Lucas, Jr. provided the theoretical relationship between aggregate demand and real output based on relative price confusion at the individual market level. Subsequently, an alternative New Keynesian aggregate supply relationship was derived and it was demonstrated that the two theories can be distinguished on the basis of how both the rate of inflation and the volatility of relative prices affect its slope. By emphasizing the first implication of New Keynesian theory, strong evidence was obtained supporting this model using international data. We also concentrate on the second difference between the two theories. We derive the individual market-level equilibrium relationship for the Lucas model, i.e., the disaggregate supply curve. We estimate the crucial parameters of the relationship between aggregate nominal demand shocks and real output using U.S. intranational state and industry data. We find that the Lucas model omits important New Keynesian features of the data.

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23

Defina, Robert H. "International Evidence on a New Keynesian Theory of the Output-Inflation Trade-off." Journal of Money, Credit and Banking 23, no. 3 (August 1991): 410. http://dx.doi.org/10.2307/1992753.

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24

Dymski, Gary A. "A “New View” of the Role of Banking Firms in Keynesian Monetary Theory." Journal of Post Keynesian Economics 14, no. 3 (March 1992): 311–20. http://dx.doi.org/10.1080/01603477.1992.11489901.

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25

Nikiforov, A., and O. Antipina. "Behavioral macroeconomics: Towards a newsynthesis?" Voprosy Ekonomiki, no. 12 (December 20, 2016): 88–103. http://dx.doi.org/10.32609/0042-8736-2016-12-88-103.

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This article overviews the existing possibilities of synthetizing New Keynesian optimization models with the research in behavioral economics. These approaches allow to build empirically adequate macroeconomic models and to expound this framework as a new research program, as a unification of traditional macroeconomic theory and behavioral economics.

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26

Sun, Rongrong. "Nominal rigidity and some new evidence on the New Keynesian theory of the output-inflation tradeoff." International Economics and Economic Policy 11, no. 4 (January 31, 2014): 575–97. http://dx.doi.org/10.1007/s10368-014-0267-x.

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27

Bazhan, Anatoliy. "The slowing Growth of Global Economy: Keynesian and Neo-Classical Interpretations." Contemporary Europe 99, no. 6 (November 1, 2020): 142–52. http://dx.doi.org/10.15211/soveurope62020142152.

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

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28

Diebold, Francis X. "The Past, Present, and Future of Macroeconomic Forecasting." Journal of Economic Perspectives 12, no. 2 (May 1, 1998): 175–92. http://dx.doi.org/10.1257/jep.12.2.175.

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Broadly defined, macroeconomic forecasting is alive and well. Nonstructural forecasting, which is based largely on reduced-form correlations, has always been well and continues to improve. Structural forecasting, which aligns itself with economic theory and hence rises and falls with theory, receded following the decline of Keynesian theory. In recent years, however, powerful new dynamic stochastic general equilibrium theory has been developed and structural macroeconomic forecasting is poised for resurgence.

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29

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

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

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30

Skorobogatov, A. "Institutions as the Ordering Factor and as the Destabilizing Force: New Institutional and Post Keynesian Perspectives." Voprosy Ekonomiki, no. 8 (August 20, 2006): 102–18. http://dx.doi.org/10.32609/0042-8736-2006-8-102-118.

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The paper is dedicated to the New Institutional and Post Keynesian perspectives on institutions and their relation to economic stability. Embeddedness, institutional environment, and institutional arrangements are considered. Within these institutions conventional expectations, the economic policy and forward contracts are analyzed. Upon these perspectives the author shows a contradictory relation between institutions and the order and develops an institutional theory of business cycles.

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31

Pomini, Mario. "Interpreting the path of Italian economic thought: The contribution of Eraldo Fossati." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 1 (March 2021): 21–39. http://dx.doi.org/10.3280/spe2020-001002.

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In this article, we focus on the figure of Eraldo Fossati, He was a protagonist of the development of Italian economic thought in the central decades of the last century. At the beginning he tried to dynamize the Paretian theory of general equilibrium. In the first phase he emphasized the role of true uncertainty following the Austrian tradition. Ended a short corporatist parenthesis, after the second world war he supported the Keynesian theory and made an original proposal to reconcile Pareto and Keynes, considering the latter not as a revolutionary economist but rather as an innovator who furnished new tools to understanding the real workings of contemporary economic systems with their chronic unemployment. In fact, after the Second World War Fossati was one of the main exponents of the Keynesian turn in Italy.

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32

Michaillat, Pascal. "A Theory of Countercyclical Government Multiplier." American Economic Journal: Macroeconomics 6, no. 1 (January 1, 2014): 190–217. http://dx.doi.org/10.1257/mac.6.1.190.

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I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent to 8 percent. This multiplier indicates the additional number of workers employed when one worker is hired in the public sector. Graphically, in equilibrium, an upward-sloping quasi-labor supply intersects a downward-sloping labor demand in a (employment, labor market tightness) plane. Increasing public employment stimulates labor demand, which increases tightness and therefore crowds out private employment. Critically, the quasi-labor supply is convex. Hence, when labor demand is depressed and unemployment is high, the increase in tightness and resulting crowding-out are small. (JEL E12, E24, E32, E62)

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Deskar-Škrbić, Milan. "Dynamic effects of fiscal policy in Croatia: confronting New-Keynesian SOE theory with empirics." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 36, no. 1 (June 27, 2018): 83–102. http://dx.doi.org/10.18045/zbefri.2018.1.83.

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Lopez, Pierlauro. "A New Keynesian Q theory and the link between inflation and the stock market." Review of Economic Dynamics 29 (July 2018): 85–105. http://dx.doi.org/10.1016/j.red.2017.12.008.

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35

Asai, Manabu. "Time series evidence on a new Keynesian theory of the output-inflation trade-off." Applied Economics Letters 6, no. 9 (September 1999): 539–41. http://dx.doi.org/10.1080/135048599352556.

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Seale, James L. "A Theory of the Producer‐Consumer Household: The New Keynesian Perspective on Self‐Employment." American Journal of Agricultural Economics 94, no. 5 (June 21, 2012): 1243–45. http://dx.doi.org/10.1093/ajae/aas067.

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37

Gries, Thomas. "A New Theory of Demand-Restricted Growth: The Basic Idea." American Economist 65, no. 1 (May 31, 2019): 11–27. http://dx.doi.org/10.1177/0569434519846477.

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In mainstream theory, growth is explained fully by elements of the supply side. In this article, we depart from neoclassical mechanisms and suggest a hybrid approach that allows for growth restrictions induced by demand-side elements. We obtain such demand-restricted growth by suggesting an unconventional equilibrium concept in a stochastic environment. We define macroeconomic equilibrium as stationary no-expectation-error equilibrium. This equilibrium concept relates to the Nash idea of individual stationary behavior as long as expectations prove to be realized. No rigidities are introduced. Even if potential growth is generated by technical change and capital accumulation, the growth path is restricted by effective earnings and can be stable below the neoclassical path of potential growth. However, the growth process mutates to the neoclassical process if effective earnings and potential earnings equalize. Therefore, our hybrid model could help to bridge a gap between Keynesian and neoclassical ideas of economic growth. JEL Classifications: E12, E13, O40, E60

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38

Wardhono, Adhitya, M. Abd Nasir, Ciplis Gema Qori’ah, and Yulia Indrawati. "Movement of Inflation and New Keynesian Phillips Curve in ASEAN." Economies 9, no. 1 (March 10, 2021): 34. http://dx.doi.org/10.3390/economies9010034.

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The development of the theory of dynamic inflation begins by linking wage inflation and unemployment. In further developments, factor of expectation is classified into inflation model. The study used inflation data is important for ASEAN, because ASEAN is one of the strengths of the international economy. This study analyzes the dynamics of inflation in the ASEAN using framework the New-Keynesian Phillips Curve (NKPC) model. The data used is the quarterly panel data from 5 ASEAN members in the period 2005.QI–2018.QIV. The study of this dynamic inflation applies quarter to quarter inflation data, meaning that the inflation rate is the percentage change in the general price of the current quarter compared to last quarter general price divided by the last quarter. The empirical results are estimated by using the Generalized Method of Moment (GMM), both of the system and first different indicates that the pattern formation of inflation expectations are backward-looking and forward-looking. In addition, the estimated NKPC models show the backward-looking behavior is more dominant than the forward looking. Changes in inflation are not entirely influenced by expectations of inflation in each country. Changes in inflation are also influenced by the output gap, changes in money supply, and exchange rate. Based on the findings of this study, it can be concluded that the NKPC models can explain the dynamics of inflation in each country in the ASEAN region.

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39

Davenport, Paul. "Investissement, progrès technique et croissance économique." Articles 58, no. 1-2 (January 19, 2009): 153–90. http://dx.doi.org/10.7202/601018ar.

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Abstract This paper combines a critical review of the current state of the theory of economic growth with some suggestions for new directions in growth theory. The development of the neoclassical theory of growth and distribution is surveyed, with emphasis on the distribution theory of J.B. Clark, the regression analysis of C.W. Cobb and P.H. Douglas, the growth accounting of R.M. Solow and E.F. Denison, and the reswitching controversy, involving critical contributions by Joan Robinson, Piero Sraffa, and Luigi Pasinetti. Neoclassical growth models, including vintage models, are based on the theoretical separation of investment and technical change, which leads to the curious conclusion that investment is not a central part of the growth process. Post-Keynesian growth models, such as those of Nicholas Kaldor and John Cornwall, deny that such a separation is theoretically or empirically meaningful, and instead put investment at the heart of the growth process. The paper constructs a growth model along post-Keynesian lines, in which the growth rate, the distribution of income, and the normal unemployment rate are endogenous functions of the propensity to invest.

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Schnabl, Gunther, and Nils Sonnenberg. "Monetary Policy, Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB in the Wake of the Global Financial Crisis." ORDO 71, no. 1 (April 1, 2020): 180–210. http://dx.doi.org/10.1515/ordo-2021-0002.

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Abstract The paper discusses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It reviews the financial market stabilization measures of the Federal Reserve System and the Eurosystem in response to the US subprime crisis and the European financial and debt crisis. It shows that stabilization measures both in the US and the euro area are based on Keynesian thinking, whereas longer-term consequences of financial stabilization measures tend to be neglected. It is argued that the Federal Reserve System’s crisis measures were more directed towards stabilizing the banking system, whereas the European Central Bank first and foremost focused on debt sustainability of euro area crisis countries. In both cases, household credit growth remained under control despite renewed monetary expansion, while new imbalances emerged in the banking and corporate sector as suggested by Austrian economic theory.

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Togati, Teodoro Dario. "Ulysses’ journey home to Ithaca: a new metaphor for understanding the General Theory." Cambridge Journal of Economics 44, no. 6 (June 23, 2020): 1395–414. http://dx.doi.org/10.1093/cje/beaa020.

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Abstract This paper argues that in order to remedy the lack of alternative methods in current macroeconomics it is necessary to clarify the ontology of Keynes’s General Theory. One of the reasons why Keynes lost his generality battle is that he left many gaping holes in the ‘correct’ articulation of his research programme—especially in terms of the specification of hard-core ‘cosmological’ beliefs concerning stability, value and aggregate behaviour—yet to be filled by the post-Keynesian literature. In order to start filling the gaps, this paper proposes a new agenda called ‘The General Theory 4.0’ based on the new ‘Ulysses’ journey’ metaphor, which, it shows, is better than alternative ones, such as Farmer’s ‘windy boat’ and Akerlof and Shiller’s ‘rollercoaster’, for improving understanding of Keynes’s book.

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Zamulin, O. "Phelps’ Lessons for Russia and for the World Economy (2006 Nobel Prize in Economics)." Voprosy Ekonomiki, no. 1 (January 20, 2007): 55–65. http://dx.doi.org/10.32609/0042-8736-2007-1-55-65.

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The author describes the contribution to economic theory made by E. Phelps, the 2006 Nobel prize winner in economics. Phelps is one of those scientists, who studied the reasons, why the attempt to use Phillips curve for the purposes of monetary policy in the 1970s failed. He also became one of the founders of the New Keynesian theory of the Phillips curve. This theory helps to better understand the principles of monetary policy in the developed countries as well as in today’s Russia.

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Vaona, Andrea. "INFLATION AND GROWTH IN THE LONG RUN: A NEW KEYNESIAN THEORY AND FURTHER SEMIPARAMETRIC EVIDENCE." Macroeconomic Dynamics 16, no. 1 (March 7, 2011): 94–132. http://dx.doi.org/10.1017/s1365100510000453.

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This paper explores the influence of inflation on economic growth both theoretically and empirically. We propose to merge an endogenous growth model of learning by doing with a New Keynesian one with sticky wages. We show that the intertemporal elasticity of substitution of working time is a key parameter for the shape of the inflation–growth nexus. When it is set equal to zero, the inflation–growth nexus is weak and hump-shaped. When it is greater than zero, inflation has a sizable and negative effect on growth. Endogenizing the length of wage contracts does not lead to inflation superneutrality in the presence of a fixed cost of wage resetting. Adopting various semiparametric and instrumental-variable estimation approaches on a cross-country/time-series data set, we show that increasing inflation reduces real economic growth, consistent with our theoretical model with a positive intertemporal elasticity of substitution of working time.

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Eggertsson, Gauti B., Neil R. Mehrotra, and Jacob A. Robbins. "A Model of Secular Stagnation: Theory and Quantitative Evaluation." American Economic Journal: Macroeconomics 11, no. 1 (January 1, 2019): 1–48. http://dx.doi.org/10.1257/mac.20170367.

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This paper formalizes and quantifies the secular stagnation hypothesis, defined as a persistently low or negative natural rate of interest leading to a chronically binding zero lower bound (ZLB). Output-inflation dynamics and policy prescriptions are fundamentally different from those in the standard New Keynesian framework. Using a 56-period quantitative life cycle model, a standard calibration to US data delivers a natural rate ranging from − 1.5 percent to − 2 percent, implying an elevated risk of ZLB episodes for the foreseeable future. We decompose the contribution of demographic and technological factors to the decline in interest rates since 1970 and quantify changes required to restore higher rates. (JEL E12, E23, E31, E32, E43, E52)

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Skidelsky, Robert. "Keynes: The second coming?" Panoeconomicus 68, no. 2 (2021): 159–65. http://dx.doi.org/10.2298/pan2102159s.

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This article outlines principles of a modernised macroeconomic framework, drawing on John Maynard Keynes. It explores the historical context in which Keynes? economic theory arose, and the history of its application and subsequent replacement by neoclassical economics. The article argues that any updated Keynesian programme must address three new problems: globalization, wealth inequality and climate change. It sketches out the ways in which these might be addressed.

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Bono, Heather Richardson, Charles G. Leathers, and J. Patrick Raines. "The new deflation and housing market bubbles in the USA and UK: a monetary policy dilemma." International Journal of Social Economics 44, no. 6 (June 12, 2017): 760–73. http://dx.doi.org/10.1108/ijse-10-2015-0260.

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Purpose The purpose of this paper is to develop an analysis of the improbable events of housing market bubbles occurring in a period when US and UK central bankers were responding to perceived risks of a new deflation. Design/methodology/approach The methodology focuses on how the anti-deflation policies implemented by the Federal Reserve and the Bank of England contributed to the housing market bubbles. The central bankers perceived the deflation as a Keynesian short-run deficiency in aggregate demand, triggered by a financial crisis. Indications are that the deflation is in the nature of long-run aggregate-supply-driven trend as explained in Veblen’s theory of “chronic” deflation driven by cost-reducing advances in technology and globalization. Findings The Keynesian anti-deflation policies of the Federal Reserve and Bank of England failed to counter the deflation risks while contributing to housing market bubbles. Moreover, the policies failed to address the structural problems of unemployment and income inequality associated with long-run aggregate supply deflation. Originality/value Effective policies must be based on a correct theoretical understanding of the problems. The chronic nature of the new deflation points to the need for new approaches to deal with the negative income and employment effects that exclude an increasing number from the housing markets.

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Repapis, Constantinos. "The place of The General Theory in the economics canon." Iberian Journal of the History of Economic Thought 7, no. 1 (May 12, 2020): 79–92. http://dx.doi.org/10.5209/ijhe.64673.

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This paper presents in non-technical language an interpretation of the argument of The General Theory, which is the importance of effective demand and its relation to human agency. It argues that The General Theory is not only a treatise on economic theory, but also, and more importantly, a treatise on methodology, i.e. how economists should reason when dealing with the complexity of the real world. Implicit in this analysis is a distinct position on the remit of the economist and the nature of economic advice and policy. This interpretation suggests that this understanding forms a new paradigm of thinking about the economy at large, centred around the concept of uncertainty. This insight developed into a new analytical tradition in economics, the Post Keynesian School of economic thought that sees uncertainty and effective demand as the key analytical long term concepts for understanding how the economy evolves through time.

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Kozlova, M. A. "THE CONTRIBUTION OF J. M. KEYNES TO THE ANALYSIS OF THE PSYCHOLOGICAL MOTIVES OF ECONOMIC BEHAVIOR." MGIMO Review of International Relations, no. 3(48) (June 28, 2016): 188–95. http://dx.doi.org/10.24833/2071-8160-2016-3-48-188-195.

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The article examines the contribution of John Maynard Keynes to the study of the psychological motives of economic behavior. The origins of the analysis of the psychological motives in economics before Keynes are reviewed. The relative importance of rational and irrational motives of economic behavior in the Keynesian theory is analyzed. It is shown that Keynes's analysis of the behavior of the economic agents under uncertainty and the lack of information contributed to the elaboration of the bounded rationality theory by Simon. The article also describes the input of Keynes to the formation of a new «Keynesian» model of human behavior, which implies the importance of expectations, taking into account the psychological and social factors of economic behavior. The main psychological tendencies in the actions of the consumers and investors described by Keynes (the basic psychological law, liquidity preference, the influence of the «market psychology» on the investor's decisions) and their relevance nowadays are examined. The article shows further development of the ideas of Keynes in the Akerlof and Shiller's theory of animal spirits and in the financial instability hypothesis of Minsky. It also gives a description of a confidence multiplier, introduced by Akerlof and Shiller, and shows how the cosumers' confidence can be measured nowadays. Besides, the article stresses that the study of the psychological motives of economic behavior, undertaken by Keynes, contributed to the development of such new disciplines at the interface between the economy and psychology as the economic psychology and behavioral economics.

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Pluciennik, Mark. "‘Fortuitous and wasteful mitigations . . .’." Archaeological Dialogues 16, no. 2 (November 5, 2009): 152–57. http://dx.doi.org/10.1017/s1380203809990080.

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In this fin de siècle moment – or is it closer to a mood of Depression? – the Keynesian idea of expanded government spending is much in vogue. We have been here before. As Shannon Lee Dawdy notes, part of Roosevelt's New Deal in the USA was the famous Civilian Conservation Corps, who performed much archaeology and related work (Maher 2008; Paige 1985). It seems particularly appropriate, then, to repeat a famous quote of Keynes: after all, archaeology comes surprisingly close to that much-derided Keynesian remedy. It was in his General theory of employment, interest and money that he wrote, ‘“To dig holes in the ground,” paid for out of savings, will increase, not only employment, but the real national dividend of useful goods and services’ (Keynes 1936, 220). What is less often quoted, though, is the subsequent comment: ‘It is not reasonable, however, that a sensible community should be content to remain dependent on such fortuitous and often wasteful mitigations’.

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SNOWDON, BRIAN. "OUTSIDE THE MAINSTREAM: AN INTERVIEW WITH AXEL LEIJONHUFVUD." Macroeconomic Dynamics 8, no. 1 (January 30, 2004): 117–45. http://dx.doi.org/10.1017/s1365100503030050.

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Axel Leijonhufvud made an enormous impact on macroeconomics in the late 1960s with the publication of his bookOn Keynesian Economics and the Economics of Keynes: A Study of Monetary Economics(1968). In this famous book, Leijonhufvud argued that the standard neoclassical synthesis (Hicks–Hansen IS-LM) interpretation of the General Theory totally misunderstood and misinterpreted Keynes. However, during the 1970's, interest in Keynes and Keynesian models waned as new classical equilibrium models became all the rage. Nevertheless, Leijonhufvud, from a position outside the mainstream, continued his research into problems of unemployment, business cycles, and inflation—issues that from his perspective are problems of coordination failure in complex dynamical systems. Axel Leijonhufvud is currently Professor Emeritus at the University of California, Los Angeles, and, since 1995, Professor of Monetary Economics at the University of Trento, Italy. In this interview the author discusses with Leijonhufvud a wide range of issues relating to his own work as well as his views on the development of macroeconomics after Keynes.

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