New Keynesian economics/post Keynesian alternatives
In: Routledge frontiers of political economy 9
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In: Routledge frontiers of political economy 9
Keynesian Economics provides a wide-ranging critical examination of the presuppositions and procedures of Keynesian analysis. The result is both a clear guide to modern macro-economic theory and policy and a revealing exercise in the recent history of ideas - ideas which are highly contentious and still deeply influential.""(Alan) Coddington made several substantive contributions to the understanding of Keynesian economics which established his fame not merely in the UK but in major centres of economics around the world."" The Times
In: Journal of economic studies, Band 6, Heft 2, S. 227-236
ISSN: 1758-7387
This paper presents, both diagrammatically and algebraically, a two‐sector model that exemplifies and shares some of the basic characteristics to be found in the work of Kalecki, Joan Robinson, Kaldor and, in general, the "Post‐Keynesian" school of writers.
In: Heritage
Frontmatter -- PREFACE -- PREFACE TO SECOND PRINTING -- CONTENTS -- I. Introduction -- II. The Character of the Keynesian System and its Units -- III. The Role of Expectations in the Keynesian System -- IV. Rates of Interest and Long-Period Equilibrium -- V. The Demand for Money and the Constitution of the Liquidity Function L1 -- VI. The Rate of Interest and the Demand for Money -- VII. Definitions and Assumptions Connected with the Multiplier Functions -- VIII. The Average and Marginal Propensities to Consume -- IX. The General Concept of the Multiplier -- X. The Process of Valuation in the Investment-Goods Industries -- XI. The Marginal Efficiency of Capital and the Investment Functions -- XII. The System of the Shifting Equilibrium -- XIII. The Field of the Shifting Equilibrium -- XIV. Implications
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.
BASE
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.
BASE
In: Keynesian Studies
In: EBSCOhost eBook Collection
Original articles by leading scholars of post Keynesian economics make up this authoritative collection. Current topics of the greatest interest are covered, such as: perspectives on current economic policy; post Keynesian approaches to monetary theory and policy; economic development, growth and inflation; Kaleckian perspectives on distribution; economic methodology; and history of heterodox economic theory
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.
BASE
In: Rock Center for Corporate Governance at Stanford University Working Paper No. 47
SSRN
In: Bulletin of Economic Research, Band 5, Heft 2, S. 147-153
ISSN: 1467-8586
In: The Policy Consequences of John Maynard Keynes, S. 39-47
In: Monthly Review, Band 34, Heft 8, S. 1
ISSN: 0027-0520
In: The Economic Journal, Band 53, Heft 210/211, S. 224