Effective Demand and Coordination Failures
In: Journal of post-Keynesian economics, Band 23, Heft 3, S. 411-440
ISSN: 1557-7821
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In: Journal of post-Keynesian economics, Band 23, Heft 3, S. 411-440
ISSN: 1557-7821
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 43, Heft 2, S. 146-158
ISSN: 1467-9485
AbstractIn this paper we analyze the generation of endogenous growth and irregular fluctuations in a simple New Keynesian model whose background assumptions are borrowed from a class of asymmetric information models popularized by Greenwald and Stiglitz. We extend the framework put forward by Greenwald and stiglitz taking explicitly into account technological progress as the engine of growth. We show how irregular endogenous fluctuations can arise around an endogenous trend: the traditional view of fluctuations as 'short run' phenomena must be abandoned in favour of models of fluctuating growth.
In: Journal of post-Keynesian economics, Band 12, Heft 3, S. 356-374
ISSN: 1557-7821
In: Lecture Notes in Economics and Mathematical Systems 484
This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents
In: Journal of economic dynamics & control, Band 37, Heft 8, S. 1401-1402
ISSN: 0165-1889
In: Explorations in economic history: EEH, Band 42, Heft 1, S. 81-100
ISSN: 0014-4983
In: Journal of Economic Behavior & Organization, Band 72, Heft 2
In this paper we model an OLG economy à la Kiyotaki and Moore whose novel feature is the role of money as a store of value and of bequest as a source of funds to be "invested" in landholding. The dynamics generated by the model are generally characterized by irregular cyclical trajectories and, under special con.guration of the parameters, a strange attractor appears. In this setting, an expansionary monetary policy may have a stabilizing role due to the interaction between money holding and the accumulation of borrowers' net worth.