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SFC modeling and the liquidity preference theory of interest
In: Journal of post-Keynesian economics, Band 43, Heft 1, S. 28-35
ISSN: 1557-7821
Insights on deflation theory
In: Revista de economia política: Brazilian journal of political economy, Band 38, Heft 2, S. 338-357
ISSN: 1809-4538
ABSTRACT Irving Fisher offered a 'tentative' debt-deflation theory of great depressions rather than a fully consistent theory of his 'creed': "I say 'creed' because, for brevity, it is purposely expressed dogmatically and without proof. [...] it is quite tentative" (Fisher 1933, p. 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes' General Theory escapes the contradiction.
Insights on endogenous money and the liquidity preference theory of interest
In: Journal of post-Keynesian economics, Band 40, Heft 3, S. 327-348
ISSN: 1557-7821
Coping with the European Public Debt Problem: The Desperate New "Growth Pact" of 2012 and Its Aftermath
In: International journal of political economy: a journal of translations, Band 42, Heft 2, S. 42-62
ISSN: 1558-0970
Coping with the European Public Debt Problem
In: International journal of political economy: a journal of translations, Band 42, Heft 2, S. 42-62
ISSN: 0891-1916
The Achilles' heel of the mainstream explanations of the crisis and a post Keynesian alternative
In: Journal of post-Keynesian economics, Band 36, Heft 2, S. 355-380
ISSN: 1557-7821
Macroeconomic trouble and policy challenges in the wake of the financial bust
In: Revista de economia política: Brazilian journal of political economy, Band 31, Heft 2, S. 203-216
ISSN: 1809-4538
Macroeconomic trouble and policy challenges in the wake of the financial bust
In: Brazilian journal of political economy: Revista de economia política, Band 31, Heft 2
ISSN: 0101-3157
The real mechanisms of the global economy
In: Revista de economia política: Brazilian journal of political economy, Band 30, Heft 4, S. 706-716
ISSN: 1809-4538
Macroeconomic trouble and policy challenges in the wake of the financial bust
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures, alone, could deliver full economic recovery, for the collapse of the 'state of confidence' has fed depressive forces and policy challenges which could hold for a while, even once the financial sector is made safe. On the one hand, the economic slowdown and the direct and indirect assistance provided by the governments to the private sectors are having a heavy impact on public finances, meanwhile, on the other hand, the massive amounts of money which artificially inflated the prices of housing and financial products could produce inflationary pressures in the post-crisis period, unless a new assets bubble is allowed for. Authorities could therefore be facing high unemployment in a damaged context of public deficits and inflationary pressures. The paper aims at discussing these new challenges. The inadequacy of inflation targets and fiscal orthodoxy in a depressed economy is emphasized, and the outlines of a Post Keynesian alternative policy are examined.
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Macroeconomic trouble and policy challenges in the wake of the financial bust
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures, alone, could deliver full economic recovery, for the collapse of the 'state of confidence' has fed depressive forces and policy challenges which could hold for a while, even once the financial sector is made safe. On the one hand, the economic slowdown and the direct and indirect assistance provided by the governments to the private sectors are having a heavy impact on public finances, meanwhile, on the other hand, the massive amounts of money which artificially inflated the prices of housing and financial products could produce inflationary pressures in the post-crisis period, unless a new assets bubble is allowed for. Authorities could therefore be facing high unemployment in a damaged context of public deficits and inflationary pressures. The paper aims at discussing these new challenges. The inadequacy of inflation targets and fiscal orthodoxy in a depressed economy is emphasized, and the outlines of a Post Keynesian alternative policy are examined.
BASE
The Real Mechanisms of the Global Economy
In: Brazilian journal of political economy: Revista de economia política, Band 30, Heft 4
ISSN: 0101-3157
Macroeconomic trouble and policy challenges in the wake of the financial bust
Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures, alone, could deliver full economic recovery, for the collapse of the 'state of confidence' has fed depressive forces and policy challenges which could hold for a while, even once the financial sector is made safe. On the one hand, the economic slowdown and the direct and indirect assistance provided by the governments to the private sectors are having a heavy impact on public finances, meanwhile, on the other hand, the massive amounts of money which artificially inflated the prices of housing and financial products could produce inflationary pressures in the post-crisis period, unless a new assets bubble is allowed for. Authorities could therefore be facing high unemployment in a damaged context of public deficits and inflationary pressures. The paper aims at discussing these new challenges. The inadequacy of inflation targets and fiscal orthodoxy in a depressed economy is emphasized, and the outlines of a Post Keynesian alternative policy are examined.
BASE
Between the cup and the lip ; Between the cup and the lip: On Post Keynesian interest rate rules and long-term interest rates management
This paper has been presented at the IEPI-Laurentian U. conference: 'The political economy of central banking', Toronto, 27-28 May 2009. It provides substantial developments of the main ideas contained in a previous paper prepared for the Post Keynesian Economics Study Group workshop: Inflation targeting: is there a credible alternative? Balliol College, Oxford, Friday 4 April 2008 (rewritten in association with M. Hayes and published as "Post Keynesian alternative to inflation targeting", Intervention, 6 (1), 67-81.). ; The paper states that, although Post Keynesian interest rules may be feasible and sustainable in favourable circumstances, there is a shared difficulty as for the setting of long-term interest rates in a context of strong uncertainty and shifting liquidity preference. According to Keynes theory of the interest rate, the variation in the long-term interest rate that authorities are seeking for must correspond to the market convention, in order to preserve the state of the confidence and avoid disruptive shifts in the demand for money. It is argued that authorities should therefore announce a long-term interest rate target in accordance with the normative objective the opinion has debated on and agreed with. Also, such a conventional target cannot be very distant from the current rate, and the short-term rates authorities control should be adjusted gradually (but not slowly). Moving the interest rate convention is harder to get in the context of the current crisis, because of the deleterious effects on private and public accounts, and thereby on the state of confidence, that the innumerable amounts of bad debts have carried. We put forward strong arguments in favour of reducing the amount of bad debts by means of temporary large public deficits and accommodating monetary policies (which is not to say permanent large deficits and inflationary policies), even though long-term interest rate do not respond much to the short-term impulses of central banks.
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