In the last 20 years, the New Keynesians (henceforth, NKs) have developed a theoretical approach which aims to elaborate an alternative monetary theory to the on traditionally associated with Keynes. The distinctive feature of this new approach is its emphasis on the credit market and the role...

This paper examines the explanation of the "subprime" crisis provided by Bernanke according to which the origin of the housing bubble stemmed from the global saving glut that occurred in the decade 1996-2006. The paper has two objectives. First, it highlights the limits of Bernanke's thesis....

The relation between uncertainty and money is the central point of the keynesian monetary theory. In general the keynesian economists consider uncertainty as the exogenous variable starting from which the functions of money can be defined. The presence of uncertainty justifies the store of...

The aim of the paper is to evaluate the importance of the endogenous money theory, and the criterion used is whether this theory enables us to elaborate on and to broaden the explanation of the non-neutrality of money formulated by Keynes in "The General Theory". The thesis upheld in this paper...

Keynes in the General Theory, explains the monetary nature of the interest rate by means of the liquidity preference theory. The objective of this paper is twofold. First, to point out the limits of the liquidity preference theory. Second, to present an explanation of the monetary nature of the...

This study surveys theoretical models providing alternative rationales for corporate hedging.

This paper discusses identification within a new parametrization for I(2) systems, where the integral and proportional control cointegrating relations are not necessarily orthogonal. The new parametrization, while equivalent to previously proposed ones, gives more flexibility in choosing the...

In this paper we study the role of the eurozone’s institutional design in determining the sovereign debt crisis of the peripheral euro countries by means of a post-Keynesian eurozone center-periphery model Within this framework, three points are formally addressed. The incomplete nature of the...