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When more flexibility yields more fragility : the microfoundations of Keynesian aggregate unemployment

Dosi, Giovanni; Pereira, Marcelo de Carvalho; … - 2016

market regularities and (ii) macroeconomic dynamics (long-term rates of growth, GDP uctuations, unemployment rates … relations are conducive to coordination successes with higher and smoother growth. …

Persistent link: https://www.econbiz.de/10011433466

The Traverse, Equilibrium Analysis and Post-Keynesian Economics

Halevi, Joseph; Hart, Neil; Kriesler, Peter - 2012

The Traverse refers to the movement of the economy outside equilibrium. It requires a consideration of how an economy may achieve equilibrium, and how it may navigate towards a new one if conditions change. Analysis of these themes, from the classical economists onwards, leads to the conclusion...

Persistent link: https://www.econbiz.de/10014040920

The "Schumpeterian" and the "Keynesian" Stiglitz : learning, coordination hurdles and growth trajectories

Dosi, Giovanni; Virgillito, Maria Enrica - 2016

coordination hurdles. In his analysis Joe is in many respects a "closet evolutionist" who in fact highlighted and explored many … properties e.g. coordination failures and the possibility of path-dependent multiplicity of growth trajectories which are far and … major themes, namely, the consequences of learning and dynamic increasing returns, and "Keynesian" coordination failures …

Persistent link: https://www.econbiz.de/10011458677

A theory of non-Coasean labor markets

Blanco, Andrés; Drenik, Andres; Moser, Christian; … - 2023

We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...

Persistent link: https://www.econbiz.de/10014278008

Nominal Rigidities and Asset Pricing

Weber, Michael - 2017

This paper examines the asset pricing implications of nominal rigidities. Firms that adjust their product prices infrequently earn a return premium of 4% per year. Merging unique product-price data at the firm level with stock returns, I document that the premium for sticky-price firms is a...

Persistent link: https://www.econbiz.de/10012972908

Equity Pricing in New Keynesian Models with Nominal Rigidities and Investment

Nath, Rahul - 2020

This paper derives explicitly an equity pricing relationship in a New Keynesian model. This relationship is used to study the equity pricing implications of New Keynesian models. I find that New Keynesian models suffer from the same asset pricing shortcomings as more traditional RBC versions....

Persistent link: https://www.econbiz.de/10014098005

Conflicting Interpretations of the Notion of Liquidity Preference : A Review and Synthesis of Post-Keynesian Perspectives

Juniper, James - 2000

In this paper I review recent Post-Keynesian debates about the notion of liquidity preference in the context both of Keynes' writings on and after the General Theory and also, modern portfolio theory. First, the paper reviews the Hayek-Sraffa debate to focus on certain issues raised by its...

Persistent link: https://www.econbiz.de/10014161943

Keynes’s Theories of the Business Cycle : Evolution and Contemporary Relevance

Bortz, Pablo G. - 2021

This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in the early 1940s. The paper identifies six different “theories” of business fluctuations. With different...

Persistent link: https://www.econbiz.de/10013238254

Financial Keynesianism and Market Instability

Wray, L. Randall - 2011

In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile." While many economists and policymakers have argued that "no one saw it coming," Minsky and...

Persistent link: https://www.econbiz.de/10013128523

Endogenous money and the natural rate of interest : the reemergence of liquidity preference and animal spirits in the post-Keynesian theory of capital markets

Pilkington, Philip - 2014

Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...

Persistent link: https://www.econbiz.de/10010412398