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Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...
Persistent link: https://www.econbiz.de/10003859971
) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …
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The notion of new economy was coined in the United States when there was increasing evidence that, as a result of the introduction of new technologies, the traditional behavior of macroeconomic variables might have changed. The expansion of the 1990s differed from its predecessors in three...
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We raise fundamental questions about macroeconomics relevant to escaping the financial-economic crisis and shifting to a sustainable economy. First, the feasibility of decoupling environmental pressure from aggregate income is considered. Decoupling as a single environmental strategy is found to...
Persistent link: https://www.econbiz.de/10010426541
This paper proposes tests of policy ineffectiveness in the context of macroeconometric rational expectations models. It is assumed that there is a policy intervention that takes the form of changes in the parameters of a policy rule, and that there are sufficient observations before and after...
Persistent link: https://www.econbiz.de/10010375404