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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

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 theoretical...

Persistent link: https://www.econbiz.de/10012487521

Zero lower bound (ZLB) economics : the fallacy of New Keynesian explanations of stagnation

Palley, Thomas - 2016 - Revised January 2016

This paper explores zero lower bound (ZLB) economics. The ZLB is widely invoked to explain stagnation and it fits with the long tradition that argues Keynesian economics is a special case based on nominal rigidities. The ZLB represents the newest rigidity. Contrary to ZLB economics, not only...

Persistent link: https://www.econbiz.de/10011433395

Uncovering the mechanism(s): financial constraints and wages

Arabzadeh, Hamzeh; Balleer, Almut; Gehrke, Britta - 2020

the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment … substantial decline in both unemployment and wages. Financial constraints therefore weaken the direct link between wage rigidity … and unemployment volatility. …

Persistent link: https://www.econbiz.de/10012389827

A New Keynesian model with unemployment : the effect of on-the-job search

Kantur, Zeynep; Keskin, Kerim - 2017

Although New Keynesian models with labor market frictions found an increase in unemployment and a decrease in labor … volatilities of unemployment and labor market tightness are not as high as their empirical counterparts. This calls for the … volatility of unemployment and labor market tightness in response to a positive technology shock compared to the model without on …

Persistent link: https://www.econbiz.de/10011751890

Unemployment (fears) and deflationary spirals

Den Haan, Wouter J.; Rendahl, Pontus; Riegler, Markus - 2015

Persistent link: https://www.econbiz.de/10012171650

Short-run macro after the crisis : the end of the "new" neoclassical synthesis?

Landmann, Oliver - 2014 - Rev.

, thereby opening a door for a return to its original purpose: the study of information and coordination in a market economy. …

Persistent link: https://www.econbiz.de/10010242840

How cyclical is the user cost of labor?

Kudlyak, Marianna - 2024

In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a firm. The price of labor that impacts firm's hiring decisions, instead, reflects the hiring wage as well as the impact of economic conditions at the time of hiring on future...

Persistent link: https://www.econbiz.de/10014507553

Sudden and Violent Changes in Long-Term Expectations : Keynes and Reality

Rötheli, Tobias F. - 2015

This study takes up Keynes' ideas concerning long-term expectations, particularly his notion that expectations are subject to sudden changes with strong effects on economic activity. We start by detailing Keynes' views regarding the nature of expectations and their role in the business cycle. I...

Persistent link: https://www.econbiz.de/10013024599

Post-Keynesian Institutionalism after the Great Recession

Whalen, Charles J. - 2012

This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then...

Persistent link: https://www.econbiz.de/10013106326