Despite its professed emphasis on the real world, the Post Keynesian literature lacks a history of business cycle fluctuations in a particular economy. This is an extremely important oversight. Not only might such a study be useful to researchers, but students are anxious to acquire practical as...

Empirical studies using surveys of exchange rate expectations have become very popular in the literature. The majority have concluded that shortterm currency market activity appears to be inconsistent with the standard neoclassical characterization and that, as a consequence, economists should...

The goal of this paper is to provide a model and method for those wishing to include the Post Keynesian perspective when teaching exchange rate theory. It begins by reviewing neoclassical approaches (purchasing power parity, the monetary model, and the Dornbusch model) and then develops a...

That the economy goes through periods of expansion and recession is obvious. Whether or not this represents endogenously-generated cycles or simply stochastic variation around a trend is, however, a matter of debate. Among mainstream economists, the latter is the predominant position. For Post...

Curiously and in spite of its name, very few business cycle theories actually treat it as a cycle. Mainstream economics, for example, models all macroeconomic fluctuations as a function of exogenous forces. In their view, the economy remains at full employment indefinitely unless impacted by...

In this paper, a series of empirical tests are conducted comparing the explanatory power of the neoclassical approach (in particular, purchasing power parity and the monetary model) with that of a long-run exchange rate model based on Post Keynesian premises (the tests use annual data for the...

The goal of this paper is to provide a model and method for those wishing to include the Post Keynesian perspective when teaching exchange rate theory. It begins by reviewing neoclassical approaches (purchasing power parity, the monetary model, and the Dornbusch model) and then develops a...

Empirical studies using surveys of exchange rate expectations have become very popular in the literature. The majority have concluded that short-term currency market activity appears to be inconsistent with the standard neoclassical characterization and that, as a consequence, economists should...