Search results for "keynes"

Is ex‐ante ex‐post analysis irrelevant to Keynes's theory of employment?

2004

Ex‐ante ex‐post analysis has become a standard tool in macroeconomics. Yet Keynes dismissed it. We argue that Keynes's dismissal of ex‐ante ex‐post analysis is not an oddity but an indication of the originality of his theory of employment compared to standard macroeconomics. First, the principle of effective demand does not amount to a process that determines employment and income at the point of intersection of the traditionally defined ex ante supply and demand functions. Second, the finance motive allowed Keynes to confirm the identity of aggregate supply and demand already asserted in The General Theory. This latter conclusion is puzzling, however, since the principle of effective deman…

The macroeconomic governance of the European Monetary Union: A Keynesian perspective

2005

Revised version - May 2006; Extending Asensio's closed-economy framework (2005a,b) to a monetary union, we show that theprinciples of governance which emanate from the so called "New Consensus in Macroeconomics"(NCM), and therefore have been designed for presumed stationary regimes, may cause severedysfunctions, such as depressive macroeconomic policies and unemployment traps, in non-ergodicregimes. The Keynesian approach, on the other hand, pleads in favour of important changes in thecurrent governance of the eurozone. First, since the European Central Bank can not repress distributiveinflationary pressures without having non-temporary depressive effects on aggregate demand andemployment, …

Eternal hilltop inflation

2016

We consider eternal inflation in hilltop-type inflation models, favored by current data, in which the scalar field in inflation rolls off of a local maximum of the potential. Unlike chaotic or plateau-type inflation models, in hilltop inflation the region of field space which supports eternal inflation is finite, and the expansion rate $H_{EI}$ during eternal inflation is almost exactly the same as the expansion rate $H_*$ during slow roll inflation. Therefore, in any given Hubble volume, there is a finite and calculable expectation value for the lifetime of the "eternal" inflation phase, during which quantum flucutations dominate over classical field evolution. We show that despite this, i…

Rivista Internazionale di Scienze Sociali, Special Issue on "Italian Economists and the Great Depression: the Journal Rivista Internazionale di Scien…

2012

Harvard meets the crisis: U.S. fiscal policy in the 1930s and the political economy of Lauchlin B. Currie, Jacob Viner, John H. Williams and Harry D.…

2010

The paper aims to describe the contribution of four Harvard economists to the interpretation of the Great Depression and the policy decision making from 1933 to 1938. Lauchlin B. Currie, Jacob Viner, John H. Williams, Harry D. White, eminent scholars in the field of monetary and international economics, were deeply involved in policy decisions during the New Deal. In our synoptic analysis we will benefit from extensive scholarly work that has been provided in the last few years. We shall examine the extensive biographical connection between Currie, Viner, White and Williams with special regard to their common training at Harvard. Then we shall compare their interpretations of the causes of …

John Maurice Clark's contribution to the genesis of the multiplier analysis: A note with some related unpublished correspondence

2008

The multiplier is a central concept in Keynesian and post-Keynesian economics. It is largely what justifies activist full-employment fiscal policy: an increase in fiscal expenditures contributing to multiple rounds of spending, thereby financing itself. Yet, while a copingstone of post-Keynesian theory,

Introduction - The "Rivista Internazionale di Scienze Sociali" in the Post-war Years (1945-1960)

2014

Su alcune conseguenze teoriche delle "Conseguenze economiche della pace"

2009

La izquierda pierde por copiar a la derecha. 14 intelectuales europeos explican el hundimiento de la socialdemocracia

2009

Active monetary policy and instability in a phillips curve system

1998

The presence of nonlinearities in a Phillips curve system yields to complex dynamics, i.e., cyclical behavior that may (under some parametric set) become chaotic. This paper extends these conclusions by including an active monetary policy. We show how stabilization policy may lead to amplified instabilities and that agents' expectations tend to play a key role in the amount of these instabilities.