ERN: Keynes; Keynesian; Post-Keynesian (Topic)最新文献_第9页

A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics 后凯恩斯主义视角下中央银行独立性的崛起:货币经济学中一个可疑的成功故事

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-10-13 DOI: 10.2139/ssrn.1691706

Joerg Bibow

引用次数: 26

The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours 产出缺口、劳动楔子和工时的动态行为

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-09-01 DOI: 10.2139/ssrn.1669949

Luca Sala, Ulf Söderström, A. Trigari

引用次数: 78

Keynesian Macrodynamics - Two Models 凯恩斯宏观动力学——两个模型

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-05-19 DOI: 10.2139/ssrn.1611534

R. Krishnan

{"title":"Keynesian Macrodynamics - Two Models","authors":"R. Krishnan","doi":"10.2139/ssrn.1611534","DOIUrl":"https://doi.org/10.2139/ssrn.1611534","url":null,"abstract":"Recently there has been a resurgence in the utility of New Keynesian models in the world. The financial crisis has been in many ways a wakeup call for a large part of economics and the importance of this previously underrated field has been increasing. The neoclassical synthesis of macroeconomics with its emphasis on rational actors and perfect market clearing has been relegated to an interesting side note while Keynesian monetary policies are now in vogue. The recently emergent DSGE (Dynamic Stochastic General Equilibrium) models have emphasised this as well giving each theory their day in the sun. Even major policy making institutions such as the ECB are now using these DSGE models to figure out how they should approach policy challenges. We aim to look thus at two approaches that contain within themselves the seeds of ideological differences while preserving real world utility. This analysis aims to give an overview of the major aspects of the New Keynesian model and its implication towards policy setting in macroeconomic settings, including major importance placed on elements of inflation targeting, structural unemployment and monetary policy. We investigate the Aggregate Demand (henceforth \"AD\") and Aggregate Supply (henceforth \"AS\") constraints and will look at the stickiness of prices with the help of the model created by Guillermo Antonio Calvo, the \"Calvo pricing\" model. Our emphasis will be two-fold. First will be to look at the mathematics underlying the sticky price New Keynesian model and understand its importance and applicability to the present day macroeconomic scenario. Second would be to look at the variety of areas in which this type of analysis might be inapplicable and to analyse the shortcomings of such an approach.","PeriodicalId":127579,"journal":{"name":"ERN: Keynes; Keynesian; Post-Keynesian (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125579428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Optimal Monetary Policy with Fundamental Shifts in Asset Prices 资产价格基本变动下的最优货币政策

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-05-05 DOI: 10.2139/ssrn.1600707

J. Hansen

引用次数: 2

When Does Government Debt Crowd Out Investment? 政府债务何时排挤投资?

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-05-01 DOI: 10.2139/ssrn.1611196

Nora Traum, Shu-Chun S. Yang

引用次数: 71

Price Setting in a Model with Production Chains: Evidence from Sectoral Data 生产链模型中的价格设定:来自部门数据的证据

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-03-01 DOI: 10.5089/9781451982664.001

Maral Shamloo

引用次数: 13

Involuntary Unemployment and the Business Cycle 非自愿失业和商业周期

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-03-01 DOI: 10.2139/ssrn.1601884

Lawrence J. Christiano, M. Trabandt, Karl Walentin

引用次数: 34

The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy 援助流入的短期宏观经济学:理解财政和储备政策的相互作用

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2010-03-01 DOI: 10.5089/9781451982091.001

A. Berg, Tokhir N Mirzoev, Rafael A. Portillo, Luis-Felipe Zanna

{"title":"The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy","authors":"A. Berg, Tokhir N Mirzoev, Rafael A. Portillo, Luis-Felipe Zanna","doi":"10.5089/9781451982091.001","DOIUrl":"https://doi.org/10.5089/9781451982091.001","url":null,"abstract":"We develop a tractable open-economy new-Keynesian model with two sectors to analyze the short-term effects of aid-financed fiscal expansions. We distinguish between spending the aid, which is under the control of the fiscal authorities, and absorbing the aid-using the aid to finance a higher current account deficit-which is influenced by the central bank's reserves policy when access to international capital markets is limited. The standard treatment of the transfer problem implicitly assumes spending equals absorption. Here, in contrast, a policy mix that results in spending but not absorbing the aid generates demand pressures and results in an increase in real interest rates. It can also lead to a temporary real depreciation if demand pressures are strong enough to threaten external balance. Certain features of low income countries, such as limited participation in domestic financial markets, make a real depreciation more likely by amplifying demand pressures when aid is spent but not absorbed. The results from our model can help understand the recent experience of Uganda, which saw an increase in government spending following a surge in aid yet experienced a real depreciation and an increase in real interest rates.","PeriodicalId":127579,"journal":{"name":"ERN: Keynes; Keynesian; Post-Keynesian (Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131246522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 43

Endogenous Choice of Bank Liquidity: The Role of Fire Sales 银行流动性的内生选择:甩卖的作用

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2009-11-27 DOI: 10.2139/ssrn.1517693

V. Acharya, H. Shin, Tanju Yorulmazer

{"title":"Endogenous Choice of Bank Liquidity: The Role of Fire Sales","authors":"V. Acharya, H. Shin, Tanju Yorulmazer","doi":"10.2139/ssrn.1517693","DOIUrl":"https://doi.org/10.2139/ssrn.1517693","url":null,"abstract":"Banks’ liquidity is a crucial determinant of the adversity of banking crises. In this paper, we consider the effect of fire sales and entry during crises on banks’ ex-ante choice of liquid asset holdings. We consider a setting with limited pledgeability of risky cash flows relative to safe ones and a differential expertise between banks and outsiders in employing banking assets. When a large number of banks fail, market for assets clears only at fire-sale prices and outsiders enter the market if prices fall sufficiently low. In such states, there is a private benefit of liquid holdings to banks from purchasing assets. There is also a social benefit since greater banking system liquidity reduces inefficiency from liquidation of assets to outsiders. When pledgeability of risky cash flows is high, for instance, in countries with well-developed capital markets, banks hold less liquidity than is socially optimal due to risk-shifting incentives; otherwise, banks may hold even more liquidity than is socially optimal to capitalise on fire sales. However, if there is a systemic cost associated with crises, for example, in the form of fiscal costs associated with provision of deposit insurance, then socially optimal liquidity may always be higher than the privately optimal one, and, in turn, regulation in the form of prudent liquidity requirements may be desirable. We provide some international evidence on banks’ liquid holdings that is consistent with model’s predictions.","PeriodicalId":127579,"journal":{"name":"ERN: Keynes; Keynesian; Post-Keynesian (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129706095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 27

Testing the Structural Interpretation of the Price Puzzle with a Cost Channel Model 用成本渠道模型检验价格之谜的结构性解释

ERN: Keynes; Keynesian; Post-Keynesian (Topic) Pub Date : 2009-11-25 DOI: 10.2139/ssrn.1513202

Efrem Castelnuovo

引用次数: 1