European Journal of Economics and Economic Policies-Intervention最新文献

{"title":"Book review: Brancaccio, E. and Califano, A. (2018): Anti-Blanchard Macroeconomics, Cheltenham, UK and Northampton, MA, USA (158 pages, Edward Elgar Publishing, hardcover, also available as paperback and ebook, ISBN 978-1-78811-899-6)","authors":"Torsten Niechoj","doi":"10.4337/ejeep.2020.01.07","DOIUrl":"https://doi.org/10.4337/ejeep.2020.01.07","url":null,"abstract":"","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"69 1","pages":"106-109"},"PeriodicalIF":0.6,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78979651","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}

{"title":"‘If you are convinced that post-Keynesian economics is a good way of thinking, get on with it’: Interview with Victoria Chick","authors":"M. Lavoie","doi":"10.4337/ejeep.2020.01.01","DOIUrl":"https://doi.org/10.4337/ejeep.2020.01.01","url":null,"abstract":"","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"10 1","pages":"1-8"},"PeriodicalIF":0.6,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74265386","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}

{"title":"Heterodox economics as seen by Geoffrey Hodgson: an assessment","authors":"M. Lavoie","doi":"10.4337/ejeep.2020.01.02","DOIUrl":"https://doi.org/10.4337/ejeep.2020.01.02","url":null,"abstract":"Geoffrey Hodgson has recently published a book where he wonders why heterodox economics seems to thrive while at the same time losing ground within the most prestigious universities. Although Hodgson considers himself to be a heterodox economist, he complains about the way heterodoxy has been defined by some of its most active thinkers, in particular Frederic Lee and Tony Lawson. Hodgson believes that heterodox economics should be defined neither by a left-leaning ideology nor by critical realism. He argues that too much energy has been devoted to the study of macroeconomics by the Marxist and post-Keynesian brands of heterodox economics, as they left aside what he believes to be the crucial issue of microeconomic behaviour which can be found in behavioural and evolutionary economics. Hodgson further argues that what he considers to be the decline in the impact of heterodox economics is partly due to a lack of quality control. The paper outlines and comments on these various assertions.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"228 1","pages":"9-18"},"PeriodicalIF":0.6,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84018294","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}

{"title":"Is there scientific progress in macroeconomics? The case of the NAIRU*","authors":"Dany Lang, M. Setterfield, Ibrahim Shikaki","doi":"10.4337/EJEEP.2019.0041","DOIUrl":"https://doi.org/10.4337/EJEEP.2019.0041","url":null,"abstract":"We address the question posed in the title of this paper by investigating recent developments in the literature that estimates the NAIRU. A necessary condition for the existence of a NAIRU is dynamic homogeneity: the Phillips curve should be homogenous of degree one in lagged and/or expected inflation. But contemporary approaches to estimating the NAIRU typically assume rather than test for dynamic homogeneity, thus assuming (rather than testing for) the existence of a NAIRU. We argue that these developments remove the NAIRU from the domain of testable hypotheses and transform the concept into an article of faith. This does not constitute scientific progress.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"38 1","pages":"19-38"},"PeriodicalIF":0.6,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74108244","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}

{"title":"Monetary economics after the global financial crisis: what has happened to the endogenous money theory?","authors":"G. Fontana, R. Realfonzo, M. Passarella","doi":"10.4337/ejeep.2020.0056","DOIUrl":"https://doi.org/10.4337/ejeep.2020.0056","url":null,"abstract":"The 2010s have witnessed a new shift in central banking and, partially at least, in monetary economics and macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of the classical theory of interest rates, the financial intermediation view of banks, the money-multiplier story and the quantity theory of money. However, the loanable funds theory and the view of banks as pure financial intermediaries (sometimes coupled with the money-multiplier story) are still sometimes invoked. In addition, the dynamic process of creation, circulation and destruction of money is usually neglected. The point is that money endogeneity is still regarded by many mainstream economists as a mere empirical fact, not a key feature of capitalist market-based economies to be properly explained by a logically consistent theory. By contrast, dissenting economists have further advanced the endogenous money view through: (a) a generalised theory of the endogenous process of money creation; (b) the increasing popularity of modern monetary theory in the public debate; and (c) the development of aggregative stock–flow consistent models and agent-based stock–flow consistent models as an alternative to dynamic stochastic general equilibrium models.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"110 1","pages":"339-355"},"PeriodicalIF":0.6,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80548890","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}

{"title":"Endogenous money, liquidity and monetary reform","authors":"Sheila Dow","doi":"10.4337/ejeep.2020.0059","DOIUrl":"https://doi.org/10.4337/ejeep.2020.0059","url":null,"abstract":"Following its revival in the 1980s, the idea of endogenous money became increasingly widely accepted. Indeed the 2008 global financial crisis was widely blamed on the untrammelled power of banks to create credit. As a result, among the ideas for reforming the monetary system are proposals designed to eliminate that power, that is, to make the money supply exogenous. The purpose of this paper is to go back to the theory of endogenous money in order to assess these proposals, in terms of what is desirable, but also crucially what is feasible. Central to this discussion is a consideration of the range of meanings given to money and endogeneity. It is argued that what is regarded as money under different conditions is an important element in money endogeneity, and is particularly relevant for the monetary reform debate.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"465 1","pages":"367-380"},"PeriodicalIF":0.6,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83021489","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}

{"title":"An interview with Professor Kazimierz Łaski","authors":"G. Konat","doi":"10.4337/ejeep.2019.03.01","DOIUrl":"https://doi.org/10.4337/ejeep.2019.03.01","url":null,"abstract":"","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"34 1","pages":"291-301"},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74312529","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}

{"title":"Editorial to the special issue on the economics of Kazimierz Łaski","authors":"Eckhard Hein, M. Riese, B. Schütz","doi":"10.4337/ejeep.2019.03.00","DOIUrl":"https://doi.org/10.4337/ejeep.2019.03.00","url":null,"abstract":"In October 2015 the Polish–Austrian Kaleckian economist Kazimierz Łaski, professor emeritus at the Johannes Kepler University Linz and former scientific director of the Vienna Institute for International Economic Studies (wiiw), passed away at the age of 94. Łaski was born in Poland in 1921 into a Jewish family. He managed to survive the Nazi–German occupation and the Holocaust under very severe circumstances. In postwar Poland he studied in Warsaw at the Communist Party’s School of Social Sciences. Then, at the Main School of Planning and Statistics, he did his doctoral work and rose from assistant to professor and vice-dean. He became a member of the circle around Michał Kalecki after the latter’s return to Poland (in 1955). When, in the late 1960s, this group became the target of an antisemitic campaign, Łaski lost his positions and emigrated to Austria. There he became a professor of economics at the Johannes Kepler University Linz, and then, after his retirement from the university, he became the scientific director of the Vienna Institute for International Economic Studies (wiiw). After retirement from this position, he maintained his affiliation with the wiiw until his death. As explained in more detail by Riese (2016: 265), Łaski ‘promulgated and elaborated Kalecki’s theory and demonstrated its vitality by applying it to a wide range of circumstances. Like his guru (as he himself called Kalecki (Łaski 2006)), Łaski wrote extensively on the economics of socialism and planning as well as on capitalism and its dynamics’. Apart from popularizing and developing Kalecki’s theory, Łaski was also concerned with discussing and criticizing modern neoclassical mainstream economics, as well as Marxist political economy. He worked on the economics of socialism, on issues of transition of former socialist economies towards capitalism, and, in particular, on problems of European economic integration and the eurozone crisis.1 The three editors of this special issue have known Łaski to different degrees and for different periods of time. Martin Riese was hired as an assistant when Łaski took up his professorship in Linz in 1972. In those old days of steep hierarchies in Austrian academia it was sensational that Łaski refrained completely from all the prerogatives and paraphernalia of ‘Ordinarienuniversität’ (professorial university), such as defining research topics and methods for the junior staff. Conversely, this was the heyday of anti-authoritarianism, so it would not be permissible for an assistant to share the convictions and interests of his or her boss. It took until the 1990s before the joint work of Łaski and Riese began; this came under the","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"131 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73358711","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}

{"title":"Nicholas Kaldor and Kazimierz Łaski on the pitfalls of the European integration process","authors":"M. Landesmann","doi":"10.4337/ejeep.2019.03.05","DOIUrl":"https://doi.org/10.4337/ejeep.2019.03.05","url":null,"abstract":"Nicholas Kaldor and Kazimierz Łaski have been two very prominent exponents of Keynesian thinking. They both contributed to the debate on European economic integration, one (Nicholas Kaldor) in the early 1970s, when there were fierce debates about the United Kingdom's entry to the European Communities, and the other (Kazimierz Łaski) in the wake of the financial and economic crisis of 2008–2012, when the European Union and its Economic and Monetary Union were seriously challenged by potential disintegration. Both exponents provided deep and complementary inputs into an understanding of the centrifugal forces at work when a region with a rudimentary federal structure (but an extremely weak ‘central state’) embarks on tight economic integration with an inadequate macroeconomic policy framework in place.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"26 1","pages":""},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86638470","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}

{"title":"Book review: Mitchell, William, L. Randall Wray and Martin Watts (2019): Macroeconomics, London, UK (573 pages, Red Globe Press, softcover, ISBN 978-1-137-61066-9)","authors":"J. Michell","doi":"10.4337/ejeep.2019.03.11","DOIUrl":"https://doi.org/10.4337/ejeep.2019.03.11","url":null,"abstract":"","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":"92 1","pages":"431-435"},"PeriodicalIF":0.6,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85462292","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}