Journal of Post Keynesian Economics最新文献_第10页

Testing Keynes’ aggregate investment function 检验凯恩斯的总投资函数

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-06-23 DOI: 10.1080/01603477.2021.1932524

J. Harvey

引用次数: 2

Stephen King’s "Needful Things": a dystopian vision of capitalism during its triumph 史蒂芬·金的《必需品》:资本主义胜利时期的反乌托邦景象

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-06-03 DOI: 10.1080/01603477.2021.1932525

M. Cedrini, J. Dagnes, Ç. Akdere

引用次数: 1

Output gap, participation and minimum income: a proposal for Italy 产出缺口、参与率和最低收入:给意大利的建议

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-05-21 DOI: 10.1080/01603477.2021.1913752

Giacomo Bracci, Walter Paternesi Meloni, P. Tridico

{"title":"Output gap, participation and minimum income: a proposal for Italy","authors":"Giacomo Bracci, Walter Paternesi Meloni, P. Tridico","doi":"10.1080/01603477.2021.1913752","DOIUrl":"https://doi.org/10.1080/01603477.2021.1913752","url":null,"abstract":"Abstract Recently, some attempts to increase the stance for fiscal policies in the European budgetary framework have followed the line of reducing the estimated “structural” unemployment rate (NAIRU), with the ensuing increase in the computation of the output gap. A similar effect can be obtained by increasing the actual participation rate. In this paper, we propose the introduction of a deficit-financed conditional minimum income (CMI) to discouraged people which are outside the labor force. By stimulating participation, this measure would bring about an upward revision of Italy’s potential output, and this in turn will contribute to generate a greater fiscal stance. We empirically assess the reliability of this measure by using both comparative statics and empirical estimations carried out via the simulation procedure used by the Output Gaps Working Group of the European Commission. Assuming one million newcomers in the labor force, our findings indicate that the measure would have produced a greater fiscal space of approximately €19 billion in 2016 and €12 billion in 2017. We also forecast the impact of the introduction of the deficit-financed CMI on real GDP and public finance indicators. We finally discuss the feasibility and the main criticisms of the proposal.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"44 1","pages":"643 - 676"},"PeriodicalIF":1.0,"publicationDate":"2021-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/01603477.2021.1913752","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44071226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

In defence of the nominalist ontology of money 为唯名论的货币本体论辩护

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-05-04 DOI: 10.1080/01603477.2021.1913755

G. Ingham

引用次数: 2

Moral hazard in a modern federation 现代联邦的道德风险

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-04-03 DOI: 10.1080/01603477.2021.1872031

Alex T. Williams

{"title":"Moral hazard in a modern federation","authors":"Alex T. Williams","doi":"10.1080/01603477.2021.1872031","DOIUrl":"https://doi.org/10.1080/01603477.2021.1872031","url":null,"abstract":"Abstract Arguments against providing fiscal aid to state governments usually rely on a simplistic moral hazard argument: supporting states through a cyclical downturn encourages them to overspend. This argument undergirds the policy recommendations made by the mainstream literature on Fiscal Federalism. I argue that these accounts are predicated on a misunderstanding of what it means to be an agent with respect to one’s budget over the business cycle. Basic corporate finance theory teaches us that in order to have control over the relative movement of income and expenditure in the current period, one must be able to design one’s own capital structure. US State governments are institutionally and constitutionally prevented from designing their own capital structures, and as such, cannot be judged to have budgetary agency across the business cycle. I show that the moral hazard problem presented in the fiscal finance literature is ill-posed, and obscures a second, more important problem of moral hazard. Namely, that politicians at the federal level reap the political rewards of pursuing austerity at the state level while remaining insulated from any political, economic, or social costs or responsibility. This second moral hazard problem admits of a simple solution: trigger-based fiscal aid to state governments.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"44 1","pages":"173 - 183"},"PeriodicalIF":1.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/01603477.2021.1872031","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42113331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Can state and local government capital spending be a vehicle for countercyclical policy? Evidence from new interview and survey data 州和地方政府的资本支出能成为反周期政策的工具吗？来自新访谈和调查数据的证据

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-04-03 DOI: 10.1080/01603477.2021.1875246

Amanda Page-Hoongrajok

{"title":"Can state and local government capital spending be a vehicle for countercyclical policy? Evidence from new interview and survey data","authors":"Amanda Page-Hoongrajok","doi":"10.1080/01603477.2021.1875246","DOIUrl":"https://doi.org/10.1080/01603477.2021.1875246","url":null,"abstract":"Abstract This paper investigates the extent to which state and local government capital spending in the United States can be an effective vehicle for countercyclical policy. Policy responses to recent cyclical downturns have included a variety of policies to encourage greater spending at the state and local level, including efforts to lower borrowing costs for these governments, but the effectiveness of these policies remains unclear. To examine the effectiveness of state-local capital spending as a countercyclical tool, I use a unique data set consisting of open-ended interviews with state and local budget officers and a survey of state governments. I find that at present, there are significant barriers preventing countercyclical state-local capital spending. First, interventions to stimulate capital spending via easing financing conditions are likely limited by two factors: some governments use minimal amounts of borrowing to finance capital spending, and for governments that do rely primarily on borrowing, capital spending appears insensitive to interest rates. Second, state and local capital spending decisions involve substantial lags, making it a poor vehicle for countercyclical fiscal policy even in the absence of financing constraints. Third, state-local budget officials do not view capital spending as a tool for economic stabilization.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"44 1","pages":"184 - 207"},"PeriodicalIF":1.0,"publicationDate":"2021-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/01603477.2021.1875246","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41885916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A passionate craftsman and his craft: reflections on Wynne Godley’s work and legacy 一个充满激情的工匠和他的手艺:反思韦恩·戈德利的工作和遗产

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-01-02 DOI: 10.1080/01603477.2020.1840282

Claudio H. Dos Santos

引用次数: 0

The stabilizing role of the government in a dynamic distribution growth model 政府在动态分配增长模型中的稳定作用

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-01-02 DOI: 10.1080/01603477.2020.1835495

S. Bibi

{"title":"The stabilizing role of the government in a dynamic distribution growth model","authors":"S. Bibi","doi":"10.1080/01603477.2020.1835495","DOIUrl":"https://doi.org/10.1080/01603477.2020.1835495","url":null,"abstract":"Abstract This work builds upon “Keynes, Kalecki and Metzler in a Dynamic Distribution Model”. In that paper the dynamics of an economy from the ultra-short to the short period inside a Post-Keynesian perspective were studied questioning the general shared assumption of equilibrium between aggregate demand and aggregate supply in the short and long run Kaleckian models. This paper responds to some unresolved issues of the model proposed there considering a proper analysis of the Kaleckian investment function and a more realistic scenario with the presence of the government sector. Moreover, even if that model tried to deal with firms’ expectations in producing goods, some values boundaries were exogenously established. Here, those boundaries are questioned again. In fact, the novelty of this work is that an active role of the government can actually influence both the values of the expectations and their respective boundaries. It is argued that is particularly the case when the government is engaged in policies which aim is to support and secure a high level of economic activity and to smooth and steer the cycles phases toward a sustainable development path. Particularly we focus on the role of different fiscal policies aimed at obtaining such goals.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"44 1","pages":"112 - 142"},"PeriodicalIF":1.0,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/01603477.2020.1835495","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44754374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The legacy of Wynne Godley, Wednesday, May 13, 2020: welcome and introduction 韦恩·戈德利的遗产，2020年5月13日，星期三:欢迎和介绍

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-01-02 DOI: 10.1080/01603477.2020.1840285

D. Papadimitriou

{"title":"The legacy of Wynne Godley, Wednesday, May 13, 2020: welcome and introduction","authors":"D. Papadimitriou","doi":"10.1080/01603477.2020.1840285","DOIUrl":"https://doi.org/10.1080/01603477.2020.1840285","url":null,"abstract":"I want to welcome you to this virtual conference on the occasion of a decade since Wynne Godley’s passing. I want to thank all the speakers for their willingness to either share their memories they have about and with Wynne or talk about Wynne’s influence on their research. And finally, I would be remiss if I didn’t express my sincere appreciation and thanks to Gennaro Zezza who conceived the idea of this gathering, arranged for the speakers and the conference program and all IT details. Most of you know that Wynne was in residence at the Levy Institute for almost fifteen years returning to the U.K. in 2007. He was a forceful and often a critical voice in macroeconomics. His strong view and work, representative of a non-mainstream Keynesian approach to economics and economic policy was nevertheless confirmed time and time again as evidenced in the fortunes of the U.K., U.S. and Eurozone economies. His writings reflecting the sharpness of his mind, the flair of the language and intellectual integrity have had a considerable impact on macroeconomics, and have aroused the interest of scholars, economic journalists and policymakers in both mainstream and alternative thought. In a review of Wynne’s last book with Marc Lavoie (2007), Lance Taylor, of the New School, had this to say: “Wynne’s important contributions are foxy— brilliant innovations ... that feed into the architecture of his models” (2008, 1). Wynne Alexander Hugh Godley was born in London in 1926, was the younger brother of a hereditary Labor peer, and went to school at Rugby and New College at Oxford. His education was influenced by two of his teachers, Isaiah Berlin and P.W.S. Andrews. He pursued a career as an oboist, in the early 1950s, having studied at the Paris Conservatory earning his living as a performer at the St James’ Theater in London and subsequently as principal oboist for the BBC Welsh Orchestra. Eventually, he abandoned his professional career as an artist, but never his love and interest in music practicing the oboe every morning","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"44 1","pages":"2 - 5"},"PeriodicalIF":1.0,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/01603477.2020.1840285","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47358874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Notes for a talk on the Legacy of Wynne Godley, Wednesday 12 May, 2020 关于Wynne Godley遗产的演讲笔记，2020年5月12日，星期三

IF 1 3区经济学

Journal of Post Keynesian Economics Pub Date : 2021-01-02 DOI: 10.1080/01603477.2020.1848438

K. Coutts

引用次数: 1