发布求助
文献互助 智能选刊 最新文献

Journal of Post Keynesian Economics最新文献

筛选
英文 中文
Abductive analogies between Keynes’ monetary-production economics and Einstein’s theories of relativity 凯恩斯货币生产经济学与爱因斯坦相对论的类比
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-07-18 DOI: 10.1080/01603477.2022.2101125
J. Pedersen
{"title":"Abductive analogies between Keynes’ monetary-production economics and Einstein’s theories of relativity","authors":"J. Pedersen","doi":"10.1080/01603477.2022.2101125","DOIUrl":"https://doi.org/10.1080/01603477.2022.2101125","url":null,"abstract":"Abstract In this paper, it is argued that there exist different interdisciplinary abductive analogies between Keynes’ monetary-production theory and Einstein’s theories of relativity. Based on some of the equations in Einstein’s special theory of relativity vis-à-vis the fundamental equation describing the equilibrium condition in Keynes’ model version of a realistic entrepreneur economy—a complementary scheme to an algebraic-topological interpretation of Keynes’ vision is outlined within the Post Keynesian scientific research programme.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44552099","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
Offshoring via vertical FDI in a long-run Kaleckian Model 纵向FDI在长期Kaleckian模型中的离岸转移
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-07-07 DOI: 10.1080/01603477.2022.2090378
R. Woodgate
{"title":"Offshoring via vertical FDI in a long-run Kaleckian Model","authors":"R. Woodgate","doi":"10.1080/01603477.2022.2090378","DOIUrl":"https://doi.org/10.1080/01603477.2022.2090378","url":null,"abstract":"Abstract This paper develops a two-country Kaleckian model in which “Northern” firms invest a fixed fraction of total investment in foreign affiliates in the low-wage “South” in order to offshore the production of intermediate goods over time. On the back of this setup follows an analysis of the macroeconomic implications of offshoring in the short and long run. Offshoring through vertical FDI is found to lead to a falling wage share and a simultaneously falling price level and rising markup in the North, whereas the effect on equilibrium capacity utilization may be positive or negative. Regardless of the effect on capacity utilization and firm profitability, we can show that the structural change implied by offshoring leads to lower rates of capital accumulation and employment in the North in the short run. The long-run effects on Northern employment and growth, on the other hand, depend crucially on the long-run accumulation rate of the Northern-owned multinational firms and on whether wages in the North and the South endogenously converge. The model appears well suited to shed light on many real-world macroeconomic phenomena, such as rising FDI flows, falling wage shares, rising markups in an era of low inflation, hysteresis, and secular stagnation.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46477282","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
More fiscally responsible: Democrat or Republican presidents? 在财政上更负责任:民主党还是共和党总统?
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-07-03 DOI: 10.1080/01603477.2022.2094276
Peter N. Hess
{"title":"More fiscally responsible: Democrat or Republican presidents?","authors":"Peter N. Hess","doi":"10.1080/01603477.2022.2094276","DOIUrl":"https://doi.org/10.1080/01603477.2022.2094276","url":null,"abstract":"Abstract Evidence is reviewed that national economic performance generally has been better under Democrat presidents. It is likely, but not necessarily true, however, that better economic performance is related to greater fiscal responsibility. A brief history of federal budget deficits and the gross federal debt for the last seven decades is followed by discussion of why federal budget deficits matter. A simple model is estimated where the shares of federal budget deficits in gross domestic products over the 72-year period from 1950 to 2021 are regressed on the civilian unemployment rate, indicating the state of the economy, and controlling for whether a Democrat or Republican is president and for years the U.S. was engaged in war. An Index of Fiscal Discipline is then regressed on the growth rate in real gross domestic product, again controlling for the party in the White House and war years. The results show that Democrat presidents have been significantly more fiscally responsible.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46932963","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
Climate change and macroeconomic policy space in developing and emerging economies 发展中经济体和新兴经济体的气候变化和宏观经济政策空间
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-23 DOI: 10.1080/01603477.2022.2084630
Anne Löscher, Annina Kaltenbrunner
{"title":"Climate change and macroeconomic policy space in developing and emerging economies","authors":"Anne Löscher, Annina Kaltenbrunner","doi":"10.1080/01603477.2022.2084630","DOIUrl":"https://doi.org/10.1080/01603477.2022.2084630","url":null,"abstract":"Abstract This paper addresses the macroeconomic challenges stemming from the double affectedness of climate change and dependence on external finance in peripheral countries. The paper uses the Post-Keynesian concept of an asset’s own rate of return to assess how susceptibility to the combined effects of erratic capital flows and the vulnerability vis-à-vis the physical and transitional risks of climate change reduces macroeconomic policy space. Climate change and mitigation strategies are said to contribute to financial instability ensuing flight-to-quality of international investors. This translates into higher external financial fragility in low income countries with a high degree of commodity dependence—with increased exchange rate volatility and devaluating pressure deteriorating affected countries’ currencies’ liquidity premia and the expectation of their short-term exchange rates as result. Consequently, policy-makers in affected countries are forced to commit to investor-friendly policies and high interest rates to uphold their currencies’ acceptance. The susceptibility to the physical risks of climate change and mitigation hence contributes to the self-perpetuating nature of international monetary asymmetries and hierarchies.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42410003","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 global financial cycle and external debt: effects on growth and distribution in emerging and developing economies 全球金融周期和外债:对新兴和发展中经济体增长和分配的影响
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-15 DOI: 10.1080/01603477.2022.2068032
P. Bortz, Gabriel Michelena, Fernando Toledo
{"title":"The global financial cycle and external debt: effects on growth and distribution in emerging and developing economies","authors":"P. Bortz, Gabriel Michelena, Fernando Toledo","doi":"10.1080/01603477.2022.2068032","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068032","url":null,"abstract":"Abstract The global financial cycle (GFCy), driven by international monetary conditions and global risk perceptions, is a major driver of capital flows to and out of emerging and developing economies (EDEs), reflected in external indebtedness. This paper analyzes the impact of the GFCy on the economic performance of EDEs borrowing in international markets. Rising external borrowing generates appreciating pressures on the exchange rate and lowers the cost of external borrowing. The overall impact of these reinforcing effects acts over investment, debt servicing and the current account balance. We conduct simulation exercises which show that rising external debt coupled with lax external financial conditions have a detrimental impact on economic activity and creates inflationary pressures through the effect of financial costs and the reaction of nominal wage demands. We show that capital control measures increase the degrees of freedom of monetary authorities.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48669721","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: 2
Lost in consolidation? Declining public investment, multiplier effects and alternatives to the path of fiscal consolidation in Portugal 在整合中迷失?公共投资下降、乘数效应以及葡萄牙财政整顿道路的替代方案
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-06-02 DOI: 10.1080/01603477.2022.2077764
Vicente Ferreira
{"title":"Lost in consolidation? Declining public investment, multiplier effects and alternatives to the path of fiscal consolidation in Portugal","authors":"Vicente Ferreira","doi":"10.1080/01603477.2022.2077764","DOIUrl":"https://doi.org/10.1080/01603477.2022.2077764","url":null,"abstract":"Abstract This paper deals with one of the most pressing concerns that Eurozone periphery economies will face in the near future: how to achieve a sustained recovery from the COVID-19 crisis while dealing with growing public debt-to-GDP ratios. The paper assesses the macroeconomic relationship between public spending, economic growth and debt sustainability. We use a TSLS method to perform the econometric estimation of the public spending multiplier for a panel of 11 Eurozone economies over the 1995–2019 period. We find evidence that the multiplier is positive and close to 1,8, suggesting that the benefits of promoting public investment exceed its initial financing cost. As a result, we conclude that debt sustainability is not only compatible with, but in fact improved by a more expansive fiscal policy and present an alternative policy path for the Portuguese economy in the 2021–2025 period based on this conclusion.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46232832","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
Link between private debt and public surplus in Spain 西班牙私人债务与公共盈余之间的联系
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-16 DOI: 10.1080/01603477.2022.2068035
Eduardo Garzón Espinosa, Bibiana Medialdea García, Esteban Cruz Hidalgo, Carlos Sánchez Mato
{"title":"Link between private debt and public surplus in Spain","authors":"Eduardo Garzón Espinosa, Bibiana Medialdea García, Esteban Cruz Hidalgo, Carlos Sánchez Mato","doi":"10.1080/01603477.2022.2068035","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068035","url":null,"abstract":"Abstract Throughout recent history, the Spanish economy registered a fiscal surplus only between 2005 and 2007. Analysts agree that this surplus was a product of the extraordinary economic growth, but they often fail to notice that it was based on similarly exceptional growth in private debt, which was a necessary condition for achieving fiscal surplus. This finding can be illuminated from the vantage of sectoral balances: in economies that usually run a current account deficit, such as Spain’s, a public surplus can be achieved only in situations characterized by a credit bubble. To verify this idea we examine the impact that the Spanish real estate and credit bubble had on public accounts, and we also estimate an econometric model of autoregressive vectors. The results corroborate the working hypothesis: Spain’s only fiscal surplus in recent years was achieved thanks to the largest private indebtedness process in the country’s history. This evidence could have important implications in terms of economic policy, because economies with regular current account deficits such as Spain could have difficulties in achieving their fiscal goals without experiencing credit booms.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43832825","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
Estimation of a long run regime for growth and demand through different filtering methods 通过不同的过滤方法对增长和需求的长期状态进行估计
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-05 DOI: 10.1080/01603477.2022.2068033
Joana David Avritzer
{"title":"Estimation of a long run regime for growth and demand through different filtering methods","authors":"Joana David Avritzer","doi":"10.1080/01603477.2022.2068033","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068033","url":null,"abstract":"Abstract This paper discusses the possibility of estimating a long run relationship between income distribution and growth. As emphasized by Blecker, the neo-Kaleckian empirical literature has focused on the estimation of a short run relationship. This paper contributes to the debate by looking at a long term relationship through the use of filtering methods. We first estimate the long run component (or “trend” component) of the relevant variables using various types of filters. Second, we run causality tests and frequentist estimations to test for the relationship between the estimated trend components. We find that there is little difference between the results of each filter and there is empirical evidence for long run relationship between the rate of capacity utilization and income distribution. We also find that there is some empirical evidence for long run wage-led growth.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45922047","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
Capital productivity and the decreasing wage share in the United States: a Keynesian Approach 美国的资本生产率和工资份额的下降:一个凯恩斯主义的方法
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-05-02 DOI: 10.1080/01603477.2022.2068034
Carles Manera, F. Navinés, José A. Pérez-Montiel, Javier Franconetti
{"title":"Capital productivity and the decreasing wage share in the United States: a Keynesian Approach","authors":"Carles Manera, F. Navinés, José A. Pérez-Montiel, Javier Franconetti","doi":"10.1080/01603477.2022.2068034","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068034","url":null,"abstract":"Abstract We argue that in the US there is a causal relationship running unidirectionally from negative shocks in capital productivity to negative variations in the wage share. We sustain that, faced with a capital productivity decrease, the US firm sector pushes wages down to maximize the rate of profit. Through asymmetric SVAR techniques that are robust to endogeneity and structural breaks; we show that decreases in capital productivity unidirectionally cause decreases in the wage share. We offer some possible explanations for that.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47087969","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: 2
Remembering Geoff Harcourt (1931–2021): a post-Keynesian pioneer 追忆杰夫•哈考特(1931-2021):后凯恩斯主义先驱
IF 1 3区 经济学
Journal of Post Keynesian Economics Pub Date : 2022-04-03 DOI: 10.1080/01603477.2022.2068036
S. Cornish, John Hawkins
{"title":"Remembering Geoff Harcourt (1931–2021): a post-Keynesian pioneer","authors":"S. Cornish, John Hawkins","doi":"10.1080/01603477.2022.2068036","DOIUrl":"https://doi.org/10.1080/01603477.2022.2068036","url":null,"abstract":"Abstract Geoff Harcourt was esteemed for the quality of his prolific scholarship. He was a pioneering post-Keynesian economist who specialized in capital theory. But he also wrote on many other theoretical areas as well as contributing to policy debates and writing intellectual biographies. In addition to his published work, he made a remarkable contribution as a teacher and mentor, encouraging, supporting and guiding countless students and colleagues. His contributions to economics and public policy are therefore far more than the work he wrote himself. Generous, collegiate, encouraging and sympathetic, he was an outstanding person as well as a great economist.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42015317","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: 3
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信