Essays On Keynesian Models Of Closed And Open Economies
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Essays On Keynesian Models Of Closed And Open Economies
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Author : Konstantin Platonov
language : en
Publisher:
Release Date : 2019
Essays On Keynesian Models Of Closed And Open Economies written by Konstantin Platonov and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
My dissertation contributes to the macroeconomics of self-fulfilling prophecies. It demonstrates the importance of shocks to beliefs in accounting for aggregate fluctuations. The dissertation consists of three chapters. The first chapter is a paper joint with Roger E.A. Farmer. We integrate Keynesian economics with general equilibrium theory in a new way. We develop a simple graphical apparatus, the IS-LM-NAC framework, that can be used by policy makers to understand how policy affects the economy. A new element, the No-Arbitrage-Condition (NAC) curve, connects the interest rate to current and expected future values of the stock market and it explains how 'animal spirits' influence economic activity. Our framework provides a rich new approach to policy analysis that explains the short-run and long-run effects of policy. The second chapter studies implications of self-fulfilling beliefs in open economies. Uncovered interest parity states that the carry trade should deliver zero profit, on average. The data robustly reject this hypothesis. In a large sample of countries, high interest rate currencies earn excess returns at short horizons and negative excess returns at longer horizons. I rationalize this observation in a two-country overlapping generations model with complete markets that features multiple dynamic equilibria. Because newborns cannot make decisions about consumption and savings before they are born, there is a set of self-fulfilling beliefs of the currently alive generations about the decisions of the future newborns. I utilize the multiplicity of dynamic equilibria by imposing a structure on the formation of beliefs. Beliefs are self-fulfilling, and shocks to these beliefs generate a large and volatile risk premium that is correlated with the interest rate differential. Changes in uncertainty about beliefs cause a reversal of expected excess returns associated with the current interest differential, similar to the reversal found in the data. I provide empirical evidence in favor of my mechanism and show that persistence of past expectations can account for most of the observed deviation from uncovered interest parity. The third chapter extends the methodology developed in the first chapter to the open economy framework. I build a model of the eurozone crisis. I study a two-country model in which agents form self-fulfilling beliefs about asset prices. Using the labor market search and matching frictions and abandoning Nash bar- gaining over wage, I create multiple equilibria on the labor market where any unemployment rate can be sustained as a steady state. Self-fulfilling beliefs about the future value of assets select the equilibrium. I show that sudden downward revisions of beliefs ('animal spirits') cause stagnation in real economic activity, international financial contagion, and, in the absence of recovery in confidence, permanently high rates of unemployment. High unemployment is viewed as a new steady state, not a temporary deviation from the natural rate of unemployment. Policy aimed at recovering the eurozone needs to trigger optimistic beliefs about the value of assets.
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics
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Author : John Smithin
language : en
Publisher: World Scientific Publishing Company
Release Date : 2013-06-27
Essays In The Fundamental Theory Of Monetary Economics And Macroeconomics written by John Smithin and has been published by World Scientific Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-27 with Business & Economics categories.
This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Post Keynesian Essays From Down Under Volume Iv Essays On Theory
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Author : G. Harcourt
language : en
Publisher: Springer
Release Date : 2019-03-15
Post Keynesian Essays From Down Under Volume Iv Essays On Theory written by G. Harcourt and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-15 with Business & Economics categories.
Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume IV explores theory.
On Money Method And Keynes
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Author : Philip Arestis
language : en
Publisher: Springer
Release Date : 1992-03-03
On Money Method And Keynes written by Philip Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-03-03 with Business & Economics categories.
In these twelve essays, spanning fifteen years, Victoria Chick develops a distinctive view of macroeconomics (especially the economics of Keynes) and monetary theory. By careful and rigorous analysis in which nothing is taken for granted, she uncovers the implicit assumptions of economic theory and argues, in a variety of contexts, that differences of economic method and the influence of the stylised facts are decisive forces, both in the construction of theories and in appraising their contemporary relevance.
Keynes Money And The Open Economy
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Author : Philip Arestis
language : en
Publisher: Edward Elgar Publishing
Release Date : 1996
Keynes Money And The Open Economy written by Philip Arestis and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
A collection of 11 original essays on such topics as Keynes' philosophy and the post-Keynesian monetary theory, Paul Davidson's rediscovery of Keyne's finance motive and the liquidity preference versus loanable funds debate, money as a time machine in the new financial world, endogenous money and the state of trade, and international trade and the real world. Also includes an unannotated primary bibliography for American pioneer in post-Keynesian economics Davidson (b. 1930). Annotation copyright by Book News, Inc., Portland, OR
Post Keynesian Macroeconomics
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Author : Mathew Forstater
language : en
Publisher: Routledge
Release Date : 2007-02
Post Keynesian Macroeconomics written by Mathew Forstater and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-02 with Business & Economics categories.
Edited by three well known academics and contributed to by J. Smithin, L. Moss and G.C. Harcourt, this text reflects the breath of the honouree‘s interests, covering political economy, labour economics, history of economic thought and macroeconomics.
Essays On Small Open Economy New Keynesian Dsge Models
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Author : Phuong Nguyen Van
language : en
Publisher:
Release Date : 2020
Essays On Small Open Economy New Keynesian Dsge Models written by Phuong Nguyen Van and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Essays On Keynesian And Kaldorian Economics
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Author : A. Thirlwall
language : en
Publisher: Springer
Release Date : 2015-02-26
Essays On Keynesian And Kaldorian Economics written by A. Thirlwall and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-26 with Business & Economics categories.
This volume of essays contains 16 papers the author has written over the last 40 years on various aspects of the life and work of John Maynard Keynes and Nicholas Kaldor. It covers both theoretical and applied topics and highlight the continued relevance of Keynesian and Kaldorian ideas for understanding the functioning of capitalist economies.
Post Keynesian Growth Theory
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Author : Lavoie, Marc
language : en
Publisher: Edward Elgar Publishing
Release Date : 2022-02-17
Post Keynesian Growth Theory written by Lavoie, Marc and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-17 with Business & Economics categories.
Post-Keynesian Growth Theory is a collection of 18 articles by Marc Lavoie, published between 1995 and 2020, with an extended foreword by Eckhard Hein. Marc Lavoie’s introduction recalls how he became attracted to the post-Keynesian theory of growth more than 45 years ago and explains how and why this book came about.
The Keynesian Recovery And Other Essays
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Author : Peter Howitt
language : en
Publisher: University of Michigan Press
Release Date : 1990
The Keynesian Recovery And Other Essays written by Peter Howitt and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This volume brings together Howitt's key contributions to the development of macroeconomic theory