depending on the assumptions that are made in new keynesian models, one can attain different new keynesian phillips curves. in this study, three different new keynesian phillips curves and two different central bank behavioural functions are presented which leaves six new keynesian dsge models to study. the purpose of this study is the comparison of these six models and selecting the best model...

Neste artigo, o objetivo é apresentar uma revisão de literatura do pensamento Pós-Keynesiano que contribua à compreensão da dinâmica mercado trabalho nas economias capitalistas. Primeiramente, são apresentadas breves considerações sobre a Economia Trabalho, trabalho, os conceitos gerais e oferta demanda no laboral. Posteriormente, apresentada visão Keynesiana suas principais contribuições para ...

The possibility of the so called "non-Keynesian" was illustrated by several fiscal episodes in Europe during the last two decades, giving rise to a growing body of both theoretical and empirical literature. The purpose of this paper is twofold. First, a simple two period model for private consumption is presented in order to explain the possibility of both Keynesian and non-Keynesian effects of...

The development of the permanent income/life cycle consumption hypothesis was a key blow to Keynesian and Kaleckian economics, and, according to George Akerlof, it “set the agenda” for modern neoclassical macroeconomics. This paper focuses on the relationship of housing wealth to neoclassical consumption theory, and in particular, the degree to which homes can be treated collectively with other...

More advanced technologies demand higher degrees of specialization – and longer chains of production connecting raw inputs to final outputs. Longer production chains are subject to a “weakest link” effect: they are more fragile and more prone to failure. Optimal chain length is determined by the trade-off between the gains to specialization and the higher failure rate associated with longer cha...

This paper studies the determinacy properties of monetary and fiscal policy rules in a small-scale New Keynesian model. We modify the standard model in two ways. First, we allow positive public debt in the steady state as in Leeper [Journal of Monetary Economics 27, 129–147 (1991)]. Second, we add rule-of-thumb consumers as in Bilbiie [Journal of Economic Theory 140, 162–196 (2008)]. Leeper stu...

John Weeks is an economist specializing in development economics and macroeconomic issues. He has taught for many years at the School of Oriental and African Studies in London, where he is Professor Emeritus. He has posted in his blog scathing critiques of the economic policy applied by the conservative-liberal government in the United Kingdom. In ‘‘A Brighter Economic Vision for the British Ec...