Thoughts on post-keynesian economics and emerging economies

Finding common ground between ecological economics and post-Keynesian economics

a r t i c l e i n f o Post-Keynesian economics and ecological economics have in common that they are considered to be 'heterodox' schools of thought. Aside from that, there has not been a strong connection between them. Previous books on post-Keynesian economics contain no chapter on environmental or ecological issues. This neglect has led leading ecological economists to criticize post-Keynesi...

Keynesian Economics

Keynesian economics (pronounced /ˈkeɪnziən/ KAYN-zee-ən, also called Keynesianism and Keynesian theory) is a macroeconomic theory based on the ideas of 20th century British economist John Maynard Keynes. Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and therefore advocates active policy responses by the public sector, including mon...

Econometrics, Realism and Policy in Post Keynesian Economics

Old Keynesian Economics *

I provide an outline of how a modern theory of search, modelled by a two-sided matching function, can be used to form a microfoundation to Keynesian economics. This search theory of the labor market has one less equation than unknown and, when combined with the idea that investment is driven exogenously by ‘animal spirits,’ the marriage leads to a microfounded theory of business cycles. This al...

On the Indeterminacy of New-Keynesian Economics

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to provide four examples of the consequences of lack of identiÞcation. In our Þrst two examples we show that it...