The objective of this work is to present the structure and first simulation results of a post-keynesian macro-dynamic model for an industrialized and small open economy with floating exchange rates, imperfect mobility of capital, exports concentrated in primary goods, inflation target regime and two sectors. The model to be presented integrates both the real and financial aspects of post-keynes...

This paper presents a simple New-Keynesian small open economy model allowing for labour to be supplied both domestically and abroad with a locational preference to work at home rather than abroad. From this small change in the otherwise standard setup follows an important implication for the Phillips-curve: The opening of the "labour account" reduces the output-in‡ation trade-o¤, i.e. the Phill...

Despite a varied picture in terms of their relative economic strength, Developing and Emerging Economies (DEEs) remain subordinate position the global monetary financial system. While IPE economics literatures provide rich insights about significance this phenomenon, research efforts fragmented. To address problem, we offer an umbrella concept—international subordination (IFS)—to channel toward...

The disequilibrium framework is extended to account for investment-savings imbalances that are likely to affect capital accumulation. A simple graphical analysis is put forward to analyse the additional regimes arising out of this imbalance and different adjustment mechanisms are discussed. These different regimes are compared with existing business cycle theories, showing that this framework d...

Much teaching of intermediate macroeconomics uses the IS-LM-AS or ADAS approach. This is far removed both from the practice of interest rate setting, inflation-targeting central banks and from the models that are taught in graduate courses. Modern monetary macroeconomics is based on what is increasingly known as the 3-equation New Keynesian model: IS curve, Phillips curve and interest ratebased...

2 The authors make two main arguments in this paper: that behavioral economics rationalizes a wide array of welfare-improving interventions; and that economists should refrain from recommending policies that go beyond benign paternalism because policymakers are subject to the same behavioral biases that afflict individuals or, worse, may be self-interested, not benevolent. I agree that behavior...

This paper presents the bibliometrics of a Keynesian and neoclassical discussion about multiplier–accelerator effect. Having its oldest roots in 1930s, there was special emphasis 1960s 1970s on discussions regarding dependence current investment economic growth (the accelerator effect). Through bibliometric analysis, we also consider Hicks–Samuelson contribution, known as model. We identified, ...