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Keynes e i Keynesiani di Cambridge. Una ‘rivoluzione in economia’ da portare a compimento
No full textTaming the great depression: Keynes’s personal investments in the US stock market, 1931–1939
No full textWhile the recent literature has shown an increasing interest in Keynes’s investment activity, specific analysis of his own (rather than for King’s College) investments in US securities is still lacking. Keynes began to trade in the US stock market on a regular basis in late 1931, when it was still very hard to tell when full recovery could be expected. In 1930, he had publicly rebutted the view of his business partner Oswald Falk, whose advice to investors was to abandonBritish manufacture and buy American shares. Until 1933, Keynes’s outlook on the USA remained negative. Only in February 1934 did Keynes become optimistic about the USA on account of his growing confidence in the New Deal, which however was short-lived. In 1937 he was shaken by the US recession and disillusioned by Roosevelt’s fiscal policies and reforms. In this paperwefirst trace the evolution ofKeynes’s opinions on theUS economy and his ‘‘view’’ on the US stock market. There are direct references to Wall Street and specific examples relating to its working that are contained, in particular, in Chapter 12 of the General Theory. We then go on to follow the timeline of his investments by sectors,
focusing on the companies that Keynes held onto for a longer period, looking for a pattern in his investment behaviour in the USmarket between 1931 and 1939, before the War changed the personal and institutional circumstances of his investment activity.We offer also a comparison of Keynes’s own portfolio with his investments on behalf of King’s (as reconstructed by Chambers and Kabiri, Bus Hist Rev 90(Summer):301–328, 2016) and conclude with an assessment of the influence of his theoretical approach on his investment activity
Keynes, the Labour Party and central bank independence
No full textThe article examines Keynes’ views on central bank independence (CBI), focussing on an essay he published in 1932. After distinguishing the several forms of CBI, we argue that Keynes only favoured some of them, avoiding impairing the role that political institutions must play in deciding the objectives of monetary policy. We assess Keynes’ views against the background of the crucial transformations that the Bank of England underwent after WWI and of the Labour Party debates on the integration between CBI and the functioning of democracy. Keynes maintained that CBI must protect monetary policy decisions from the pressures coming from both private and political groups; and added that the separation of competence among elected and non-elected bodies must be supplemented by large communication with the society and by cooperation and coordination among public institutions. Finally, we highlight that Keynes’ proposals are relevant for present debates
SPECULATION IN COMMODITIES: KEYNES' "PRACTICAL ACQUAINTANCE" WITH FUTURES MARKETS
No full textIn this paper we address the subject of Keynes as a speculator. We look first at the primary sources of information, which are in the form of unpublished letters and broker's statements. Secondly, we look at the theory Keynes sparingly presented in his writings, but which nevertheless is grounded on his first-hand knowledge of speculative behavior. Thirdly, we examine the focus on speculation in commodities, which had great weight in his portfolio, and have chosen a particular commodity -wheat- for our investigation. In particular, we examine some of Keynes's dealings in wheat futures with the aim of shedding light on the underlying investment strategy
Keynes's theory of rationality, the "weight of arguments" and Keynes as an investor in the financial markets
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
A note on the notions of risk-premium and liquidity-premium in Hicks's and Keynes's analyses of the term structure of interest rates
No full textAbstract: While in Hicks's analysis there is the idea of a yield curve normally upward sloping, Keynes does not appear to envisage a systematic positive spread between long-term and short-term interest rates. This is mainly due a difference in their notions of liquidity, and in particular to Keynes's disbelief in the possibility of quantifying the premium required to induce investors to hold long-term rather than short-term assets. It follows that Hicks's and Keynes's explanations of the term structure are neither identical nor can be assimilated to the notion of ‘preferred habitat’, as suggested in some literature
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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