80 research outputs found
The other J. M.: John Maurice Clark and the Keynesian revolution
Get PDFThis paper suggests that Clark's views regarding the Keynesian Revolution illuminate some of the limitations of the Keynesian orthodoxy that developed after the war, bringing more institutional detail and a greater preocupation with dynamic analysis. Clark developed the multiplier in dynamic terms and coupled it with the accelerator to provide the framework for business cycle theory. His analysis was not formalized and emphasized time lags and non-linearities, similarly to Harrod. Also Clark was concerned with the inflationary consequences of Keynesian policies and he was dissatisfied with those mechanical interpretations of the income flow analysis, which came to be known as hydraulic Keynesianism. Clark's policy conclusions emphasized the need of balance between employment creation and price stability, and the need of cooperation between social groups
The Brazilian Economy after Lula: What to Expect?
Get PDFWirtschaftspolitik; Wirtschaftslage; Einkommensverteilung; Öffentliche Verwaltung; Brasilien
Deviations from Uncovered Interest Rate Parity: A Post Keynesian Explanation
Get PDFFinding satisfactory explanations of deviations from uncovered interest rate parity (UIRP) has proved to be a frustrating experience for Neoclassical economists. Studies have focused on the role of risk, but thus far no one has been able to put forward a source thereof that can account for the specific pattern of deviations from UIRP. This paper offers an alternative perspective that finally resolves the mystery. Drawing on the work of Marc Lavoie and John Smithin and extending it with some basic Post Keynesian propositions regarding endogenous money, uncertainty, and nonergodicity, it is shown that one can devise a comprehensive explanation of UIRP--an explanation that shows that much more than risk is responsible for deviations. In particular, it is argued that Keynes's "confidence" is a vitally important and overlooked factor. This contention is supported by a regression analysis of the U.S.-German and U.S.-Japanese asset markets.confidence, exchange rate, interest rate parity, risk
GERHARD COLM ON JOHN MAURICE CLARK'S ECONOMICS OF PLANNING PUBLIC WORKS: AN UNPUBLISHED LETTER
No full textMonetary Policies for an MDG-Related Scaling up of ODA to Combat HIV/AIDS:Avoiding Dutch Disease Versus Supporting Fiscal Expansion
Get PDFThis Conference Paper by Matias Vernengo was presented at the ?Global Conference on Gearing Macroeconomic Policies to Reverse the HIV/AIDS Epidemic?, jointly organized by UNDP?s HIV/AIDS Group and IPC and held in Brasilia, November 2006. It is part of an IPC-supported Research Programme on ?Macroeconomic Policies to Combat HIV/AIDS?. The paper maintains that the monetary policies best suited to manage the macroeconomic effects of an MDG-related scaling up of HIV/AIDS financing are those that support the needed expansion of public spending - namely, monetary policies that maintain low rates of interest, increase overall liquidity in the economy and try to achieve a relatively depreciated currency.Poverty, MDG, HIV/AIDS, Monetary Policies
The Political Economy of Global Economic Disgovernance
Get PDFA Desgovernança Econômica Global, Mais do que a Governança Caracteriza Hoje a Economia Mundial. Dois Fatos Substanciam Essa Afirmativa: a Crise Recorrente do Balanço de Pagamentos nos Países em Desenvolvimento, e o Enorme Déficit em Conta Corrente dos Estados Unidos. as Crises nos Mercados Emergentes são Essencialmente Resultantes da Estratégia que o Norte Propõe para o Sul: a Estratégia de Crescimento com Poupança Externa. Dado o Fato de que a Entrada de Capital Aumenta a Taxa de Cambio, e que os Paises não Reconheceram as Principais Oportunidades de Investimento nos Anos 1990, Tal Estratégia Levou não ao Aumento das Taxas de Acumulação de Capital e ao Crescimento, Mas ao Aumento do Déficit em Conta Corrente e À Crise do Balanço de Pagamento (Financeiro). por Outro Lado, o Déficit em Conta Corrente dos Estados Unidos é um Problema Sério. Aquele Já é um País Devedor, Mas os Ajustes Continuam a ser Adiados. a Probabilidade de um Soft Landing (Desfecho Satisfatório) é Pequena. as Duas Fontes de Instabilidade Estão Relacionadas Aos Déficits em Conta Corrente e À Moeda Sobrevalorizada. a Política Econômica por Trás tem um Nome: Taxa de Câmbio Populista, uma das Duas Formas de Populismo Econômico (A Outra é o Populismo Fiscal). Isto não é Surpreendente em Países em Desenvolvimento, Mas Pode ser em um País Desenvolvido, como os Estados Unidos. Ainda Assim não é Surpreendente Quando se Considera a Recessão Política e Social que a Sociedade Americana Está Vivendo Desde o Fim da Segunda Guerra
"What Ended the Great Depression? Reevaluating the Role of Fiscal Policy"
Get PDFConventional wisdom contends that fiscal policy was of secondary importance to the economic recovery in the 1930s. The recovery is then connected to monetary policy that allowed non-sterilized gold inflows to increase the money supply. Often, this is shown by measuring the fiscal multipliers, and demonstrating that they were relatively small. This paper shows that problems with the conventional measures of fiscal multipliers in the 1930s may have created an incorrect consensus on the irrelevance of fiscal policy. The rehabilitation of fiscal policy is seen as a necessary step in the reinterpretation of the positive role of New Deal policies for the recovery.Fiscal Policy; Great Depression
Ecuador as a Model : Experiences, Benefits, and Challenges with Dollarization
No full text69 p.The author describes her internship at CORDES (Corporacion de Estudios para el Desarrollo) as an economic investigator, authoring a report about the world economy. This report was published in the September issue of Tendencias (a copy of this report, in English, can be found in Appendix 4). As an investigator she also attended several meetings and events including the conference, "Semenario Internacional: Los Desafios de Ia Dolarizacion para el Ecuador", that was put on by CORDES in July 2001. In the second section, she discusses the economy of Ecuador from the 1999 crisis to the present and the decision to dollarize.Department of Investigation.Corporación de Estudios para el Desarrollo (CORDES). Quito, Ecuador
Marketing to Hispanics in the United States
No full text71 p.This paper is a general guide to any potential seekers choosing to associate with the Hispanic market. It conveys the importance of language and culture as well as the importance of the market itself. The market is growing exponentially and is observed through my own research as well as the research of others. The various graphs reflect the expanding population and buying power the Hispanics possess. They are becoming the largest minority in the United States and own a huge portion of the monetary and consumer-purchasing pie. Thus, marketers should care to learn about this potential market to effectively reach this loyal niche
The Effects of IMF Policy on Poverty in Mexico
No full textiii, 50 p.The International Monetary Fund (IMF) has become the most powerful international
organization of the Twentieth Century, decisively influencing the well-being of a
majority of the World's population. Supporters of the IMF believe that the IMF is
necessary in helping developing countries resolve their balance-of-payments difficulties
and effectively restructure their economies in order to foster long-run economic growth.
Many critics of the IMF, however, assert that the IMF often fails to cultivate growth, and
moreover, that IMF policies often exacerbate economic difficulties and increase poverty
in developing countries. Because the effects of IMF policy differ for each country, it is
necessary to assess the effects on a case-by-case analysis. Mexico provides a good
starting point, for it lies at the heart of the 1980s debt crisis and is considered to be a
darling reformer of the IMF. Throughout the 1980s and 1990s, Mexico continually
pursued IMF structural adjustment policies, paying out hundreds of billions of dollars in
debt-service repayments. Nonetheless, the Mexican economy virtually collapsed in 1994.
In addition, although economic growth has been positive since the late 1980s, Mexico
still struggles with poverty. This paper therefore attempts to analyze the effects that IMF
policy has had in Mexico, with particular emphasis on poverty. Although IMF policy
may have been successful at generating positive economic growth in Mexico, this success
was not accompanied by a reduction in poverty. This case study of Mexico therefore
provides evidence that IMF policy needs to include measures specifically targeted at
poverty reduction in order to be the most beneficial
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