样式: 排序: IF: - GO 导出 标记为已读
-
The Circuit in the History of Economic Thought: The Contribution of Ibn Khaldûn International Journal of Political Economy Pub Date : 2023-12-18 Slim Thabet
In this tribute to Alain Parguez (1940–2022), I draw attention to the economic thought of the prominent medieval scholar, Ibn Khaldûn (1332–1406), specifically his seminal Al Muqaddimah (1377), whi...
-
Government Deficit Spending and Inflation: Alain Parguez and the Post-Keynesians International Journal of Political Economy Pub Date : 2023-12-18 Mario Seccareccia
This article briefly recounts this author’s personal experience with Alain Parguez and sketches some of his important contributions over four decades. It then tackles the contemporary policy contro...
-
Alain Parguez and His Contributions to Political Economy: Introduction International Journal of Political Economy Pub Date : 2023-12-18 Thomas Ferguson, Mario Seccareccia
This introductory article offers a brief overview of the life and works of Alain Parguez. Special focus is on the personal contact with the authors and on Parguez’s major contributions to political...
-
Parguez, the Monetary Circuit, and the Spread of Financialisation International Journal of Political Economy Pub Date : 2023-12-18 Massimo Cingolani
Alain Parguez was a fierce opponent of “rentier-friendly” policies that dominated the neo-liberal era, which he saw as linked to the triumph of austerity, particularly after the mid-eighties, and f...
-
Against the Streams: Alain Parguez and the Theory of the Monetary Circuit International Journal of Political Economy Pub Date : 2023-12-18 Riccardo Bellofiore
Alain Parguez, together with Bernard Schmitt and Augusto Graziani, is one of the founders of the modern theory of the monetary circuit. Parguez was making his first forays into monetary circuitism ...
-
The Legacy of Alain Parguez and his Ongoing Research Agenda: Capitalism, the Financial Circuit and the State International Journal of Political Economy Pub Date : 2023-12-18 Louis-Philippe Rochon, Gregorio Vidal, Wesley C. Marshall
This article traces the pedigree of ideas and the personal and institutional connections that led us to collaborate with Alain Parguez, whose academic legacy we celebrate here by exploring the root...
-
Profit, Interest, and Wages in the Monetary Circuit International Journal of Political Economy Pub Date : 2023-12-18 John Smithin
This paper reconsiders the work of Professor Alain Parguez (1940–2022) in the fields of macroeconomic policy, international political economy, and the theory of the monetary circuit, from the point...
-
Monetary Circuit Theory, Stock-Flow Consistent Modeling and Parguez’s Analysis International Journal of Political Economy Pub Date : 2023-12-18 Éric Berr, Virginie Monvoisin
Stock-flow consistent (SFC) modeling goes far beyond simple formal tools. It rests on strong post-Keynesian hypotheses and proposes a new conceptual framework for formalization. This being said, if...
-
Distributive Profiles Associated with Domestic versus International Specialization in Global Value Chains International Journal of Political Economy Pub Date : 2023-08-15 Ariel Luis Wirkierman
Abstract The present article sets out trends in functional income distribution implied by countries’ integration in Global Value Chains (GVCs), taking also into account interregional interactions (North-North, South–South and North–South). Through the application of an innovative input-output methodology, it quantifies inter-country differences in functional income distribution by means of a novel
-
Betting on Black Gold: Oil Speculation and U.S. Inflation (2020–2022) International Journal of Political Economy Pub Date : 2023-08-15 Carlotta Breman, Servaas Storm
Abstract Sharp increases in systemically important crude oil prices have been a major cause of the recent surge in the inflation rate in the U.S. This paper investigates the extent to which the increase in oil prices can be attributed to excessive speculation in the oil futures market. Our analysis suggests that excessive speculation in the crude oil market has been responsible for 24%–48% of the increase
-
External Balance and Financialization: An Interpretation of the Evolution of the Brazilian Economy Since 2000 International Journal of Political Economy Pub Date : 2023-08-15 Leandro Monteiro, Carmem Feijó
Abstract Brazil experienced a complete economic cycle with an ascending phase in the 2000s, followed by a decline during the following decade. Using the national accounts, the objective of this article is to trace the growth path of the Brazilian economy from the 2000s onwards through a detailed analysis of the financial balance and income flows of the institutional sectors. It will be shown that the
-
Rentierism, Capitalist Competition and Neoliberalism: Toward a Veblenian Synthesis International Journal of Political Economy Pub Date : 2023-08-15 José Miguel Ahumada
Abstract The aim of this article is to analyze theoretically the relationship between rents and capitalist competition. The central hypothesis is that the production of rents is a process endogenous to capitalist competition and expands itself throughout various dimensions of economic life. To this end, the different conceptions of rents (classical, neoclassical and Schumpeterian) will be reviewed
-
Development versus Structural Heterogeneity: Trajectories of Economic Growth and Income Inequalities in Latin American Countries from the 1980s International Journal of Political Economy Pub Date : 2023-08-15 Humberto Martins
Abstract This article deals with income inequalities in Latin American countries in the last four decades, relating to economic growth and development. Founded on a structural heterogeneity approach (both its original formulation and recent advances), we adopt a concept of development as a structural process of reducing inequalities. Particularly, we discuss the role of economic policy and institutions
-
Myth and Reality in the Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy International Journal of Political Economy Pub Date : 2023-04-21 Thomas Ferguson, Servaas Storm
Abstract This article critically evaluates debates over the causes of U.S. inflation. We first show that claims that the Biden stimulus was the major cause of inflation are mistaken: the key data series—stimulus spending and inflation—move dramatically out of phase. While the first ebbs quickly, the second persistently surges. We then look at alternative explanations for the price rises. We assess
-
Poles Apart? Alternative Welfare Trajectories under Finance-Dominated Capitalism International Journal of Political Economy Pub Date : 2023-04-21 Fabrizio Antenucci, Walter Paternesi Meloni, Pasquale Tridico
Abstract By connecting the post-Keynesian view of financialization with Comparative Political Economy, we suggest some elements for an updated interpretation of the existing models of welfare. As a main element of novelty, we consider how high-income countries are reacting to the pressures of finance-dominated capitalism, namely by extending, keeping, or retrenching their welfare systems. The contribution
-
Foreign Direct Investment in Neoclassical Theory of International Trade: A Conceptual Weak Spot International Journal of Political Economy Pub Date : 2023-04-21 Patrick Kaczmarczyk
Abstract This article analyses the role of foreign direct investment (FDI) in neoclassical theory of trade with a focus on the relocation of production into low wage countries. The conceptual analysis shows that FDI not only constitutes a weak spot in comparative advantage theory, but also that the latter is incompatible with efficiency-seeking FDI—with significant implications for policy. In Ricardian
-
An Unintended Consequence of Uncoordinated International Monetary Policy on Central America International Journal of Political Economy Pub Date : 2023-04-21 Monica Hernandez
Abstract This research explores causes and implications of the foreign indebtedness of Central American countries in the 2010s, that is, during what has been defined the second phase of global liquidity, marked by the quantitative easing (QE) of central banks in developed economies. Looking at their balance of payments and their contemporary sources of funding, we find that the international bond market
-
Global Financial Markets, Central Bank Policy, and the Struggle for Full Employment: Celebrating Eugenia Correa’s Achievements in Political Economy – an Introductory Note International Journal of Political Economy Pub Date : 2023-02-07 Wesley C. Marshall, Mario Seccareccia
Abstract In this introductory piece, the authors reminisce on the role played by the late Eugenia Correa in both Mexico and internationally in developing a counter-hegemonic economic thought that matured in her writings and that was sown in the thinking of a whole generation of students over the last three decades.
-
Global Financial Markets, Predominance of Monetary Policy and the Deepening of Financialization International Journal of Political Economy Pub Date : 2023-02-07 Gregorio Vidal
Abstract This article analyzes the evolution of financialization at a global level and the corporate and public policies employed over the past decades that have guided its advance. More specifically, this article focuses on the evolution of productive investment in the era of financialization, and in recent years in particular. As will be argued, the predominance of monetary policy as the public policy
-
Global Financial Governance and Progressive Feminist Agendas International Journal of Political Economy Pub Date : 2023-02-07 Ilene Grabel
Abstract Feminists and other progressives have long argued that global macroeconomic governance is deeply deficient. The deficiencies have been revealed and amplified by the COVID-19 crisis. The need to radically reconstruct the global economic governance architecture is therefore pressing. Albert Hirschman’s conception of “possibilism” is particularly relevant for navigating these challenges. In the
-
Understanding Central Bank Independence International Journal of Political Economy Pub Date : 2023-02-07 Wesley C. Marshall, Louis-Philippe Rochon
Abstract This article asks a simple question that does not have a simple answer: whose interests do independent central banks serve? Employing a Polanyian lens, we explore the many facets of independent central banks, including their history, their institutional nature and functions, and the academic debate surrounding them, in order to reach several conclusions that can hopefully continue to expand
-
The Fiscal Impacts of Trade and Investment Treaties International Journal of Political Economy Pub Date : 2023-01-05 Devika Dutt, Kevin P. Gallagher
Abstract This article examines the extent to which the latest wave of trade and investment treaties has impacted the fiscal stability of the world’s nations. We construct two new measures of trade liberalization based on the importance of a country in the global network of trade and investment treaties, namely the number of trade treaty links and the hub connectedness of a country. This analysis is
-
Lance Taylor in Memoriam: Editor’s Note International Journal of Political Economy Pub Date : 2023-01-05 Mario Seccareccia
Published in International Journal of Political Economy (Vol. 51, No. 3, 2022)
-
Lance Jerome Taylor International Journal of Political Economy Pub Date : 2023-01-05 K. Vela Velupillai
Published in International Journal of Political Economy (Vol. 51, No. 3, 2022)
-
In memory of Lance Taylor International Journal of Political Economy Pub Date : 2023-01-05 Ozlem Omer
Published in International Journal of Political Economy (Vol. 51, No. 3, 2022)
-
The Interplay of Macro-Prudential Regulation and Microeconomic Financial Regulation in the European Union in 2011–2014 International Journal of Political Economy Pub Date : 2023-01-05 Domenica Tropeano
Abstract Though macro-prudential policy is usually aimed at mitigating financial instability, in the European Union it mainly consisted of a discretionary use of old policy tools, such as micro prudential measures, which might have worsened an ongoing financial crisis. Two episodes will be examined: the 2011 special recapitalization of banks and the 2014 Asset Quality Review and stress tests. The metric
-
Financialization, Structural Power, and the Global Financial Crisis for Europe’s Core and Periphery International Journal of Political Economy Pub Date : 2023-01-05 Nina Eichacker
Abstract In the aftermath of the Global Financial Crisis (GFC), European governments intervened to support domestic financial systems; several years later, peripheral European economies were at greater risk of having domestic financial crises transform into fiscal crises. While mainstream economic thinking predicts financial markets will punish risky bank behavior with higher interest rates and punitive
-
Wage Moderation, Regional Imbalances in Europe and the Recovery and Resilience Plan International Journal of Political Economy Pub Date : 2023-01-05 Giorgio Colacchio, Guglielmo Forges Davanzati
Abstract The RRP (Italian National Plan for Recovery and Resilience) is the plan for Italian economic policy in the context of the European Next Generation EU (NGEU) and is structured in the form of investments designed to achieve the goals of growth and resilience. The aim of this article is to provide an analysis of this Plan, for the purpose of studying its adequacy in reducing imbalances both among
-
Have We Adequately Accommodated the Non-linear Systemic-Risk of Bankruptcy-Remote Securitization within Shadow Banking? International Journal of Political Economy Pub Date : 2022-07-09 Emir J. Phillips
Abstract Securitization to attain bankruptcy remoteness separates the risks of the originator bank from the income-producing asset by structuring the asset sale between the Special Purpose Vehicle and the transferor as a “true sale” as opposed to that of financing an asset transfer. Should the transferor subsequently file for bankruptcy, the transferred assets will be exempted from the transferor’s
-
A History of the Relationship Between Interest Rate and Profit Rate in Heterodox Approaches International Journal of Political Economy Pub Date : 2022-07-09 Riccardo Zolea
Abstract This article seeks to understand, compare, discuss and systematize the theories on the causal relationship between the rate of interest and the rate of profit, as proposed by various authors, while highlighting their similarities and differences. One group of authors asserts that the rate of interest determines the rate of profit, and thus the distribution of income, while a second argues
-
Colonial Roots of Modern Development Discourse International Journal of Political Economy Pub Date : 2022-07-09 Mohammad Muaz Jalil
Abstract The paper is structured around a thesis that the historical and colonial roots of modern development shape contemporary development themes and discourses, and that these in turn influence the metrics and indicators used to measure development. The article looks into how colonial relations shape contemporary development themes; the historical evolution of the key themes and measurements of
-
The Greek Sovereign Crisis: A Post-Keynesian Synthesis International Journal of Political Economy Pub Date : 2022-07-09 Léo Vigny
Abstract The Greek crisis shocked many by its magnitude and by the nature of the policies implemented in its aftermath. The radical nature of the so-called Memorandum of Understanding was justified by the imbalances that the Greek economy experienced before the crisis. The current account deficit had been rising, as private and external debts. In addition, the ratio of public debt to GDP exceeded 100%
-
A New Role for the European Stability Mechanism in Post-COVID-19 EMU? Explaining the Failure of the Pandemic Crisis Support and Assessing Ways Forward International Journal of Political Economy Pub Date : 2022-05-06 Gabriele De Angelis
Abstract Since the establishment of the Pandemic Crisis Support, it has been hypothesized that the European Stability Mechanism might play a new role in stabilizing investments in the European Economic and Monetary Union through a targeted support for the financing of European public goods. The article inquires into the changes in the European Stability Mechanism’s institutional design that could make
-
COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic Environment—Introduction International Journal of Political Economy Pub Date : 2022-05-06 Gabriele De Angelis
(2022). COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic Environment—Introduction. International Journal of Political Economy: Vol. 51, COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic
-
Ten Years On, Two Crises Later: Evaluating EMU Institutional Reforms Since 2010 International Journal of Political Economy Pub Date : 2022-05-06 Sebastian Dullien
Abstract The article systematically reviews EMU governance reforms implemented, policy instruments introduced and further institutional reforms currently under discussion with a view of how far they have addressed the institutional shortcomings of the euro-area architecture, which have led to the euro crisis of 2010ff. It further explores how far these reforms have helped to prevent a replay of that
-
The Long-Term Vulnerabilities of Spanish Capitalism in Light of the COVID-19 Pandemic: A Political Economy Approach International Journal of Political Economy Pub Date : 2022-05-06 Pedro M. Rey-Araújo, Luis Buendia
Abstract This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specialization, its labor market, its welfare institutions
-
Alternative Views on Portuguese Stagnation: From the Euro’s Inception to the COVID-19 Pandemic International Journal of Political Economy Pub Date : 2022-05-06 Diogo Martins, Ricardo Paes Mamede
Abstract Over the past two decades, real GDP per capita in Portugal has nearly stagnated. The conventional account attributes this to the mismanagement of public finances and the lack of structural reforms in labor and product markets prior to the “adjustment program” agreed with the troika in the early 2010s. In the same vein, the neoclassical-inspired interpretation explains the subsequent recovery
-
Ireland’s Multinationals-Dominated Economy in the Pandemic: Did Big Tech and Big Pharma Save the Day? International Journal of Political Economy Pub Date : 2022-05-06 Palma Polyak
Abstract Similar to the Eurozone crisis, Ireland engineered a more successful bounce back from the COVID-19 shock than crisis-hit peers. This article argues that the Irish path is less of a product of a generalizable export-led growth strategy, but, rather, can be explained by a set of idiosyncratic features. Using a wide array of macroeconomic indicators, the analysis assesses the opportunities and
-
Editor’s Note: Alain Parguez in Memoriam (1940–2022) International Journal of Political Economy Pub Date : 2022-04-27 Mario Seccareccia
(2022). Editor’s Note: Alain Parguez in Memoriam (1940–2022) International Journal of Political Economy: Vol. 51, COVID-19 Challenges to the European Economic and Monetary Union: Institutional Responses, Growth Strategies, and Future Prospects in a Changing Macroeconomic Environment, pp. 1-1.
-
A Friendly Critique of Minsky's Financial Instability Hypothesis International Journal of Political Economy Pub Date : 2021-12-27 Wesley C. Marshall
Abstract This article critiques Minsky's Financial Instability Hypothesis, arguing that fraud is a missing element in his theory and the central element in the speculative bubbles that caused “it” to happen twice in the last century in the United States.
-
Varieties of Capitalism, Growth Regimes, and Structural Change in Eurozone Core and Peripheral Countries: Germany as a Role Model for Portugal? International Journal of Political Economy Pub Date : 2021-12-27 Marta Vaz Silva, João Carlos Lopes
Abstract This article aims at analyzing the structural changes that occurred in the Portuguese economy after the 2010/2013 sovereign debt crisis, compared with what occurred in Germany and using the current debate surrounding the new reform of the Eurozone as a backdrop. We thus intend to find out whether a peripheral southern economy like Portugal and the Eurozone’s core economy (Germany) have become
-
The Indian Banking System, Financial Fragility, and Deregulation International Journal of Political Economy Pub Date : 2021-12-27 Alicia Girón, Jacobo Silva
Abstract Indian banking has undergone structural changes from financial reform and the process of deregulation during the 1990s. Added to this is a new element, the COVID-19 pandemic, and its effects on the banking system. The categories of concentration and centralization of capital and the increasing instability of banking institutions will enable an assessment of banking fragility as well as the
-
Assessing the Macroeconomic Effects of COVID-19 in an Empirical SFC Model for Denmark International Journal of Political Economy Pub Date : 2021-12-27 Mikael Randrup Byrialsen, Hamid Raza
Abstract The COVID-19 pandemic has tossed the world into a state of uncertainty, not only from a health point of view but also from an economic perspective. Most countries have adopted a strategy of strict lockdowns, leading to a fall in production and a rise in unemployment. From an economic perspective, this lockdown has erupted in supply-and-demand shocks in the economy. In order to investigate
-
An Assessment of Samuelson’s Ricardo-Sraffa Trade Model International Journal of Political Economy Pub Date : 2021-12-27 Gabriel Brondino, Ariel Dvoskin
Abstract This article assesses Samuelson’s attempt to introduce Sraffa’s framework of “production of commodities by means of commodities” to the neoclassical-Ricardo trade model. We slightly modify Samuelson’s model to consider, on the one hand, more commodities than countries and, on the other hand, a positive rate of interest and full international (finance) capital mobility. In the first case, comparative
-
Remembering Eugenia Correa and Her Vision for the Future: Introduction International Journal of Political Economy Pub Date : 2021-11-17 Alicia Girón, Mario Seccareccia
Abstract The purpose of this introductory piece is to offer readers an understanding of Eugenia Correa, who was one of Mexico’s foremost heterodox economists, and her important ideas. In the article, we describe our professional association with her for over 30 years and identify some common research agendas that were pursued over this long period. We also highlight some key elements of Eugenia Correa’s
-
Intersectional Inequality and Global Economic Power: Self-Feeding Dynamics Within and Across National Borders International Journal of Political Economy Pub Date : 2021-11-17 Gary A. Dymski
Abstract This paper explores the interlinkages among several trends that have accelerated in the years since the Great Financial Crisis (GFC): the inability of governments in open emerging-market economies to sustain countercyclical policies; central banks’ measures to ensure the stability of hyper-leveraged global financial markets; rising inequality within and between nations; nativist fervor and
-
Responsible Fiscal Policy and Economic Development: A Challenge for Latin America After COVID-19 International Journal of Political Economy Pub Date : 2021-11-17 Marcia Solorza
Abstract The COVID-19 pandemic has made it evident that the deep global economic-financial crisis of 2007–2009 has not been overcome. Instability and uncertainty have reached extreme levels in all public and private spheres, demanding to revolutionize the economic structure, promote innovation in methods to manage production, generate originality in the social and institutional organization of the
-
The COVID Health Crisis and the Fiscal and Monetary Policies in the Euro Area International Journal of Political Economy Pub Date : 2021-11-17 Jesus Ferreiro, Felipe Serrano
Abstract This paper explains the economic policy developed in the euro area to manage the economic effects induced by the COVID health crisis. First, an overview of developments in the euro area is presented. It then explains the fiscal decisions taken by member countries, as well as the monetary policy pursued by the European Central Bank. The final part reflects on the advisability of abandoning
-
Guest Editor’s Note International Journal of Political Economy Pub Date : 2021-08-12
(2021). Guest Editor’s Note. International Journal of Political Economy: Vol. 50, No. 2, pp. 75-76.
-
Cordon of Conformity: Why DSGE Models Are Not the Future of Macroeconomics International Journal of Political Economy Pub Date : 2021-08-12
Abstract The Rebuilding Macroeconomic Theory Project, led by David Vines and Samuel Wills (2020), is an important, albeit long overdue, initiative to rethink a failing mainstream macroeconomics. Professors Vines and Wills, who must be congratulated for stepping up to the challenge of trying to make mainstream macroeconomics relevant again, call for a new multiple-equilibrium and diverse (MEADE) paradigm
-
Does Macroeconomics Have a DSGE Future? International Journal of Political Economy Pub Date : 2021-08-12
Abstract Dynamic stochastic general equilibrium (DSGE) macro theory has lots of problems, many of them nicely listed and outlined in Servaas Storm’s article, “Cordon of Conformity: Why DSGE Models Are Not the Future of Macroeconomics.” Recognition of those fallacies is useful reading, but is unlikely to change the current state of macro theory, which is deeply entangled with DSGE elements. A major
-
A Feminist Economist Joins the Conversation International Journal of Political Economy Pub Date : 2021-08-12
Abstract Servaas Storm is correct in his assertion that currently macroeconomics needs fixing, and in his analyses, he shows that a renewed reliance on dynamic, stochastic general equilibrium (DSGE) models will only make matters worse. I argue that in addition they are unable to address the crises of care and social reproduction, because the macroeconomic aspects of these crises are tied to the problems
-
Comfort of Conformity International Journal of Political Economy Pub Date : 2021-08-12
Abstract A reality check on dynamic, stochastic general equilibrium (DSGE) models was overdue and Servaas Storm has filled the void. His sharp, complete, yet succinct analysis of these models’ shortcomings is a stepping stone for macroeconomists who want to move on. Macroeconomic policy has been captive to “evil twins,” DSGE and computable general equilibrium (CGE) models, inheriting their disconnect
-
A Rejoinder International Journal of Political Economy Pub Date : 2021-08-12
Abstract This is a rejoinder to the stimulating comments by David Colander, Drucilla Barker and Jeronim Capaldo on my critique of the non-progressive macroeconomic DSGE research paradigm. The three comments expand my arguments and underscore the need for a drastic change in the mainstream approach to macroeconomics.
-
Inflation? It’s Import Prices and the Labor Share! International Journal of Political Economy Pub Date : 2021-08-12
Abstract Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis. For decades the import and profit shares of cost have risen, while the wage share has declined to around 50% with money wage increases lagging the sum of growth rates of prices and productivity
-
Estimating the Role of Social Reproduction in Economic Growth International Journal of Political Economy Pub Date : 2021-08-12
Abstract Do investments in social reproduction, or the time and commodities that it takes to produce and maintain the labor force, actually matter for the rate of economic growth? Using a Kaleckian macroeconomic model that incorporates gender and care provisioning, this article seeks to empirically evaluate this question. With panel data for a set of 121 countries between 1991 and 2015, the article
-
Industrial Pricing in Turkish Manufacturing During the Early 2000s: A Post-Keynesian Approach International Journal of Political Economy Pub Date : 2021-08-12
Abstract In this study, the pricing behavior of Turkish manufacturing is analyzed using panel data on 22 sub-sectors for the period from 2004 to 2015. The empirical findings of the study largely support the post-Keynesian hypothesis, in that the monopolistic power and non-wage costs of the sectors have a strong relationship with prices. However, one notable finding is that contrary to theoretical expectations
-
Editor’s Note International Journal of Political Economy Pub Date : 2021-05-05 Mario Seccareccia
(2021). Editor’s Note. International Journal of Political Economy: Vol. 50, No. 1, pp. 1-1.
-
Eugenia Correa In Memoriam (1954–2021) International Journal of Political Economy Pub Date : 2021-05-05 Gregorio Vidal
(2021). Eugenia Correa In Memoriam (1954–2021) International Journal of Political Economy: Vol. 50, No. 1, pp. 2-4.
-
Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment International Journal of Political Economy Pub Date : 2021-05-05 Enrico Sergio Levrero
Abstract By focusing on the literature on the estimates of the natural rate of interest, this paper critically analyses the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces” unaffected by monetary factors. After briefly mentioning the determinants of the natural rate of interest in the New Keynesian models