By Giuseppe Fontana, John McCombie, Malcolm Sawyer
This volume makes a speciality of present problems with debate within the sector of recent macroeconomics and funds, written from (a widely interpreted) submit Keynesian point of view. The papers connect to Philip Arestis' contributions to macroeconomics and cash, and pay tribute to his individual occupation.
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Extra info for Macroeconomics, Finance and Money: Essays in Honour of Philip Arestis
1999), ‘Optimal Monetary Policy Inertia’, Manchester School, vol. 67, Supplement, 1–35. 2 Arestis and Sawyer’s Criticism on the New Consensus Macroeconomics: Some Issues Related to Emerging Countries Luiz Fernando de Paula and Fernando Ferrari-Filho 1. Introduction As is well known, the New Consensus Macroeconomic (NCM) can be characterized as an extension of the New Keynesian Theory. The New Keynesian Theory was developed in the 1980s and aimed at presenting a theoretical framework to explain what the New Keynesians believe to be the essential aspect of Keynes’s General Theory: the existence of price and wage rigidities.
A generalization of monopolistic competition to all countries. Adolfson et al. (2007a) also at least implicitly imply that had Keynesian scholars benefited from recent 16 Macroeconomics, Finance and Money technical advances, they would have been using general equilibrium models in earlier periods, although this point is questionable. What is less so at this stage is the sense these authors have of the superiority of their model for the purpose of forecasting. This superiority is observable in the types of simulations exercises Adolfson et al.
Monetary policy operated by the management of the interest rates can have significant impact on the level of economic activity. The management of interest rates can be used in order to influence the private agents’ portfolio in favor of increases of production (using current productive capacity) and the acquisition of capital goods, as it can provoke a shift in the relative prices of different assets, from the more liquid to the more illiquid assets, that is, leading changes in the portfolio decisions that can affect real variables of the economy (output and employment).