This paper describes research that integrates Keynesian and Walrasian economics in a new way. The author develops a model in which high unemployment can persist and any unemployment rate can occur as an equilibrium. Equilibrium is selected by the self-fulfilling beliefs of asset market participants. Using this new framework, the author argues that fiscal policy is not the best solution to the problem of restoring full employment. A policy of asset market management, similar to quantitative easing, is put forward as a more effective approach.Unemployment; Keynesian economics; quantitative easing; financial crisis
Investment depends on subjective factors, such as expectations, conventions, and confident animal...
This paper argues for a fundamental reorientation of fiscal policy, from the current aggregate deman...
Keynes’s General Theory argues there is no self-regulating mechanism that guarantees full employment...
Macroeconomics is the study of the economy as a whole and of work and saving choices of individual e...
This paper examines recent theoretical and empirical developments on fiscal policy to conclude that ...
This book dismantles the arguments used by policy makers to justify the abandonment of full employme...
With the end of the post-war boom in the early 1970s, the world economy has experienced large scale ...
Although the U.S. unemployment rate in 1998 was at its lowest level since the late 1960s, the nation...
Defence date: 17 June 2016Examining Board: Professor Fabio Canova, EUI, Supervisor; Professor Alessi...
The present extended period of unemployment challenges the Keynesian theory underlying full employme...
Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance...
Revised version - march 2006Because it was designed for efficient stationary regimes, the New-Consen...
This paper uses a model with a continuum of equilibrium unemployment rates to explore the effectiven...
It is argued below that the old, neoclassical macroeconomics failed in analysis and policy in the Gr...
Investment depends on subjective factors, such as expectations, conventions, and confident animal sp...
Investment depends on subjective factors, such as expectations, conventions, and confident animal...
This paper argues for a fundamental reorientation of fiscal policy, from the current aggregate deman...
Keynes’s General Theory argues there is no self-regulating mechanism that guarantees full employment...
Macroeconomics is the study of the economy as a whole and of work and saving choices of individual e...
This paper examines recent theoretical and empirical developments on fiscal policy to conclude that ...
This book dismantles the arguments used by policy makers to justify the abandonment of full employme...
With the end of the post-war boom in the early 1970s, the world economy has experienced large scale ...
Although the U.S. unemployment rate in 1998 was at its lowest level since the late 1960s, the nation...
Defence date: 17 June 2016Examining Board: Professor Fabio Canova, EUI, Supervisor; Professor Alessi...
The present extended period of unemployment challenges the Keynesian theory underlying full employme...
Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance...
Revised version - march 2006Because it was designed for efficient stationary regimes, the New-Consen...
This paper uses a model with a continuum of equilibrium unemployment rates to explore the effectiven...
It is argued below that the old, neoclassical macroeconomics failed in analysis and policy in the Gr...
Investment depends on subjective factors, such as expectations, conventions, and confident animal sp...
Investment depends on subjective factors, such as expectations, conventions, and confident animal...
This paper argues for a fundamental reorientation of fiscal policy, from the current aggregate deman...
Keynes’s General Theory argues there is no self-regulating mechanism that guarantees full employment...
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