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  1. Keynes's finance, the monetary and demand-led circuits
    a Sraffian assessment
    Erschienen: [2021]
    Verlag:  Università di Siena, [Siena]

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    Sprache: Englisch
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    Schriftenreihe: Quaderni del Dipartimento di economia politica e statistica ; n. 851 (marzo 2021)
    Schlagworte: Keynes; Finance; Monetary Circuit; Effective Demand; Supermultiplier
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  2. Growth theory and the growth model perspective
    Insights from the supermultiplier
    Erschienen: [2021]
    Verlag:  Università di Siena, [Siena]

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    Schriftenreihe: Quaderni del Dipartimento di economia politica e statistica ; n. 869 (dicembre 2021)
    Schlagworte: Comparative Political Economy; growth models; Sraffian supermultiplier
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  3. The political economy of alternative export-led strategies
    exporting differently?
    Erschienen: 2022
    Verlag:  Hans-Böckler-Stiftung, Düsseldorf

    The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price... mehr

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    The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price competitiveness as a non-negligible factor in driving export, for a set of OECD countries from 1994 to 2019. The documented price sensitiveness, combined with the institutions and policies adopted to promote export-led growth, casts an unsettling light on the prospects for a recovery, particularly for the Euro area. These worrying conclusions are not, however, unescapable. The emergence of the export-led growth model - with its twin brother, the debt-led one - answered the demand-generating problems created by years of wage share decreases and a steady retreat of the State from its traditional demand management role. Drastically inverting these tendencies would contribute to strongly narrowing the need for export-led strategies.

     

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    Weitere Identifier:
    hdl: 10419/274246
    Schriftenreihe: FMM working paper ; Nr. 80 (September 2022)
    Schlagworte: comparative political economy; export; export-led growth; price competitiveness; non-price competitiveness; economic crises
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  4. Conflict inflation and autonomous demand
    a supermultiplier model with endogenous distribution
    Erschienen: [2023]
    Verlag:  Università di Siena, [Siena]

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    Schriftenreihe: Quaderni del Dipartimento di economia politica e statistica ; n. 902 (giugno 2023)
    Schlagworte: Phillips curve; Sraffian supermultiplier; demand-led growth; autonomous demand; inflation; distributive conflict
    Umfang: 1 Online-Ressource (circa 31 Seiten)
  5. Autonomous demand and economic growth
    some empirical evidence
    Erschienen: [2015]
    Verlag:  Università di Siena, [Siena]

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    Schriftenreihe: Quaderni del Dipartimento di economia politica e statistica ; n. 714 (agosto 2015)
    Schlagworte: Growth; Effective Demand; Supermultiplier
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  6. Normal utilization as the adjusting variable in Neo-Kaleckian growth models
    a critique
    Erschienen: [2018]
    Verlag:  Department of Economics, University of Massachusetts, Amherst

    As well-known, the canonical Neo-Kaleckian growth model fails to reconcile actual and normal rates of utilization in equilibrium. Some recent contributions revive an old proposal for solving this problem - making the normal rate of utilization an... mehr

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    As well-known, the canonical Neo-Kaleckian growth model fails to reconcile actual and normal rates of utilization in equilibrium. Some recent contributions revive an old proposal for solving this problem - making the normal rate of utilization an endogenous variable that converges to the actual utilization rate - justifying it with new, micro-founded premises. We argue that these new justifications for the convergence of normal to actual utilization do not stand closer scrutiny. First, the proposed microeconomic model relies on various restrictive assumptions, some of which are mutually inconsistent. Second, the derivation of the macroeconomic adjustment mechanism from the microeconomic analysis involves a logical leap, that can be justified only by a very arbitrary assumption with little economic justification. Finally, we discuss the way in which this mechanism has been incorporated into the Neo-Kaleckian growth model by proposers of this approach. We show that, even if one puts aside, for the sake of argument, the first two points, the existence of autonomous components of demand is sufficient to invalidate the resulting macroeconomic model.

     

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    hdl: 10419/202944
    Schriftenreihe: Working paper / Department of Economics, University of Massachusetts ; 2018, 11
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  7. Autonomous demand and the investment share
    Erschienen: [2018]
    Verlag:  Department of Economics, University of Massachusetts Amherst, Amherst

    This paper looks at the effect of demand shocks on the investment share of the economy. Using panel data on 20 OECD countries, we show that the rate of growth of autonomous demand (exports, public spending and housing investment) is positively... mehr

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    This paper looks at the effect of demand shocks on the investment share of the economy. Using panel data on 20 OECD countries, we show that the rate of growth of autonomous demand (exports, public spending and housing investment) is positively correlated with subsequent values of the share of business investment in GDP. By means of an instrumental-variables strategy, we confirm a positive effect of demand dynamics on the business investment share. We instrument autonomous demand with US demand for imports interacted with exposure to trade with the US, openness to trade of a country's main export destinations, and military spending. A permanent 1% increase in autonomous demand growth raises the investment share by 1.5 to 1.9 percentage points of GDP in our preferred panel IV specification. Our results provide empirical support for the view that the influence of aggregate demand on capital accumulation can be a major source of hysteresis. Our results are inconsistent with the canonical New Keynesian 3-equations model, the Neo-Kaleckian model with flexible equilibrium utilization and Classical-Marxian growth models. A positive influence of autonomous demand on the investment share is instead compatible with demand-led models in which capacity adjusts to demand in the long-run.

     

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    Weitere Identifier:
    hdl: 10419/202951
    Schriftenreihe: Working paper / Department of Economics, University of Massachusetts Amherst ; 2018, 18
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. Autonomous demand and the Marglin-Bhaduri model
    a critical note
    Erschienen: [2015]
    Verlag:  Università di Siena, [Siena]

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    Schriftenreihe: Quaderni del Dipartimento di economia politica e statistica ; n. 715 (agosto 2015)
    Schlagworte: Income distribution; Investment function; Growth; Marglin-Bhaduri
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  9. Cross-Border financial effects of global warming
    Erschienen: [2019]
    Verlag:  Department of Economics, University of Massachusetts Amherst, Amherst

    We develop an ecological open-economy SFC model that enables testing cross-area interactions among productive sectors, financial markets and the ecosystem. We show that the unequal technical progress across areas, coupled with rising ecological... mehr

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    We develop an ecological open-economy SFC model that enables testing cross-area interactions among productive sectors, financial markets and the ecosystem. We show that the unequal technical progress across areas, coupled with rising ecological awareness, can force governments of less ecologically efficient areas to move further away from low-carbon assets. We argue that "green" monetary and fiscal policies can be used to tackle climate change and financial instability. However, their effectiveness depends crucially on the impact of cross-border financial flows and growth rate differentials on exchange rates. Without a cross-area policy coordination plan, currency fluctuations can bring about unintended consequences, undermining green policies' effects.

     

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    hdl: 10419/202956
    Auflage/Ausgabe: Last revision: 18 Feb 2019
    Schriftenreihe: Working paper / Department of Economics, University of Massachusetts Amherst ; 2019, 02
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen