Post-Keynesian macroeconomics since the mid-1990s - main developments
No 01-2017, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute
In this paper the main developments in post-Keynesian macroeconomics since the mid-1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empiri-cal/applied works; second, the integrated analysis of money, finance and macroeconomics and its appli-cation to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream ?New Consensus Model? (NCM), and allowing to derive a full macroeconomic policy mix as a more con-vincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.
Keywords: post-Keynesian macroeconomics; heterodox vs. orthodox economics; pluralism in economics; distribution; money; finance; macroeconomics; macroeconomic policies (search for similar items in EconPapers)
JEL-codes: B22 E12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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Working Paper: Post-Keynesian macroeconomics since the mid-1990s: Main developments (2016)
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