Erstes WE – Philip Arestis:
New Keynesian economics from a critical post Keynesian perspective
LECTURE 1: Emergence of New Consensus Macroeconomics
Arestis, P. (1992), The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy, Edward Elgar Publishing Limited.
Carlin, W. and Soskice, D. (2006), Macroeconomics: Imperfections, Institutions and Policies, Oxford University Press
LECTURE 2: New Consensus Macroeconomics
Arestis, P. (2007), Is There a New Consensus in Macroeconomics?, Palgrave Macmillan.
Angeriz, A. and Arestis, P. (2009), “The Consensus View on Interest Rates and Inflation: Reality or Innocent Fraud?”, Journal of Post Keynesian Economics, Vol. 31, No. 4, (Summer)
Bernanke, B., Laubach, T., Mishkin, F. and Posen, A. (1999), Inflation Targeting. Lessons from the International Experience, Princeton University Press
Carlin, W. and Soskice, D. (2005), “The 3-Equation New Keynesian Model – A Graphical Exposition”, Contributions to Macroeconomics, Vol. 5, No. 1, Article 13
Carlin, W. and Soskice, D. (2009), “A New Keynesian Open Economy Model for Policy Analysis”, Mimeo
Galí, J. (2008), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press
Goodfriend, M. (2002), “Monetary Policy in the New Neoclassical Synthesis: A Primer”, International Finance, Vol. 5, No. 2, (Summer)
Woodford, M. (2003), Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press
LECTURE 3: Assessing the New Consensus Macroeconomics
Angeriz, A. and Arestis, P. (2006), “Has Inflation Targeting Had Any Impact on Inflation?”, Journal of Post Keynesian Economics, Vol. 28, No. 4, (Summer)
Angeriz, A. and Arestis, P. (2007), “Assessing the Performance of ‘Inflation Targeting Lite’ Countries”, The World Economy, Vol. 30, No. 11, (November)
Angeriz, A. and Arestis, P. (2008), “Assessing Inflation Targeting Through Intervention Analysis”, Oxford Economic Papers, Vol. 60, No. 2, (April)
Arestis, P. (2009), “New Consensus Macroeconomics and Keynesian Critique”, in E. Hein, T. Niechoj and E. Stockhammer (eds.), Macroeconomic Policies on Shaky Foundations: Wither Mainstream Macroeconomics?, Metropolis
Arestis, P. (2009), “The New Consensus in Macroeconomics: A Critical Appraisal”, in G. Fontana and M. Setterfield (eds.), Macroeconomic Theory and Macroeconomic Pedagogy, Palgrave Macmillan
Ball, L. and Sheridan, N. (2003), “Does Inflation Targeting Matter?”, NBER Working Paper Series, No. 9577, National Bureau of Economic Research: Cambridge, MA.
Casares, M. and McCallum, B. T. (2006), “An Optimizing IS-LM Framework with Endogenous Investment”, Journal of Macroeconomics, Vol. 28, No. 4, (December)
Orphanides, A. (2003), “The Quest for Prosperity without Inflation”, Journal of Monetary Economics, Vol. 50 (April).
LECTURE 4: Implementing the Specific Policy Implications of New Consensus Macroeconomics: the UK Case
READING:
Allsopp, C., Kara, A. and Nelson, E. (2006), “United Kingdom Inflation Targeting and the Exchange Rate”, Economic Journal, Vol. 116, No. 512
Cobham, D. (2006), “The Overvaluation of Sterling Since 1996: How the Policy Makers Responded and Why”, Economic Journal, Vol. 116, No. 512
Angeriz, A. and Arestis, P. (2007), “Monetary Policy in the UK”, Cambridge Journal of Economics, Vol. 31, No. 6, (November)
Drittes WE – Engelbert Stockhammer:
Einheit 1: Unemployment – Theory
(core readings)
Keynes, John, 1936. Changes in money wages. Chap. 19 of Keynes, John (1936) General Theory of employment, interest and money
Lavoie, Marc, 2003. Real Wages and Unemployment with Effective and Notional Demand for Labor. Review of Radical Political Economics 35, 2, 166-82
Stockhammer, Engelbert, 2008. Is the NAIRU a Monetarist, New Keynesian, Post Keynesian or Marxist theory? Metroeconomica 59(4), 479-510
(further reading suggestions)
Pollin, Robert, 1998. The “Reserve Army of Labor” and the “Natural Rate of Unemployment”: Can Marx, Kalecki, Friedman, and Wall Street All Be Wrong? Review of Radical Political Economics 30, 3: 1-13
Bowles, Samuel, 1985. The Production Process in a Competitive Economy: Walrasian, Neo-Hobbesian, and Marxian Models. American Economic Review, 1985, v. 75, 1, pp. 16-36
Shaikh, Anwar, 2004. Labor market dynamics within rival macroeconomic frameworks. In: Argyrous, G, Forestater, M, and Mongiovi, G (editors): Growth, Distribution and Effective Demand. Alternatives to Economic Orthodoxy. Essays in Honor of Edward J Nell. Armonk, NY: M.E: Sharpe
Skott, Peter, 2005. Fairness as a source of hysteresis in employment and relative wages. Journal of Economic Behavior and Organization 57, 305-31
Einheit 2: Unemployment – empirics, policy debates
Nickell, Stephen, 1998. Unemployment: Questions and Some Answers. Economic Journal 108: 802-816
OECD, 2006. Boosting jobs and incomes. Policy lessons from reassessing the OECD Jobs Strategy. Paris: OECD
Stockhammer, E, Klär, E, 2011. Capital accumulation and unemployment in the medium run. Cambridge Journal of Economics [working paper version: http://www.diw.de/documents/publikationen/73/90137/dp834.pdf]
Howell, Dean, Baker, Dean, Glyn, Andrew, Schmitt, John, 2007. Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence, Capitalism and Society, 2 (1), Art. 1.
Arestis, Philip, Baddeley, Michelle, Sawyer, Malcolm, 2007. The relationship between capital stock, unemployment and wages in nine EMU countries. Bulletin of Economic Research 59, 2: 125-148.
Baccaro, Lucio, Rei, Diego, 2007. Institutional Determinants of Unemployment in OECD Countries: Does the Deregulatory View Hold Water? International Organization 61, 527-569.
Ball, Laurence, 1999. Aggregate Demand and Long-Run Unemployment. Brookings Papers on Economic Activity 2, 1999: 189-236.
Blanchard, Olivier, Wolfers, Justin, 2000. The role of shocks and institutions in the rise of European unemployment: The aggregate evidence, in: Economic Journal Nr. 110, S. 1-33.
Howell, David (ed) 2005. Fighting Unemployment. The limits of free market orthodoxy. Oxford: Oxford University Press.
Howell, Dean, Baker, Dean, Glyn, Andrew, Schmitt, John, 2007. Are Protective Labor Market Institutions at the Root of Unemployment? A Critical Review of the Evidence, Capitalism and Society, 2 (1), Art. 1.
International Monetary Fund, 2003: Unemployment and Labor Market Institutions: Why Reforms Pay Off. Chapter 4 in: World Economic Outlook 2003, Washington D.C.
Einheit 3: Financial Instability
Keynes, John, 1936. The state of long term expectation, Chap 12 of Keynes, John (1936) General Theory of employment, interest and money
Minsky, H, 1985. The Financial Instability Hypothesis: A Restatement. In: P Arestis and T Skouras (eds): Post Keynesian Economic Theory. A Challenge to Neo Classical Economics. Sussex: Weatsheaf Books
Charles, Sebastien, 2008. Teaching Minsky’s financial instability hypothesis: a manageable suggestion. Journal of Post Keynesian Economics 31, 1: 125-38
Minsky, Hyman, 1986. Stabilizing an unstable economy. New Haven: Yale University Press
Minsky, Hyman, 1982. Can “it” happen again? Essays on Instability and Finance. Armonk, NY: Sharpe
Skott, Peter, 1995. Financial Innovation, Deregulation, and Minsky Cycles. In: G. Epstein and H. Gintis (eds): Macroeconomic Policy after the conservative era. Cambridge: Cambridge University Press
Fazzari, Steven, Ferri, Piero, Greenberg, Edward, 2008. Cash flow, investment, and Keynes–Minsky cycles. Journal of Economic Behavior & Organization 65, 555–572
Einheit 4: The future of PKE
King, John, 2002. Alternative futures. In: King, J, 2002. A History of Post Keynesian Economics since 1936. Edward Elgar, pp 255-60
Crotty, James, 1980. Post Keynesian Economic Theory: an overview and evaluation. American Economic Review Papers and Proceedings 70, 2: 20-25
Stockhammer, E. & Ramskogler, P. 2008. Post Keynesian economics – how to move forward. Intervention 5 (2): 227-46. [working paper version: http://www.wu.ac.at/inst/vw1/papers/wu-wp124.pdf ]
King, John, 2002. Kaeynes, Kalecki, Sraffa: coherence? Chapter 10 of: King, John, 2002, A History of Post Keynesian Economics since 1936. Edward Elgar
Davidson, Paul, 2003. Setting the record straight on A history of Post Keynesian economics. Journal of Post Keynesian Economics 26 (2), 245-272
King, John, 2004. Unwraping the record: a reply to Paul Davidson. Journal of Post Keynesian Economics 27 (3), 377-384
Fontana G., Gerrard, B., (2006): The Future of Post Keynesian economics. Banca Nazionale del Lavoro Quaterly Review, 59, 236, 49-80