Journal•ISSN: 0160-3477
Journal of Post Keynesian Economics
Taylor & Francis
About: Journal of Post Keynesian Economics is an academic journal published by Taylor & Francis. The journal publishes majorly in the area(s): Post-Keynesian economics & Monetary policy. It has an ISSN identifier of 0160-3477. Over the lifetime, 1780 publications have been published receiving 32385 citations. The journal is also known as: Post Keynesian economics.
Papers published on a yearly basis
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TL;DR: The Rational Expectation Hypothesis (REH) as discussed by the authors assumes that information exists and is available for processing by all decision makers, and that the information, consisting primarily of quantitative time series data, is a finite realization of a stochastic process, from which the probability distribution of actual outcomes today and for all future dates can be estimated.
Abstract: Proponents of the rational expectations hypothesis (hereafter REH) claim they have developed a general theory of how expectations are formed. To assure that these rational expectations generate efficient, unbiased forecasts which do not display any persistent errors when compared to the actual outcome over time, REH theorists assume that information exists and is available for processing by all decision makers. This information, consisting primarily of quantitative time series data, it is assumed, is a finite realization of a stochastic process; from this data the probability distribution of actual outcomes today and for all future dates can be estimated. Or as John Muth puts it, ‘the hypothesis can be rephrased a little more precisely as follows: that expectations of firms (or more generally, the “subjective” probability of outcomes) tend to be distributed, for the same information set, about the prediction of the theory (or the “objective” probability distribution of outcomes)’ (1961, p. 316).
326 citations
TL;DR: In this article, Minsky's financial instability hypothesis interpretation of Keynes's General Theory is outlined and two stylized fact extensions are made to Goodwin's (1972) limit cycle model to incorporate the fundamentals of Minsky hypothesis.
Abstract: H. M. Minsky's financial instability hypothesis interpretation of Keynes's General Theory is outlined. Two stylized fact extensions are made to Goodwin's (1972) limit cycle model to incorporate the fundamentals of Minsky's hypothesis. The introduction of a 'real' finance sector converts Goodwin's stable system into a chaotic one, with the transition from stability to instability and breakdown determined by the level of interest rate and debt. A stylized government sector counterbalances capitalist tendencies towards euphoric investment and results in a cyclical but stable system. It is surmised that actual governments have developed away from this ideal of countercyclical behavior.
309 citations
TL;DR: In this paper, Reality and Economic Theory Journal of Post Keynesian Economics: Vol 18, No 4, pp 479-508, the authors present a survey of the state of the art in post Keynesian economics.
Abstract: (1996) Reality and Economic Theory Journal of Post Keynesian Economics: Vol 18, No 4, pp 479-508
281 citations
TL;DR: This article used a general Keynesian growth model, allowing demand growth to be wage led or profit led, to argue that the case for real wage restraint is based on weak foundations, and found that demand is wage led in France, Germany, Italy, the Netherlands, Spain, and the United Kingdom, and that the decline in world trade growth is the dominant cause of sluggish growth in all economies.
Abstract: Real wage growth restraint is generally regarded as a necessary condition for sustained gross domestic product growth and lower unemployment in the Organization for Economic Cooperation and Development (OECD). We use a general Keynesian growth model, allowing demand growth to be wage led or profit led, to argue that the case for real wage restraint is based on weak foundations. The model is applied to eight OECD countries (1960-2000). We find that (1) demand is wage led in France, Germany, Italy, the Netherlands, Spain, and the United Kingdom, and (2) the decline in world trade growth is the dominant cause of sluggish growth in all economies, including profit-led Japan and the United States.
258 citations
TL;DR: In this article, two theories of money supply endogeneity are discussed: one theory is empirically supported by empirical evidence and the other theory is not supported by empirically proven evidence.
Abstract: (1991). Two Theories of Money Supply Endogeneity: Some Empirical Evidence. Journal of Post Keynesian Economics: Vol. 13, No. 3, pp. 366-396.
256 citations