It will be a part of the purpose of this paper to show that Keynesian economics treats a closed economy in a static condition while American and British society in actuality exist in open economies in a dynamic condition. In scope this paper is limited to an appraisal of the first of the main concepts of John Maynard Keynes' General Theory. That is, this paper will be concerned only with the "Theory of the Propensity to Consume" and its ramifications.

The paper builds on the Marxist concept of exploitation to explore the meaning of the Post Keynesian notion of uncertainty. Uncertainty is mediated by institutions and is distributed unevenly among different social groups. As different historical social formations entail different institutional structures, the distribution and nature of uncertainty also differ. The configurations between class relations and uncertainty are analyzed for the capitalist, feudal and slave modes of production. It is demonstrated that modes of production do not only imply specific exploitative relations but also different relative distributions of uncertainty amongst classes. Joining Marxian and Post Keynesian approaches allows a richer understanding of exploitive relations and illuminates the full societal impact of uncertainty. It is shown that only in capitalism is the exploited class exposed to a substantial degree of economic uncertainty. (author's abstract) / Series: Department of Economics Working Paper Series

This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based on a Post-Kaleckian macro model, this paper estimates the effects of a change in the wage share on the main demand aggregates. The results for the behavioral functions for consumption, investment, prices, exports and imports are compared with the specifications of the WIFO macro model and the IHS macro model. A reduction in the wage share has a restrictive effect on domestic demand as consumption decreases more strongly than investment increases. Because of the strong effects on net exports the overall effects of a decrease in the wage share are expansionary. However the latter effect operates only as far as the fall in the wage share increases competitiveness. As wage shares were also falling in Austria's main trading partners, the effect seems to have been neutralized. (author's abstract) / Series: Department of Economics Working Paper Series

Germany has experienced a period of extreme nominal and real wage moderation since the mid 1990s. Contrary to the expectations of liberal economists this has failed to improve Germany's mediocre economic performance. However, Germany is now running substantial current account surpluses. One possible explanation for Germany's disappointing performance is found in Kaleckian theory, which highlights that the domestic demand effect of a decline in the wage share will typically be contractionary, whereas net exports will increase (Blecker 1989). The size of the foreign demand effect will critically depend on the degree of openness of the economy. The paper aims at estimating the demand side of a Bhaduri-Marglin (1990) -type model empirically for Germany. The paper builds on the estimation strategy of Stockhammer, Onaran and Ederer (2007) and Hein and Vogel (2008a, 2008b). The main contribution lies in a careful analysis of the effects of globalization. Since Germany is a large open economy by now it is a particularly interesting case study. (author´s abstract) / Series: Department of Economics Working Paper Series

The paper seeks to contribute to the empirical analysis of financial uncertainty and investment from a Post Keynesian perspective. The paper uses the volatility of the exchange rate, the volatility of the stock market index, and the real gold price as indicators for financial uncertainty. An increase in the volatility of a variable is a sufficient, but not a necessary condition for an increase in uncertainty (regarding this variable). The effects of changes in uncertainty on investment are investigated econometrically for the USA, the UK, the Netherlands, Germany, and France. Financial uncertainty has significant negative effects in the USA and the Netherlands. (author´s abstract) / Series: Department of Economics Working Paper Series

In this study, a Kaleckian-Post-Keynesian macroeconomic model, which is an extended version of the Bhaduri and Marglin (1990) model, serves as the starting point. The merit of a Kaleckian model for our purposes is that it highlights the dual function of wages as a component of aggregate demand as well as a cost item as opposed to the mainstream economics, which perceive wages merely as a cost item. Depending on the relative magnitude of these two effects, Kaleckian models distinguish between profit-led and wage-led regimes, where the latter is defined as a low rate of accumulation being caused by a high profit share. Are actual economies wage-led or profit-led? Current orthodoxy implicitly assumes that they are profit-led, and thus supports the neoliberal policy agenda. The purpose of the paper is to carry this discussion into the empirical terrain, and to test whether accumulation and employment are profit-led in two groups of countries. We do so by means of a structural vector autoregression (VAR) model. The model is estimated for USA, UK and France to represent the major developed countries, and for Turkey and Korea to represent developing countries. The latter are chosen since they represent two different export-oriented growth experiences. The results of the adjustment experiences of both countries are in striking contrast to orthodox theory, however they also present counter-examples to each other in terms of their ways of integrating into the world economy. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

An increase in the wage share has contradictory effects on the subaggregates of aggregate demand. Private consumption expenditures ought to increase because wage incomes typically are associated with higher consumption propensities than capital incomes. Investment expenditures ought to be negatively affected because investment will positively depend on profits. Net exports will be negatively affected because an increase in the wage share corresponds to an increase in unit labor costs and thus a loss in competitiveness. Theoretically aggregate demand can therefore be either wage led or profit led depending on how these effects add up. The results will crucially depend on how open the economy is internationally. The paper estimates a Post-Kaleckian macro model incorporating these effects for the Euro area and finds that the Euro area is presently in a wage-led demand regime. Implications for wage policies are discussed. (author's abstract) / Series: Department of Economics Working Paper Series

Submitted by Diogo Retti Fernandes (diogoretti@gmail.com) on 2016-02-22T14:12:54Z No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-02-23T16:35:10Z (GMT) No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) / Made available in DSpace on 2016-02-23T20:09:40Z (GMT). No. of bitstreams: 1 Persistência Inflacionária na América do Sul.pdf: 1264141 bytes, checksum: 150e834f0b4be03b689e1175f6a16afd (MD5) Previous issue date: 2016-02-02 / This work aims to empirically analyze inflation persistence of a group of ten countries in South America and verify if the persistence remained stable over the analysis period and if inflation persistence is higher in countries that had high inflation in the recent past. The data are quarterly, beginning in the first quarter of 2000, and contains 60 observations. The results were obtained through the estimation of the following models: model with inflation lags with and without GDP gap; New Keynesian Phillips curve with exchange rate; and the reduced form of the structural model of Blanchard and Gali (2005), that incorporates some form of wage rigidity. The results showed that inflation persistence was stable during the analysis period and that its level was below 1, on average, in the group of countries that had high inflation in the recent past and in the group of countries that had not. In addition, the results showed that, in the selected sample, inflation persistence is higher in countries that had high inflation in the recent past. Further that, with 5% significance level, it is not possible to affirm that inflation persistence of all countries that had high inflation in the recent past is different of inflation persistence of economies that had not. / Esse trabalho busca analisar empiricamente a persistência inflacionária de um grupo de dez países da América do Sul e verificar se a persistência ficou estável durante o período analisado e se persistência inflacionária é mais alta em países que apresentaram alta inflação no seu passado recente. Os dados são trimestrais, tendo início no primeiro trimestre de 2000, e contém 60 observações. Os resultados do trabalho foram obtidos por meio da estimação dos seguintes modelos: modelo com defasagens de inflação com e sem o hiato do PIB; curva de Phillips Novo-Keynesiana com taxa de câmbio; e a forma reduzida do modelo estrutural de Blanchard e Gali (2005), que incorpora a rigidez de salários. Os resultados mostraram que a persistência inflacionária ficou estável durante o período analisado e que seu nível ficou abaixo de 1, na média, no grupo de países que apresentaram alta inflação no passado recente e no grupo de países que não apresentaram. Além disso, os resultados mostraram que, na amostra selecionada, a persistência inflacionária é mais alta nos países que apresentaram alta inflação no seu passado recente. Também foi verificado que, com 5% de significância, não é possível afirmar que a persistência inflacionária de todos os países que apresentaram alta inflação no passado recente seja diferente das economias que não apresentaram.

Orientador: Adriana Nunes Ferreira / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-25T10:57:47Z (GMT). No. of bitstreams: 1 Ebisch_AndreasRichard_M.pdf: 1954034 bytes, checksum: 5bafce099f87647d5b73433802b0d5b9 (MD5) Previous issue date: 2014 / Resumo: A dissertação rastreou traços keynesianos nas políticas europeias de emprego 2000-2014. Foi dada atenção à inclusão dos jovens pouco qualificados. De especial interesse é a distinção entre as influências econômicas Pós-keynesiana e Novo keynesianas. O primeiro capítulo destacou a relevância do problema do desemprego dos jovens. O segundo capítulo traçou a teoria keynesiana e seu desenvolvimento. O terceiro capítulo distinguiu três períodos de 2000 a 2014. As políticas relevantes para o emprego dos jovens mudaram durante os períodos do pré-crise e da crise financeira e, posteriormente, com a crise da zona do euro. O capítulo predominantemente utilizou publicações da Comissão Europeia para espelhar a mudança na formulação de políticas da União Europeia. No quarto capítulo foi discutida a influência Pós-keynesiana e da Nova Economia keynesiana. A conclusão aponta que, apesar de 27 milhões de candidatos a emprego, os jovens são cada vez mais treinados para atender as demandas do mercado de trabalho, isso não muda o número limitado de 2 milhões de vagas de emprego. Conclui-se que as recentes políticas de desemprego na União Europeia carregam mais traços do Novo keynesianismo do que do Pós- keynesianismo, e que para novos empregos, provavelmente, não precisam de medidas de austeridade, mas de investimento do Estado para incentivar a criação de novos postos de trabalho. Palavras-chave: políticas de desemprego de jovens, pós-keynesianismo, crise da zona do euro, União Europeia / Abstract: The dissertation traced Keynesian imprints in the European employment policies from 2000 to 2014. Attention was given to the inclusion of the low-skilled youth. Of special interest was the distinction between Post Keynesian and New Keynesian Economic influences. The first chapter underlined the relevance of the youth unemployment problem. The second chapter traced the Keynesian theory and its development. The third chapter differentiated three periods from 2000 until 2014. The policies relevant for youth employment changed during the periods from Pre crisis to financial crisis, and later to the euro area crisis. The chapter predominantly used publications of the European Commission to mirror the change in the policy making of the Union. The fourth chapter discussed the influence of the Post Keynesian and New Keynesian Economics. The Conclusion points out that even though 27 million jobseekers are more and more trained to meet the labour market demands, this does not change the limited number of 2 million job vacancies. It concludes that the recent unemployment policies in the European Union carry more new Keynesian imprints than Post Keynesian ones, and that new jobs probably need no austerity measures in a slump, but could make use of state investment to encourage the creation of new workplaces / Mestrado / Economia Social e do Trabalho / Mestre em Desenvolvimento Econômico

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-06-13T12:26:04Z No. of bitstreams: 1 Leonardo Joaquim Muniz.pdf: 1917454 bytes, checksum: 245606e77eb1c28d0f5320f16dd3c88a (MD5) / Made available in DSpace on 2018-06-13T12:26:04Z (GMT). No. of bitstreams: 1 Leonardo Joaquim Muniz.pdf: 1917454 bytes, checksum: 245606e77eb1c28d0f5320f16dd3c88a (MD5) Previous issue date: 2018-03-13 / The central objective of BNDES disbursement research and analysis from 2002 to 2016, as well as to analyze if the Bank adhered to the post-Keynesian concepts of development bank. The specific objective is to clarify where BNDES funds were directed in the different economic cycles of the period under analysis. And BNDES disbursement prices in relation to payment banks / O Objetivo central da pesquisa é analisar os desembolsos do BNDES de 2002 a 2016, bem como analisar se o Banco foi aderente aos conceitos pós-keynesianos de banco de desenvolvimento. O objetivo específico visa esclarecer onde foram direcionados os recursos do BNDES nos diferentes ciclos econômico do período em análise e comparar os desembolsos do BNDES, em relação a atuação dos demais bancos privados