The thesis deals with monetary disequilibrium in the theory of endogenous money. In the new consensus economics, money is endogenous and passive. Money market is not considered and if yes, then only in an implicit equilibrium, whereas mechanisms ensuring this equilibrium are not discussed. In post-Keynesian economics, there is an explicit discussion, whether monetary disequilibrium may occur. Horizontalists argued for equality of money supply and money demand. On the other hand, arguments of some structuralists based on an independent demand for money function show that monetary disequilibrium may occur. The thesis therefore analyses mechanisms ensuring equilibrium in the money market. The only mechanism among them which enables the passivity of money is the reflux mechanism. However, it can not be regarded as universal since not all economic subjects which create demand for money are in debt to the banking system. For that reason accommodation of some factors of money demand function is necessary and money is endogenous and active. Econometric tests studying independent money demand and the consequent possibility of monetary disequilibrium based on Granger causality tests seem to be methodologically problematic and showing mixed results. Monetary disequilibrium can not be ruled out. Contemporary monetary policy based mainly on new consensus approach thus omits one channel of monetary policy transmission. Theoretical analysis suggests that monetary equilibrium has to be (at least partly) restored through changes in factors of money demand, which can lead to changes of other macroeconomic variables including inflation.

Lo, Kai Lisa. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 43-46). / Abstract also in Chinese. / Chapter 1. --- Introduction --- p.7 / Chapter 2. --- Literature Review --- p.10 / Chapter 3. --- Measuring the Labor Share with US Data --- p.14 / Chapter 3.1 --- Definition and Measurement --- p.14 / Chapter 3.2 --- Some Crude Evidence --- p.16 / Chapter 4. --- A Theoretical Relationship between Labor Share and Inflation in an Open Economy --- p.19 / Chapter 4.1 --- A Static Closed-economy Pricing Model --- p.20 / Chapter 4.2 --- Dynamic Model Based on Quadratic Adjustment Costs --- p.22 / Chapter 4.3 --- An Open-economy Dynamic Pricing Model --- p.30 / Chapter 5. --- An Empirical Investigation --- p.34 / Chapter 5.1 --- Data --- p.34 / Chapter 5.2 --- Estimation Results --- p.36 / Chapter 5.2.1 --- General Findings --- p.37 / Chapter 5.2.2 --- The Role of Adjustment Costs --- p.39 / Chapter 5.2.3 --- Predicting U.S. Inflation --- p.40 / Chapter 6. --- Conclusions --- p.42 / References --- p.43 / Figures and Tables --- p.47 / Data Appendix --- p.56

Inflation expectations have been of great interest to economists because they predict how agents in an economy set prices and react to changes in various macroeconomic variables. The existence of Keynesian liquidity traps in Japan and the United States have helped emphasize the importance of inflation expectations, especially when monetary policy is rendered ineffective and there is almost perfect substitutability between money and bonds due to the zero bound condition of interest rates. Given the canonical theories of rational and adaptive expectations, this paper will use a simple model of the economy to measure the effect of various macroeconomic variables on the formation of inflation expectations. It will test to see how consumers, economists and the market measure and forecast inflation both in the short and in the long run.

Thesis (PhD)--Macquarie University, Division of Economic and Financial Studies, Dept. of Economics, 1999. / Bibliography: p. 232-255. / Introduction -- Cheap money and Ottawa -- The World Economic Conference -- F.L. McDougall -- The beginnings of the 'employment approach' -- Coombs and consolidation -- Bretton Woods -- An international employment agreement -- The 'employment approach' reconsidered -- The Keynesian 'revolution' in Australia -- Conclusion. / Between 1925 and 1950, Australian economists embarked on a series of campaigns to influence international policy-making. The three distinct episodes of these campaigns were unified by the conviction that 'expansionary' economic policies by all countries could solve the world's economic problems. As well as being driven by self-interest (given Australia's dependence on commodity exports), the campaigns were motivated by the desire to promote economic and social reform on the world stage. They also demonstrated the theoretical skills of Australian economists during a period in which the conceptual instruments of economic analysis came under increasing pressure. -- The purpose of this study is to document these campaigns, to analyse their theoretical and policy implications, and to relate them to current issues. Beginning with the efforts of Australian economists to persuade creditor nations to enact 'cheap money' policies in the early 1930s, the study then explores the advocacy of F.L. McDougall to reconstruct agricultural trade on the basis of nutrition. Finally, it examines the efforts of Australian economists to promote an international agreement binding the major economic powers to the pursuit of full employment. -- The main theses advanced in the dissertation are as follows: Firstly, it is argued that these campaigns are important, neglected indicators of the theoretical positions of Australian economists in the period. Hitherto, the evolution of Australian economic thought has been interpreted almost entirely on the basis of domestic policy advocacy, which gave rise to the view that Australian economists before 1939 were predominantly orthodox in theoretical outlook and policy prescriptions. However, when their international policy advocacy is included, a quite different picture emerges. Their efforts to achieve an expansion in global demand were aimed at alleviating Australia's position as a small open economy with perennial external sector problems, but until such international policies were in place, they were forced by existing circumstances to confine their domestic policy advice to orthodox, deflationary measures. -- Secondly, the campaigns make much more explicable the arrival and dissemination of the Keynesian revolution in Australian economic thought. A predilection for expansionary and proto-Keynesian policies, present within the profession for some time, provided fertile ground for the Keynesian revolution when it finally arrived. Thirdly, by supplying evidence of expansionary international policies, the study provides a corrective to the view that Australia's economic interaction with the rest of the world has largely been one of excessive defensiveness. -- Originality is claimed for the study in several areas. It provides the first comprehensive study of all three campaigns and their unifying themes. It demonstrates the importance to an adequate account of the period of the large amount of unpublished material available in Australian archives. It advances ideas and policy initiatives that have hitherto been ignored, or only partially examined, in the existing literature. And it provides a new perspective on Australian economic thought and policy in the inter-war years. / Mode of access: World Wide Web. / 255 p

Este estudo consiste em uma análise dialógica do discurso – ADD – de viés bakhtiniano que tem por objeto inicial os enunciados publicados em abril de 2014 pela revista britânica The Economist sobre a suposta improdutividade do trabalhador brasileiro, ainda, o corpus da pesquisa editoriais da Folha de S. Paulo, Gazeta do Povo e Carta Capital, que comentam a reportagem estrangeira. O estudo destaca o posicionamento axiológico desses veículos de comunicação, interpretando as premissas e intencionalidades presentes em seus discursos, além de identificar os seus principais interlocutores. A pesquisa evidencia tensões dialógicas entre portavozes das categorias capital e trabalho, sendo, no contexto discursivo analisado, a segunda subalterna à primeira, em uma conjuntura de disputa, político-econômico-eleitoral, pelo estado brasileiro. No que tange ao campo das ideologias, destaca o entre as prescrições econômicas neoliberais/clássicas e a visão econômica (keynesiana), esta última associada ao petismo e aos governos petistas. O estudo demonstra que a ADD, utilizada como método que possibilita certa leitura de textos de cunho opinativo, em especial do gênero editorial, é uma abordagem apropriada para a compreensão das matrizes discursivas que permeiam os demais produtos e gêneros jornalísticos que, ao considerarem determinados aspectos da realidade material, acabam por interferir nela. Também aponta que, ao contrário do que poderia se esperar, as publicações brasileiras não se contrapuseram à polêmica tese defendida por The Economist, posicionando-se a favor dos interesses do capital ou assumindo postura de omissão analítica. Com um tom fortemente monológico, os analisados consideram a produtividade do trabalhador, fundamentalmente, a partir do ponto de vista do acúmulo de capital. Dessa forma, ao rotular o brasileiro e o seu país de improdutivos, sugere que ambos (país e trabalhador) deveriam produzir mais, beneficiando, assim, o capital e desconsiderando aspectos subjetivos relacionados à classe que vive do trabalho, reificando-a. Além de dados técnico-científicos, entendidos como irrefutáveis pelas publicações jornalísticas, estrutura essa construção discursiva um estereótipo que é de longa duração e resgata a imagem de um nativo pouco afeito ao trabalho, cuja vida seria dedicada ao ócio, um sujeito preguiçoso e, portanto, estranho à superioridade da cultura eurocêntrica econômico-expansionista que supervaloriza o trabalho, a produção, a geração constante de riquezas superavitárias. Dissertando sobre as consequências sociais da atual configuração do capitalismo, o estudo aponta para a necessidade de resgate da noção de alteridade, não apenas do ponto de vista teórico, mas também no campo da ideologia do cotidiano. Por fim, ressalta que o resgate e a utilização do estereótipo do brasileiro culturalmente preguiçoso (improdutivo) interfere na constituição de uma consciência de si dos trabalhadores e também na imagem que os outros (o mundo) têm deles (nós). / This study is a bakhtinian dialogic discourse analysis (DDA) whose initial object is the statements published in April 2014 by the british magazine The Economist about the alleged lack of productivity of Brazilian workers. Other three opinative brasilian texts, that coment the foreign reporting, composes the corpus of this research: two newspapers editorials, one of Folha de S. Paulo and the other of Gazeta do Povo, plus a magazine editorial, from Carta Capital. The study highlights the axiologic position of these publications, interpreting the assumptions and intentions present in his speeches, and identifying their main interlocutors. The research demonstrates dialogic tensions between spokespersons of capital and labor categories. In the discursive context analyzed, the second is subordinate to the first, in a situation of dispute - political, economic, and electoral - by the Brazilian state. Regarding the field of ideology, the dissertation highlights the clash between the neoliberal/classical economic prescriptions and the heterodox economic vision (keynesian), the latter associated with dos Trabalhadores (Worker’s Party) governments. The study shows that the DDA used as a method that enables certain reading opinionative nature of texts, especially the editorial genre, is an appropriate approach to understanding the discursive matrices that permeate other products and journalistic genres that, when considering certain aspects of material reality, end up interfering in it. Also points out that, contrary to what might be expected, the Brazilian publications are not countered the controversial thesis defended by The Economist, positioning itself in the interests of or assuming analytical omission posture. With a strongly monological tone, the texts analyzed consider worker productivity, fundamentally, from the point of view of capital accumulation. Thus, to label the Brazilian and their country of unproductive, suggests that both (country and worker) should produce more, thus benefiting the capital and disregarding subjective aspects related reifying it. In addition to technical and scientific data, taken as irrefutable by journalistic publications, structure this discursive construction a stereotype that is long lasting rescues the colonial image of a native little inclined to work, whose life would be dedicated to idleness, a lazy bloke, a foreign to the superiority of economicexpansionist eurocentric culture that overemphasizes work, production, constant generation of surplus wealth. Expounding on the social consequences of the current capitalist setup, the study points to the need to rescue the notion of otherness, not from a theoretical point of view, but also in field of the everyday ideology. Finally, emphasize that the rescue and the use of culturally stereotypical lazy brazilian (unproductive) interferes into the formation of a self-consciousness of the workers and the image that others (the world) have of them (us).

Este estudo consiste em uma análise dialógica do discurso – ADD – de viés bakhtiniano que tem por objeto inicial os enunciados publicados em abril de 2014 pela revista britânica The Economist sobre a suposta improdutividade do trabalhador brasileiro, ainda, o corpus da pesquisa editoriais da Folha de S. Paulo, Gazeta do Povo e Carta Capital, que comentam a reportagem estrangeira. O estudo destaca o posicionamento axiológico desses veículos de comunicação, interpretando as premissas e intencionalidades presentes em seus discursos, além de identificar os seus principais interlocutores. A pesquisa evidencia tensões dialógicas entre portavozes das categorias capital e trabalho, sendo, no contexto discursivo analisado, a segunda subalterna à primeira, em uma conjuntura de disputa, político-econômico-eleitoral, pelo estado brasileiro. No que tange ao campo das ideologias, destaca o entre as prescrições econômicas neoliberais/clássicas e a visão econômica (keynesiana), esta última associada ao petismo e aos governos petistas. O estudo demonstra que a ADD, utilizada como método que possibilita certa leitura de textos de cunho opinativo, em especial do gênero editorial, é uma abordagem apropriada para a compreensão das matrizes discursivas que permeiam os demais produtos e gêneros jornalísticos que, ao considerarem determinados aspectos da realidade material, acabam por interferir nela. Também aponta que, ao contrário do que poderia se esperar, as publicações brasileiras não se contrapuseram à polêmica tese defendida por The Economist, posicionando-se a favor dos interesses do capital ou assumindo postura de omissão analítica. Com um tom fortemente monológico, os analisados consideram a produtividade do trabalhador, fundamentalmente, a partir do ponto de vista do acúmulo de capital. Dessa forma, ao rotular o brasileiro e o seu país de improdutivos, sugere que ambos (país e trabalhador) deveriam produzir mais, beneficiando, assim, o capital e desconsiderando aspectos subjetivos relacionados à classe que vive do trabalho, reificando-a. Além de dados técnico-científicos, entendidos como irrefutáveis pelas publicações jornalísticas, estrutura essa construção discursiva um estereótipo que é de longa duração e resgata a imagem de um nativo pouco afeito ao trabalho, cuja vida seria dedicada ao ócio, um sujeito preguiçoso e, portanto, estranho à superioridade da cultura eurocêntrica econômico-expansionista que supervaloriza o trabalho, a produção, a geração constante de riquezas superavitárias. Dissertando sobre as consequências sociais da atual configuração do capitalismo, o estudo aponta para a necessidade de resgate da noção de alteridade, não apenas do ponto de vista teórico, mas também no campo da ideologia do cotidiano. Por fim, ressalta que o resgate e a utilização do estereótipo do brasileiro culturalmente preguiçoso (improdutivo) interfere na constituição de uma consciência de si dos trabalhadores e também na imagem que os outros (o mundo) têm deles (nós). / This study is a bakhtinian dialogic discourse analysis (DDA) whose initial object is the statements published in April 2014 by the british magazine The Economist about the alleged lack of productivity of Brazilian workers. Other three opinative brasilian texts, that coment the foreign reporting, composes the corpus of this research: two newspapers editorials, one of Folha de S. Paulo and the other of Gazeta do Povo, plus a magazine editorial, from Carta Capital. The study highlights the axiologic position of these publications, interpreting the assumptions and intentions present in his speeches, and identifying their main interlocutors. The research demonstrates dialogic tensions between spokespersons of capital and labor categories. In the discursive context analyzed, the second is subordinate to the first, in a situation of dispute - political, economic, and electoral - by the Brazilian state. Regarding the field of ideology, the dissertation highlights the clash between the neoliberal/classical economic prescriptions and the heterodox economic vision (keynesian), the latter associated with dos Trabalhadores (Worker’s Party) governments. The study shows that the DDA used as a method that enables certain reading opinionative nature of texts, especially the editorial genre, is an appropriate approach to understanding the discursive matrices that permeate other products and journalistic genres that, when considering certain aspects of material reality, end up interfering in it. Also points out that, contrary to what might be expected, the Brazilian publications are not countered the controversial thesis defended by The Economist, positioning itself in the interests of or assuming analytical omission posture. With a strongly monological tone, the texts analyzed consider worker productivity, fundamentally, from the point of view of capital accumulation. Thus, to label the Brazilian and their country of unproductive, suggests that both (country and worker) should produce more, thus benefiting the capital and disregarding subjective aspects related reifying it. In addition to technical and scientific data, taken as irrefutable by journalistic publications, structure this discursive construction a stereotype that is long lasting rescues the colonial image of a native little inclined to work, whose life would be dedicated to idleness, a lazy bloke, a foreign to the superiority of economicexpansionist eurocentric culture that overemphasizes work, production, constant generation of surplus wealth. Expounding on the social consequences of the current capitalist setup, the study points to the need to rescue the notion of otherness, not from a theoretical point of view, but also in field of the everyday ideology. Finally, emphasize that the rescue and the use of culturally stereotypical lazy brazilian (unproductive) interferes into the formation of a self-consciousness of the workers and the image that others (the world) have of them (us).

This thesis examines the relationship of monetary policy and investment in a theoretical framework in which monetary and real economic forces are intrinsically interlinked. The full shift from a money, real dichotomy in historical economic thought to the notion of money being an essential determinant of economic outcomes is traced to the work of Keynes, partly in the Treatise (1930), but more completely in the General Theory (1936). The treatment of monetary forces in economic growth models is examined. It is found that the money, investment relationship, with close money, real interaction, is appropriately pursued in the approach to monetary theory adopted by those who could broadly be characterised as Post Keynesian. The operation of monetary forces through the banking system is examined using this theoretical backdrop. A symbolic model is developed of the influence channels implied by the theoretical analysis, using the South African monetary system as the specific focus. The symbolic model is expressed in a form which enables empirical examination. South African data are compiled and used to determine the nature and statistical significance of hypothesised relationships. The implications of the theoretical analysis and empirical examination are drawn out both for monetary theory within the Post Keynesian mould, and for the conduct of monetary policy, in South Africa in particular. / Economics / D. Litt. et Phil. (Economics)

The theoretical foundations of the Post Keynesian view of money are examined, including the nature of money, role of uncertainty and time, and the use of equilibrium concepts. This provides a backdrop against which the Post Keynesian analysis of interest rates, investment behaviour: inflation and demand determination is presented in a framework of non-neutral money and Keynes' principle of effective demand. A model of the Post Keynesian theory of money is presented, with arguments as to why the IS/LM model of the neoclassical synthesis is considered deficient. The money supply endogeneity view is explored, together with Keynes' finance motive. The open economy case is considered, with emphasis on a small open economy. The monetary policy perspectives of the Post Keynesian camp are examined. The implications for South Africa are considered in respect of money supply targeting, interest rate policy, anti-inflation measures, public debt management, exchange rates and Reserve Bank objectives. / Economics / M.A. (Economics)

The purpose of this study is to find out the effect of government spending on capital investments in the American Recovery and Reinvestment Act (ARRA) of 2009 on GDP and employment growth. This research utilized US quarterly data from 2003 QI to 2013 QII. In the first part the research used variables from the Keynes economic model and utilized two-stage least square analysis to assess the effect of government spending on GDP. The results from the regression analysis indicate that an increase of one dollar in government spending increases GDP by 1.569 dollars. The researcher found that the general government spending multiplier was 1.9. The coefficient for government spending in the Recovery Act was 0.383, implying that for every one dollar in government spending, Recovery Act spending on capital investments contributed 0.383 dollars. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2014. / FAU Electronic Theses and Dissertations Collection

Submitted by Felix Sebastian Neugebauer (fexgebauer@gmail.com) on 2012-01-20T06:47:16Z No. of bitstreams: 1 Dissertacao MPGI - Felix Neugebauer.pdf: 917872 bytes, checksum: 216f642b7bdd46aac088024cf0610158 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-01-20T10:27:30Z (GMT) No. of bitstreams: 1 Dissertacao MPGI - Felix Neugebauer.pdf: 917872 bytes, checksum: 216f642b7bdd46aac088024cf0610158 (MD5) / Made available in DSpace on 2012-01-20T11:15:05Z (GMT). No. of bitstreams: 1 Dissertacao MPGI - Felix Neugebauer.pdf: 917872 bytes, checksum: 216f642b7bdd46aac088024cf0610158 (MD5) Previous issue date: 2011-12-20 / The thesis introduces a system dynamics Taylor rule model of new Keynesian nature for monetary policy feedback in Brazil. The nonlinear Taylor rule for interest rate changes con-siders gaps and dynamics of GDP growth and inflation. The model closely tracks the 2004 to 2011 business cycle and outlines the endogenous feedback between the real interest rate, GDP growth and inflation. The model identifies a high degree of endogenous feedback for monetary policy and inflation, while GDP growth remains highly exposed to exogenous eco-nomic conditions. The results also show that the majority of the monetary policy moves during the sample period was related to GDP growth, despite higher coefficients of inflation parameters in the Taylor rule. This observation challenges the intuition that inflation target-ing leads to a dominance of monetary policy moves with respect to inflation. Furthermore, the results suggest that backward looking price-setting with respect to GDP growth has been the dominant driver of inflation. Moreover, simulation exercises highlight the effects of the new BCB strategy initiated in August 2011 and also consider recession and inflation avoid-ance versions of the Taylor rule. In methodological terms, the Taylor rule model highlights the advantages of system dynamics with respect to nonlinear policies and to the stock-and-flow approach. In total, the strong historical fit and some counterintuitive observations of the Taylor rule model call for an application of the model to other economies.