Issue 1

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Aggregate Demand, Employment and Equilibrium with Marginal Productivity: Keynesian Adjustment in the Craft Economy
Nell, Edward J. (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Most Post-Keynesians have approached the idea that marginal productivity accounted for the demand for labor with scepticism. None of them have thought that supply and demand for labor determined employment and real wages. ...
Keynes and Modern Macroeconomics
Semmler, Willi; Gong, Gang (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Recently, the dynamic general equilibrium (DGE) model, or its more popular version, the Real Business Cycle Model, has become a dominant paradigm in macroeconomics. Also many New Keynesians have embraced this new paradigm....
Neither new nor Keynesian: A critique of the new Keynesian programme
Sawyer, Malcolm (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
A ‘new consensus in macroeconomics’ has recently emerged which is closely linked with new Keynesian economics and which is highly influential in policy-making circles. This paper outlines the ‘new consensus in macroeconomi...
Keynesian And Neoclassical Closures In An Agent-Based Context
Gibson, Bill (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Since the “closure debate” of the 1980s it is well known that comparative static derivatives in analytical macro models are highly sensitive to the closure rule selected. This led Keynesians to conclude that Keynesian clos...
Why Keynes’ A Treatise On Money Might Have Greater Relevance Today Than His General Theory?
Ertürk, Korkut A. (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Asset price speculation has come to play a central role in economic life in the age financial liberalization in a way that is reminiscent of the era right before the Great Depression. In his A Treatise on Money, financial ...
Monetary Policy in The General Theory
Ekinci, Nazım Kadri (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
The theory of interest rate is central to Keynesian macroeconomics. This paper provides an interpretation of Keynes’ conventional theory of the interest rate. Accordingly, the interest rate can only be determined in the ma...
Keynesgil Finansal Düzenlemelerden Finansallaşmaya: iktisat Literatürü Ve ABD Ekonomisinin Finansallaşmasına Tarihsel Bir Bakış
Orhangazi, Özgür (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Basta ABD ekonomisi olmak üzere hem merkez hem de çevre ülke ekonomilerinde finansal piyasaların, iliskilerin, kurumların ve islemlerin boyutları ve önemi özellikle son yirmi-yirmibes senede muazzam düzeyde arttı. Öyle ki,...
What Can Keynes Tell Us About Policies To Reduce Unemployment And Financial Instability in a Globalised International Economy?
Kregel, Jan (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
Although Keynes’ General Theory has no discussion of trade and capital flows, almost all of Keynes’ writing prior to the General Theory deal with these issues. Indeed, almost all of Keynes’ writing prior to the General The...
Managing financial instability in emerging markets: A Keynesian perspective
Akyüz, Yılmaz (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
The Keynesian analysis of financial instability as developed by Hyman Minsky provides considerable insights into understanding the nature and dynamics of boom-bust cycles driven by international capital flows in emerging m...
Income Distribution, Growth, and Conflict: The Aggregate Demand Nexus
Onaran, Özlem (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2008-6)
This paper is a literature review on the recent Post-Keynesian empirical findings about the effect of income distribution on investment and growth in a variety of different countries and aims at discussing the policy impli...
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