In: Iberian Journal of the History of Economic Thought, 2015, vol. 2, no. 1, p. 48-60
In this paper we analyze Augusto Graziani’s numerous contributions to the monetary theory of production, which he developed from a theoretical but also a policy-oriented perspective. We focus on the rejection of the neoclassical dichotomy, the causal relation between production and money creation, and the definition of macroeconomic saving. These three dimensions of Graziani’s work can be...
|
In: Review of Keynesian Economics, 2015, vol. 3, no. 3, p. 336-350
This paper points out that the roots of the euro-area crisis are to be found in the loss of monetary sovereignty and an unsustainable credit-led economic growth in a variety of ‘peripheral’ countries. It addresses the negative consequences of fiscal austerity in the euro-area crisis framework, in particular regarding the distribution of income and the economic and financial relations...
|
In: International Journal of Political Economy, 2016, vol. 45, no. 1, p. 72-84
This article explains why the euro has to be abandoned in order to integrate the euro- area member countries monetarily. It first recalls the negative consequences of the adoption of a single European currency by a number of countries whose economies are still too different on structural grounds to support the financial constraints elicited by the fiscal and monetary policy straightjacket. It...
|
In: Ola Financiera, 2018, vol. 11, no. 31, p. 100-127
Este ensayo examina de cerca esta llamada "guerra civil", y si conlleva a alguna consecuencia para el desarrollo futuro de la macroeconomía, o si es solo una tormenta de microfundamentos en una tetera. Al hacerlo, se argumenta que si bien la crítica disidente es ciertamente bienvenida desde una perspectiva poskeynesiana, no equivale al rechazo del pensamiento o modelos actuales, sino a...
|
In: Review of Keynesian Economics, 2018, vol. 6, no. 4, p. 533-544
The ‘natural rate of unemployment’ was not an important part of Friedman’s presidential address, although it is what the paper is remembered for. On the 50th anniversary of the paper, we argue that there is no ‘natural rate of unemployment’, and that the relation between inflation and unemployment is not the one assumed by Friedman or neoclassical theory. In Section 2 we present the...
|
In: Revista de Economía Crítica, 2019, vol. 27, p. 86-99
This paper sets off from the monetary–structural origins of the euro-area crisis, which is not a sovereign debt crisis, but a crisis due to a lack of payment finality at international level. The first section explains that international payments across the euro area are not, to date, final for the countries concerned, as the European Central Bank does not operate as settlement institution...
|
In: Review of Keynesian Economics, 2019, vol. 7, no. 2, p. 220-232
This paper argues that the negative interest rate adopted by the Swiss National Bank in 2015 has elicited a series of negative consequences across the Swiss economy. It has led an increasing number of agents to invest their savings in the real-estate market, whose prices have overheated, threatening the eruption of a housing crisis. It has also induced a number of financial institutions to turn...
|
In: Archivio Storico Ticinese, 2015, vol. 52, no. 157, p. 27-45
|
In: Archivio Storico Ticinese, 2017, vol. 54, no. 162, p. 72-86
|
In: Bulletin of Political Economy, 2020, vol. 14, no. 2, p. 203-217
Financial stability has been a largely-debated issue since the bursting of the global financial crisis in 2008. Central banks seem to have discovered that price stability on the market for produced goods and services is not enough to avoid financial instability through monetary policy interventions. This paper explains that, in fact, both pre- and postcrisis interventions by monetary...
|
