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Peter Skott – One of the best experts on this subject based on the ideXlab platform.

  • KEYNESIAN THEORY AND THE AggregateSupply/Aggregate-DEMAND FRAMEWORK: A DEFENSE*
    SSRN Electronic Journal, 1998
    Co-Authors: Peter Skott

    Abstract:

    This paper defends the AggregateSupply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models – a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian – based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes’s ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.

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  • keynesian theory and the Aggregate Supply Aggregate demand framework a defense
    Eastern Economic Journal, 1996
    Co-Authors: Peter Skott

    Abstract:

    This paper defends the AggregateSupply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models – a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian – based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes’s ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.

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James Forder – One of the best experts on this subject based on the ideXlab platform.

  • Macroeconomics and the L-Shaped Aggregate Supply Curve
    The Oxford Handbook of Post-Keynesian Economics Volume 2, 2013
    Co-Authors: James Forder

    Abstract:

    The “L-shaped Aggregate Supply curve” is routinely treated as nothing more than a primitive version of a Phillips curve. This is misleading because it is in fact a later reconstruction, based on a presumption of the superiority of the Phillips curve, of a well-developed theoretical outlook. That outlook saw the problems of inflation and unemployment as substantially separate ones. The theory of wage determination, in particular, was intensively studied with little reference to the level of unemployment and understood with little regard to the marginal product of labor. Contact with that vision was lost as econometric and other work on the Phillips curve developed, and this explains the later failure to appreciate the ideas of the 1950s. It is suggested that the older ideas are worth revisiting not just for their historical interest, but also on their merits.

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  • The L-shaped Aggregate Supply curve and the future of macroeconomics
    , 2010
    Co-Authors: James Forder

    Abstract:

    The idea of the ‘L-shaped Aggregate Supply curve’, supposedly a feature of primitive macroeconomic models, is in fact a reasonable reconstruction of a well developed way of thinking that specifically denied a relation between wage change and Aggregate employment. Neither that approach nor the idea of cost-push inflation to which it is related need be crude or superficial. Although the ideas in question were swept away by the Phillips curve, they have much merit and their reintroduction to mainstream macroeconomics might pay large dividends.

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S. Kirk Elwood – One of the best experts on this subject based on the ideXlab platform.

  • Retiring the Short-Run Aggregate Supply Curve
    The Journal of Economic Education, 2010
    Co-Authors: S. Kirk Elwood

    Abstract:

    The author argues that the Aggregate demand/Aggregate Supply (AD/AS) model is significantly improved—although certainly not perfected—by trimming it of the short-run Aggregate Supply (SRAS) curve. Problems with the SRAS curve are shown first for the AD/AS model that casts the AD curve as identifying the equilibrium level of output associated with each price level (as found in most intermediate macroeconomics textbooks). Problems are then shown for the AD/AS model in which the AD curve is more modestly assumed to capture the relationship between the price level and Aggregate expenditures (as found in principles of economics textbooks).

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  • Oil-Price Shocks: Beyond Standard Aggregate Demand/Aggregate Supply Analysis
    The Journal of Economic Education, 2001
    Co-Authors: S. Kirk Elwood

    Abstract:

    The author explores the problems of portraying oil-price shocks using the Aggregate demand/Aggregate Supply model. Although oil-price shocks are the most commonly cited examples of Aggregate Supply shocks, they violate the model’s assumption of constant relative prices (as acknowledged by the label, “oil-price shocks”). The resulting problems are effectively masked in textbook presentations by implicitly assuming that the Supply shocks occur in a closed economy. However, the typical discussion is glaringly inaccurate when discussing the effects of oil-price shocks on oil-rich countries. Thus, the cogency of the standard model’s representation of oil-price shocks on open economies is compromised. A simple modification of the model that differentiates between production and absorption goods enables it to better reflect the effects of oil-price shocks on open economies.

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