Browsing by Subject "Geldtheorie"

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Monetary interest rates, income shares, and investment
theory and empirical evidence for France, Germany, the UK, and the USA
(2000) Hein, Eckhard; Ochsen, Carsten
Monetary analysis requires the introduction of monetary variables into the determination of the equilibrium values of real variables such as production, income, distribution, and accumulation. Contrary to Keynes?s research program of a ?monetary theory of production?, neither the older post-Keynesian models of growth and distribution (Kaldor, J. Robinson) nor the models based on the work by Kalecki and Steindl take account of monetary variables in a sufficient way. Starting from a Kaleckian effective demand model by Bhaduri & Marglin, the first part of this paper deals with the effects of an exogenous variation in the monetary interest rate on the real equilibrium position of the economic system. Different regimes of accumulation are derived and it is shown that a negative relation between the interest rate and the equilibrium rates of capacity utilisation, accumulation and profit usually expected in post-Keynesian theory only exists under special conditions. The second part of the paper applies the model to the data of some major OECD-countries and studies the effects of the monetary interest rate on distribution and investment within different regimes of accumulation, the ?golden age?- and the ?post-golden-age?-?social structure of accumulation?. This discussion also gives an explanation for stagnating capital formation and rising unemployment since the mid 1970s.
Realzins, intertemporale Preise und makroökonomische Stabilisierung
ein Streifzug durch die Theoriegeschichte
(2007) Spahn, Heinz-Peter
The notion of a "real rate of interest" has been a centre of confusion in the history of economic thought. In neoclassical economics, real interest rates were designed as relative prices of contemporary and future goods and Böhm-Bawerk believed that misalignments were corrected by market forces, restoring the allocation of saving and investment as well as macroeconomic equilibrium. The intertemporal perspective in goods market analysis was modified in Wicksell and Keynes; the focus shifted to financial markets. According to the new Keynesian theory, monetary policy should be used to support intertemporal consumption smoothing. Because investment is neglected, this approach is unable to grasp the intertemporal coordination problem and delivers poor microfoundations for macroeconomic stabilization.
Unconventional views on inflation control
forward guidance, the neo-Fisherian approach, and the fiscal theory of the price level
(2018) Spahn, Peter
In recent years, various "unconventional" views have been advanced that promise to offer new analytical insights and policy approaches that are suited to control the value of money, particularly in a constellation of low growth and unemployment. Whereas Forward Guidance attempts to decrease the real interest rate by low nominal rates and by creating excessive inflationary expectations, the Neo-Fisherian approach suggests to increase nominal rates immediately to the long-run equilibrium value that corresponds to the inflation target. The Fiscal Theory of the Price Level believes that goods prices jump to a level that validates the long-run sustainability condition of government debt. All three views are criticized for analytical and empirical reasons.
Was war falsch am Merkantilismus?
(2018) Spahn, Peter
Mercantilist theories and policies in early capitalism have been criticized for confusing microeconomic and macroeconomic sources of wealth, for misunderstanding the benefits of free trade, and for overrating the role of money. This paper aims to reconstruct the rationality of mercantilism as an efficient strategy of economic development. It presents a critical assessment of David Hume’s specie flow mechanism that counts as a major rebuttal of mercantilism and collects insights of early writers into the working of a monetary economy.