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Finance, Investment and Macroeconomic Performance

  • Georgios Argitis
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    Finance, power and distribution are issues that are largely absent in conventional macroeconomics. This paper outlines the implicit economic process embedded in the neo-classical and new-Keynesian constructions of macroeconomics regarding the finance-investment relation. It then develops a general post-Keynesian framework and argues that finance, power and income distribution are significant determinants of investment and macroeconomic activity.

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    File URL: http://www.ersj.eu/repec/ers/papers/08_12_p6.pdf
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    Article provided by European Research Studies Journal in its journal European Research Studies Journal.

    Volume (Year): XI (2008)
    Issue (Month): 1-2 ()
    Pages: 71-88

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    Handle: RePEc:ers:journl:v:xi:y:2008:i:1-2:p:71-88
    Contact details of provider: Web page: http://www.ersj.eu/

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    1. Bruce C. Greenwald & Joseph E. Stiglitz, 1987. "Keynesian, New Keynesian, and New Classical Economics," NBER Working Papers 2160, National Bureau of Economic Research, Inc.
    2. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
    3. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    4. van Ees, Hans & Kuper, Gerard H & Sterken, Elmer, 1997. "Investment, Finance and the Business Cycle: Evidence from the Dutch Manufacturing Sector," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 395-407, May.
    5. Stiglitz, Joseph E, 1988. "Money, Credit, and Business Fluctuations," The Economic Record, The Economic Society of Australia, vol. 64(187), pages 307-22, December.
    6. E. Thalassinos, 2007. "Trade Regionalization, Exchange Rate Policies and EU-US Economic Cooperation," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 111-118.
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    8. Bruce C. Greenwald & Joseph E. Stiglitz, 1988. "Examining Alternative Macroeconomic Theories," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 207-270.
    9. Chirinko, Robert S, 1993. "Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1875-1911, December.
    10. Stiglitz, Joseph E., 1992. "Capital markets and economic fluctuations in capitalist economies," European Economic Review, Elsevier, vol. 36(2-3), pages 269-306, April.
    11. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    12. Alan S. Blinder, 1985. "Credit Rationing and Effective Supply Failures," NBER Working Papers 1619, National Bureau of Economic Research, Inc.
    13. El. Thalassinos & Th. Kiriazidis, 2003. "Degrees Of Integration In International Portfolio Diversification: Effective Systemic Risk," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 119-130, January -.
    14. George Argitis, 2001. "Intra-capitalist Conflicts, Monetary Policy and Income Distribution," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 453-470.
    15. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-47, December.
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