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Market constellations and macroeconomic policy-making: institutional impacts on economic performance

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  • Heise, Arne

Abstract

Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium but claims the existence of multiple equilibrium positions. In this article, such a multiple of equilibrium positions is explained by different market constellations which are characterised by different sets of institutions. political and cultural factors and historical circumstance in general and can be formed by collective bargaining systems and Central Banking designs as well as implicit or explicit mechanisms of coordination between key macroeconomic policy areas in particular. A market participation theory of economic policy based on market constellations may help to bridge the gap between nomocratic policy denial and teleocratic policy euphoria.

Suggested Citation

  • Heise, Arne, 2005. "Market constellations and macroeconomic policy-making: institutional impacts on economic performance," Working Papers on Economic Governance 18, University of Hamburg, Department of Socioeconomics.
  • Handle: RePEc:zbw:uhhafs:18
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    Cited by:

    1. Arne Heise, 2007. "Institutions, market constellations and growth: The case of South Africa," Annals of Economics and Finance, Society for AEF, vol. 8(2), pages 313-340, November.
    2. Pusch, Toralf & Heise, Arne, 2008. "Central Banks, Trade Unions and Reputation – Is there Room for an Expansionist Manoeuvre in the European Union?," MPRA Paper 19719, University Library of Munich, Germany.

    More about this item

    Keywords

    Market constellations; Central Bank Independence; Collective Bargaining system;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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