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2018, vol. 65, iss. 1, pp. 1-20
Keynesian macroeconomic policy: Theoretical analysis and empirical evidence
aUniversity of Cambridge, Cambridge, UK + University of Basque Country, Vizcaja, Spain
bFederal University of Rio Grande do Sul, Porto Alegre, Brasil + National Council for Scientific and Technological Development, Brazilia, Brazil
cFederal University of ABC, Santo Andre, Brazil + National Council for Scientific and Technological Development, Brazilia, Brazil

emailpa267@cam.ac.uk, ferrari@ufrgs.br, fhbterra@gmail.com
Abstract
Investment depends on subjective factors, such as expectations, conventions, and confident animal spirits. In a context of economic instability and crises, economic policy is the main source to support entrepreneurs' expectations and investment. In this sense, macroeconomic policies are capable of affecting effective demand and building a good institutional environment, which is essential to keep the entrepreneurs' expectations confident and promote their animal spirits. Given these propositions, this contribution has two objectives. The first is to develop a Keynesian type of macroeconomic policy able to stimulate investment and effective demand, and, as a result, mitigate unemployment. The idea is to offer alternative macroeconomic policy prescriptions in relation to the New Consensus Macroeconomics one. This proposal aims to establish the role, according to the Post Keynesian view, the logic of operation of each policy, and the proper coordination among these Keynesian macroeconomic policies. The second objective is to present, briefly, relevant empirical evidence of the Post Keynesian macroeconomic policies.
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article language: English
document type: Original Scientific Paper
DOI: 10.2298/pan1801001A
published in SCIndeks: 19/07/2018
Creative Commons License 4.0