International audienceThis article analyses the Keynesian multiplier from a new perspective. Recent empirical studies emphasize that the multiplier is endogenous to the level of economic activity, increasing during recessions and declining in expansions. Here, we propose a plausible explanation for this established fact based on the procyclicality of capitalists' propensity to save. Then, using a standard Kaleckian model of growth and distribution, we perform some simple simulations showing that fiscal multipliers increase during turbulent times. Consequently, this argues against cutting public spending for economies in recession

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International audienceThis article has two objectives: to study the 1997 episode of hyperinflation in Bulgaria, and to compare and contrast this analysis with the post-Keynesian theoretical approach. This approach highlights the role of three components observed simultaneously in order to understand the emergence of hyperinflation: a virulent distributive conflict; the presence of indexing mechanisms; and finally, flight from domestic currency into one or more foreign currencies. The article reveals that a transitional economy like that of Bulgaria in the 1990s may generate hyperinflation in the absence of any violent distribution conflict: the transition and the banking crisis engender inflation. The foreign exchange rate is decisive in the emergence of hyperinflationary dynamics (and therefore mistrust of domestic currency). This interpretation of hyperinflation is confirmed by an econometric analysis

Une version préliminaire de cet article a été discutée à l'occasion de la 6 e conférence internationale du CEMF organisée à l'université de Bourgogne en décembre 2012. Je remercie tout particulièrement A. Asensio, S. Charles et J.-F. Ponsot pour leurs remarques et suggestions effectuées alors. Je remercie aussi M. Houssiaux ainsi que les deux rapporteurs anonymes pour leurs lectures attentives. Bien sûr, je demeure seul responsable des insuffisances de cet article. Hyperinflation argentine de 1989 : une interprétation post-keynésienne Revue de la régulation, 15 | 1er semestre / Spring 2014 10 La réalisation d'un tel cercle vicieux est identifiée par Robinson (1966, p. 74) lors de l'hyperinflation allemande : « Each rise in wages, therefore, precipitated a further fall in the exchange rate, and each fall in the exchange rate called forth a further rise in wages. » 11 Dans cet article, nous souhaitons adopter mais aussi développer cette approche théorique, puis tenter d'observer si celle-ci fournit un éclairage intéressant concernant Hyperinflation argentine de 1989 : une interprétation post-keynésienne Revue de la régulation, 15 | 1er semestre / Spring 2014

We use the Annual Macroeconomic database of the European Commission (AMECO) to confirm that textbook multipliers are nearly always greater than one and that they increase during recessions. Propensity to import falls in recessions through the combined effects of the amplified fall in investment and the high import content of investment. A change in saving behavior may also raise the multiplier. These findings strongly support the need for countercyclical fiscal policies during recessions.

This short note has one main ambition. It seeks to provide students with a very simple macroeconomic framework to deal with the short-term economic impact of the COVID-19 pandemic. The explanation for the unprecedented magnitude of the recession over a short span of time is to be found in the peculiar form of the shock due to the various lockdowns. Indeed, the 2020 crisis is specific in that it involved two recessive shocks simultaneously: a demand shock superimposed on a supply shock. This model is original in that although it is driven by demand it is capable of dealing with supply issues without entailing any additional technical difficulties.

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The article shows that budgetary policy in France since the 1970s cannot be characterized as Keynesian. To prove this, two rules of behaviour compatible with Keynesian teaching are proposed and then compared with changes in budgetary balances and with a battery of stylized facts. The article calls for a fiscal stimulus allowing production capacities to be fully used for the first rule, or the return to full employment for the second. The article also points to potential ways of showing that the objective of full employment is not incompatible with the ecological transition and can be more easily reachable with a reduction in work hours.