The return to keynesianism in overcoming cyclical fluctuations?

Prascevic, Aleksandra

doi:10.2298/eka0877030p

Cited by 2 publications

(1 citation statement)

References 7 publications

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“…On the other hand, it can be said, that fluctuations of modern economic cycles are less intensive and shorter, as compared to those that took place up to 1980s, especially before World War II. According to the studies in cyclical fluctuations, the economic development in developed countries is significantly longer than contraction (Prascevic, 2008). These changes may be explained by macroeconomic policy changes after the war.…”

Section: Analysis Of Unemployment Indicators and Economic Cyclesmentioning

confidence: 99%

Dependence between Labour Market and Economic Cycles

Mikalauskienė

Čiegis

Nakciunaitė³

2013

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The article discusses theoretical and practical aspects of labour market and economic cycles. According to the collected theoretical and practical data, the analysis of the concepts of labour market, economic cycles is carried out, and the assessment of dependence between the labour market and economic cycles in the EU countries is done in this paper. The main problem of this article is that so far labour market and economic cycles are being analyzed as separate subjects, without emphasizing common points, and the links between indicators reflecting economy's cyclicity and indicators of unemployment are not found. This paper aims to explore the dependence between labour market and economic cycles, as well as to do the research of the EU labour market indicators operating in economic cycles. According to the created test model of economic cycles and unemployment rate dependence analysis the change of the EU labour market indicators in economic cycles was examined. The aim was to investigate the level of indicators' contra cyclicity from different aspects.The theory of economic cycles and labour market theory, as well as the theory of unemployment can be linked and viewed as closely related systems of indicators. Therefore, the analysis of the indicators of these separate spheres is necessary in order to balance the labour market and at the same time economy in changing economic cycles. Thus it is important to investigate the dependence of indicators and their possible values. In order to investigate the dependence between unemployment rate and GDP, the quantitative research method was usedcorrelation regression analysis based on the EUROSTAT data. Correlation coefficients were used during the analysis of the dependence between the unemployment and economic cycles.

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Section: Analysis Of Unemployment Indicators and Economic Cyclesmentioning

confidence: 99%

Dependence between Labour Market and Economic Cycles

Mikalauskienė

Čiegis

Nakciunaitė³

2013

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The global economic recession and the change in the macroeconomic paradigm

Mihajlovic¹,

Živković²

2011

PIEB

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All countries have felt the impact of the recession, the phase characteristic of negative effects such as slower economic growths (stagnation), high inflation rates and high unemployment rates. The economic crisis that has befallen even the most developed economies of the world is often compared to the crisis that happened in the 1930s, along with the attempts to pin down its causes in order to find the economic policy for its overcoming. Economic policy creators and policy decision-makers have to solve the question of how the crisis is to be overcome. Economic measures that should lead to overcoming the negative economic trends are primarily directed at encouraging aggregate supply, that is, a macroeconomic theory known as Keynesian economics based on the ideas of 30th century British economist John Maynard Keynes that he published during the Depression. Up to this day economies have not faced such a downfall as happened during this crisis, since the crisis brought about not only changes in the economic theory and the end of the so-called classic economic theories, but it also made way for a new scientific discipline based on Keynesian theory. There were changes in economic policies and an active policy of managing aggregate supply was introduced. Aggregate supply was based on monetary and fiscal expansion, that is, the world monetary and financial system. It is expected today that the crisis we are now facing will lead to the change in the dominant macroeconomic paradigm as well as to the creation of a new financial system which will be more transparent and regular.

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The return to keynesianism in overcoming cyclical fluctuations?

Cited by 2 publications

References 7 publications

Dependence between Labour Market and Economic Cycles

Dependence between Labour Market and Economic Cycles

The global economic recession and the change in the macroeconomic paradigm

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