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on Post Keynesian Economics |
| By: | Wilkinson, John |
| Abstract: | New economic sociology (NES) in Germany has many similarities with economic sociology in the United States in its conscious efforts to institutionalize its presence within the broader sociology community, its promotion of a canon via handbooks, and its focus on the sociology of markets. At the same time, it differs in its stronger connections to the German classics, the greater vitality of a macrosociological tradition in Germany, the prior existence of a "bridging" generation of economic sociologists, and its later consolidation in a period of neo-liberal globalization, all of which have given NES in the German-speaking world a distinctive character. In addition, it has been influenced by successive waves of French economic sociology - Bourdieu, convention, and actor-network theory - and its bilingual academic tradition has ensured its integration into English-speaking NES. In its contribution to the sociology of markets, the fact that NES emerged later in Germany than in the US led to a greater concern with quality markets rather than commodity markets, and a concomitantly greater attention to issues of value and price. These latter themes, in their turn, establish a continuity with German economic sociology's enduring concern with understanding the role of money. Not surprisingly, therefore, German NES is now making key contributions to discussions on the sociology of money and is increasingly situating its analysis within the broader dynamic of capitalism and current processes of financialization. |
| Keywords: | German economic sociology,Max Planck Institute for the Study of Societies and economic sociology,new economic sociology,deutsche Wirtschaftssoziologie,Max-Planck-Institut für Gesellschaftsforschung und Wirtschaftssoziologie,Neue Wirtschaftssoziologie |
| Date: | 2019 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:mpifgd:193&r=all |
| By: | Michael M. Batty; Jesse Bricker; Joseph S. Briggs; Elizabeth Ball Holmquist; Susan Hume McIntosh; Kevin B. Moore; Eric Nielsen; Sarah Reber; Molly Shatto; Kamila Sommer; Tom Sweeney; Alice M. Henriques |
| Abstract: | This paper describes the construction of the Distributional Financial Accounts (DFAs), a new dataset containing quarterly estimates of the distribution of U.S. household wealth since 1989, and provides the first look at the resulting data. The DFAs build on two existing Federal Reserve Board statistical products --- quarterly aggregate measures of household wealth from the Financial Accounts of the United States and triennial wealth distribution measures from the Survey of Consumer Finances --- to incorporate distributional information into a national accounting framework. The DFAs complement other existing sources of data on the wealth distribution by using a more comprehensive measure of household wealth and by providing quarterly data on a timely basis. We encourage policymakers, researchers, and other interested parties to use the DFAs to help understand issues related to the distribution of U.S. household wealth. |
| Keywords: | Economic data ; Economic measurement ; Household economics ; Inequality ; National accounts ; Wealth distribution ; Wealth dynamics |
| JEL: | N3 E01 H5 H31 |
| Date: | 2019–03–22 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2019-17&r=all |
| By: | Clancy, Daragh; Martin, Alberto; Broner, Fernando; Erce, Aitor |
| Abstract: | This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out effects if the resources used to acquire public debt reduce domestic consumption and investment. These crowding-out effects are likely to be weaker when governments have access to foreign markets to place their debt, increasing the size of multipliers. We test this hypothesis on (i) post-war US data and (ii) data for a panel of 17 advanced economies from the 1980's to the present. To do so, we assemble a novel database of public debt holdings by domestic and foreign creditors for a large set of advanced economies. We combine this data with standard measures of fiscal policy shocks and show that, indeed, the size of fiscal multipliers is increasing in the share of public debt held by foreigners. In particular, the fiscal multiplier is smaller than one when the foreign share is low, such as in the U.S. in the 1950's and 1960's and Japan today, and larger than one when the foreign share is high, such as in the U.S. and Ireland today. JEL Classification: E62, F32, F34, F36, F41, F62, F65, G15, H63 |
| Keywords: | fiscal multiplier, foreign holdings of public debt, sovereign debt |
| Date: | 2019–03 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20192255&r=all |