Keynes as a First Behavioural Economist: A Predecessor to Attribute Substitution Model of Heuristic Judgment?

The present article demonstrates that Keynes’s analysis of inferential judgment and assimilation that was inherent in his theory of fundamental uncertainty is consistent with and historically a predecessor of attribute-substitution accounts of models of heuristic judgment, which are used in modern behavioral economics. This conclusion is important because it associates Keynes’s theory of fundamental uncertainty with contemporary psychology, it explains key ideas of the former in terms of cognitive psychology, and it strengthens the importance of Keynesian psychological concerns for the development of contemporary behavioral economics.

Portfolio Allocation, Liquidity-Preference and the q Ratio: A Reassessment of the Contributions of Tobin and Kahn

This paper compares the implications of Tobin's q theory and Kahn's Post-Keynesian monetary analysis for monetary policy formulation. In recent years, monetary policy formation has taken account of expected market evaluations of equity as well as the effect of long-term government bonds. These evaluations are suggestive of Tobin's q theory as well as Kahn's monetary theory.

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Liquidity preference in a portfolio framework and the monetary theory of Kahn

This paper examines the relation between variations in the propensity towards liquidity preference, price-adjustment and shifts in portfolio allocation by expanding Kahn's idea of marginal equilibrium under strong uncertainty in financial markets and contributes to recent post-Keynesian attempts to develop a liquidity preference theory of asset prices by providing an analysis of the price-adjustment mechanism.

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A Keynes Moment: The Role of Behavioural Expectations in the Global Financial Collapse

This paper presents an analysis of the international financial crisis of 2007-2009 and demonstrates that behavioural (non-rational) expectations were all pervasive during the housing and the financial cycle.It concludes that this behavioural explanation is distinct from accounts of market fundamentalism, which tend to emphasize only forces such as financial regulation, financialization and monetary policy.

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The formation of conventional expectations in Keynesian fundamental uncertainty

This article develops an analysis of the conventional formation of expectations by means of introducing an overlooked factor in the analysis: the role of inference. Individual inferences and changes in evidential weight of beliefs and in the state of confidence are integrated with an analysis of the conventional character of expectations in a manner that is consistent with evidence provided by research in social psychology.

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The Role of Liquidity in Keynes’s Monetary Theory of Interest and Production

Cet article présente un modèle qui montre l'interdépendance des variables réelles et monétaires dans la théorie keynésienne et, dans le cadre du modèle IS-LM, l'interdépendance de IS et de LM, à travers l'idée de Kahn d'un ajustement par les prix des actifs sur les marchés financiers, ce qui peut être attribué aux modifications de la propension vers la liquidité.

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Liquidity-Preference, Expected Profitability and Investment

Pendulum shifts in the demand for investment have been consistent with Minskian models because of an institutional tendency towards increasing leverage-ratios when profits increase. The same result is attained through a different route, which was implicit in Keynes’s analysis of liquidity preference. Within this analysis, changes in the state of confidence of investors cause variations in liquidity preference.

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