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Ramsden Room, St Catharine's College
About
Date: Wednesday 8 March 2017
Time: 18:00 -19:30
Speaker: Jonathan Perraton
Talk Title: '‘Expansionary Fiscal Policy – Open Economy Issues’
Location: Ramsden Room, St Catharine's College
The next St Catharine's Political Economy Seminar in the series on the Economics of Austerity, will be held on 08 March, 2017 - Jonathan Perraton will give a talk on ‘Expansionary Fiscal Policy – Open Economy Issues'. The seminar will be held in the Ramsden Room at St Catharine's College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Judge Business School.
Speaker:
Jonathan Perraton is Senior Lecturer in Economics at the University of Sheffield and an Associate Fellow of the Sheffield Political Economy Research Institute. He has published on economic globalisation, balance of payments constrained growth, political economy and economic methodology. He is a past coordinator of the Post-Keynesian Economics Study Group.
Talk Overview:
Much of the recent discussion of expansionary fiscal policy has abstracted from open economy issues. The degree of openness of an economy would be expected to affect the multiplier; further, the size, composition and financing of any expansionary package would be expected to affect the real exchange rate. Some studies have indicated particular responses here from public infrastructure investment. The response of interest rates determined in global markets is crucial; this is related here to earlier economics and political economy work on the feasibility of Keynesian policies under globalisation. Some of this earlier work pointed to possible risk premium effects limiting the effectiveness of Keynesian policies. This work is revisited, drawing on evidence from before and since the Global Financial Crisis.
Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (m.kitson@jbs.cam.ac.uk) in the event of a query.