http://hdl.handle.net/10453/35364 2026-04-10T07:20:33Z http://hdl.handle.net/10453/184846 Title: Introduction to the Symposium: Does Ethics Have a Place in Economics Education? Authors: Docherty, P; O’Donnell, R 2024-07-05T00:00:00Z http://hdl.handle.net/10453/184845 Title: The different roles of liquidity and capital in preventing financial crises: insights from a Post-Keynesian model Authors: Docherty, P Abstract: This paper extends the Post-Keynesian analysis of bank regulation by using a small-scale macro model with banking to examine the operation of macroprudential regulation for the prevention of financial crises. Macroprudential regulation operates in this model by affecting bank funding costs, the pricing of bank loans, demand for assets, and asset price inflation. Because this type of regulation targets asset bubbles directly, it constitutes a better instrument than monetary policy for addressing the build-up of systemic risk without the negative consequences that higher interest rates have for income distribution. It is shown that capital requirements are an effective instrument of such macroprudential policy but that tighter liquidity requirements work in the wrong direction. It is argued, however, that liquidity has an important defensive role to play in prudential regulation by reducing the likelihood of depositor withdrawals when bubbles burst or some other shock reduces the value of bank loans. 2024-05-01T00:00:00Z http://hdl.handle.net/10453/184844 Title: A Short Period Sraffa-Keynes Model for the Evaluation of Monetary Policy Authors: Docherty, P Abstract: This paper develops a short period, one sector, Sraffa-Keynes model that can be used for the evaluation of various recommendations outlined in the Post Keynesian monetary policy literature. The model is characterised by the principle of effective demand, Sraffa or target-return pricing (which integrates the determination of key distributive variables and allows for short run cyclical variation in prices), conflict inflation, endogenous money and a basic approach to monetary policy in the Smithin–Wray tradition of fixing the policy rate to achieve low or specified rates of unemployment. The model is calibrated to the Australian economy and subjected to two standard macroeconomic shocks, a demand shock and a cost shock. After each shock, the economy returns to long period equilibrium characterised by the achievement of the target rate of return, desired capacity utilisation and Sraffian prices of production. Active monetary policy that targets employment, reduces the depth and duration of recessions in this model compared to a ‘park-it’ approach but at the cost of increased volatility in income distribution. Flexible prices (where firms respond to the additional costs of running the capital stock at other than full capacity) are shown to have similar effects to monetary policy. 2024-01-01T00:00:00Z http://hdl.handle.net/10453/184626 Title: Behavioural Economics and Housing Authors: Baddeley, M Editors: Gibb, K; Leishman, C; Marsh, A; Meen, G; Ong Viforj, R; Watkins, C Abstract: This volume is structured in four main parts. It starts with eight chapters in microeconomics and housing. This is followed by two shorter sections on macroeconomics and finance. 2024-02-29T00:00:00Z