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Oscar Dejuán Asenjo

Oscar Dejuán Asenjo
University of Castilla La Mancha - School of Economics and Business Albacete · Economics and Finance

PhD in Law, PhD in Economics

About

49
Publications
7,651
Reads
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332
Citations
Introduction
Full Professor of Economic Theory. My research interests are: (1) Growth and crisis including real issues (as employment) and financial issues (debt); (2) Energy and Environmental analysis through input-output techniques; (3) History of economic thought, in particular Sraffian economics and Post-Keynesian economics. (4) Ethics
Additional affiliations
January 1991 - present
University of Castilla - La Mancha, FCEE, Albacete, Spain
Position
  • Full Proffessor in Economcs
Description
  • Growth and crisis History of Economic Thought -Sraffian and Post-Keynesian economics Input-Output Economics Energy and Climate Change
January 1991 - present
University of Castilla-La Mancha
Position
  • Full Professor of Economics
Description
  • I have taught Microeconomics and Macroecomics at all level in Graduate and Postgraduate Studies

Publications

Publications (49)
Article
Full-text available
The tourism-led growth hypothesis (TLGH) has been the subject of hundreds of investigations. However, most of these investigations have limited themselves to empirically verify a dynamic relationship between tourism receipts and economic activity, leaving aside the theoretical background or the baseline economic growth model on which the TLGH could...
Article
This paper analyses the impacts of decarbonisation in three energy-intensive sectors/institutions (electricity generation, road transport, and household consumption) on four economic and environmental variables (value added, employment, energy consumption, and emissions). In our basic scenario, the EU is supposed to complete the decarbonisation of...
Article
Full-text available
We investigate the potential of European-wide Keynesian policies as an alternative to the current neoliberal response to trade imbalances. In particular, we examine the implications for balancing trade of an uncoordinated fiscal policy expansion, and whether coordinated reflationary measures in core Eurozone countries could promote balanced trade a...
Article
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This paper develops a predator–prey model to explain cycles in credit-led economies. The predator is the part of the financial sector that issues credit money for non-output transactions. It increases the indebtedness ratio and inflates bubbles that eventually have a negative impact on the real rate of growth (the prey). From this basis, we build a...
Article
Full-text available
This contribution provides a theoretical explanation of the accumulation process, which focuses on the presence of correlations between physical and financial investment, and how the latter could affect the former. It also accounts for the influence of the cost of external finance and the impact of financial uncertainty as proxied by the interest r...
Article
Post Keynesian models consider growth to be demand-led – a logical consequence of Keynes's principle of effective demand. After Harrod's seminal paper in 193923. Harrod, R. F. 1939. An essay in dynamic theory. Economic journal, 49, 14–33.View all references they try to unearth the hidden variables that might allow the adaptation of the warranted ra...
Article
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This paper builds a dynamic input-output model able to forecast energy demand in Spain in different economic and legislative scenarios. Its main features are: (1) As an input-output model embedded in a social accounting matrix it takes into account the structure of the economy and the relations between sectors (industries) and institutions (househo...
Article
The European Central Bank�s balance sheet has expanded notably, without banks granting more credit, and the overnight interest rate has stayed close to the deposit facility level for long periods of time since the onset of the financial crisis. This appears to go against the logic implicit in the post- Keynesian Horizontalist approach to monetary m...
Chapter
Full-text available
The financial crash of 2007–2008 brought about the biggest economic recession since 1929. Can we expect a lost decade in terms of output and employment? Or, even worse, several lost decades like in Japan, where a similar crisis erupted in 1991 and has not yet been overcome? From the post-Keynesian and Schumpeterian standpoint on which this chapter...
Article
This paper develops an extended input–output model for the estimation of energy demand and related issues. It is built on the last Spanish Symmetric Input–Output Table (IOT, 2005). It has been tested for the period 2005–2008 and used for forecasting energy demand for the years 2009–2012 under different economic scenarios. The model shares some trai...
Chapter
Full-text available
The Keynesian principle of effective demand states that the equilibrium level of output in a given period is a multiple of the expected autonomous demand (Kalecki, 1971; Keynes, 1936). Can we extrapolate this principle to a long-run dynamic analysis and conclude that the rate of growth of output will eventually depend on the expected rate of growth...
Book
Interpretations and remedies to the Great Financial crisis, from a Post-Keynesian standpoint.
Article
This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the presence of correlations between physical and financial investment, and how the latter could affect the former. In order to achieve this objective,...
Article
In 2008, Spain exceeded by 20.9% the CO2 emissions allowed by the Kyoto Protocol for 2012. The financial and economic crisis has transformed these figures: as production fell so did energy demand and with it CO2 emissions. Will the Spanish economic crisis allow Spain to fulfill its commitments? With this in mind, we have developed an extended input...
Article
Full-text available
In this paper we derive a theoretical macro accumulation function, which relies on the accelerator principle and is complemented by utilizing capacity and profits. This investigation also accounts for several sources and kinds of uncertainty: exchange rates for financial uncertainty, oil prices for political uncertainty and interest rates for stock...
Article
Full-text available
The Spanish economy experienced a period of substantial prosperity from 1997 to mid 2007, driven by household spending on residential investment and durable consumer goods, funded out of bank debt. However, this pattern of growth was unsustainable: any given rate of growth of output required growing household indebtedness, because of rising house p...
Book
The 2008-10 financial crisis and the global recession it created is a complex phenomenon that warrants detailed examination. The various essays in this book utilise several alternative paradigms to provide a plausible explanation and a credible cure. Great detail is given to this important analysis from different theoretical perspectives, presentin...
Article
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The First Great Recession of the 21st Century, fascinating, insightful and thought-provoking, will prove a challenging read for academics, students and researchers in the fields of economics, money, finance and banking, and the history of economics. It will also prove invaluable for economic policymakers at all levels. © Óscar Dejuán, Eladio Febrer...
Article
This paper develops an econometric model for the five most important crude oil products demand in Spain. The aim is the estimation of a range of elasticities of such demands that would serve as the basis for an applied general equilibrium model used for forecasting energy demand in a broader framework. The main distinctive features of the system wi...
Article
Full-text available
The analysis of the "natural rate of interest" fills one of the most important and controversial chapters in the history of economic thought. It continues to be a highly topical subject in modern macroeconomics because it is the keystone of the new monetary policy. On classical and Post Keynesian grounds, this paper considers that the "money" rate...
Article
Full-text available
In the analysis of 'justice' in market exchanges, the scholastic doctors made some contributions to the theories of prices and money. But probably the most important (and neglected) contribution lies in the domain of anthropology, i.e. in the explanation of human nature and human behaviour. In this paper the authors are going to work out two schola...
Article
Full-text available
Following Odd Langholm certain ideas of Lugo presents this scholar as an author in transition between scholastic and natural law philosophers paradigms. The key point is the depersonalization or the objectivization of the economy characterized by the disappearance of the interpersonal economic relations and the necessity as a condition of the will...
Article
Full-text available
According to the principle of effective demand, the equilibrium level of aggregate output is a multiple of the expected autonomous demand for the period under consideration. Aggregate demand matches aggregate supply in equilibrium, but the equilibrium may and usually does lie below the output corresponding to full capacity and full employment. Howe...
Article
This paper analyzes the interaction between the real sector of the economy (witnessed by the rate of growth) and the financial sector (witnessed by the rate of interest). We apply the prey-predator model proposed in 1926 by the natural scientists Lotka and Volterra, and applied to Economics for the first time by Goodwin in 1967. Contrary to convent...
Article
Full-text available
En este artículo se examina la interacción entre el sector real de la economía (representado por la tasa de crecimiento) y el sector financiero (representado por la tasa de interés). Se utiliza el modelo depredador-presa propuesto en 1926 por los científicos naturales Lotka y Volterra, y aplicado por primera vez al ámbito económico por Goodwin en 1...
Article
Full-text available
En este trabajo se examina la interacción entre el sector real de la economía (representado por la tasa de crecimiento) y el sector financiero (representado por la tasa de interés). Se utiliza el modelo depredador-presa propuesto en 1926 por los científicos naturales Lotka y Volterra, que fue aplicado por primera vez al ámbito económico por Goodwin...
Article
Full-text available
There are many ways to measure productivity. The choice will depend on the suitability of each index to the main purpose the researcher has in mind. Whenever we are interested in 'competitiveness', the proper measure will be the inverse of the total labour embodied in one unit of final product; or, what amounts to the same, the labour employed in t...
Article
Full-text available
The flexibility of relative prices stands out as one of the major contributions of Applied General Equilibrium Models (AGE) over the traditional analysis derived from input-output tables (IOT) and social accounting matrices (SAM). But are the price functions coherent with the competitive equilibrium they are supposed to describe? Even if we assume...
Article
Full-text available
The paper develops an applied general equilibrium (AGE) model, that is rooted in classical, Keynesian and Schumpeterian traditions. (Thus the acronym "CLA-KE- SCH"). The "social accounting matrix" implicit in our AGE model, reminds the Classical universe with different social groups each one characterized by an expenditure pattern. From Classical p...
Article
For those who find a downward-sloping de mand curve for labor acceptable, it seems obvious that a decrease in the real wage may bring the economy to full employment. But what is the rationale behind such a neoclassical hypothesis? If one takes s eriously the idea that labor demand is a "derived de mand", a stable and negative relationship between w...
Article
Full-text available
Resumen En este trabajo se utiliza un modelo de equilibrio general aplicado para analizar el impacto que tiene el sector de la construcción sobre el medioambiente. Para ello, se define una medida de responsabilidad medioambiental que incluye las emisiones de CO 2 vinculadas a la combustión de productos energéticos necesarios para la producción de l...
Article
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3-5 febrero 2000. RESUMEN Aclarar la relación entre el circuito económico real y el circuito económico financiero, tal fue la preocupación prioritaria de J.M. Keynes y la que dio unidad a toda su obra científica. En el esquema de la "Teoría general de la ocupación, el interés y el dinero", el tipo de interés figura como el nexo de unión entre ambos...
Article
Full-text available
En España, durante los años 1980-2000, el progreso técnico ha incidido sobre el empleo en un doble sentido. Por un lado, los incrementos de la productividad del trabajo han supuesto un ahorro importante de puestos de trabajo. Por otro lado, este cambio técnico ha sido sesgado, favoreciendo la categoría de «profesionales y técnicos ». Las ocupacione...
Article
Full-text available
La economía española disfrutó de una considerable «prosperidad» durante el período 1997-2007, basada en una demanda creciente de inversión residencial y consumo por parte de las familias, financiada con deuda bancaria. Pero dicho patrón de crecimiento era insostenible: la elevación de los precios de las viviendas requería un endeudamiento creciente...

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Projects

Projects (8)
Project
In the recent Paris Agreement on Climate Change reached in December 2015, the international community agreed on the target of limiting the global temperature increase to 2- 1.5 degrees Celsius. This target was set taking into consideration the national proposed objectives, which on their own are not enough to get the global target. Consequently, it is necessary to set in motion newer and far-reaching policy measures. Furthermore, both the question of which criterion should be taking into account to distribute the environmental responsibilities and, on the other hand, the role played by the global value chains and international trade in such responsibility are issues which remained to be answered. The allocation of responsibilities country by country raises doubts about its efficacy as well as fairness; on the other hand, the shift to consumer responsibility criterion is also not free of problems, which would explain why it has only been used as a subsidiary alternative in some mitigation policies. All of them lead to consider that the use of different criteria could be the best way to provide both a more accurate image of reality and a range of possibilities and impacts of what will be the outcomes of potential global and national mitigation policies. The present research project tries to contribute to the design of more suitable policies intended to widen the spectrum of action in quantitative terms -quantity of emissions covered- as well as in qualitative ones -range of agents involved- focusing, in addition, on the two scopes of applications which have proved to be key in achieving more sustainable and decarbonized economies: by analysing the patterns of production and consumption and by defining, on this basis, a new criterion to allocate the responsibility on emissions. The disruptive character of this project lies on the attention paid to Multinational companies (MNs) by developing a ground-breaking input-output multiregional model which takes into account the role played by MNs; this model will allow us to estimate the carbon footprint of MNs as well as blueprint a new criterion to allocate emissions based on ownership control. Thus, it will be possible to widen the range of agents responsible for emissions and, on this basis, to assess how the decisions made by the owners of the MNs can mitigate the climate change, including the global value chains. These results will allow us to evaluate the scope of the MNs, first, as transnational vehicles of mitigation, second, as a starting point to negotiate bi or multilateral agreements and, finally, as a mechanism to get a greener administration. The changes on production patterns cannot resolve by themselves the increase in emissions; therefore, other policies which focus on consumers’ lifestyle are necessary to mitigate the climate change. Moreover, changes in the production processes will be deeper and lasting if they are connected with changes in consumers’ patterns. In the scientific framework of anthropogenic footprints, the agents who are responsible for the climate change are those who make consumption decisions. This project, also, intends to look into some social and economic tendencies which shape the household consumption patterns: healthier diets, consumption of proximity products versus seasonal products, increase in inequality and the ageing of population.