A Neo-Keynesian Theory of Inflation and Economic Growth

ISBN-13: 9783540069645 / Angielski / Miękka / 1974 / 98 str.

Shozaburo Fujino

Opis

'lhe PUIllooes of this study are to investigate processes of cyclical fluctuations, inflation and economic g:t'Oo'lth, and conComitantly, to relate the short-run analysis to the long-run analysis of the econaTY as far as feasible under the confines of this investigation. First of all, we shall present a theory of investnent in Chapter 1. We shall make evident defects included in the neo-classical theory of investnent, founded in particular by I. Fisher and a variant of which is the Keynesian version, by taking into account recent studies of investnent and by formulating a new theory of investnent. Its incorporatim into our dynamic analyses is one of the reasons why the theory developed in this study is referred to as Neo- Keynesian. Brlefly, the theory is characterlzed by firm investnent being a function of the firm's expected stock of money, the expected marginal productivi- ty of capital, and the expected rate of inflation (or the firm's subjective rate of real interest) .

Spis treści

General Introduction.- 1 A Theory of Investment.- 1. 1 Problems in the Neo-classical Theory of Investment.- 1. 2 Firm’s Investment Function and Its Demand for Money Function.- 2 Basic Relations of a Neo-Keynesian Theory.- 2. 1 Towards A Neo-Keynesian Theory.- 2. 2 Basic Relationships of A Neo-Keynesian Theory.- 3 A Neo-Keynesian Theory of Growth Cycle.- 3. 1 A Model of Growth Cycle.- 3. 2 Technical Progress, Innovation and Growth Cycles.- 3. 3 Change in Money Supply and the Growth Cycle.- 3. 4 Growth Cycles and Movements of the Rate of Interest.- 4 A Neo-Keynesian Theory of Inflation.- 4. 1 On a Dynamic Analysis of Inflation.- 4. 2 Model of Employment Inflation.- 4. 3 Steady State Employment Inflation.- 4. 4 Stability of the First Phase (Case with ? > 0).- 4. 5 Stability of the First Phase where ? = 0 and Second Phase.- 4. 6 Employment Inflation and Economic Policy..- 5 A Neo-Keynesian Theory of Monetary Growth.- 5. 1 Problems.- 5. 2 Model.- 5. 3 Steady State Economic Growth.- 5. 4 Stability.- 5. 5 Implications of Steady State.