Reconstructing Keynesian Macroeconomics Volume 2: Integrated Approaches

ISBN-13: 9780415668576 / Angielski / Twarda / 2012 / 512 str.

Carl Chiarella; Peter Flaschel; Willi Semmler

Opis

This book represents the second of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction.

The second volume offers a detailed analysis and comparison of two competing types of approaches to Keynesian macroeconomics, one that integrates goods, labour and financial markets and another from the perspective of a conventional type of LM-analysis or interest-rate policy of the central bank.

Recenzje

"These three are nothing short of a triumph. The authors have done what many economists have failed to do: offer a critical analysis of mainstream macro building and offer their own, thought-provoking and original ideas. These three books will appeal to all graduate students and academics alike who are looking for strong technical analysis rooted in a deep understanding of macroeconomic theory." - Louis-Philippe Rochon, Laurentian University, Canada, and International Economic Policy Institute

Spis treści

Part I: Competing approaches to Keynesian macroeconomics 1. Representative households or principal-agent capitalism? 2. The two-class Pasinetti model from a neoclassical perspective 3. Expectations and the (un)importance of the real wage feedback channel Part II: Supply dynamics, demand-driven inflation and the distributive cycle 4. Viability and corridor stability in Keynesian supply driven growth 5. Wicksellian inflation pressure in Keynesian models of monetary growth 6. Interacting two-country business fluctuations Part III: The semistructural aggregate demand–aggregate supply model: theory and evidence 7. Distributive cycles, business fluctuations and the wage-led/profit-led debate 8. DAD–DAS: estimated convergence and the emergence of "complex dynamics" 9. International linkages in a Keynesian two-country model Part IV: The structural Keynes–Metzler–Goodwin model 10. Integrating macromodels of employment, price and inventory dynamics 11. Calibration of an unobservable inflation climate 12. A macroeconometric framework for the analysis of monetary policy Part V: Extensions 13. The dynamics of "natural" rates of growth and employment 14. High-order disequilibrium growth dynamics 15. AD–AS disequilibrium dynamics and endogenous growth Part VI: The road ahead: financial markets 16. Stabilizing an unstable economy and the choice of policy measures