Structuralist and Behavioral Macroeconomics

ISBN-13: 9781009367325 / Twarda / 2023

Amherst) Skott Peter (University of Massachusetts

Opis

Critiques macroeconomic theories and presents empirically based alternatives rooted in behavioral, Keynesian and institutionalist traditions.

Recenzje

'Structuralist and Behavioral Macroeconomics begins – as well it might – with a critique of the intertwined methodological shibboleths of modern macroeconomics: the omniscient representative agent and the 'solution' to the Lucas critique. What follows is a soup-to-nuts reconstruction of macroeconomic thinking that covers the familiar (Phillips curves, growth and cycles), the novel (power-biased technological change), and all points in between. Eschewing labels in favor of straightforward emphasis on good ideas, this book is a tour-de-force from one of the sharpest minds in contemporary macroeconomics.' Mark Setterfield, New School for Social Research

Spis treści

1. Introduction: the state of macroeconomics; 2. The Lucas critique and representative agents; 3. Household consumption and saving; 4. Saving in a corporate economy; 5. Phillips curves and the natural rate of unemployment; 6. Fairness, money illusion and path dependency; 7. Earnings inequality, power bias and mismatch; 8. Macroeconomic adjustment and Keynes' instability argument; 9. Growth and cycles; 10. Endogenous growth cycles with or without price flexibility; 11. Secular stagnation and functional finance; 12. Concluding comments: evidence-based macroeconomics and economic theory; Index.