A timely work which represents a major reappraisal of business cycle theory. It revives, with the help of modern analytical techniques, an old theme of Keynesian macroeconomics, namely that market psychology (i.e., volatile expectations) may be a significant cause of economic fluctuations. It is of interest not only to economists, but also to mathematicians and physicists.
A timely work which represents a major reappraisal of business cycle theory. It revives, with the help of modern analytical techniques, an old theme o...
This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations...
This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - nam...
