The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework...
The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian t...
Carl Chiarella, Hing Hung, Peter Flaschel, Willi Semmler
In this book the authors investigate, from the numerical perspective, the 18D core dynamics of a theoretical 39D representation of an applied Keynesian disequilibrium model of monetary growth of a small open economy.
In this book the authors investigate, from the numerical perspective, the 18D core dynamics of a theoretical 39D representation of an applied Keynesia...
This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be...
This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the...
The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question the achievements of mainstream economics and its disregard of Keynes's theory of effective demand and finance. In view of this, Peter Flaschel and Sigrid Luchtenberg consider roads to a type of capitalism that could eventually be considered as 'social' in nature. The authors underpin their study with theory, empirical evidence, and policy from a positive as well as a normative perspective. As points of departure for their concept of social...
The current crises in the financialization of capitalism, and their repercussions on the financial viability of entire countries, severely question th...
The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws...
The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theo...
This book represents the first 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. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of...
This book represents the first of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed inve...
This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach and emphasizes the issue of stock-flow consistency.
This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach...
The 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, build a rich and empirically meaningful social science. This never happened. By reconsidering the classical-Marxian tradition using modern tools of economic analysis, this book offers an alternative to the mainstream understanding of notions of value, price, and competition, concepts which serve as the foundation for a theoretically and empirically robust economic theory. Providing a unique synthesis of modern input-output analysis and...
The 2008 financial crisis presented the opportunity to overturn and rethink much of the stale or misguided parts of economic theory and, in so doing, ...
Carl Chiarella, Peter Flaschel, Reiner Franke, Ricardo Araujo, Matthieu Charpe, Christian R. Proaño, Andreas Szczutkowsk
Synthesising Marx's, Keynes's and Schumpeter's theories on wage-price dynamics, effective demand, real innovations and financial markets into a coherent whole, this book goes significantly beyond a consideration of their work in isolation. It focuses on exploring and analysing Goodwin's integrated Marx-Keynes-Schumpeter system (MKS), approaching this from a historical perspective. Chapters start from Harrod's and Kaldor's work, reconsidering prominent demand- and supply-side approaches to Keynesian macrodynamics, supplemented by Goodwin's distributive cycle. The book presents a baseline...
Synthesising Marx's, Keynes's and Schumpeter's theories on wage-price dynamics, effective demand, real innovations and financial markets into a cohere...
