Carl Chiarella, Peter Flaschel, Willi Semmler

Reconstructing Keynesian Macroeconomics Volume 2

Integrated Approaches

• Broschiertes Buch

Produktbeschreibung

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. In this second volume the authors present 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. The authors employ rigorous dynamic macro-models of a descriptive and applicable nature, which will be of interest to all macroeconomists who use formal model-building in their investigations. The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume. Reconstructing Keynesian Macroeconomics will be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. This book will also engage central bankers and macroeconomic policy makers.

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Produktdetails

• Verlag: Routledge
• Seitenzahl: 512
• Erscheinungstermin: 22. Mai 2015
• Englisch
• Abmessung: 234mm x 156mm x 27mm
• Gewicht: 769g
• ISBN-13: 9781138901339
• ISBN-10: 1138901334
• Artikelnr.: 41852801

Autorenporträt

Carl Chiarella is Professor of Quantitative Finance at the University of Technology, Sydney, Australia. Peter Flaschel is Professor of Economics at Bielefeld University, Germany. Willi Semmler is Professor of Economics at The New School for Social Research, New York, USA.

Inhaltsangabe

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