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OverviewThis book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them. Full Product DetailsAuthor: Masayuki OtakiPublisher: Springer Verlag, Japan Imprint: Springer Verlag, Japan Edition: Softcover reprint of the original 1st ed. 2015 Volume: 7 Dimensions: Width: 15.50cm , Height: 1.20cm , Length: 23.50cm Weight: 0.454kg ISBN: 9784431563914ISBN 10: 4431563911 Pages: 207 Publication Date: 09 October 2016 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Table of ContentsReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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