Overview

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. The second volume offers 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.

Full Product Details

Author:   Carl Chiarella (University of Technology, Sydney, Australia) ,  Peter Flaschel (Bielefeld University, Germany) ,  Willi Semmler (New School University, USA)
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Volume:   162
Dimensions:   Width: 15.60cm , Height: 3.40cm , Length: 23.40cm
Weight:   1.110kg
ISBN:  

9780415668576

ISBN 10:   0415668573
Pages:   512
Publication Date:   18 December 2012
Audience:   College/higher education ,  Postgraduate, Research & Scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

"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"

Reviews

These three are nothing short of a triumph. The authors have done what many economists have failed to do: offer a critical analysis of mainstream macro building and offer their own, thought-provoking and original ideas. These three books will appeal to all graduate students and academics alike who are looking for strong technical analysis rooted in a deep understanding of macroeconomic theory. Louis-Philippe Rochon Associate Professor, Laurentian University Director, International Economic Policy Institute

Author Information

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

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