Format:
1 online resource (435 pages)
Edition:
1st ed.
ISBN:
9780521643511
,
9780511153167
Content:
This book is in the tradition of non-market-clearing approaches to macrodynamic economics. It shows for the first time that macrodynamics can be developed and investigated in a systematic fashion, leading to coherent models of fluctuation growth. This differs considerably from the microfounded full equilibrium approaches which are currently fashionable
Note:
Cover -- Half-title -- Title -- Copyright -- Contents -- Figures -- Foreword -- Preface -- Acknowledgments -- Notation -- A Statically or dynamically endogenous variables -- B Parameters (all parameters represent positive scalars) -- C Mathematical notation -- General introduction -- 1 Traditional monetary growth dynamics -- 1.1 Introduction -- 1.2 Macro foundations of macroeconomics -- 1.2.1 A brief genesis of disequilibrium models of monetary growth -- The starting point -- The Keynes-Wicksell alternative -- The Keynesian AS-AD growth model -- Neo -Keynesian monetary growth analysis -- 1.2.2 Keynesian monetary growth dynamics: new steps in the hierarchical evolution of integrated macrodynamics -- Keynesian monetary growth analysis: the basic prototype -- Keynes-Metzler monetary growth theory -- Looking ahead -- 1.3 Basic Tobin models of monetary growth -- 1.4 Basic Keynes-Wicksell models of monetary growth -- 1.5 Basic AS-AD growth models -- 1.5.1 The so-called ''Classical" model and its dynamics -- 1.5.2 The so-called ''Keynesian" model and its dynamics -- 1.6 The modeling of expectations -- 1.6.1 A critique of the jump-variable technique -- 1.6.2 The empirical evidence -- 1.6.3 Heterogeneous expectations -- 1.7 A new integrated approach to Keynesian monetary growth -- 1.7.1 The basic Keynesian prototype model: IS-LM growth dynamics -- 1.7.2 T he Keynesian working model: Keynes-Metzler monetary growth dynamics -- 1.7.3 T he path ahead -- 1.7.4 One final methodological remark -- 1.8 Mathematical tools -- Appendix -- 2 Tobinian monetary growth: the (neo)Classical point of departure -- 2.1 The basic equilibrium version of Tobin's model of monetary growth: superneutrality and stability? -- 2.2 The money-market disequilibrium extension: further stability analysis -- 2.3 Labor-market disequilibrium and cyclical monetary growth
,
2.4 General equilibrium with a bond market: concepts of disposable income and Ricardian equivalence -- 2.5 A general disequilibrium version of the neoclassical model of monetary growth -- 2.6 Outlook: independent investment behavior and Wicksellian price dynamics -- 3 Keynes-Wicksell models of monetary growth: synthesizing Keynes into the Classics -- 3.1 The general prototype model -- 3.2 The intensive form of the model -- 3.3 The Goodwin growth cycle case -- 3.4 The Rose employment cycle extension -- 3.5 Monetary growth cycles: the basic case -- 3.6 Expectations and the pure monetary cycle -- 3.7 The real and the monetary cycle in interaction -- 3.8 Outlook: less than full capacity growth -- 4 Keynesian monetary growth:the missing prototype -- 4.1 A general Keynesian model of monetary growth -- 4.1.1 Description of the model -- 4.1.2 Intensive form of the model and steady-state behavior -- 4.2 Comparative statics: the IS-LM subsector -- 4.3 Growth cycle implications -- 4.4 Employment cycle extensions -- 4.5 Keynesian monetary growth: the basic case -- 4.6 Monetary and real factors in Keynesian cyclical growth dynamics -- 4.6.1 The expectations mechanisms -- 4.6.2 The pure monetary cycle -- 4.6.3 Investment nonlinearity and the real cycle -- 4.6.4 The real and monetary cycles in interaction -- 4.7 Outlook: adding smooth factor substitution -- Appendix 1: The Benassy business cycle model -- Appendix 2: Technical change, wage taxation, average inflation, and p-star expectations -- 5 Smooth factor substitution: a secondary and confused issue -- 5.1 The Tobin case: one further integrated law of motion -- 5.1.1 The general equilibrium case -- 5.1.1.1 Adaptive expectations -- 5.1.1.2 Perfect foresight -- 5.1.2 Disequilibrium in the money market and monetary growth cycles -- 5.1.3 Steady-state analysis and the enlarged Tobin effect
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5.2 The Keynes-Wicksell case: increased stability through increased flexibility -- 5.2.1 The Goodwin case -- 5.2.2 The Rose case -- 5.2.3 Monetary growth dynamics -- 5.3 The Keynesian case with smooth factor substitution -- 5.3.1 The Keynesian IS-LM growth model generalized -- 5.3.2 The bastard limit case: AD-AS growth -- 5.4 Outlook: sluggish price as well as quantity dynamics -- 6 Keynesian monetary growth: the working model -- 6.1 Introduction -- 6.2 The Kaldor-Tobin model of monetary growth -- 6.3 An integrated Keynes-Metzler model of monetary growth -- 6.3.1 The model -- 6.3.2 The dynamics of the private sector -- 6.3.3 The real, the monetary, and the inventory subdynamics -- (a )The real wage and accumulation dynamics -- (b )The monetary dynamics -- (c )The inventory dynamics -- 6.3.4 Conclusions -- 6.4 A (5+1)-D modification of the six-dimensional Keynes-Metzler model -- 6.4.1 A simplified Keynes-Metzler model of monetary growth -- 6.4.2 Dynamical properties of the integrated dynamics -- 6.4.3 The case of no nominal wage deflation -- 6.4.4 Concluding remarks -- 6.5 Outlook: macroeconometric model building -- 7 The road ahead -- 7.1 Endogenous long-run growth and employment -- 7.2 The dynamic structure of the model -- 7.3 Analysis of the employment subdynamics -- 7.4 Analysis of the growth subdynamics -- 7.5 Analysis of the complete dynamical system -- 7.6 Some numerical simulations -- 7.7 Summary and directions for future research -- References -- Author index -- Subject index
Additional Edition:
Print version Chiarella, Carl The Dynamics of Keynesian Monetary Growth Cambridge : Cambridge University Press,c2000 ISBN 9780521643511
Language:
English
Keywords:
Electronic books
URL:
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