Disequilibrium Growth And Labor Market Dynamics

Author : Carl Chiarella,Peter Flaschel,Gangolf Groh,Willi Semmler
Publisher : Springer Science & Business Media
Page : 487 pages
File Size : 53,9 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783662040706

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Disequilibrium, Growth and Labor Market Dynamics by Carl Chiarella,Peter Flaschel,Gangolf Groh,Willi Semmler Pdf

In this book on disequilibrium, growth and labor market dynamics we take predominantly a macroeconomic perspective. We present a working model that can easily be varied in different directions in order to subsume innovations in the literature on macroeconomics, old and new, and to contribute to important currently discussed macroeconomic issues. Our working model is set up in a way that there is a close relationship between our presented dynamic models and modern macro econometric models with disequilibrium both in the labor and the goods markets. One of our objectives is, therefore, to narrow the gap between theoretical and applied structural macrodynamic model building. We hope that the book will be a useful reference for all researchers, academic teachers and practitioners of macroeconomic and macro econometric model building who are interested in economic dynamics, independently of whether they use equilibrium or disequilibrium methods in their own research. We base this hope on the fact that our approach contains a number of unique features. The emphasis on the identification and analysis of the basic feedback mechanisms at work in modern macro economies. A detailed study of the partial as well as integrated dynamic interaction between these feedback mechanisms that consti tute the interdependence of markets and sectors of the modern macro economy. The rela tionship between the macroeconomic framework of our working model and the Walrasian, Non-Walrasian and New-Keynesian reformulations of macroeconomics.

Author : Carl Chiarella,Peter Flaschel,Gangolf Groh
Publisher : Unknown
Page : 496 pages
File Size : 55,5 Mb
Release : 2014-01-15
Category : Electronic
ISBN : 3662040719

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Disequilibrium, Growth and Labor Market Dynamics by Carl Chiarella,Peter Flaschel,Gangolf Groh Pdf

Author : Charles van Marrewijk,Jos Verbeek
Publisher : Ashgate Publishing
Page : 184 pages
File Size : 55,7 Mb
Release : 1993
Category : Business & Economics
ISBN : UOM:39015029537381

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Disequilibrium Growth Theory by Charles van Marrewijk,Jos Verbeek Pdf

Static disequilibrium economic theory fails to analyse the dynamic effects of market disequilibrium, whereas standard growth theory always assumes markets to be in equilibrium. Both shortcomings can be overcome by disequilibrium growth theory. A problem arises, however, because different short term disequilibrium regimes give rise to differential equations. The dynamic analysis, therefore, has to take into consideration the possibility of regime switching. Various solutions have been put forward for this problem, but they generally do not give unique solutions. The method developed by Filippov gives a unique solution that coincides with the classical solution to differential equations in the interior of the regimes. This approach has been used in several papers in the past decade. This book seeks to fill the gap in the literature on what has been achieved so far.

Author : Richard E. Quandt,Harvey S. Rosen
Publisher : Unknown
Page : 120 pages
File Size : 45,7 Mb
Release : 1988
Category : Equilibrium (Economics)
ISBN : STANFORD:36105038454547

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The Conflict Between Equilibrium and Disequilibrium Theories by Richard E. Quandt,Harvey S. Rosen Pdf

Author : Piero Ferri,Edward Greenberg
Publisher : Springer Science & Business Media
Page : 197 pages
File Size : 54,9 Mb
Release : 2012-12-06
Category : Political Science
ISBN : 9783662008317

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The Labor Market and Business Cycle Theories by Piero Ferri,Edward Greenberg Pdf

Interest in business cycles has had its 'ups and downs'. After a period of almost steady state growth and of economic tranquility, when the business cycle seemed to be obsolete, the turbulence of the 70s and 80s has contributedto a renewed interest in the topic. Important analytical and methodological innovations have also favored the present abundance of contributions. Four innovations are of particular importance: i. microfoundations ii. nonlinearities iii. stochastic variables iv. real aspects. Both Classical macroeconomics and new-Keynesian approaches seem to share these characteristics, which apply both to endogenous and exogenous explanations of the cycle. The distance separating the newer literature from its forebears seems vast. Previously, cycle theory was characterized by a macro approach and utilized nonlinearities either through piecewise 'linear models or with the aid of Classical theorems in the field of dynamic systems. To consider and to compare the old and the new literature on business cycles is one of the goals of this book. To narrow the distance separating them is another goal of this research. We do not try to bridge it, but rather to revisit the former tradition with new tools. Finally, a particular emphasis is put on the 'ceilings and floors' type of literature. One of us has written a D. Phil. thesis with Sir John Hicks, and both have worked with H. P. Minsky. Hicks, along with Goodwin, introdu. ced the concept of ceilings and floors into business cycle analysis, and Minsky made important contributions to the area.

Author : Pierre-Yves Hénin
Publisher : Routledge
Page : 465 pages
File Size : 55,6 Mb
Release : 2013-04-15
Category : Business & Economics
ISBN : 9781135033460

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Macrodynamics: Fluctuations and Growth by Pierre-Yves Hénin Pdf

Building from the micro-foundations of economic behaviour to a full survey of macroeconomics, the book examines growth theory and equilibrium and disequilibrium approaches to provide a comprehensive survey of all the rival theoretical approaches that underlie central policy debates. A survey of pre-Keynesian theories of growth, fluctuations and the various short and long cycles and crises is followed by an exposition of Keynesian theory and its subsequent development and of the neo-classical revival. Topics covered include: * Non-clearing markets * Involuntary unemployment * Persistent inflation. As well as full coverage of the English-language literature, Macrodynamics covers important contributions from the new school of French macroeconomists, including Malinvaud, Benassy and Grandmont.

Author : Joyce Jacobsen,Gilbert Skillman
Publisher : John Wiley & Sons
Page : 586 pages
File Size : 49,5 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9781405142304

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Labor Markets and Employment Relationships by Joyce Jacobsen,Gilbert Skillman Pdf

This innovative text grounds the economic analysis of labor markets and employment relationships in a unified theoretical treatment of labor exchange conditions. In addition to providing thorough coverage of standard topics including labor supply and demand, human capital theory, and compensating wage differentials, the text draws on game theory and the economics of information to study the implications of key departures from perfectly competitive labor market conditions. Analytical results are consistently applied to contemporary policy issues and empirical debates. Provides a coherent theoretical framework for the analysis of labor market phenomena Features graphical in-chapter analysis supplemented by technical material in appendices Incorporates numerous end-of-chapter questions that engage the analysis and anticipate subsequent results Includes innovative chapters on employee compensation methods, market segmentation, income inequality and labor market dynamics Balances theoretical, empirical and policy analysis

Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
Page : 98 pages
File Size : 47,6 Mb
Release : 1995-11-01
Category : Business & Economics
ISBN : 9781451854787

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The Labor Market and Economic Adjustment by Pierre-Richard Agénor Pdf

This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.

Author : Carl Chiarella,Peter Flaschel
Publisher : Cambridge University Press
Page : 444 pages
File Size : 40,8 Mb
Release : 2000-08-03
Category : Business & Economics
ISBN : 1139427865

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The Dynamics of Keynesian Monetary Growth by Carl Chiarella,Peter Flaschel Pdf

Originally published in 2000, this book is in the tradition of non-market-clearing approaches to macrodynamic approaches. It builds a series of integrated disequilibrium growth models of increasing complexity, which display the economic interaction between households, firms and government across labour, goods, money, bonds and equities markets. Chiarella and Flaschel demonstrate how macrodynamics can be developed in a hierarchical way from economically simple structures to more advanced ones. In addition it investigates complex macrodynamic feedback mechanisms.

Author : Steven Mark Fazzari
Publisher : Unknown
Page : 560 pages
File Size : 43,5 Mb
Release : 1982
Category : Equilibrium (Economics)
ISBN : STANFORD:36105025678660

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The Microeconomic Dynamics of Output and Employment by Steven Mark Fazzari Pdf

Author : Peter Flaschel
Publisher : Springer Science & Business Media
Page : 402 pages
File Size : 50,9 Mb
Release : 2008-12-11
Category : Business & Economics
ISBN : 9783540879329

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The Macrodynamics of Capitalism by Peter Flaschel Pdf

This book provides an introduction to advanced macrodynamics, viewed as a di- quilibriumtheoryof?uctuatinggrowth. Itbuildsonanearlierattempttoreformulate 1 the foundations of macroeconomics from the perspective of real markets diseq- librium and the con?ict over income distribution between capital and labor. It does so, not because it wants to support the view that this class con?ict is inevitable, but with the perspective that an understanding of this con?ict may help to formulate socio-economic principles and policies that can help to overcome class con?ict at least in its cruder forms or that can even lead to rationally understandable proce- 2 dures and rules that turn this con?ict into a consensus-driven interaction between 3 capitalists or their representatives and the employable workforce. The book starts from established theories of temporary equilibrium positions, the forces of real growth, and the con?ict over income distribution, represented by basic modeling approaches, which it considers in detail in its Part I in order to prepare the ground for their integration in Part II of the book. In this way we inspect what types of models of disequilibrium, income distribution, and real growth we have at our disposal, as models that have proved to be of real interest and sound from a rigorous modeling perspective.

Author : Walter P. Heller
Publisher : Unknown
Page : 184 pages
File Size : 52,6 Mb
Release : 1970
Category : Competition
ISBN : STANFORD:36105025637666

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Disequilibrium Dynamics of Competitive Growth Paths by Walter P. Heller Pdf

The general problem is to find mechanisms by which an economy attains dynamic competitive equilibrium when there is no natural terminal date. If an auctioneer tentatively announces all future prices and households maximize utility over an infinite horizon and producers maximize profits, an excess demand is defined for consumption goods as well as capital goods for each date. In an infinite system of futures markets for consumption goods where there is no trading out of equilibrium and prices at date t rise (fall) if there is excess demand (supply) at that date, it turns out that prices converge to their equilibrium values, so long as the initial disequilibrium path is one in which the average interest rate 'at infinity' is an equilibrium interest rate. The class of admissible disequilibrium paths is considerably broadened if instead there are futures markets for capital goods, and the interest rate rises if there is excess demand for capital. (Author).

Author : Carl Chiarella,Peter Flaschel,Willi Semmler
Publisher : Routledge
Page : 498 pages
File Size : 40,9 Mb
Release : 2013-01-17
Category : Business & Economics
ISBN : 9781136195808

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Reconstructing Keynesian Macroeconomics Volume 2 by Carl Chiarella,Peter Flaschel,Willi Semmler Pdf

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.

Author : Carl Chiarella,Peter Flaschel,Reiner Franke,Ricardo Araujo,Matthieu Charpe,Christian R. Proaño
Publisher : Edward Elgar Publishing
Page : 456 pages
File Size : 43,7 Mb
Release : 2021-01-29
Category : Business & Economics
ISBN : 9781789908008

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Unbalanced Growth from a Balanced Perspective by Carl Chiarella,Peter Flaschel,Reiner Franke,Ricardo Araujo,Matthieu Charpe,Christian R. Proaño Pdf

As a whole this book adds the ‘Keynes’-component (K) to the Goodwinian vision of a ‘MKS-System’. It first provides a reconsideration of prominent past approaches towards the formation of Keynesian macrodynamics. Ultimately it aims to integrate Marx's Distributive Cycle and aspects of Schumpeter's reformulation of socialism and democracy theory, with Keynes' macro-theory of a ‘Tripartite Market Hierarchy’. This regards financial markets as being at the top, followed by goods markets which in turn are followed by the weakest element, the labor markets. It is completed by certain repercussions that influence the central causal nexus of these three fundamental macro-markets in the longer-run.

Author : Carl Chiarella,Peter Flaschel,Willi Semmler
Publisher : Routledge
Page : 498 pages
File Size : 46,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780415668576

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Reconstructing Keynesian Macroeconomics by Carl Chiarella,Peter Flaschel,Willi Semmler Pdf

This book represents the second of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and offers a detailed analysis and comparison of two competing types of approaches to Keynesian macroeconomics.