Foundations For A Disequilibrium Theory Of The Business Cycle

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Foundations for a Disequilibrium Theory of the Business Cycle

Carl Chiarella,Peter Flaschel,Reiner Franke
Foundations for a Disequilibrium Theory of the Business Cycle Book PDF

Author : Carl Chiarella,Peter Flaschel,Reiner Franke
Publisher : Cambridge University Press
Page : 572 pages
File Size : 44,7 Mb
Release : 2005-10-27
Category : Business & Economics
ISBN : 1139448218

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Foundations for a Disequilibrium Theory of the Business Cycle by Carl Chiarella,Peter Flaschel,Reiner Franke Pdf

Building on The Dynamics of Keynesian Monetary Growth by Chiarella and Flaschel (2000), this book is a key contribution to business cycle theory, setting out a disequilibrium approach with gradual adjustments of the key macroeconomic variables. Its analytic study of a deterministic model of economic activity, inflation and income distribution integrates elements in the tradition of Keynes, Metzler and Goodwin (KMG). After a qualitative analysis of the basic feedback mechanisms, the authors calibrate the KMG model to the stylized facts of the business cycle in the U.S. economy, and then undertake a detailed numerical investigation of the local and global dynamics generated by the model. Finally, topical issues in monetary policy are studied in small macromodels as well as for the KMG model by incorporating an estimated Taylor-type interest rate reaction function. The stability features of this enhanced model are also compared to those of the original KMG model.

Reconstructing Keynesian Macroeconomics Volume 2

Carl Chiarella,Peter Flaschel,Willi Semmler
Reconstructing Keynesian Macroeconomics Volume 2 Book PDF

Author : Carl Chiarella,Peter Flaschel,Willi Semmler
Publisher : Routledge
Page : 498 pages
File Size : 48,7 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.

Business Fluctuations and Cycles

T. Nagakawa
Business Fluctuations and Cycles Book PDF

Author : T. Nagakawa
Publisher : Nova Publishers
Page : 308 pages
File Size : 45,8 Mb
Release : 2008
Category : Business & Economics
ISBN : 1600215033

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Business Fluctuations and Cycles by T. Nagakawa Pdf

The business cycle or economic cycle refers to the periodic fluctuations of economic activity about its long term growth trend. The cycle involves shifts over time between periods of relatively rapid growth of output (recovery and prosperity), alternating with periods of relative stagnation or decline (contraction or recession). These fluctuations are often measured using the real gross domestic product. One of the government's main roles is to smooth out the business cycle and reduce its fluctuations. To call those alternances 'cycles' is rather misleading as they don't tend to repeat at fairly regular time intervals. Most observers find that their lengths (from peak to peak, or from trough to trough) vary, so that cycles are not mechanical in their regularity. Since no two cycles are alike in their details, some economists dispute the existence of cycles and use the word 'fluctuations' (or the like) instead. Others see enough similarities between cycles that the cycle is a valid basis of studying the state of the economy. A key question is whether or not there are similar mechanisms that generate recessions and/or booms that exist in capitalist economies so that the dynamics that appear as a cycle will be seen again and again. This new book presents leading-edge research in this field.

Monetary Macrodynamics

Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke
Monetary Macrodynamics Book PDF

Author : Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke
Publisher : Routledge
Page : 449 pages
File Size : 48,9 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9781135272326

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Monetary Macrodynamics by Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke Pdf

This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour. The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.

Nonlinear Economic Dynamics and Financial Modelling

Roberto Dieci,Xue-Zhong He,Cars Hommes
Nonlinear Economic Dynamics and Financial Modelling Book PDF

Author : Roberto Dieci,Xue-Zhong He,Cars Hommes
Publisher : Springer
Page : 389 pages
File Size : 51,6 Mb
Release : 2014-07-26
Category : Business & Economics
ISBN : 9783319074702

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Nonlinear Economic Dynamics and Financial Modelling by Roberto Dieci,Xue-Zhong He,Cars Hommes Pdf

This book reflects the state of the art on nonlinear economic dynamics, financial market modelling and quantitative finance. It contains eighteen papers with topics ranging from disequilibrium macroeconomics, monetary dynamics, monopoly, financial market and limit order market models with boundedly rational heterogeneous agents to estimation, time series modelling and empirical analysis and from risk management of interest-rate products, futures price volatility and American option pricing with stochastic volatility to evaluation of risk and derivatives of electricity market. The book illustrates some of the most recent research tools in these areas and will be of interest to economists working in economic dynamics and financial market modelling, to mathematicians who are interested in applying complexity theory to economics and finance and to market practitioners and researchers in quantitative finance interested in limit order, futures and electricity market modelling, derivative pricing and risk management.

Financial Markets and the Macroeconomy

Carl Chiarella,Peter Flaschel,Reiner Franke,Willi Semmler
Financial Markets and the Macroeconomy Book PDF

Author : Carl Chiarella,Peter Flaschel,Reiner Franke,Willi Semmler
Publisher : Routledge
Page : 513 pages
File Size : 45,6 Mb
Release : 2009-06-02
Category : Biography & Autobiography
ISBN : 9781135984502

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Financial Markets and the Macroeconomy by Carl Chiarella,Peter Flaschel,Reiner Franke,Willi Semmler Pdf

This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.

Topics in Applied Macrodynamic Theory

Peter Flaschel,Gangolf Groh,Christian Proano,Willi Semmler
Topics in Applied Macrodynamic Theory Book PDF

Author : Peter Flaschel,Gangolf Groh,Christian Proano,Willi Semmler
Publisher : Springer Science & Business Media
Page : 512 pages
File Size : 48,9 Mb
Release : 2008-07-03
Category : Business & Economics
ISBN : 9783540725428

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Topics in Applied Macrodynamic Theory by Peter Flaschel,Gangolf Groh,Christian Proano,Willi Semmler Pdf

This insightful book presents topics in applied dynamic macrotheory for closed and open economies. The authors give an advanced treatment of macroeconomic topics such as the Phillips curve, forward and backward looking behavior, open economy macrodynamics, structural macroeconometric model building as well as the empirics of Keynesian oriented macro models. The dynamics of open economies in the context of interacting two country models are treated as well.

Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels

Carl Chiarella,Reiner Franke,Peter Flaschel,Willi Semmler
Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels Book PDF

Author : Carl Chiarella,Reiner Franke,Peter Flaschel,Willi Semmler
Publisher : Emerald Group Publishing
Page : 563 pages
File Size : 50,7 Mb
Release : 2006-05-30
Category : Business & Economics
ISBN : 9780444521224

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Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels by Carl Chiarella,Reiner Franke,Peter Flaschel,Willi Semmler Pdf

This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.

Aspects of Modern Monetary and Macroeconomic Policies

P. Arestis,E. Hein,E. Le Heron,Edwin Le Heron
Aspects of Modern Monetary and Macroeconomic Policies Book PDF

Author : P. Arestis,E. Hein,E. Le Heron,Edwin Le Heron
Publisher : Springer
Page : 278 pages
File Size : 44,6 Mb
Release : 2007-06-07
Category : Business & Economics
ISBN : 9780230627345

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Aspects of Modern Monetary and Macroeconomic Policies by P. Arestis,E. Hein,E. Le Heron,Edwin Le Heron Pdf

Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems relating to this new monetary and macroeconomic policy.

Reconstructing Keynesian Macroeconomics Volume 1

Carl Chiarella,Peter Flaschel,Willi Semmler
Reconstructing Keynesian Macroeconomics Volume 1 Book PDF

Author : Carl Chiarella,Peter Flaschel,Willi Semmler
Publisher : Routledge
Page : 401 pages
File Size : 51,6 Mb
Release : 2012-03-29
Category : Business & Economics
ISBN : 9781136650376

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Reconstructing Keynesian Macroeconomics Volume 1 by Carl Chiarella,Peter Flaschel,Willi Semmler Pdf

This book represents the first 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. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin’s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should 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.

An Artificial Wicksell—Keynes Macroeconomy

Ichiro Takahashi
An Artificial Wicksell Keynes Macroeconomy Book PDF

Author : Ichiro Takahashi
Publisher : Springer Nature
Page : 174 pages
File Size : 55,5 Mb
Release : 2022-03-07
Category : Business & Economics
ISBN : 9789811668395

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An Artificial Wicksell—Keynes Macroeconomy by Ichiro Takahashi Pdf

This book presents an agent-based macroeconomic model developed on the Keynesian principle of effective demand and the Wicksellian theory of cumulative process. The main purpose of the book is to demystify inherent forces that revive an economy from a long-run downturn. The model has three types of bounded-rational agents: firm, household, and bank. To highlight the autonomous revival mechanisms, the model is assumed to be completely closed and free from any external influences such as changes in management of aggregate demand or supply/demand shocks. The key finding of the book is that diversity of firms is a crucial element in reviving investment activities. While a production sector is represented by a single firm in a conventional model, this model has introduced a large number of heterogeneous firms that confront diverse constraints both at the firm and aggregate levels. The behaviours of these firms may vary despite being exposed to the same aggregate environment. For example, economic downturns usually precipitate a fall in real wages as a response to decreased aggregate demand. Most firms reduce their employment focusing on the reduction in aggregate demand. However, some firms identify a reduction in real wage as a sign of improving profitability hence they may expand employment. This could result in an increased aggregate demand and benefit other firms with further employment. It could even reverse the trend to an upslope, thereby ultimately achieving full of near full employment. This book details further on: (1) the rigidity of prices and wages in a stable economy (2) the fundamental factors to establish a robust and high-performing economy, with the focus on the importance of a stable and equitable macroeconomic environment.

Flexicurity Capitalism

Peter Flaschel,Alfred Greiner
Flexicurity Capitalism Book PDF

Author : Peter Flaschel,Alfred Greiner
Publisher : Oxford University Press
Page : 240 pages
File Size : 53,8 Mb
Release : 2012-02-01
Category : Business & Economics
ISBN : 9780199837960

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Flexicurity Capitalism by Peter Flaschel,Alfred Greiner Pdf

An intense debate has played out in recent years regarding how to implement a so-called "flexicurity system"-a labor market reform that combines flexibility, particularly in the hiring and firing process of firms, with security in the employment and income of the workforce. In Flexicurity Capitalism, Flaschel and Greiner lay out the macroeconomic structure of this system, providing the detailed mathematical models necessary to ponder seriously how such a system can work. Their book rests on three pillars of thought: Marx, Kalecki-Keynes, and Schumpeter. The authors highlight the relevant contributions from the work of each and build upon it. They in turn provide a basic framework for flexicurity capitalism and then compare their economic system to pure capitalism to determine the best and most practical way forward. Their scope is ambitious: to address the shortcomings of a narrow focus on mass unemployment, selective-schooling systems, property rights based solely on ownership without qualified business decision-making expertise, financial markets that do not of channel savings properly into real investment, and innovations that ignore human rights or moral sentiments. Flaschel and Greiner's Flexicurity Capitalism provides serious discussion and feasible mathematical models necessary to consider moving in this direction.

Unbalanced Growth from a Balanced Perspective

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

Author : Carl Chiarella,Peter Flaschel,Reiner Franke,Ricardo Araujo,Matthieu Charpe,Christian R. Proaño
Publisher : Edward Elgar Publishing
Page : 456 pages
File Size : 46,9 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.

Mathematical Economics and the Dynamics of Capitalism

Peter Flaschel,Michael Landesmann
Mathematical Economics and the Dynamics of Capitalism Book PDF

Author : Peter Flaschel,Michael Landesmann
Publisher : Routledge
Page : 385 pages
File Size : 40,5 Mb
Release : 2016-04-01
Category : Business & Economics
ISBN : 9781134057573

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Mathematical Economics and the Dynamics of Capitalism by Peter Flaschel,Michael Landesmann Pdf

Richard Goodwin was a pioneer in the use of mathematical tools to understand the dynamics of capitalist economies. This book contains contributions which focus on the rigorous extension of Goodwin’s modelling of macro-dynamics and the micro-structures underlying them, and also research with a wider perspective related to Goodwin’s vision of an integrated Marx-Keynes-Schumpeter (M-K-S) system of the dynamics of capitalist economies. The variety of approaches in this book range from detailed business cycle analyses to Schumpeterian processes of creative destruction. They include thorough theoretical analysis of delayed dynamical systems. empirical studies of Goodwin’s classical growth cycle model and the integration of Keynesian aspects of effective demand and of financial mechanisms that impact the real macro-economy. micro-economic structural analysis. expectations driven aspects of micro-founded business cycle modelling

Methods in economic dynamics

Sergey Khrissanoff
Methods in economic dynamics Book PDF

Author : Sergey Khrissanoff
Publisher : FriesenPress
Page : 576 pages
File Size : 44,7 Mb
Release : 2015-06-01
Category : Business & Economics
ISBN : 9781460267288

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Methods in economic dynamics by Sergey Khrissanoff Pdf

Economic relations are considered as commodity-financial exchange process. Economic network is consisted of two parallel networks: commodity-production network and financial one. Economic network is the set of the production-consumption elements and the channels of connections among them. Market is the process of commodity transference through the channels. The financial network processing is the reflection of the commodity-production network processing. The pair of the production and financial equations is based on the algebra of cubic matrices. Different levels of the economics (micro-, macro-) have the similar structures of the difference equations which are the representation of economics as the dynamic systems in random media.