Monetary Macrodynamics

Author : Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke
Publisher : Routledge
Page : 450 pages
File Size : 53,7 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9781135272319

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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.

Author : Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke
Publisher : Routledge
Page : 449 pages
File Size : 40,6 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.

Author : Marc Lavoie,Louis-Philippe Rochon,Mario Seccareccia
Publisher : Routledge
Page : 220 pages
File Size : 51,9 Mb
Release : 2015-03-26
Category : Business & Economics
ISBN : 9781317464471

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Money and Macrodynamics by Marc Lavoie,Louis-Philippe Rochon,Mario Seccareccia Pdf

Alfred Eichner's pioneering contributions to post-Keynesian econmics offered significant insights on the way modern economies and institutions actually work. Published in 1987, his "Macrodynamics of Advanced Market Economies" contains rich chapters on dynamics and growth, investment, finance and income distribution, a timely chapter on the State and fiscal policy, and two analytical chapters on endogenous money that are years ahead of their time. Featuring chapters by many of Eichner's disciples, this book celebrates his rich contributions to post-Keynesian economics, and demonstrates that his work is in many ways as valid today as it was over two decades ago.

Author : Toichiro Asada,Carl Chiarella,Peter Flaschel,Reiner Franke
Publisher : Springer Science & Business Media
Page : 544 pages
File Size : 46,7 Mb
Release : 2012-11-10
Category : Business & Economics
ISBN : 9783540247937

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

In the first part of this book, we treat interacting and small open economies. We do this from an historical perspective, starting from the Classical model of the gold standard and the specie-flow mechanism and aim to show there that the Dornbusch IS-LM-PC approach, with or without rational expectations, can still be considered as a (if not the) core contribution to contemporaneous open economy macrodynamics, also on the level of structural macroeconometric model building. In the second part we then extend this analysis to the incorporation of more disequilibrium on the real markets, prominent further feedback channels of the macrodynamic literature and integrated macromodel building. We start from the closed economy, consider large open economies in a fixed exchange rate system, small open economies subject to high capital mobility, and finally two large interacting economies like the USA and Euroland. Our macrofounded approach extends and integrates non-market clearing traditions to macrodynamics and can be usefully compared with the New Keynesian approaches which are generally rigorously microfounded, but often much more limited in scope in capturing full market and agent interactions.

Author : Bettina Bökemeier,Alfred Greiner
Publisher : Springer
Page : 270 pages
File Size : 55,6 Mb
Release : 2017-04-26
Category : Business & Economics
ISBN : 9783319546902

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Inequality and Finance in Macrodynamics by Bettina Bökemeier,Alfred Greiner Pdf

This contributed volume combines approaches of the current inequality debate with aspects of finance based on profound macroeconomic model analyses. Research on inequality has had a long tradition in economics. With the financial crisis from 2007, not only output decreased tremendously, but also inequality has risen since then. The book presents selected contributions of a workshop held at Bielefeld University in 2016 and features additional papers written by experts in the field. A mixture of established researchers and young scholars presents both theoretical and empirical frameworks to analyze the subject.

Author : William Milberg
Publisher : Routledge
Page : 355 pages
File Size : 42,5 Mb
Release : 2016-09-16
Category : Business & Economics
ISBN : 9781315488912

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The Megacorp and Macrodynamics by William Milberg Pdf

These essays on Post-Keynesian economics were written expressly for a volume to honour the life and work of Alfred Eichner. The original countributions - that critically examine and extend ideas in Eichner's "The Macrodynamics of Advanced Market Economies" are organized in seven sections that correspond to areas of economics in which Eichner made a significant contribution. Part 1 deals with the megacorp, a theory of firm pricing and investment that was one of Eichner's most important contributions. Issues of productivity and technical change, that lie at the center of Eichner's macrodynamic model, are the focus of part 1 and parts 3 and 4 elaborate on Eichner's work on growth and money and yield insights into the theoretical disagreements among the Post-Keynesians themselves. Part 5 presents a number of examples of non-neo-classical model building. Part 6 opens with a critique of the "new economic history" that leads to other essays on thorny methodological issues confronting Post-Keynesians. Part 7 gives a European perspective on North American Post-Keynesian economics. The essays reveal the relationships between Eichner's work and Institutionalist and Marxian economics. At the same time, the book raises current theoretical conflicts among these groups as well as among Post-Keynesians themselves. This book compliments Alfred S.Eichner's "The Macrodynamics of Advanced Market Economies", also published in 1991, and is appropriate for scholars and upper-level undergraduates and graduate students.

Author : Carl Chiarella,Peter Flaschel
Publisher : Cambridge University Press
Page : 444 pages
File Size : 54,7 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 : Kenneth K. Kurihara
Publisher : State University of New York Press
Page : 168 pages
File Size : 42,8 Mb
Release : 1972-06-30
Category : Business & Economics
ISBN : 9781438409825

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Essays in Macrodynamic Economics by Kenneth K. Kurihara Pdf

Part 1 looks at the perspective and prospective transition from macrostatics to macrodynamics. Part 2 examines the analytical and operational problems of advanced economies in varying stages of their development and with changing institutional and technological complexes. It also discusses boldly such controversial and paradoxical issues as the dichotomy between the post-Keynesian and neo-classical approach, the clash between macroeconomic desiderata, the incongruity between internal and external equilibria, the contradiction between laissez-faire and the policy-orientated patterns of development, and the contrast between macro- and multisectoral models of growth. The possibility (and desirability) of adding, to both Keynes's General Theory and post-Keynesian dynamics, such new dimensions as are attuned to the pressing and mounting needs of our restless society is discussed in both Parts. The ideas put forward by Professor Kurihara are intended to stimulate further hypothesis-making in the perplexing yet intriguing field of economic development. The book should prove useful to serious (and curious) students of 'dynamic economics' and 'development planning' not only in advanced economies but also in developing countries.

Author : Carl Chiarella,Peter Flaschel,Reiner Franke,Willi Semmler
Publisher : Routledge
Page : 598 pages
File Size : 44,6 Mb
Release : 2009-06-02
Category : Business & Economics
ISBN : 9781135984496

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

The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroeconomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroeconomics. It criticizes theories that see economic disruptions and shocks rooted solely in the real side of the economy. It stresses the financial real interaction as the major source for macroeconomic instability and disruptions. This important new book from a group of Keynesian, but nonetheless technically oriented economists would be of most interest to specialists and graduate students in macroeconomics and financial economics, especially those with an interest in US and European financial markets, emerging market analysis, and dynamic economic modeling.

Author : Roberto Dieci,Xue-Zhong He,Cars Hommes
Publisher : Springer
Page : 389 pages
File Size : 43,6 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.

Author : Marc Lavoie
Publisher : Edward Elgar Publishing
Page : 416 pages
File Size : 40,6 Mb
Release : 2020-09-25
Category : Business & Economics
ISBN : 9781839100093

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Post-Keynesian Monetary Theory by Marc Lavoie Pdf

Post-Keynesian Monetary Theory recaps the views of Marc Lavoie on monetary theory, seen from a post-Keynesian perspective over a 35-year period. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.

Author : Carl Chiarella,Peter Flaschel,Willi Semmler
Publisher : Routledge
Page : 498 pages
File Size : 46,6 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,Willi Semmler
Publisher : Routledge
Page : 498 pages
File Size : 55,5 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.

Author : Leonardo Leiderman
Publisher : Unknown
Page : 74 pages
File Size : 52,6 Mb
Release : 1982
Category : Colombia
ISBN : UTEXAS:059173026607492

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On the Monetary-Macro Dynamics of Colombia and Mexico by Leonardo Leiderman Pdf

Author : Haim Barkai,Stanley Fischer,Nissan Liviatan
Publisher : Springer
Page : 373 pages
File Size : 47,7 Mb
Release : 1993-05-18
Category : Business & Economics
ISBN : 9781349125357

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Monetary Theory and Thought by Haim Barkai,Stanley Fischer,Nissan Liviatan Pdf

Don Patinkin's pioneering work, integrating monetary and value theory in a Walrasian general equilibrium context anticipated by almost two decades the line of research which attempts to recast macroeconomics by reference to its microeconomic foundations. The notion of an integrated set of markets offered intuitive perception of intermarket linkages. At the same time it highlighted some of the pitfalls of traditional neoclassical monetary analysis, such as the erroneous imputation of unitary elasticity to the demand curve for money. Patinkin's presentation of general equilibrium illuminated the difficulty in upholding the Keynesian notion of underemployment equilibrium. His insightful efforts to understand behaviour in labour markets in disequilibrium led him to provide the first well worked out example of the powerful implications of disequilibrium and thereby to lay the foundations for the disequilibrium analysis of the 1970s.