Dynamic Macroeconomics: Instability, Fluctuations, and Growth in Monetary Economies

Dynamic Macroeconomics: Instability, Fluctuations, and Growth in Monetary Economies

by Peter Flaschel, Reiner Franke, Willi Semmler
     
 

Dynamic Macroeconomics is an attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using sophisticated tools from dynamic analysis, the authors introduce a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing--and currently dominant--equilibrium dynamics.The book

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Overview

Dynamic Macroeconomics is an attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using sophisticated tools from dynamic analysis, the authors introduce a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing--and currently dominant--equilibrium dynamics.The book is organized into five parts. Part I covers background models of market-clearing and nonmarket-clearing approaches. Part II introduces short-run monetary models of macroeconomic fluctuations that build on the dynamic interaction of product, labor, and financial markets. Part III explores monetary instability in variants with capital accumulation and growth. Part IV explores supply and demand side Keynesian business cycles and monetary-type growth models. Part V considers the role of the financial sector as a source of instability and fluctuations.

The MIT Press

Product Details

ISBN-13:
9780262061919
Publisher:
MIT Press
Publication date:
06/25/1997
Series:
Studies in Dynamical Economic Science
Edition description:
New Edition
Pages:
469
Product dimensions:
6.30(w) x 9.10(h) x 1.20(d)
Age Range:
18 Years

Table of Contents

Series Foreword
Preface
1General Introduction1
2Micro- and Macroeconomic Adjustment Mechanisms: A Brief Overview23
3Market Mechanisms and Boundedness of Market Fluctuations33
4Non-Neoclassical Variants of Dynamic Macroeconomics61
5Neoclassical Variants of Dynamic Macroeconomics103
6Wage Flexibility and Stability in the Short Run131
7Price Flexibility and Instability in the Medium Run147
8Keynesian Growth Dynamics, Perfect Foresight, and Viability187
9Adaptive Expectations or Myopic Perfect Foresight: The Wrong Alternative227
10Supply Side Keynesianism and the Classical Growth Cycle271
11Inflation, Distribution, and Cycles in a Keynesian Monetary Growth Model299
12Finance, Expectations Dynamics, and Macro Fluctuations339
13Trends and Cycles in the Capital Structure373
14Conclusions397
Notes401
References427
Index447

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