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

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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

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Editorial Reviews

Attempting to revitalize the traditions of nonmarket-clearing approaches to macroeconomics, uses tools from dynamic analysis to introduce a consistent and integrated framework for disequilibrium macroeconomic dynamics and explore its challenge to the currently dominant equilibrium dynamics. Discusses background models, short-run monetary models of fluctuations, monetary instability in variants with capital accumulation and growth, supply-side and demand-side Keynesian cycles, and the financial sector as a source of instability and fluctuations. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780262061919
  • Publisher: MIT Press
  • Publication date: 6/25/1997
  • 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)

Table of Contents

Series Foreword
1 General Introduction 1
2 Micro- and Macroeconomic Adjustment Mechanisms: A Brief Overview 23
3 Market Mechanisms and Boundedness of Market Fluctuations 33
4 Non-Neoclassical Variants of Dynamic Macroeconomics 61
5 Neoclassical Variants of Dynamic Macroeconomics 103
6 Wage Flexibility and Stability in the Short Run 131
7 Price Flexibility and Instability in the Medium Run 147
8 Keynesian Growth Dynamics, Perfect Foresight, and Viability 187
9 Adaptive Expectations or Myopic Perfect Foresight: The Wrong Alternative 227
10 Supply Side Keynesianism and the Classical Growth Cycle 271
11 Inflation, Distribution, and Cycles in a Keynesian Monetary Growth Model 299
12 Finance, Expectations Dynamics, and Macro Fluctuations 339
13 Trends and Cycles in the Capital Structure 373
14 Conclusions 397
Notes 401
References 427
Index 447
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