Reconstructing Keynesian Macroeconomics Volume 1: Partial Perspectives

Overview

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 ...

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Reconstructing Keynesian Macroeconomics Volume 1: Partial Perspectives

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Overview

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.

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Editorial Reviews

From the Publisher
'Reconstructing Keynesian Macroeconomics lives up to its title. The authors present an up-to-date, technically sophisticated version of truly Keynesian macrodynamics along with a trenchant critique of mainstream modeling. The book represents the state of the art in an exciting area of macroeconomics.' - Lance Taylor, New School for Social Research, New York, USA
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Product Details

Meet the Author

Carl Chiarella is Emeritus Professor of Quantitative Finance of University of Technology, Sydney. Peter Flaschel is Professor of Economics at Bielefeld University. Willi Semmler is Professor of Economics at the New School for Social Research.

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Table of Contents

Reconstructing Keynesian Macroeconomics, 1. Methodological Issues, 1. Applicable Macro is Continuous-Time Macro, 2. Walras’ Law and the Role of Dimensional Analysis in Economics, 3. Lucas (1975): Too Ad Hoc?, 4. NK Hybrid Expectations in Continuous Time, R. Franke, 2. Perfect Foresight: Fast Adaptive vs. Rational Expectations, 5. Price Flexibility and Instability: Tobin (1975) Reconsidered, 6. Stock Market Driven Multiplier Dynamics. A Reconsideration, 7. Money Demand and Perfect Foresight: Implications of Nonlinearity, 8. Determinacy in the New-Keynesian Sticky Wage/Price Model, 3. Macroeconomic Adjustment Processes: Theory, 9. A Harrodian Knife–Edge Theorem for the Wage–Price Sector, 10. Disequilibrium Growth Theory with Insider-Outsider Effects, 11. Dominance of Keynesian Regimes in Non-Walrasian Growth, 12 Steindlian models of growth and stagnation, 13 Investment of firms in capital and productivity growth, 5. Macroeconomic Adjustment Processes: Evidence, 14. Measuring Interacting Wage-Price Dynamics for the U.S, 15 Testing Wage & Price Phillips Curves for the United States, 16. Distributive Cycles with an Nonlinear Wage Phillips Curve, 17. ES Calibration of Wage & Price Phillips Curves, Reiner Franke, 5. Neoclassical Syntheses and Beyond, 18 Keynesian Business Cycle Analysis: Quo Vadis?

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