Foundations for a Disequilibrium Theory of the Business Cycle: Qualitative Analysis and Quantitative Assessment

Foundations for a Disequilibrium Theory of the Business Cycle: Qualitative Analysis and Quantitative Assessment

ISBN-10:
0521850258
ISBN-13:
9780521850254
Pub. Date:
10/31/2005
Publisher:
Cambridge University Press

Hardcover

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Overview

Foundations for a Disequilibrium Theory of the Business Cycle: Qualitative Analysis and Quantitative Assessment

In a non-market-clearing approach to business cycle theory, this book builds an advanced model of economic activity, inflation and income distribution in a Keynesian spirit. After a qualitative analysis of the basic feedback mechanisms, the authors calibrate the model to the stylized facts of the business cycle in the U.S. economy. This calibrated model is used to carry out various macroeconomic simulation studies as well as a detailed study of the macroeconomic impact of various monetary policy rules. It will appeal both to theorists and to applied and policy economists.

Product Details

ISBN-13: 9780521850254
Publisher: Cambridge University Press
Publication date: 10/31/2005
Pages: 560
Product dimensions: 5.98(w) x 8.98(h) x 1.38(d)

About the Author

Carl Chiarella is Professor of Quantitative Finance in the School of Finance and Economics at the University of Technology, Sydney.

Peter Flaschel is Professor of Economics at the University of Bielefeld.

Reiner Franke is a member of the Institute of Monetary Economics at the Technical University, Vienna.

Table of Contents

Figures; Tables; Notation; Foreword J. Barkley Rosser, Jr; Preface; 1. Competing approaches to Keynesian macrodynamics; Part I. Textbook Approaches: 2. AS-AD growth theory: a complete analysis of the textbook model; 3. Disequilibrium growth: the point of departure; Part II. Analytical Framework. Theory and Evidence: 4. The Keynes-Metzler-Goodwin model; 5. Calibration of three wage-price modules; 6. Calibration of the full KMG model; 7. Subsystems and sensitivity analysis of the KMG model; Part III. Monetary Policy: 8. The Taylor Rule in small macro models; 9. Incorporating the Taylor Rule into KMG; References.

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