Asset Markets, Portfolio Choice and Macroeconomic Activity: A Keynesian Perspective by T. Asada

Asset Markets, Portfolio Choice and Macroeconomic Activity: A Keynesian Perspective

byT. Asada, P. Flaschel, Tarik Mouakil

Hardcover | May 27, 2011

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This book investigates, from a Keynesian perspective, the interaction of effective demand with the wage-price spiral, the dependence of goods market outcomes on financial markets, and the impact of monetary policy on financial and real markets. These issues are discussed by way of rigorously formulated approaches that lay foundations for a theory of endogenously generated business fluctuations.

The material is presented on three levels of generality: an introductory level that motivates the theoretical approach, a research-oriented level that shows how the interaction of real with financial markets has to be modeled from an integrative Keynesian perspective, and an advanced textbook level that extends the traditional Keynesian approach to open economies. The main findings indicate that balanced growth in capitalist economies is unlikely due to changes in behavioral factors that drive the wage-price spiral and the financial markets.

This book is essential reading for advanced level macroeconomic modules and for those interested in both traditional macroeconomics and the dominant neoclassical approach of the New Keynesians. 

About The Author

TOICHIRO ASADA is Professor of Economics at Chuo University, Tokyo, Japan. His research interests include Macroeconomic Dynamic Theory and business cycles. He has published several books and many articles on Macroeconomic Dynamic Theory both in English and in Japanese. He has stayed at  the New School for Social Research in New York, ...
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Details & Specs

Title:Asset Markets, Portfolio Choice and Macroeconomic Activity: A Keynesian PerspectiveFormat:HardcoverDimensions:152 pages, 8.5 × 5.51 × 0.04 inPublished:May 27, 2011Publisher:Palgrave Macmillan UKLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230290175

ISBN - 13:9780230290174

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Extra Content

Table of Contents

General Introduction
Advances in AS-AD Model Building: Real Disequilibria and Portfolio Choices
Tobinian Stock-Flow Interactions in the KMG Framework
Analysis and Policy Implications of the KMG-Tobin Model
Introducing Tobinian Stock-Flow Interactions into the Mundell-Fleming Model
Two Extensions of the Mundell-Fleming-Tobin Model
Fiscal and Monetary Policy, Stocks, and the Term Structure of Interest Rates