Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Hardcover | March 4, 2015

EditorToshiaki Hirai, Maria Cristina Marcuzzo, Perry Mehrling

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The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. This book challenges the current mainstream macroeconomic tradition, rejecting the view that whatever shock hits the economy, the response is an automatic andrapid move towards market equilibrium that pulls the economy out of any kind of difficult situation.Engaging with the structural problems of our times, especially in the context of the global financial crisis, the essays not just engage with Keynesian economics, but also adapt and go beyond it as per the requirements of present conditions. The essays apply the "Keynesian spirit" to cover fourbroad areas: effective demand in the crisis, economic theory in the context of world recession, money and international liquidity, and finance and international economic disorder. Suggesting an alternative future of macroeconomics, this volume inspires and provokes new economic thinking that isneeded for the world today.

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From the Publisher

The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. This book challenges the current mainstream macroeconomic tradition, rejecting the view that whatever shock hits the economy, the response is an automatic andrapid move towards market equilibrium that pull...

Toshiaki Hirai is Professor of Economics at Sophia University in Tokyo. Maria Cristina Marcuzzo is Professor in the Department of Statistical Sciences at Sapienza University of Rome. Perry Mehrling is Professor of Economics, Barnard College at Columbia University in New York.

other books by Toshiaki Hirai

Format:HardcoverDimensions:352 pages, 8.46 × 5.51 × 0.98 inPublished:March 4, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198092113

ISBN - 13:9780198092117

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Table of Contents

List of Tables and FiguresPrefaceIntroductionList of AbbreviationsI. Effective Demand in the Crisis1. Re-embracing Keynes: Scholars, Admirers, and Sceptics in the Aftermath of the Crisis2. The Dog Called Investment3. Keynes, Kalecki, and the Real WorldII. Economic Theory and the World Recession4. The State of Macroeconomics in View of Global Financial Crisis5. Keynes and Capitalism: The Case of Japan6. Keynes and the Case for EuropeIII. Money and International Liquidity7. Was Keynes' Monetary Policy a Outrance in the Treatise, the Model for ZIRP and QE?8. Liquidity Preference of Banks and Crises9. Why Not Bancor? Keynes's Currency Plan as a Solution to Global Imbalances10. In a Keynesian Mood? Why Exchange Rate Systems CollapseIV. Finance and International Economic Disorder11. Uncertainty and Speculation in the Keynesian Tradition: Relevance in Commodity Futures12. Financial Keynesianism and Market Instability13. Financial Globalization and the Future of the Fed14. Some Foreseeable Disasters of the Global Economy: The High Cost of Neglecting Keynes's Approach.