Monetary Macrodynamics by Toichiro AsadaMonetary Macrodynamics by Toichiro Asada

Monetary Macrodynamics

byToichiro Asada, Carl Chiarella, Peter Flaschel

Hardcover | April 14, 2010

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This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective.

Monetary Macrodynamicsshows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour.

The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.

Toichiro Asadais a Professor in the Faculty of Economics at Chuo University, Tokyo, Japan.Carl Chiarellais Professor of Quantitative Finance at the University of Technology, Sydney.Peter Flaschelis Professor Emeritus at Bielefeld University, Germany.Reiner Frankeis a Lecturer in Economics at Kiel University, Germany.
Title:Monetary MacrodynamicsFormat:HardcoverDimensions:448 pages, 9.21 × 6.14 × 0.98 inPublished:April 14, 2010Publisher:Taylor and FrancisLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0415548373

ISBN - 13:9780415548373


Table of Contents

Part I: Conventional AD-AS Modeling 1. Models of Growth, Inflation, and the Real-Financial Market Interaction  2 Neglected Textbook Results: IS-LM-PC Inflation Dynamics  3. Strange AS-AD Outcomes: Rational Expectations Inflation Theory  4. Taking Stock: Keynesian Theories of Aggregate Demand and Supply (by Amitava Dutt and Peter Skott) Part II: Matured Keynesian AD-AS Modeling 5. Expectations and the Real-Wage Feedback Channel. Two Competing Baseline Approaches  6. Beyond Neoclassical Syntheses: A Baseline DAS-AD Model  7. Reformulation and Estimation of the Baseline Model  8. Applied DAD-DAS Modelling: Elaboration and Calibration Part III: Outlook: Real-Financial Markets Interaction from a Keynesian Perspective9. Keynes-Metzler-Goodwin Growth Dynamics and Tobinian Portfolio Choice