Reconstructing Keynesian Macroeconomics Volume 3: Macroeconomic Activity, Banking And Financial Markets by Carl ChiarellaReconstructing Keynesian Macroeconomics Volume 3: Macroeconomic Activity, Banking And Financial Markets by Carl Chiarella

Reconstructing Keynesian Macroeconomics Volume 3: Macroeconomic Activity, Banking And Financial…

byCarl Chiarella, Peter Flaschel, Willi Semmler

Hardcover | December 16, 2014

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This book represents the third 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.

This book offers a full treatment of the interlinkages between the real and the financial markets, including an analysis of banking, credit, and endogenous money and asset markets. It remains critical of quite frequently used conventional macro models that have dropped the tradition of studying the macroeconomic feedback channels, well-known in the history of macroeconomics. Those feedback mechanisms are known to have the potential for instabilities with respect to real markets, price dynamics and financial markets. In this volume a particular emphasis is given to the financial-real interaction.

The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume.

Reconstructing Keynesian Macroeconomicswill 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. This book will also engage central bankers and macroeconomic policy makers.

Carl Chiarellais Professor at the School of Finance and Economics, University of Technology Sydney, Sydney, Australia.Peter Flaschelis Professor at the Department of Business Administration and Economics, Bielefeld University, Germany.Willi Semmleris the Henry Arnhold Professor of Economics at theDepartment of Economics, New School for...
Title:Reconstructing Keynesian Macroeconomics Volume 3: Macroeconomic Activity, Banking And Financial…Format:HardcoverDimensions:390 pages, 9.21 × 6.14 × 0.98 inPublished:December 16, 2014Publisher:Taylor and FrancisLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0415668581

ISBN - 13:9780415668583


Table of Contents

Part I Housing Market, Household Debt and Boom-Bust Cycles1. Boom-Bust Cycles in the Housing Market 2. Income Distribution, Credit Market and Household DebtPart II Banking Sector and Macro Dynamics3. The Vulnerability of Traditional Banking 4. The Perils of Broad Banking and Narrow Banking 5. The Instability of Investment BankingPart III Credit Bubbles, Asset Prices and Monetary Policy6. Tobin's q, Investment and the Credit Market 7. Liquidity, Output and Regime Changes 8. Credit Bubble, Default Risk and Asset Pricing 9. Asset Price Volatility and Monetary Policy Rules 10. Financial Stress Regimes and Monetary PolicyPart IV Stabilizing the Financial-Real Interaction11. Taming Financial Market Driven Economic Fluctuations 12. Stabilizing a Financially Unstable EconomyPart V Higher Dimensional Macrodynamics13. Higher Dimensional Macro Structure 14. Higher Dimensional Macro Dynamics 15. Numerical Explorations of the Dynamics 16. Uncertain Outcomes in High Dimensional Macro Models and Relevance of Policies

Editorial Reviews

"These three are nothing short of a triumph. The authors have done what many economists have failed to do: offer a critical analysis of mainstream macro building and offer their own, thought-provoking and original ideas. These three books will appeal to all graduate students and academics alike who are looking for strong technical analysis rooted in a deep understanding of macroeconomic theory." Louis-Philippe Rochon Associate Professor, Laurentian University Director, International Economic Policy Institute