A Note On Adjustment Costs And Aggregate Demand Theory

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An Encyclopedia of Keynesian Economics, Second edition

Author : Thomas Cate
Publisher : Edward Elgar Publishing
ISBN 13 : 1782546790
Total Pages : 705 pages
Book Rating : 4.7/5 (825 download)

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Book Synopsis An Encyclopedia of Keynesian Economics, Second edition by : Thomas Cate

Download or read book An Encyclopedia of Keynesian Economics, Second edition written by Thomas Cate and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acclaim for the first edition: ÔThis easy-to-read collection . . . tells the whole story. Filled with short, well-written pieces, the encyclopedia covers the names and ideas that preceded Keynes, that carried his work to the center of the profession, and that eventually supplanted him there . . . There are excellent and unexpected articles on the Austrian school, the Lausanne school, and the Ricardo effect. There are well-done pieces on all the basic theoretical models at the heart of Keynesianism . . . [the] volume has been well put together. The editors deserve special praise for letting each contributor tell his own story. Those who oppose KeynesÕs ideas are just as well represented as those who carry the torch for him. This evenhandedness helps to ensure a volume that is truly representative and that will allow its users to get a full picture of the life and times of Keynesian economics.Õ Ð Bradley W. Bateman, Grinnell College, US ÔThe book will also be of some interest to serious scholars, partly because it includes biographies of many economists too young to have been included in the New Palgrave, such as Dornbusch, Fisher, Herschel Grossman, Kregel, Lucas, and Robert Townsend. It also includes some very interesting longer essays.Õ Ð Peter Howitt, The Economic Journal ÔThis book provides an excellent summary of the many strands of ÔKeynesianÕ- style thought both before and after 1936. Its well-considered entries take care to make explicit the assumptions and fundamental points of difference between theories too often concealed by the parents and advocates of specific theories in their zeal to promote the universality of the ideas. There is scarcely an entry that suffers from wordiness and repetition; the readerÕs scarce time is not abused.Õ Ð Elizabeth Webster, Economic Record ÔThis reviewer found using this source exhilarating and endowed with additional interest in view of the 1997 discussion on the inclusion or noninclusion of Keynesian economics in introductory economics textbooks. The editors should be applauded for helping to preserve a part of intellectual heritage.Õ Ð Bogdan Mieczkowski, American Reference Books ÔIt is the best single reference source on Keynesian economics and will be welcomed by students and teachers in economics as well as scholars in related social sciences and government policy makers.Õ Ð Educational Book Review This thoroughly revised and updated second edition of a highly acclaimed and authoritative reference work introduces the major concepts in the field of Keynesian economics. The comprehensive Encyclopedia features accessible, informative and provocative contributions by leading international scholars working in the tradition of Keynes. It brings together widely dispersed yet theoretically congruent ideas, presents concise biographies of economists who have contributed to the debate on Keynes and the Keynesian Revolution, and outlines the basic principles, models and tools used to discuss the economic consequences of The General Theory. Longer entries on specific topics associated with Keynes and the Keynesian Revolution analyse the principal factors that contributed to The General Theory, the economics of Keynes and the rise and apparent decline of Keynesian economics in greater detail. The second edition will ensure that An Encyclopedia of Keynesian Economics will remain the best single reference source on Keynesian economics and will continue to be welcomed by academics, students and teachers of economics as well as by scholars in related social sciences and government policymakers.

Finance & Development, September 2014

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475566980
Total Pages : 60 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Finance & Development, September 2014 by : International Monetary Fund. External Relations Dept.

Download or read book Finance & Development, September 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-08-25 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

General Theory Of Employment , Interest And Money

Author : John Maynard Keynes
Publisher : Atlantic Publishers & Dist
ISBN 13 : 9788126905911
Total Pages : 410 pages
Book Rating : 4.9/5 (59 download)

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Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes

Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning

The General Theory of Employment, Interest and Money

Author : John Maynard Keynes
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis The General Theory of Employment, Interest and Money by : John Maynard Keynes

Download or read book The General Theory of Employment, Interest and Money written by John Maynard Keynes and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Expectations, Adjustment Costs and the Optimal Investment of a Value-maximizing Firm

Author : Luis Alvarez
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Expectations, Adjustment Costs and the Optimal Investment of a Value-maximizing Firm by : Luis Alvarez

Download or read book Expectations, Adjustment Costs and the Optimal Investment of a Value-maximizing Firm written by Luis Alvarez and published by . This book was released on 1993 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Raising Keynes

Author : Stephen A. Marglin
Publisher : Harvard University Press
ISBN 13 : 0674971027
Total Pages : 921 pages
Book Rating : 4.6/5 (749 download)

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Book Synopsis Raising Keynes by : Stephen A. Marglin

Download or read book Raising Keynes written by Stephen A. Marglin and published by Harvard University Press. This book was released on 2020-07-14 with total page 921 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

Law and Macroeconomics

Author : Yair Listokin
Publisher : Harvard University Press
ISBN 13 : 0674976053
Total Pages : 281 pages
Book Rating : 4.6/5 (749 download)

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Book Synopsis Law and Macroeconomics by : Yair Listokin

Download or read book Law and Macroeconomics written by Yair Listokin and published by Harvard University Press. This book was released on 2019-03-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: A distinguished Yale economist and legal scholar’s argument that law, of all things, has the potential to rescue us from the next economic crisis. After the economic crisis of 2008, private-sector spending took nearly a decade to recover. Yair Listokin thinks we can respond more quickly to the next meltdown by reviving and refashioning a policy approach whose proven success is too rarely acknowledged. Harking back to New Deal regulatory agencies, Listokin proposes that we take seriously law’s ability to function as a macroeconomic tool, capable of stimulating demand when needed and relieving demand when it threatens to overheat economies. Listokin makes his case by looking at both positive and cautionary examples, going back to the New Deal and including the Keystone Pipeline, the constitutionally fraught bond-buying program unveiled by the European Central Bank at the nadir of the Eurozone crisis, the ongoing Greek crisis, and the experience of U.S. price controls in the 1970s. History has taught us that law is an unwieldy instrument of macroeconomic policy, but Listokin argues that under certain conditions it offers a vital alternative to the monetary and fiscal policy tools that stretch the legitimacy of technocratic central banks near their breaking point while leaving the rest of us waiting and wallowing.

Technology Shocks and Aggregate Fluctuations

Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal

Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

The Effectiveness of Fiscal Policy in Stimulating Economic Activity

Author : Richard Hemming
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Effectiveness of Fiscal Policy in Stimulating Economic Activity by : Richard Hemming

Download or read book The Effectiveness of Fiscal Policy in Stimulating Economic Activity written by Richard Hemming and published by International Monetary Fund. This book was released on 2002-12 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.

Economic Policy and the Great Stagflation

Author : Alan S. Blinder
Publisher : Elsevier
ISBN 13 : 1483264564
Total Pages : 244 pages
Book Rating : 4.4/5 (832 download)

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Book Synopsis Economic Policy and the Great Stagflation by : Alan S. Blinder

Download or read book Economic Policy and the Great Stagflation written by Alan S. Blinder and published by Elsevier. This book was released on 2013-09-11 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.

Growth and Productivity in East Asia

Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 9780226386805
Total Pages : 403 pages
Book Rating : 4.3/5 (868 download)

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Book Synopsis Growth and Productivity in East Asia by : Takatoshi Ito

Download or read book Growth and Productivity in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2004-08-01 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the examples of Australia and the Pacific Rim, Growth and Productivity in East Asia offers a contemporary explanation for national productivity that measures contributions not only from capital and labor, but also from economic activities and relevant changes in policy, education, and technology. Takatoshi Ito and Andrew K. Rose have organized a group of collaborators from several Asian countries, the United States, and other parts of the globe who ably balance both macroeconomic and microeconomic study with theoretical and empirical approaches. Growth and Productivity in East Asia gives special attention to the causes for the unusual success of Australia, one of the few nations to maintain unprecedented economic growth despite the 1997 Asian financial crisis and the 2001 global downturn. A new database comprising eighty-four Japanese sectors reveals new findings for the last thirty years of sectoral productivity and growth in Japan. Studies focusing on Indonesia, Taiwan, and Korea also consider productivity and its relationship to research and development, foreign ownership, and policy reform in such industries as manufacturing, automobile production, and information technology.

Journal of Economic Literature

Author :
Publisher :
ISBN 13 :
Total Pages : 758 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Journal of Economic Literature by :

Download or read book Journal of Economic Literature written by and published by . This book was released on 1998 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Asking About Prices

Author : Alan Blinder
Publisher : Russell Sage Foundation
ISBN 13 : 1610440684
Total Pages : 412 pages
Book Rating : 4.6/5 (14 download)

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Book Synopsis Asking About Prices by : Alan Blinder

Download or read book Asking About Prices written by Alan Blinder and published by Russell Sage Foundation. This book was released on 1998-01-08 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.

Neoclassical Theory and Empirical Models of Aggregate Firm Behaviour

Author : D. Peter Broer
Publisher : Springer Science & Business Media
ISBN 13 : 9400944780
Total Pages : 353 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Neoclassical Theory and Empirical Models of Aggregate Firm Behaviour by : D. Peter Broer

Download or read book Neoclassical Theory and Empirical Models of Aggregate Firm Behaviour written by D. Peter Broer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Survey of Literature on Demand for Money

Author : Mr.Subramanian S. Sriram
Publisher : International Monetary Fund
ISBN 13 : 1451848544
Total Pages : 78 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Survey of Literature on Demand for Money by : Mr.Subramanian S. Sriram

Download or read book Survey of Literature on Demand for Money written by Mr.Subramanian S. Sriram and published by International Monetary Fund. This book was released on 1999-05-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.

Information Choice in Macroeconomics and Finance

Author : Laura L. Veldkamp
Publisher : Princeton University Press
ISBN 13 : 140084049X
Total Pages : 181 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Information Choice in Macroeconomics and Finance by : Laura L. Veldkamp

Download or read book Information Choice in Macroeconomics and Finance written by Laura L. Veldkamp and published by Princeton University Press. This book was released on 2011-08-22 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative graduate textbook on information choice, an exciting frontier of research in economics and finance Most theories in economics and finance predict what people will do, given what they know about the world around them. But what do people know about their environments? The study of information choice seeks to answer this question, explaining why economic players know what they know—and how the information they have affects collective outcomes. Instead of assuming what people do or don't know, information choice asks what people would choose to know. Then it predicts what, given that information, they would choose to do. In this textbook, Laura Veldkamp introduces graduate students in economics and finance to this important new research. The book illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas. It shows how to build and test applied theory models with information frictions. And it covers recent work on topics such as rational inattention, information markets, and strategic games with heterogeneous information. Illustrates how information choice is used to answer questions in monetary economics, portfolio choice theory, business cycle theory, international finance, asset pricing, and other areas Teaches how to build and test applied theory models with information frictions Covers recent research on topics such as rational inattention, information markets, and strategic games with heterogeneous information

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

Author : Fabian Bornhorst
Publisher : International Monetary Fund
ISBN 13 : 1475510209
Total Pages : 39 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances by : Fabian Bornhorst

Download or read book When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances written by Fabian Bornhorst and published by International Monetary Fund. This book was released on 2011-04-11 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished technical assistance reports, to a broader audience. This new series was launched in August 2009.