The New Keynesian Macroeconomics

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Imperfect Competition and Sticky Prices

Author : N. Gregory Mankiw
Publisher : MIT Press
ISBN 13 : 9780262631334
Total Pages : 448 pages
Book Rating : 4.6/5 (313 download)

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Book Synopsis Imperfect Competition and Sticky Prices by : N. Gregory Mankiw

Download or read book Imperfect Competition and Sticky Prices written by N. Gregory Mankiw and published by MIT Press. This book was released on 1991 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection.Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets. Contributors George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

Monetary Policy, Inflation, and the Business Cycle

Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

New Keynesian Economics

Author : N. Gregory Mankiw
Publisher :
ISBN 13 : 9780262631341
Total Pages : 468 pages
Book Rating : 4.6/5 (313 download)

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Book Synopsis New Keynesian Economics by : N. Gregory Mankiw

Download or read book New Keynesian Economics written by N. Gregory Mankiw and published by . This book was released on 1991 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: New keynesian economics/ed. by N. Gregory Mankiw.-v.1

A History of Macroeconomics from Keynes to Lucas and Beyond

Author : Michel De Vroey
Publisher : Cambridge University Press
ISBN 13 : 0521898439
Total Pages : 451 pages
Book Rating : 4.5/5 (218 download)

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Book Synopsis A History of Macroeconomics from Keynes to Lucas and Beyond by : Michel De Vroey

Download or read book A History of Macroeconomics from Keynes to Lucas and Beyond written by Michel De Vroey and published by Cambridge University Press. This book was released on 2016-01-08 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.

The Science and Practice of Monetary Policy Today

Author : Volker Wieland
Publisher : Springer Science & Business Media
ISBN 13 : 3642029531
Total Pages : 140 pages
Book Rating : 4.6/5 (42 download)

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Book Synopsis The Science and Practice of Monetary Policy Today by : Volker Wieland

Download or read book The Science and Practice of Monetary Policy Today written by Volker Wieland and published by Springer Science & Business Media. This book was released on 2009-12-01 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridging the theory and practice of monetary policy, this book presents aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers. It also outlines important lessons for policymakers.

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

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.

The ABCs of RBCs

Author : George McCandless
Publisher : Harvard University Press
ISBN 13 : 0674033787
Total Pages : 448 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis The ABCs of RBCs by : George McCandless

Download or read book The ABCs of RBCs written by George McCandless and published by Harvard University Press. This book was released on 2008-03-31 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks—new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations—can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open economy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the economic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models. In the tradition of the “freshwater” economic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroeconomic modeling.

A Modern Guide to Keynesian Macroeconomics and Economic Policies

Author : Eckhard Hein
Publisher : Edward Elgar Pub
ISBN 13 : 9781849801409
Total Pages : 365 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis A Modern Guide to Keynesian Macroeconomics and Economic Policies by : Eckhard Hein

Download or read book A Modern Guide to Keynesian Macroeconomics and Economic Policies written by Eckhard Hein and published by Edward Elgar Pub. This book was released on 2011 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'For more than a decade, most macroeconomists convinced themselves they were witnessing a "Great Moderation". Many Keynesians saw instead the accumulation of a fragility and potential instability that have become dramatically manifest since 2007. the premise of this book is that the financial crisis and Great Recession necessitate a revival of Keynesian macroeconomics, emphasizing the central roles of effective demand, money and finance in modern capitalism. Comprising essays on all aspects of macroeconomic theory and policy, the book will prove invaluable for scholars and graduate students seeking to acquaint themselves with the frontiers of modern Keynesian macroeconomics.' - Mark Setterfield, Trinity College, US

Introduction to Post-Keynesian Economics

Author : M. Lavoie
Publisher : Springer
ISBN 13 : 0230626300
Total Pages : 165 pages
Book Rating : 4.2/5 (36 download)

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Book Synopsis Introduction to Post-Keynesian Economics by : M. Lavoie

Download or read book Introduction to Post-Keynesian Economics written by M. Lavoie and published by Springer. This book was released on 2007-06-15 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.

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.

Keynesian Economics and Price Theory

Author : Masayuki Otaki
Publisher : Springer
ISBN 13 : 4431553452
Total Pages : 209 pages
Book Rating : 4.4/5 (315 download)

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Book Synopsis Keynesian Economics and Price Theory by : Masayuki Otaki

Download or read book Keynesian Economics and Price Theory written by Masayuki Otaki and published by Springer. This book was released on 2015-02-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.

Post-Keynesian Economics

Author : Lavoie, Marc
Publisher : Edward Elgar Publishing
ISBN 13 : 1839109629
Total Pages : 744 pages
Book Rating : 4.8/5 (391 download)

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Book Synopsis Post-Keynesian Economics by : Lavoie, Marc

Download or read book Post-Keynesian Economics written by Lavoie, Marc and published by Edward Elgar Publishing. This book was released on 2022-05-13 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: This visionary Research Handbook presents the state of the art in research on policy design. By conceiving policy design both as a theoretical and a methodological framework, it provides scholars and practitioners with guidance on understanding policy problems and devising accurate solutions.

The Fall and Rise of Keynesian Economics

Author : John Eatwell
Publisher : Oxford University Press, USA
ISBN 13 : 0199777691
Total Pages : 449 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis The Fall and Rise of Keynesian Economics by : John Eatwell

Download or read book The Fall and Rise of Keynesian Economics written by John Eatwell and published by Oxford University Press, USA. This book was released on 2011-06-16 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The simple message of Eatwell & Milgate's Fall and Rise of Keynesian Economics is that it was inevitable that Keynesian economics would rise again when circumstances conspired to make it apparent that conventional macroeconomic thinking had lost its way and was unable to explain satisfactorily the most outstanding feature of our actual experience: financial instabilty and its effect on real economic activity.

Foundations of Post-Keynesian Economic Analysis

Author : Marc Lavoie
Publisher : Aldershoot, England : E. Elgar
ISBN 13 :
Total Pages : 488 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Foundations of Post-Keynesian Economic Analysis by : Marc Lavoie

Download or read book Foundations of Post-Keynesian Economic Analysis written by Marc Lavoie and published by Aldershoot, England : E. Elgar. This book was released on 1992 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that it is possible to construct a coherent alternative to neo-classical economics based on the contributions of post-Keynesian and neo-Ricardian economists. It identifies elements from various non-orthodox traditions that can be used to construct an alternative theoretical framework.

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.

Macroeconomic Fluctuations and Policies

Author : Edouard Challe
Publisher : MIT Press
ISBN 13 : 0262549298
Total Pages : 361 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Macroeconomic Fluctuations and Policies by : Edouard Challe

Download or read book Macroeconomic Fluctuations and Policies written by Edouard Challe and published by MIT Press. This book was released on 2023-09-19 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: The basic tools for analyzing macroeconomic fluctuations and policies, applied to concrete issues and presented within an integrated New Keynesian framework. This textbook presents the basic tools for analyzing macroeconomic fluctuations and policies and applies them to contemporary issues. It employs a unified New Keynesian framework for understanding business cycles, major crises, and macroeconomic policies, introducing students to the approach most often used in academic macroeconomic analysis and by central banks and international institutions. The book addresses such topics as how recessions and crises spread; what instruments central banks and governments have to stimulate activity when private demand is weak; and what “unconventional” macroeconomic policies might work when conventional monetary policy loses its effectiveness (as has happened in many countries in the aftermath of the Great Recession.). The text introduces the foundations of modern business cycle theory through the notions of aggregate demand and aggregate supply, and then applies the theory to the study of regular business-cycle fluctuations in output, inflation, and employment. It considers conventional monetary and fiscal policies aimed at stabilizing the business cycle, and examines unconventional macroeconomic policies, including forward guidance and quantitative easing, in situations of “liquidity trap”—deep crises in which conventional policies are either ineffective or have very different effects than in normal time. This book is the first to use the New Keynesian framework at the advanced undergraduate level, connecting undergraduate learning not only with the more advanced tools taught at the graduate level but also with the large body of policy-oriented research in academic journals. End-of-chapter problems help students master the materials presented.