Description
Reconstructing Keynesian Macroeconomics Volume 3
Macroeconomic Activity, Banking and Financial Markets
Routledge Frontiers of Political Economy Series
Authors: Chiarella Carl, Flaschel Peter, Semmler Willi
Language: EnglishSubjects for Reconstructing Keynesian Macroeconomics Volume 3:
Keywords
Keynesian Macroeconomics; Finance; Markets; Banking; Labour Markets; Economics; State III; disequilibrium adjustment processes; High Growth Regime; High Financial Stress; Low Growth Regime; Unconventional Monetary Policy Measures; Vice Versa; House Price Expectations; Capital Gains Expectations; Interest Rate Policy Rule; Unconventional Monetary Policy; Myopic Perfect Foresight; Financial Market Stress; Taylor Interest Rate Policy Rule; Global Dynamic Properties; FSI; Money Wage Phillips Curve; Long Term Bonds; Jump Variable Technique; Credit Spreads; Long Term Bond Prices; Asset Price Volatility; Asset Prices; Interior Steady State Solutions; Short Term Bonds; Asset Holders
50.12 €
In Print (Delivery period: 14 days).
Add to cart the book of Chiarella Carl, Flaschel Peter, Semmler WilliPublication date: 09-2020
· 15.6x23.4 cm · Paperback
214.69 €
In Print (Delivery period: 14 days).
Add to cart the book of Chiarella Carl, Flaschel Peter, Semmler WilliPublication date: 12-2014
· 15.6x23.4 cm · Hardback
Description
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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 Macroeconomics will 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.
Part I Housing Market, Household Debt and Boom-Bust Cycles 1. Boom-Bust Cycles in the Housing Market 2. Income Distribution, Credit Market and Household Debt Part II Banking Sector and Macro Dynamics 3. The Vulnerability of Traditional Banking 4. The Perils of Broad Banking and Narrow Banking 5. The Instability of Investment Banking Part III Credit Bubbles, Asset Prices and Monetary Policy 6. 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 Policy Part IV Stabilizing the Financial-Real Interaction 11. Taming Financial Market Driven Economic Fluctuations 12. Stabilizing a Financially Unstable Economy Part V Higher Dimensional Macrodynamics 13. 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
Carl Chiarella is Professor at the School of Finance and Economics, University of Technology Sydney, Sydney, Australia.
Peter Flaschel is Professor at the Department of Business Administration and Economics, Bielefeld University, Germany.
Willi Semmler is the Henry Arnhold Professor of Economics at theDepartment of Economics, New School for Social Research, New York, USA.