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The Friedman-Lucas Transition in Macroeconomics

The Friedman-Lucas Transition in Macroeconomics
  • Author : Peter Galbács
  • Publisher :Unknown
  • Release Date :2020-02-20
  • Total pages :396
  • ISBN : 9780128165539
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Summary : The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. Offers a wide selection of Robert Lucas’s unpublished works Discusses the history of business-cycle theories in the context of methodological advancements Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling

A History of Macroeconomics from Keynes to Lucas and Beyond

A History of Macroeconomics from Keynes to Lucas and Beyond
  • Author : Michel De Vroey
  • Publisher :Unknown
  • Release Date :2016-01-08
  • Total pages :448
  • ISBN : 9780521898430
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Summary : 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.

A History of Macroeconomics from Keynes to Lucas and Beyond

A History of Macroeconomics from Keynes to Lucas and Beyond
  • Author : Michel De Vroey
  • Publisher :Unknown
  • Release Date :2016-01-08
  • Total pages :448
  • ISBN : 9780521898430
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Summary : 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 Theory of New Classical Macroeconomics

The Theory of New Classical Macroeconomics
  • Author : Peter Galbács
  • Publisher :Unknown
  • Release Date :2015-04-23
  • Total pages :368
  • ISBN : 9783319175782
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Summary : This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

Debunking Economics (Digital Edition - Revised, Expanded and Integrated)

Debunking Economics (Digital Edition - Revised, Expanded and Integrated)
  • Author : Professor Steve Keen
  • Publisher :Unknown
  • Release Date :2011-09-22
  • Total pages :496
  • ISBN : 9781780322193
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Summary : Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking was published back in 2001, the market economy seemed invincible, and conventional 'neoclassical' economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and that 'the false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits'. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this radically updated and greatly expanded new edition - this version of which includes fully integrated graphs and diagrams - Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics provides a signpost to a better future.

Conversations on Growth, Stability and Trade

Conversations on Growth, Stability and Trade
  • Author : Brian Snowdon
  • Publisher :Unknown
  • Release Date :2002-01-01
  • Total pages :483
  • ISBN : 9781843767428
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Summary : This is a splendid book. It sits at the interface of economics and economic history, and provides both a textbook-style introduction to the key themes of macroeconomics and personal insights into the central debates gleaned from interviews with leading economists. David Greasley, Australian Economic History Review It should be in every library. A hundred years from now, it will be an important guide to what leading economists thought they knew, and what they knew they didn't know as of A.D. 2002. Christopher Hanes, EH.Net Conversations on Growth, Stability and Trade is a wonderful survey of the development of macroeconomic thinking over the past decades. Brian Snowdon has a knack for combining insightful essays on a subject with interviews of interesting, relevant, and diverse economists. The interviews give one an excellent sense of how economists approach policy issues. David Colander, Middlebury College, US Conversations on Growth, Stability and Trade has all the lucidity of A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk, combined with the fascination of Conversations with Leading Economists by Snowdon and Vane. Students will love it and their teachers will devour it the night before the big lecture. If only I had learned macroeconomics this way. Mark Blaug, University of London and University of Buckingham, UK These well informed and highly readable interviews provide a great introduction to some of the big issues in modern economics. Roger E. Backhouse, University of Birmingham, UK This unique volume provides a comprehensive survey of the major economic issues that have helped shape the modern world. It includes discussions of the latest research findings in macroeconomics and scrutinises some of the most important debates in economic history. The author examines the many controversies relating to the role of government in a modern economy, long-run growth and development, the spread of the Industrial Revolution, the causes and consequences of the Great Depression , the Great Peacetime Inflation , the conduct of stabilisation policy, international economic integration and globalisation. To shed light on these major issues the volume contains interviews with ten leading economists who have each contributed extensively to the literature on macroeconomics, economic growth and development, international economics and economic history. A major theme which runs throughout the book is the conviction that economists can gain valuable insights concerning important contemporary policy issues from a knowledge of history, especially economic history. The distinguished economists featured in this book are: Ben Bernanke, Jagdish Bhagwati, Alan Blinder, Nick Crafts, Bradford DeLong, Barry Eichengreen, Kevin Hoover, Charles Jones, Christina Romer and Joseph Stiglitz. Containing an extensive and up-to-date list of references, the book provides a comprehensive guide to the modern literature on macroeconomics and related fields. It will be an essential reference for all scholars and students of economics, especially those with an interest in economic growth, business cycles, inflation, unemployment, trade and globalisation. It will also be of considerable value to students of economic history and the history of economic thought.

Crisis in Economics?

Crisis in Economics?
  • Author : László Csaba
  • Publisher :Unknown
  • Release Date :2009
  • Total pages :223
  • ISBN : STANFORD:36105131263233
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Summary :

Foundations of Economics

Foundations of Economics
  • Author : Yanis Varoufakis
  • Publisher :Unknown
  • Release Date :2002-01-08
  • Total pages :424
  • ISBN : 9781134682607
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Summary : Foundations of Economics breathes life into the discipline by linking key economic concepts with wider debates and issues. By bringing to light delightful mind-teasers, philosophical questions and intriguing politics in mainstream economics, it promises to enliven an otherwise dry course whilst inspiring students to do well. The book covers all the main economic concepts and addresses in detail three main areas: * consumption and choice * production and markets * government and the State. Each is discussed in terms of what the conventional textbook says, how these ideas developed in historical and philosophical terms and whether or not they make sense. Assumptions about economics as a discipline are challenged, and several pertinent students' anxieties ('Should I be studying economics?') are discussed.

Introduction to Quantitative Macroeconomics Using Julia

Introduction to Quantitative Macroeconomics Using Julia
  • Author : Petre Caraiani
  • Publisher :Unknown
  • Release Date :2018-08-29
  • Total pages :238
  • ISBN : 9780128135129
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Summary : Introduction to Quantitative Macroeconomics Using Julia: From Basic to State-of-the-Art Computational Techniques facilitates access to fundamental techniques in computational and quantitative macroeconomics. It focuses on the recent and very promising software, Julia, which offers a MATLAB-like language at speeds comparable to C/Fortran, also discussing modeling challenges that make quantitative macroeconomics dynamic, a key feature that few books on the topic include for macroeconomists who need the basic tools to build, solve and simulate macroeconomic models. This book neatly fills the gap between intermediate macroeconomic books and modern DSGE models used in research. Combines an introduction to Julia, with the specific needs of macroeconomic students who are interested in DSGE models and PhD students and researchers interested in building DSGE models Teaches fundamental techniques in quantitative macroeconomics by introducing theoretical elements of key macroeconomic models and their potential algorithmic implementations Exposes researchers working in macroeconomics to state-of-the-art computational techniques for simulating and solving DSGE models

Microfoundations Reconsidered

Microfoundations Reconsidered
  • Author : Pedro Garcia Duarte,Gilberto Tadeu Lima
  • Publisher :Unknown
  • Release Date :2012-01-01
  • Total pages :256
  • ISBN : 9781781004104
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Summary : Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

Macroeconomic Policy During a Transition to Monetary Union

Macroeconomic Policy During a Transition to Monetary Union
  • Author : Willem H. Buiter
  • Publisher :Unknown
  • Release Date :1995
  • Total pages :56
  • ISBN : UVA:X002580125
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Summary :

The General Theory of Employment, Interest, and Money

The General Theory of Employment, Interest, and Money
  • Author : John Maynard Keynes,General Press
  • Publisher :Unknown
  • Release Date :2019-10-05
  • Total pages :380
  • ISBN : 9789389440621
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Summary : The General Theory of Employment, Interest, and Money, written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This masterpiece was published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the ‘Keynesian Revolution’, in the way economists thought—especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. ‘The General Theory of Employment, Interest, and Money’ transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.

Macroeconomics and the Phillips Curve Myth

Macroeconomics and the Phillips Curve Myth
  • Author : James Forder
  • Publisher :Unknown
  • Release Date :2014-10-09
  • Total pages :320
  • ISBN : 9780191506567
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Summary : This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.

Economic Complexity and Equilibrium Illusion

Economic Complexity and Equilibrium Illusion
  • Author : Ping Chen
  • Publisher :Unknown
  • Release Date :2010-04-05
  • Total pages :272
  • ISBN : 9781136994876
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Summary : The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.

Index of Economic Articles in Journals and Collective Volumes

Index of Economic Articles in Journals and Collective Volumes
  • Author : American Economic Association
  • Publisher :Unknown
  • Release Date :1994
  • Total pages :229
  • ISBN : UOM:39015065508684
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Summary :

Macroeconomics

Macroeconomics
  • Author : Stephen D. Williamson
  • Publisher :Unknown
  • Release Date :2007
  • Total pages :692
  • ISBN : UOM:39015070709772
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Summary : Williamson's Macroeconomicsuses a thoroughly modern approach that is consistent with the way that macroeconomic research is conducted today. Introduction and Measurement Issues:Introduction; Measurement: National Income Accounting, Prices, Saving, and Labor Markets; Business Cycle Measurement. A One-Period Model of the Macroeconomy:Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization; A Closed-Economy One-Period Macroeconomic Model. Economic Growth:Economic Growth: Malthus and Solow; Income Disparity Among Countries and Endogenous Growth. Savings, Investment, and Government Deficits:A Two-Period Model: The Consumption Savings Decision and Credit Markets; A Real Intemporal Model with Investment. Money and Business Cycles:A Monetary Intertemporal Model: Money, Prices, and Monetary Policy; Market-Clearing Models of the Business Cyc≤ Keynesian Business Cycle Theory: Sticky Wages and Prices. International Macroeconomics:International Trade in Goods and Assets; Money in the Open Economy. Topics in Macroeconomics:Money, Inflation, and Banking; Unemployment: Search and Efficiency Wages; Inflation, the Phillips Curve, and Central Bank Commitment. Mathematical Appendix. For all readers interested in macroeconomics.

Growth Theory

Growth Theory
  • Author : Robert Merten Solow
  • Publisher :Unknown
  • Release Date :1970-10-15
  • Total pages :120
  • ISBN : 019501295X
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Summary :

Economic Disturbances and Equilibrium in an Integrated Global Economy

Economic Disturbances and Equilibrium in an Integrated Global Economy
  • Author : Victor A. Canto
  • Publisher :Unknown
  • Release Date :2018-04-19
  • Total pages :433
  • ISBN : 9780128139943
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Summary : Economic Disturbances and Equilibrium in an Integrated Global Economy: Investment Insights and Policy Analysis helps readers develop a framework for analyzing economic events and make better, more consistent decisions. Victor Canto presents the theoretical building blocks that make up the overall framework, then expands the framework to tackle more complex problems, applying additional considerations to actual policy or investment issues. Drawing upon the most recent trends in monetary policy and international economics, the book offers sustained direct engagement with the main research question and makes innovative use of the simple concepts of supply and demand to illuminate modern finance literature. The book succeeds by highlighting the often-forgotten interconnectedness of different economic processes. How do we respond to a change in policy or an economic shock? Are all the expected changes to the general equilibrium consistent with each other? Helps readers build an intellectual framework that enables them to interpret articles in the financial press and policy decisions in a logical and consistent manner Differs from other books by eschewing partial equilibria analyses and instead providing a general equilibrium perspective useful for investors and policy makers Provides supporting data on a freely-accessible website so readers can test and replicate results

The Age of Fragmentation

The Age of Fragmentation
  • Author : Alessandro Roncaglia
  • Publisher :Unknown
  • Release Date :2019-12-05
  • Total pages :228
  • ISBN : 9781108478441
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Summary : A wide-ranging historical account and critical analysis of the global development of economics from 1940 to the present day.

Handbook of Cliometrics

Handbook of Cliometrics
  • Author : Claude Diebolt,Michael Haupert
  • Publisher :Unknown
  • Release Date :2019-09-30
  • Total pages :1768
  • ISBN : 3030001806
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Summary : The Handbook of Cliometrics is a milestone in the field of historical economics and econometric history through its emphasis on the concrete contribution of cliometrics to our knowledge in economics and history. The articles in the handbook authored by the leading scholars in the fields, stress the usefulness of cliometrics for economists, historians and social scientists in general. The Handbook offers a comprehensive coverage of topics with each article providing an overview of the contributions of cliometrics to a particular topic. The Handbook has set a new standard of quality in the field by offering a world-wide forum of discussion in cliometrics. The second edition of the Handbook offers a substantially enlarged collection of articles and thus stresses its unique position as authoritative reference work in this field.

Index of Economic Articles in Journals and Collective Volumes 1996

Index of Economic Articles in Journals and Collective Volumes 1996
  • Author : Anonim
  • Publisher :Unknown
  • Release Date :2003
  • Total pages :229
  • ISBN : PSU:000049736649
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Summary :