The Coordination Failure Approach to Keynesian Economics PDF Download

Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 51

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Author: N. Gregory Mankiw
Publisher:
ISBN: 9780262631341
Category : Business & Economics
Languages : en
Pages : 468

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New keynesian economics/ed. by N. Gregory Mankiw.-v.1

Author: Gerald P. O'Driscoll
Publisher: Kansas City, Kan. : Sheed Andrews and McMeel
ISBN:
Category : Business & Economics
Languages : en
Pages : 208

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A revision of the author's thesis, University of California at Los Angeles. Includes index. Bibliography: p. 158-167.

Author: Source Wikipedia
Publisher: University-Press.org
ISBN: 9781230837673
Category :
Languages : en
Pages : 84

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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 23. Chapters: Coordination failure (economics), Credit rationing, Diamond coconut model, Dynamic stochastic general equilibrium, Efficiency wage, Hysteresis (economics), Implicit contract theory, Insider-outsider theory of employment, Kiyotaki-Moore model, Menu cost, Real rigidity, Sticky (economics). Excerpt: Credit rationing refers to the situation where lenders limit the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates. It is an example of market imperfection, or market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply "too expensive" for some borrowers, that is, situations where the interest rate is deemed too high. On the contrary, the borrower would like to acquire the funds at the current rates, and the imperfection refers to the absence of equilibrium in spite of willing borrowers. In other words, at the prevailing market interest rate, demand exceeds supply, but lenders are not willing to either loan more funds, or raise the interest rate charged, as they are already maximising profits. Credit rationing is not the same phenomenon as the better-known case of food rationing, common in times of war. In that case, shortages lead governments to control the food portions allocated to individuals, who would be willing to pay higher prices for more portions. However, credit rationing is not necessarily the result of credit shortages but rather of asymmetric information. More importantly, food rationing is a result of direct government action, while credit rationing is a market outcome. Two main types of credit rationing can usually be distinguished. "Redlining" refers to the situation where some specific group of borrowers, who share an identifiable trait, cannot obtain...

Author: Roy Jeffrey Rotheim
Publisher: Psychology Press
ISBN: 0415123887
Category : Business & Economics
Languages : en
Pages : 410

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New Keynesian Economics has been the most significant development in economics in recent years. However, many modern thinkers have asked whether it actually builds upon or merely distorts Keynes' work. This unique volume provides the first full-scale critique of the New Keynesian school of thought. Within its pages, Post-Keynesian economists, including many from the United States, challenge New Keynesianism both on the grounds that it is not Keynesian, and does not provide an adequate account of our current economic problems. Sure to provoke much new debate and even controversy, New Keynesian Economicsseeks to reconcile these two seemingly intractable systems.

Author: Seonghwan Oh
Publisher:
ISBN:
Category : Keynesian economics
Languages : en
Pages : 78

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Author: Mario Sebastiani
Publisher: Springer
ISBN: 1349220868
Category : Business & Economics
Languages : en
Pages : 264

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One of the reasons which make the Keynesian controversy still so live, is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, in primis the concept the equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications as regards Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration.

Author: Henry Hazlitt
Publisher: Lanham, MD : University Press of America
ISBN:
Category : Business & Economics
Languages : en
Pages : 478

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Book Description
Henry Hazlitt did the seemingly impossible, something that was and is a magnificent service to all people everywhere. He wrote a line-by-line commentary and refutation of what he considered to be one of the most destructive, fallacious, and convoluted books of the century. The target here is John Maynard Keynes's "General Theory," the book that appeared in 1936 and swept all before it. In economic science, Keynes changed everything. He supposedly demonstrated that prices don't work, that private investment is unstable, that sound money is intolerable, and that government was needed to shore up the system and save it. It was simply astonishing how economists the world over put up with this, but it happened. He converted a whole generation in the late period of the Great Depression. By the 1950s, almost everyone was Keynesian. But Hazlitt, the nation's economics teacher, would have none of it. And he did the hard work of actually going through the book to evaluate its logic according to sound conservative and libertarian logical reasoning. The result: a nearly 500-page masterpiece of exposition. With this book The Failure of the New Economics we have a perfect analysis of Keynesian economics that "destroys the whole Keynesian theory".

Author: Harry Garretsen
Publisher:
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 248

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This book proposes that the coordination problems lies at the heart of Keynes' economics and argues that Keynes' message got lost in the post-war period. The text develops an extension of Keynes' ideas within a general equilibrium framework and within alternative frameworks such as Austrian economics. It is demonstrated that in the absence of a co-ordinating device like the Walrasian auctioneer or in the presence of uncertainty, co-ordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.

Author: Peter Howitt
Publisher: University of Michigan Press
ISBN: 9780472102105
Category : Business & Economics
Languages : en
Pages : 272

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Book Description
This volume brings together Howitt's key contributions to the development of macroeconomic theory