Author: J.C. Siebrand Publisher: Springer Science & Business Media ISBN: 9401735611 Category : Business & Economics Languages : en Pages : 182
Book Description
Most re cent contributions to disequilibrium theory have a high level of abstraction. Empirical studies explicitly based on disequilibrium are still relatively scarce. However, empirical macro economics anticipated the theoretical development, and amalgamated classical and Keynesian elements often without a clear-cut formal base. Now a theoretical integration of neo-classical and neo-Keynesian economics seems under way. There is a renewed interest in the micro-economic foundations of macroeconomics with a special focus on the behaviour of economic agents operating in non-clearing markets. In some instances these theoretical developments offer an ex post justification for empirical macro-economic practices. Generally however, they call for new ways of empirical macro-economic model building. This study operates on the border line between empirical macro economics and theoretical disequilibrium macro-economic theory. Our interest in macro-economic disequilibrium originates from the empirical side. Foreign trade relations for several countries revealed significant pressure of demand effects. Hence, the spillover of excess demand in domestic markets to foreign markets seemed a rather general phenomenon. This fact could be explained by a theory that states that actual demand for products from domestic ftrms will gene rally and systematically differ from the ex ante demand as suggested by equilibrium analysis. This latter demand concept comes close to Clower's 'notional demand' and Patinkin's 'potential demand'.
Author: Roger E. Backhouse Publisher: Cambridge University Press ISBN: 110702319X Category : Business & Economics Languages : en Pages : 239
Book Description
Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households.
Author: Michel De Vroey Publisher: Cambridge University Press ISBN: 0521898439 Category : Business & Economics Languages : en Pages : 451
Book Description
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.
Author: Jean-Pascal Benassy Publisher: Academic Press ISBN: 1483268462 Category : Business & Economics Languages : en Pages : 265
Book Description
Macroeconomics: An Introduction to the Non-Walrasian Approach provides the approach to macroeconomic theory based on the non-Walrasian method. This book presents the microeconomic concepts that can be applied in a simple and relevant manner to the fundamental topics of macroeconomic theory. Organized into five parts encompassing 14 chapters, this book begins with an overview of the fundamental concepts, describing the functioning of nonclearing markets, the role of expectations, the setting of prices by decentralized agents, and the derivation of optimal demand and supplies. This text then studies various non-Walrasian equilibrium concepts. Other chapters compare the classical and Keynesian theories of unemployment in the framework of a model. This book discusses as well the asymmetric price flexibility into the basic model. The final chapter deals with a dynamic model with explicit expectations, which allows a comparison of the employment effects of various expectations schemes and their realism. This book is a valuable resource for economists.
Author: Carl Chiarella Publisher: Routledge ISBN: 1135984506 Category : Biography & Autobiography Languages : en Pages : 513
Book Description
This important new book from a group of Keynesian, but nonetheless technically-oriented economists explores one of the dominant paradigms in financial economics: the ‘intertemporal general equilibrium approach’.
Author: W. Charemza Publisher: Elsevier ISBN: 1483297470 Category : Business & Economics Languages : en Pages : 200
Book Description
The purpose of this study is to investigate interrelations between planning mechanisms and disequilibria in a case where the planning decisions are centralized and are exogenously given to enterprises. The first introductory chapter is intended to provide an understanding of Poland's economic situation during the period under research. In the next five chapters the basic model, describing the households-planners relations in terms of consumption, labour, money and plans are derived, estimated, used for calculation of excess demands, for simulation of some monetary policies, and, finally, for providing optimal control experiments in which consumption excess demand is minimized on a reasonable level of the consumption volume. In the next two chapters the basic model is gradually extended, and the last chapter summarizes the results by formulating a more effective macroeconomic policy.
Author: Pascal Salin Publisher: Edward Elgar Publishing ISBN: 1786430304 Category : Business & Economics Languages : en Pages : 272
Book Description
The international monetary system, and the disparate systems that make it up, are complex and there are many fallacies surrounding the ways in which they work. This book provides a clear and rigorous understanding of these systems and their possible consequences.
Author: Michiel Hazewinkel Publisher: Springer Science & Business Media ISBN: 9400979339 Category : Business & Economics Languages : en Pages : 353
Book Description
This book contains the Proceedings of a symposium that was held in Rotterdam from 12 to 15 January 1982 to celebrate the 25-th anniversary of the Econometric Institute of the Erasmus University. The subject of the symposium, developments in econometrics and related fields, was particularly appropriate for the occasion. In 25 years the research carried out at the Econometric Institute developed from the original seminal work in econometrics, carried out under the supervision of the first director H. Theil, to embrace related areas such as mathematical economics, operations research, systems theory and other branches of mathematics, statistics and probability theory. To review the state of the art in these areas, thirteen leading experts were invited to deliver a lecture at the symposium; their contributions form .the backbone of this book. Together, they illustrate the wide range and scope of the current scientific activity in these fields. The thirteen authoritative surveys should be of great value to researchers and students alike, who want to become acquainted with recent ideas, current trends and future developments in their chosen fields of interest. Each contribution is preceded by an introduction to the author and his work and followed by a summary of the discussion that followed the lecture. A special chapter is devoted to the history of the Econometric Institute.
Author: J.C. Siebrand
Author: Roger E. Backhouse
Author: Jean-Paul Lambert
Author: Michel De Vroey
Author: Jean-Pascal Benassy
Author: Carl Chiarella
Author: W. Charemza
Author: Pascal Salin
Author: Michiel Hazewinkel
Author: J.E.J. Plasmans