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9780521369923

Foundations for a Disequilibrium Theory of the Business Cycle: Qualitative Analysis and Quantitative Assessment

by
  • ISBN13:

    9780521369923

  • ISBN10:

    0521369924

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2011-07-21
  • Publisher: Cambridge University Press

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Summary

Building on The Dynamics of Keynesian Monetary Growth by Chiarella and Flaschel (2000), this 2005 book is a key contribution to business cycle theory, setting out a disequilibrium approach with gradual adjustments of the key macroeconomic variables. Its analytic study of a deterministic model of economic activity, inflation and income distribution integrates elements in the tradition of Keynes, Metzler and Goodwin (KMG). After a qualitative analysis of the basic feedback mechanisms, the authors calibrate the KMG model to the stylized facts of the business cycle in the U.S. economy, and then undertake a detailed numerical investigation of the local and global dynamics generated by the model. Finally, topical issues in monetary policy are studied in small macromodels as well as for the KMG model by incorporating an estimated Taylor-type interest rate reaction function. The stability features of this enhanced model are also compared to those of the original KMG model.

Table of Contents

Figures
Tables
Notation
Foreword J. Barkley Rosser, Jr.
Preface
Competing approaches to Keynesian macrodynamics
Textbook Approaches
AS-AD growth theory: a complete analysis of the textbook model
Disequilibrium growth: the point of departure
Analytical Framework. Theory and Evidence
The Keynes-Metzler-Goodwin model
Calibration of three wage-price modules
Calibration of the full KMG model
Subsystems and sensitivity analysis of the KMG model
Monetary Policy
The Taylor Rule in small macro models
Incorporating the Taylor Rule into KMG
References
Table of Contents provided by Publisher. All Rights Reserved.

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