Keynes, coordination and beyond: the development of macroeconomic and monetary theory since 1945
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Aldershot u.a.
Elgar
1992
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | IX, 228 S. |
| ISBN: | 1852786205 |
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Datensatz im Suchindex
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| adam_text | Keynes, Coordination
and Beyond
The Development of Macroeconomic and
Monetary Theory since 1945
Harry Garretsen
Department of Economics
University ofGroningen
The Netherlands
Edward Elgar
Contents
List of Illustrations viii
Acknowledgements ix
1 Introduction
1 1 Keynes s theoretical legacy and its inheritants: purpose of 1
this study
1 2 Micro, macro and methodology 5
1 3 Outline of the following chapters 11
Notes 16
2 Indeterminacy in Macroeconomics: On the Structure of
Keynes s General Theory
2 1 Introduction 19
2 2 Basic issues of the General Theory 21
2 3 The labour market 22
2 4 The goods market 24
2 5 Investment, the interest rate, money and fundamental 27
indeterminacy
2 6 Keynes on determinism and indeterminacy 30
Notes 38
3 The Right Answers to the Wrong Question?
An Assessment of the Microfoundations Debate
3 1 Introduction 41
3 2 Keynes s economics and general equilibrium theory: the 43
origin of the microfoundations debate
3 3 New-classical macroeconomics 49
3 4 New-Keynesian macroeconomics 53
341 The microfoundation of price rigidities 53
342 Coordination failures 56
3 5 Summary and conclusions 60
Notes 65
vi Contents
4 Alternative Approaches
4 1 Introduction 68
4 2 Post-Keynesian economics 69
421 Some basic features of post-Keynesian economics 69
422 Microfoundations, coordination, Keynes and 78
post-Keynesian economics
4 3 Austrian economics 82
431 Some basic features of Austrian economics 82
432 Microfoundations, coordination, Keynes and Austrian 86
economics
4 4 (Dis)Similarities between the alternative approaches 90
Appendix: Liquidity and mark-up pricing: two examples 92
Notes 95
5 Indeterminacy and Multiplicity
5 1 Introduction 102
5 2 Indeterminacy in a Keynesian OLG model 103
521 Introduction 103
522 Keynes and the classics in a general equilibrium framework 104
523 The one sector OLG model 105
524A multi-sector extension and two fallacies of composition 109
525 Conclusions 115
5 3 The inclusion of money in the model 116
5 4 Indeterminacy, multiplicity, and Keynes 120
5 5 To sum up: a pyrrhic victory? 129
Notes 130
6 Money, Prices and Uncertainty
6 1 Introduction 135
6 2 Is money essential? 136
6 3 The essential properties of money 141
631 Introduction 141
632 Money and portfolio equilibrium 142
633 Keynes s view of production and unemployment in an 143
economy where money has no special properties
634 The essential properties of money and the level of 145
employment in a monetary economy
635A preliminary evaluation of the essential properties of 149
money
636 Conclusions 152
Appendix: The required degree of price flexibility 155
Notes 156
Contents vii
7 The Trade-off between Price Flexibility and Price Rigidity
7 1 Introduction 162
7 2 Money and nominal inertia 163
7 3 The trade-off between price flexibility and price 169
stickiness: an example
7 4 The degree of nominal inertia 174
7 5 Money, prices, uncertainty and the alternative approaches 178
7 6 Conclusions 181
Notes 184
8 Implications of the Coordination Problem
8 1 Introduction 189
8 2 Implications of the coordination problem for individual 190
behaviour (1): non-uniqueness of equilibria
8 3 Implications of the coordination problem for individual 195
behaviour (II): dealing with uncertainty
8 4 To sum up (I): facing the coordination problem 199
8 5 To sum up (II): extending Keynes s analysis 202
Notes • 203
References 207
Index 223
|
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| language | English |
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| spelling | Garretsen, Harry 1962- Verfasser (DE-588)122159268 aut Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 Harry Garretsen Aldershot u.a. Elgar 1992 IX, 228 S. txt rdacontent n rdamedia nc rdacarrier Neokeynesianismus (DE-588)4138182-8 gnd rswk-swf Keynessche Theorie (DE-588)4030426-7 gnd rswk-swf Keynessche Theorie (DE-588)4030426-7 s DE-604 Neokeynesianismus (DE-588)4138182-8 s HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003660727&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Garretsen, Harry 1962- Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 Neokeynesianismus (DE-588)4138182-8 gnd Keynessche Theorie (DE-588)4030426-7 gnd |
| subject_GND | (DE-588)4138182-8 (DE-588)4030426-7 |
| title | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 |
| title_auth | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 |
| title_exact_search | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 |
| title_full | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 Harry Garretsen |
| title_fullStr | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 Harry Garretsen |
| title_full_unstemmed | Keynes, coordination and beyond the development of macroeconomic and monetary theory since 1945 Harry Garretsen |
| title_short | Keynes, coordination and beyond |
| title_sort | keynes coordination and beyond the development of macroeconomic and monetary theory since 1945 |
| title_sub | the development of macroeconomic and monetary theory since 1945 |
| topic | Neokeynesianismus (DE-588)4138182-8 gnd Keynessche Theorie (DE-588)4030426-7 gnd |
| topic_facet | Neokeynesianismus Keynessche Theorie |
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