Dynamic macroeconomics: instability, fluctuation, and growth in monetary economies
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass. [u.a.]
MIT Press
1997
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| Series: | Studies in dynamical economic science
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 455 S. graph. Darst. |
| ISBN: | 0262061910 |
Staff View
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Record in the Search Index
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| adam_text | Dynamic Macroeconomics
Instability, Fluctuation,
and Growth in Monetary
Economies
Peter Flaschel
Reiner Franke
Willi Semmler
The MIT Press
Cambridge, Massachusetts
London, England
Contents
Series Foreword ix
Preface xi
1 General Introduction 1
1 1 Introduction 1
1 2 Market-Clearing Approach to Dynamic Macroeconomics
1 3 Nonmarket-Clearing Approach to Dynamic
Macroeconomics 4
1 4 On Stylized Empirical Facts 6
1 5 Perspective of the Book 7
16A Brief Outlook 10
1 7 Dynamic Tools and Econometric Issues 13
1 8 Notation and Abbreviations 14
1 Market Mechanisms and Macrodynamics: Basic Models 19
2 Micro- and Macroeconomic Adjustment Mechanisms:
A Brief Overview 23
2 1 Introduction 23
2 2 Microeconomic Adjustment Mechanisms 23
2 3 Macroeconomic Adjustment Mechanisms 27
3 Market Mechanisms and Boundedness of
Market Fluctuations 33
3 1 Introduction 33 •
3 2 Walrasian Price-Quantity Adjustments 34
3 3 Keynesian and Composite Adjustment Processes 44
3 4 Proportional and Derivative Control 48
3 5 Concluding Remarks 57
3 6 Appendix: Market Adjustments and the
Newton Method 58
4 Non-Neoclassical Variants of Dynamic Macroeconomics 61
4 1 Introduction 61
4 2 Instability in Real and Monetary Models 63
4 3 Boundedness in Real and Monetary Models 73
4 4 Classical Growth Dynamics and Viability 81
4 5 Supply-Driven Keynesian Growth Dynamics 90
4 6 Effective Demand in Classical Growth Dynamics 96
4 7 Some Conclusions 101
5 Neoclassical Variants of Dynamic Macroeconomics 103
5 1 Introduction 103
5 2 The Solow Version and the Labor Market 105
5 3 The Intertemporal Version of the Solow Model 109
5 4 Stochastic Growth and Equilibrium Business Cycles 112
5 5 Endogenous Technical Change and Growth 115
5 6 Growth, Money, and Finance 121
5 7 Concluding Remarks 126
II Price Flexibility, Nominal Rigidity, and Macrodynamics 127
6 Wage Flexibility and Stability in the Short Run 131
6 1 Introduction 131
6 2 The Walrasian Adjustment Process 133
6 3 The Keynesian Adjustment Process 137
6 4 Conclusion 143
6 5 Mathematical Appendix 144
7 Price Flexibility and Instability in the Medium Run 147
7 1 Introduction 147
7 2 In Defense of Adaptive Expectations 149
7 3 Adaptive Expectations and Extrapolative Regression
Forecasts 156
7 4 Basic Features of the Tobin and the Sargent Model 162
7 5 The Case of Adaptive Expectations 166
7 6 The Case of Myopic Perfect Foresight 172
7 7 Conclusion 176
7 8 Appendix: Mathematical Proofs 177
III AD-AS and IS-LM Models of Monetary Growth 183
8 Keynesian Growth Dynamics, Perfect Foresight,
and Viability 187
8 1 Introduction 187
8 2 RE Propositions in Fully Specified AD-AS Growth Models:
A Reconsideration 189
8 3 Hyperperfect Foresight: An Exceptional Case
in an Exceptional Environment 196
8 4 Myopic Perfect Foresight and Cyclical IS-LM Growth 210
8 5 IS-LM Growth Dynamics and Viability 217
8 6 Concluding Remarks 224
9 Adaptive Expectations or Myopic Perfect Foresight:
The Wrong Alternative 227
9 1 Introduction 227
9 2 The AD-AS Growth Model in Discrete Time 233
93A Numerical Analysis of the AE Case 238
9 4 AE and MPF I: Cases of No Difference 241
9 5 AE and MPF II: Why Can There Be a Difference? 247
9 6 AE and MPF III: The Basic Fallacy 254
9 7 Appendix: Forecasted Price Changes and Adaptive
Learning 262
IV Supply and Demand Side Models of Keynesian Growth
Dynamics 267
10 Supply Side Keynesianism and the Classical Growth Cycle 271
10 1 Introduction 271
10 2 A General Keynes-Wicksell Model of Monetary Growth 274
10 3 Local Stability Analysis 278
10 4 The Neoclassical Case: Savings and Monetary Growth 279
10 5 The Classical Case: Cross-Dual Monetary Growth
Dynamics 281
10 6 Conclusions 288
10 7 Appendix 1: Stein (1982) 289
10 8 Appendix 2: Proofs of Theorems 10 1-10 3 292
11 Inflation, Distribution, and Cycles in a Keynesian Monetary Growth
Model 299
11 1 Perspective of the Model 299
11 2 Formulation of the Model 305
11 3 Local Analysis 311
11 4 Simulation Results for the Original Model 316
11 5 A Modification of Adaptive Expectations 321
11 6 Simulation Results with Flexible Adaptive Expectations 326
11 7 Conclusion 332
V Finance, Long-Term Expectations, and Macro Fluctuations 335
12 Finance, Expectations Dynamics, and Macro Fluctuations 339
12 1 Introduction 339
12 2 Investment and Long-Term Expectations 341
12 3 The IS-LM Configuration 348
12 4 Analysis of Temporary Equilibria 351
12 5 Long-Run Dynamics 357
12 6 Computer Simulations 363
12 7 Conclusion 368
12 8 Mathematical Appendix 369
13 Trends and Cycles in the Capital Structure 373
13 1 Introduction 373
13 2 A Simple Dynamic Approach 376
13 3 The Dynamics of the Capital Structure: Constant Trend 378
13 4 The Dynamics of the Capital Structure: Trend Variations 386
13 5 Conclusion 389
13 6 Appendix 392
14 Conclusions 397
Notes 401
References 427
Index 447
|
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| spelling | Flaschel, Peter 1943- Verfasser (DE-588)134115864 aut Dynamic macroeconomics instability, fluctuation, and growth in monetary economies Peter Flaschel ; Reiner Franke ; Willi Semmler Cambridge, Mass. [u.a.] MIT Press 1997 XIII, 455 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Studies in dynamical economic science ECONOMETRIA larpcal EQUILÍBRIO larpcal Econometrie gtt Economisch evenwicht gtt Économétrie Équilibre (Économie politique) Equilibrium (Economics) Econometrics Dynamische Makroökonomie (DE-588)4200428-7 gnd rswk-swf Dynamische Makroökonomie (DE-588)4200428-7 s DE-604 Franke, Reiner Verfasser aut Semmler, Willi 1942- Verfasser (DE-588)121195775 aut HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007828895&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Flaschel, Peter 1943- Franke, Reiner Semmler, Willi 1942- Dynamic macroeconomics instability, fluctuation, and growth in monetary economies ECONOMETRIA larpcal EQUILÍBRIO larpcal Econometrie gtt Economisch evenwicht gtt Économétrie Équilibre (Économie politique) Equilibrium (Economics) Econometrics Dynamische Makroökonomie (DE-588)4200428-7 gnd |
| subject_GND | (DE-588)4200428-7 |
| title | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies |
| title_auth | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies |
| title_exact_search | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies |
| title_full | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies Peter Flaschel ; Reiner Franke ; Willi Semmler |
| title_fullStr | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies Peter Flaschel ; Reiner Franke ; Willi Semmler |
| title_full_unstemmed | Dynamic macroeconomics instability, fluctuation, and growth in monetary economies Peter Flaschel ; Reiner Franke ; Willi Semmler |
| title_short | Dynamic macroeconomics |
| title_sort | dynamic macroeconomics instability fluctuation and growth in monetary economies |
| title_sub | instability, fluctuation, and growth in monetary economies |
| topic | ECONOMETRIA larpcal EQUILÍBRIO larpcal Econometrie gtt Economisch evenwicht gtt Économétrie Équilibre (Économie politique) Equilibrium (Economics) Econometrics Dynamische Makroökonomie (DE-588)4200428-7 gnd |
| topic_facet | ECONOMETRIA EQUILÍBRIO Econometrie Economisch evenwicht Économétrie Équilibre (Économie politique) Equilibrium (Economics) Econometrics Dynamische Makroökonomie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007828895&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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