Monetary macrodynamics:
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
London [u.a.]
Routledge
2010
|
| Edition: | 1. publ. |
| Series: | Routledge frontiers of political economy
127 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 430 S. graph. Darst. |
| ISBN: | 9780415548373 9780203859964 0415548373 0203859960 |
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MARC
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Record in the Search Index
| _version_ | 1804139197710204928 |
|---|---|
| adam_text | Contents
General
introduction
1
PARTI
Conventional AD-AS modeling
13
1
Models of growth, inflation and the real-financial
market interaction
15
1.1
Disintegrated macro model building
15
1.2
Neoclassical growth theory and the long run
19
1.2.1
The Solow model
20
1.2.2
Investment-driven growth
27
1.3
Phillips curve transition dynamics in the
medium run
30
1.3.1
The model
31
1.3.2
Local and global dynamic behavior
34
1.3.3
Accelerating inflation, stagflation and
monetary policy
39
1.3.4
Comments
42
1.4
Short-run real-financial market interaction
44
1.4.1
The textbook model
44
1.4.2
Keynes Notes on the trade cycle
46
1.5
Outlook: towards integrated macrodynamics
50
References
52
2
Neglected textbook results: IS-LM-PC inflation dynamics
54
2.1
Feedback channels and stability issues
54
2.2
Instantaneous real-financial market interaction
60
2.3
Medium-run IS-LM-PC dynamics
63
2.4
Multiple steady states and local stability analysis
65
2.5
Global analysis I: basic phase diagram properties
68
xii Contents
2.6 Global
analysis II: kinked money wage Phillips
curves
71
2.7
Numerical and empirical aspects oflS-LM-PC
analysis
76
2.8
Zero interest rate bounds and full-employment
ceilings
83
2.9
Policy rules for inflation targeting
88
2.10
Conclusions
93
References
96
Appendix: Stability analysis of some textbook models
97
3
Strange AS-AD outcomes: rational expectations
inflation theory
112
3.1
The postulates of Classical economics
112
3.2
AS dynamics and the quantity theory
of money
115
3.3
Employment cycles in neoclassical monetary
growth
116
3.4
Employment cycles in Classical real growth
122
3.5
Neoclassical employment dynamics from a
Classical perspective
128
3.6
ÂD-AS
dynamics under myopic perfect
foresight
132
3.7
Appended price dynamics and rational
expectations?
140
3,7.
ł
Only predetermined variables and nominal
instability
140
3.7.2
Real wage continuity, p-jumps and nominal
stability
142
3.8
A critique of rational expectations
145
3.9
Outlook: gradual price adjustment processes
149
References
154
4
Taking Stock: Keynesian Dynamics and the AD-AS
Framework
156
Amitava Dutt and Peter
Skott
4.1
Introduction
156
4.2
The AD-AS framework
156
4.3
Shortcomings
162
4.4
The New Keynesian detour and the IKDD
alternative
166
Contents xiii
4.4.1
Optimization
167
4.4.2
Stability and rational expectations
169
4.4.3
Dynamics and expectations in IKDD models
170
4.5
Post-Keynesian, Structuralist and Neo-Marxian
alternatives
172
4.5.1
A short-ran AD-AS model
172
4.5.2
The medium run: fairness and the natural rate of
unemployment
175
4.5.3
The long run: growth, accumulation and
technological change
176
4.6
Conclusion
178
References
179
PARTII
Matured Keynesian AD-AS model building
183
5
New Keynesian equilibrium vs. Keynesian disequilibrium
dynamics: two competing approaches
185
5.1
Introduction
185
5.2
New Keynesian (Equilibrium)
macrodynamics
187
5.2.1
The New Keynesian model with staggered wages
and prices
187
5.2.2
Determinacy analysis
188
5.3
Keynesian (Disequilibrium)AS—AD
macrodynamics
196
5.3.1
A Keynesian (D)AS-AD model
196
5.3.2
Local stability analysis
200
5.4
Concluding remarb
204
References
206
6
Beyond neoclassical syntheses: a baseline DAS-AD model
209
6.1
Neoclassical syntheses
209
6.2
Traditional AD-AS with myopic perfect
foresight
—
a reminder
212
6.3
Matured Keynesian model building: the DAS-AD
baseline case
216
6.4
Local stability analysis: the feedback-guided
approach
224
6.5
Real wage adjustment corrections and nominal
interest rate policy rules
229
6.6
On the role of downward money-wage rigidities
233
6.7
Conclusion
239
xiv Contents
References
240
Appendix
I: Behavioral foundations
241
Appendix II: Proof to Section
6.6 243
7
DAS-DAD dynamics: respecification and estimation
of the model
253
Christian
Proaño
7.1
Introduction
253
7.2
A baseline semistructural
macromodel
254
7.2.1
The goods and labor markets
254
7.2.2
The wage-price dynamics
255
7.2.3
Monetary policy
259
7.3
4D feedback-guided stability analysis
262
7.4
Econometric analysis
265
7.4.1
Model estimation
265
7.5
Eigenvalue stability analysis
273
7.6
Concluding remarks
276
References
278
8
Applied DAD-DAS modelling: elaboration and calibration
281
8.1
Introduction
281
8.2
Econometric estimation: the point of departure
283
8.3
Transforming the estimated equations into a closed dynamic
system
286
8.3.1
Output and employment adjustments
286
8.3.2
Labour productivity as an endogenous variable
288
8.3.3
Wage and price Phillips curves
290
8.3.4
Reconsidering the monetary policy rule
292
8.3.5
The 4D differential equations system
294
8.3.6
The discrete-time formulation
295
8.4
An improvement of the numerical coefficients
297
8.4.1
A rough-and-ready calibration of the inflation
climate
297
8.4.2
Re-estimation of the Phillips curves
300
8.4.3
Impulse-response functions as a more detailed
evaluation criterion
302
8.4.4
Variabilities in the stochastic economy
305
8.5
Working with the model
308
8.5.1
A cutback in workers ambitions
308
8.5.2
Wage and price flexibility: eigenvalue analysis
310
8.5.3
Wage and price flexibility: variabilities in the
stochastic economy
315
Contents xv
8.6
Conclusion
318
References
319
9
Sophisticatedly simple expectations in the Phillips curve
and optimal monetary policy
320
9.1
Introduction
320
9.2
The Rudebusch-Svensson model
323
9.2.1
Formulation of the model
323
9.2.2
The Taylor rule in the basic model
326
9.2.3
The role of measurement errors
329
9.2.4
Small sample variability
331
9.3
Sophisticatedly simple expectations and their
implications
333
9.3.1
The concept of the adaptive inflation climate
333
9.3.2
A comparison of impulse-response functions
336
9.3.3
Monetary policy in the AIC model
338
9.3.4
The role of inflation persistence
344
9.3.5
A note on interest rate smoothing
345
9.4
Conclusion
348
References
349
PARTIU
The road ahead: real-financial market interaction from a
Keynesian perspective
351
10
The Keynes-Metzler-Goodwin model and Tobinian portfolio
choice
353
10.1
Real disequilibria, portfolio equilibrium and the
real-financial markets interaction
353
10.2
A portfolio approach to KMG growth dynamics
356
10.2.1
Households
356
10.2.2
Firms
359
10.2.3
Fiscal and monetary authorities
363
10.2.4
Wage-price interactions
364
10.2.5
Capital markets: gross substitutes and stability
365
10.2.6
Capital gains: fundamentalists and chartists
expectations
367
10.3
The model in intensive form
369
10.4
The comparative statics of the asset markets
3 76
10.5
Stability
380
xvi Contents
10.6 The quantitative
study of
persistent
business
fluctuations
383
10.7
Outlook
388
References
390
Appendix: Propositions
4—9
(alternative formulations
andproofs)
391
Notation
410
Mathematical appendix: some stability theorems
413
Index All
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| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| spelling | Monetary macrodynamics Toichiro Asada ... 1. publ. London [u.a.] Routledge 2010 XVI, 430 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Routledge frontiers of political economy 127 Mathematisches Modell Macroeconomics Mathematical models Money Mathematical models Dynamische Makroökonomie (DE-588)4200428-7 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Dynamische Makroökonomie (DE-588)4200428-7 s Geldtheorie (DE-588)4121333-6 s DE-188 Asada, Tōichirō 1954- Sonstige (DE-588)170559963 oth Routledge frontiers of political economy 127 (DE-604)BV010502713 127 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017608212&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Monetary macrodynamics Routledge frontiers of political economy Mathematisches Modell Macroeconomics Mathematical models Money Mathematical models Dynamische Makroökonomie (DE-588)4200428-7 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4200428-7 (DE-588)4121333-6 |
| title | Monetary macrodynamics |
| title_auth | Monetary macrodynamics |
| title_exact_search | Monetary macrodynamics |
| title_full | Monetary macrodynamics Toichiro Asada ... |
| title_fullStr | Monetary macrodynamics Toichiro Asada ... |
| title_full_unstemmed | Monetary macrodynamics Toichiro Asada ... |
| title_short | Monetary macrodynamics |
| title_sort | monetary macrodynamics |
| topic | Mathematisches Modell Macroeconomics Mathematical models Money Mathematical models Dynamische Makroökonomie (DE-588)4200428-7 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Mathematisches Modell Macroeconomics Mathematical models Money Mathematical models Dynamische Makroökonomie Geldtheorie |
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| work_keys_str_mv | AT asadatoichiro monetarymacrodynamics |