Structuralist And Behavioral Macroeconomics
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Structuralist And Behavioral Macroeconomics
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Author : Peter Skott
language : en
Publisher: Cambridge University Press
Release Date : 2023-09-21
Structuralist And Behavioral Macroeconomics written by Peter Skott and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-21 with Business & Economics categories.
Critiques macroeconomic theories and presents empirically based alternatives rooted in behavioral, Keynesian and institutionalist traditions.
Behavioural Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher:
Release Date : 2019
Behavioural Macroeconomics written by Paul De Grauwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system.
Reconstructing Macroeconomics
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Author : Lance TAYLOR
language : en
Publisher: Harvard University Press
Release Date : 2009-06-30
Reconstructing Macroeconomics written by Lance TAYLOR and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-30 with Business & Economics categories.
Macroeconomics is in disarray. No one approach is dominant, and an increasing divide between theory and empirics is evident. This book presents both a critique of mainstream macroeconomics from a structuralist perspective and an exposition of modern structuralist approaches. The fundamental assumption of structuralism is that it is impossible to understand a macroeconomy without understanding its major institutions and distributive relationships across productive sectors and social groups. Lance Taylor focuses his critique on mainstream monetarist, new classical, new Keynesian, and growth models. He examines them from a historical perspective, tracing monetarism from its eighteenth-century roots and comparing current monetarist and new classical models with those of the post-Wicksellian, pre-Keynesian generation of macroeconomists. He contrasts the new Keynesian vision with Keynes's General Theory, and analyzes contemporary growth theories against long traditions of thought about economic development and structural change. Table of Contents: Acknowledgments Introduction 1. Social Accounts and Social Relations 1. A Simple Social Accounting Matrix 2. Implications of the Accounts 3. Disaggregating Effective Demand 4. A More Realistic SAM 5. Stock-Flow Relationships 6. A SAM and Asset Accounts for the United States 7. Further Thoughts 2. Prices and Distribution 1. Classical Macroeconomics 2. Classical Theories of Price and Distribution 3. Neoclassical Cost-Based Prices 4. Hat Calculus, Measuring Productivity Growth, and Full Employment Equilibrium 5. Mark-up Pricing in the Product Market 6. Efficiency Wages for Labor 7. New Keynesian Crosses and Methodological Reservations 8. First Looks at Inflation 3. Money, Interest, and Inflation 1. Money and Credit 2. Diverse Interest Theories 3. Interest Rate Cost-Push 4. Real Interest Rate Theory 5. The Ramsey Model 6. Dynamics on a Flying Trapeze 7. The Overlapping Generations Growth Model 8. Wicksell's Cumulative Process Inflation Model 9. More on Inflation Taxes 4. Effective Demand and Its Real and Financial Implications 1. The Commodity Market 2. Macro Adjustment via Forced Saving and Real Balance Effects 3. Real Balances, Input Substitution, and Money Wage Cuts 4. Liquidity Preference and Marginal Efficiency of Capital 5. Liquidity Preference, Fisher Arbitrage, and the Liquidity Trap 6. The System as a Whole 7. The IS/LM Model 8. Keynes and Friends on Financial Markets 9. Financial Markets and Investment 10. Consumption and Saving 11 "Disequilibrium" Macroeconomics 12. A Structuralist Synopsis 5. Short-Term Model Closure and Long-Term Growth 1. Model "Closures" in the Short Run 2. Graphical Representations and Supply-Driven Growth 3. Harrod, Robinson, and Related Stories 4. More Stable Demand-Determined Growth 6. Chicago Monetarism, New Classical Macroeconomics, and Mainstream Finance 1. Methodological Caveats 2. A Chicago Monetarist Model 3. A Cleaner Version of Monetarism 4. New Classical Spins 5. Dynamics of Government Debt 6. Ricardian Equivalence 7. The Business Cycle Conundrum 8. Cycles from the Supply Side 9. Optimal Behavior under Risk 10. Random Walk, Equity Premium, and the Modigliani-Miller Theorem 11. More on Modigliani-Miller 12. The Calculation Debate and Super-Rational Economics 7. Effective Demand and the Distributive Curve 1. Initial Observations 2. Inflation, Productivity Growth, and Distribution 3. Absorbing Productivity Growth 4. Effects of Expansionary Policy 5. Financial Extensions 6. Dynamics of the System 7. Comparative Dynamics 8. Open Economy Complications 8. Structuralist Finance and Money 1. Banking History and Institutions 2. Endogenous Finance 3. Endogenous Money via Bank Lending 4. Money Market Funds and the Level of Interest Rates 5. Business Debt and Growth in a Post-Keynesian World 6. New Keynesian Approaches to Financial Markets 9. A Genus of Cycles 1. Goodwin's Model 2. A Structuralist Goodwin Model 3. Evidence for the United States 4. A Contractionary Devaluation Cycle 5. An Inflation Expectations Cycle 6. Confidence and Multiplier 7. Minsky on Financial Cycles 8. Excess Capacity, Corporate Debt Burden, and a Cold Douche 9. Final Thoughts 10. Exchange Rate Complications 1. Accounting Conundrums 2. Determining Exchange Rates 3. Asset Prices, Expectations, and Exchange Rates 4. Commodity Arbitrage and Purchasing Power Parity 5. Portfolio Balance 6. Mundell-Fleming 7. IS/LM Comparative Statics 8. UIP and Dynamics 9. Open Economy Monetarism 10. Dornbusch 11. Other Theories of the Exchange Rate 12. A Developing Country Debt Cycle 13. Fencing in the Beast 11. Growth and Development Theories 1. New Growth Theories and Say's Law 2. Distribution and Growth 3. Models with Binding Resource or Sectoral Supply Constraints 4. Accounting for Growth 5. Other Perspectives 6. The Mainstream Policy Response 7. Where Theory Might Sensibly Go References Index Reconstructing Macroeconomics is a stunning intellectual achievement. It surveys an astonishing range of macroeconomic problems and approaches in a compact, coherent critical framework with unfailing depth, wit, and subtlety. Lance Taylor's pathbreaking work in structural macroeconomics and econometrics sets challenging standards of rigor, realism, and insight for the field. Taylor shows why the structuralist and Keynesian insistence on putting accounting consistency, income distribution, and aggregate demand at the center of macroeconomic analysis is indispensable to understanding real-world macroeconomic events in both developing and developed economies. The book is full of new results, modeling techniques, and shrewd suggestions for further research. Taylor's scrupulous and balanced appraisal of the whole range of macroeconomic schools of thought will be a source of new perspectives to macroeconomists of every persuasion. --Duncan K. Foley, New School University Lance Taylor has produced a masterful and comprehensive critical survey of existing macro models, both mainstream and structuralist, which breaks considerable new ground. The pace is brisk, the level is high, and the writing is entertaining. The author's sense of humor and literary references enliven the discussion of otherwise arcane and technical, but extremely important, issues in macro theory. This book is sure to become a standard reference that future generations of macroeconomists will refer to for decades to come. --Robert Blecker, American University While there are other books dealing with heterodox macroeconomics, this book surpasses them all in the quality of its presentation and in the careful treatment and criticism of orthodox macroeconomics including its recent contributions. The book is unique in the way it systematically covers heterodox growth theory and its relations to other aspects of heterodox macroeconomics using a common organizing framework in terms of accounting relations, and in the way it compares the theories with mainstream contributions. Another positive and novel feature of the book is that it takes a long view of the development of economic ideas, which leads to a more accurate appreciation of the real contributions by recent theoretical developments than is possible in a presentation that ignores the history of macroeconomics. --Amitava Dutt, University of Notre Dame
Theories Of Inflation
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Author : Helmut Frisch
language : en
Publisher: Cambridge University Press
Release Date : 1983
Theories Of Inflation written by Helmut Frisch and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.
A survey of the new theories of inflation that have developed over the past two decades in response to the inflationary pressures experienced by Western countries examines the shifting debate from explaining inflation as a "causal" process to explaining its increase as a result of constantly changing expectations.
Inclusive Growth Full Employment And Structural Change
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Author : Jesus Felipe
language : en
Publisher: Anthem Press
Release Date : 2012-12-15
Inclusive Growth Full Employment And Structural Change written by Jesus Felipe and has been published by Anthem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-15 with Business & Economics categories.
'Inclusive Growth, Full Employment, and Structural Change: Implications and Policies for Developing Asia' discusses policies to achieve inclusive growth in developing Asia, including agriculture, investment, certain state interventions, monetary, fiscal, and the role of the state as employer of last resort. Felipe argues that full employment of the labor force is the key to delivering inclusive growth. Full employment is the most direct way to improve the well-being of the people, especially of the most disadvantaged. Since unemployment and underemployment are pervasive in many parts of the region, Asian leaders must commit to the goal of full employment. The book also analyzes the region's phenomenal growth in recent decades in terms of structural transformation. Accelerating it is vital for the continued growth of developing Asia. But efforts to achieve full employment might be held back given that structural transformation requires massive labor shifts across sectors, and these are difficult to coordinate. Moreover, the goal of full employment was abandoned in the 1970s, and governments and central banks have since concentrated on keeping inflation low.
Macroeconomic Challenges To Structural Reform And Industrial Development
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Author : Meçik, Oytun
language : en
Publisher: IGI Global
Release Date : 2024-10-03
Macroeconomic Challenges To Structural Reform And Industrial Development written by Meçik, Oytun and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-10-03 with Business & Economics categories.
Nations are at a pivotal moment, grappling with significant macroeconomic challenges that impede structural reform and industrial development. From volatile global markets to domestic pressures of modernization and workforce transitions, they must address complex economic hurdles while striving to build competitive and sustainable industries. In this context, policymakers, economists, and researchers must work together to design and implement innovative strategies that can drive structural transformation, enhance industrial capacity, and secure long-term growth and stability. Macroeconomic Challenges to Structural Reform and Industrial Development brings together a diverse array of expert perspectives to explore the complex macroeconomic challenges facing structural reform and industrial development. By synthesizing the latest research findings, empirical evidence, and policy insights, the book offers a nuanced understanding of the key forces shaping these economic trajectories. Covering topics such as corrupt governments, post-growth economy, and sustainable growth, this book is an excellent resource for policymakers, economists, researchers, academics, and students.
Lectures On Behavioral Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher: Princeton University Press
Release Date : 2012-10-14
Lectures On Behavioral Macroeconomics written by Paul De Grauwe and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-14 with Business & Economics categories.
6.2 Introducing Asset Prices in the Behavioral Model -- 6.3 Simulating the Model -- 6.4 Should the Central Bank Care about Stock Prices? -- 6.5 Inflation Targeting and Macroeconomic Stability -- 6.6 The Trade-off between Output and Inflation Variability -- 6.7 Conclusion -- 7 Extensions of the Basic Model -- 7.1 Fundamentalists Are Biased -- 7.2 Shocks and Trade-offs -- 7.3 Further Extensions of the Basic Model -- 7.4 Conclusion -- 8 Empirical Issues -- 8.1 Introduction -- 8.2 The Correlation of Output Movements and Animal Spirits -- 8.3 Model Predictions: Higher Moments -- 8.4 Transmission of Monetary Policy Shocks -- 8.5 Conclusion -- References -- Index
The Structural Foundations Of Monetary Policy
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Author : Michael D. Bordo
language : en
Publisher: Hoover Press
Release Date : 2018-03-01
The Structural Foundations Of Monetary Policy written by Michael D. Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-01 with Business & Economics categories.
In The Structural Foundations of Monetary Policy, Michael D. Bordo, John H. Cochrane, and Amit Seru bring together discussions and presentations from the Hoover Institution's annual monetary policy conference. The conference participants discuss long-run monetary issues facing the world economy, with an emphasis on deep, unresolved structural questions. They explore vital issues affecting the Federal Reserve, the United States' central bank. They voice concern over the Fed's independence, governance, and ability to withstand future shocks and analyze the effects of its monetary policies and growing balance sheet in the wake of the 2008 financial crisis. The authors ask a range of questions that get to the heart of twenty-first-century monetary policy. What should the role of the Fed be? Which policies and strategies will mitigate the risks of the next crisis and at the same time spur innovation and job creation? How can new technology make the Fed's payment system safer, faster, and more efficient? What does the emergence of crypto-currencies such as Bitcoin mean for competition and stability? How can the Fed defend itself against exploitation and politicization? Finally they propose reforms to ensure that the Fed will remain independent, stable, strong, and resilient in an unpredictable world.
Behavioural Macroeconomics
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Author : Paul De Grauwe
language : en
Publisher: Oxford University Press
Release Date : 2019-10-25
Behavioural Macroeconomics written by Paul De Grauwe and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-25 with Business & Economics categories.
Modern macroeconomics has been based on the paradigm of the rational individual capable of understanding the complexity of the world. This has created a very shallow theory of the business cycle in which nothing happens in the macroeconomy unless shocks occur from outside. Behavioural Macroeconomics: Theory and Policy uses a different paradigm. It assumes that individual agents experience cognitive limitations preventing them from having rational expectations. Instead these individuals use simple rules of behaviour. Behavioural Macroeconomics introduces rationality by allowing individuals to learn from their mistakes and to switch to the rules that perform better. It introduces the idea of endogenously generated "animals spirits" that drive the business cycle and are in turn influenced by it, and applies this model to shed new light on a number of important issues. It analyses the role of fiscal policy in stabilizing the economy while maintaining debt sustainability; expands the model to include a banking sector and show how banks amplify the booms and busts; and explains how animal spirits help to synchronize the business cycles across countries. The model set out in Behavioural Macroeconomics leads to very different policy implications from the mainstream macroeconomic model. It shows how policymakers have a responsibility to stabilize an otherwise unstable system.
Behavioral Economics And Public Health
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Author : Christina A. Roberto
language : en
Publisher: Oxford University Press
Release Date : 2015-09-01
Behavioral Economics And Public Health written by Christina A. Roberto and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-01 with Medical categories.
Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time.