The Theory Of New Classical Macroeconomics
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The Theory Of New Classical Macroeconomics
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Author : Peter Galbács
language : en
Publisher: Springer
Release Date : 2015-04-23
The Theory Of New Classical Macroeconomics written by Peter Galbács and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-23 with Business & Economics categories.
This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.
The New Classical Macroeconomics
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Author : Arjo Klamer
language : en
Publisher: Brighton, Sussex : Wheatsheaf Books
Release Date : 1984
The New Classical Macroeconomics written by Arjo Klamer and has been published by Brighton, Sussex : Wheatsheaf Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.
The New Classical Macroeconomics
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Author : Kevin D. Hoover
language : en
Publisher: Edward Elgar Publishing
Release Date : 1992
The New Classical Macroeconomics written by Kevin D. Hoover and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
Comprises articles published between 1972 and 1992 on new classical macroeconomics. It starts by examining the rational expectations hypothesis and the application of general equilibrium to labour markets and continues with various arguments for the ineffectiveness of government policy.
New Classical Macroeconomics
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-02-02
New Classical Macroeconomics written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-02 with Business & Economics categories.
What is New Classical Macroeconomics In the field of macroeconomics, there is a school of thinking known as new classical macroeconomics, which is also referred to occasionally as simply new classical economics. This school of thought bases its analysis wholly on a neoclassical framework. In particular, it places an emphasis on the significance of having robust foundations that are founded on microeconomics, particularly rational anticipated outcomes. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: New classical macroeconomics Chapter 2: Keynesian economics Chapter 3: Macroeconomics Chapter 4: Neoclassical economics Chapter 5: Stagflation Chapter 6: New Keynesian economics Chapter 7: Robert Lucas Jr. Chapter 8: Neutrality of money Chapter 9: Costas Azariadis Chapter 10: Policy-ineffectiveness proposition Chapter 11: Permanent income hypothesis Chapter 12: Mainstream economics Chapter 13: Schools of economic thought Chapter 14: Dynamic stochastic general equilibrium Chapter 15: Microfoundations Chapter 16: Neoclassical synthesis Chapter 17: Saltwater and freshwater economics Chapter 18: Home economics Chapter 19: History of macroeconomic thought Chapter 20: General disequilibrium Chapter 21: New neoclassical synthesis (II) Answering the public top questions about new classical macroeconomics. (III) Real world examples for the usage of new classical macroeconomics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of New Classical Macroeconomics.
The New Classical Macroeconomics
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Author : Kevin D. Hoover
language : en
Publisher: Wiley-Blackwell
Release Date : 1990
The New Classical Macroeconomics written by Kevin D. Hoover and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
"The New Classical Macroeconomics "gives an accessible, rigorous, critical account of the central doctrines of the new classical economics, without unnecessarily difficult mathematics. It focuses on four central issues: the foundation of monetary theory; monetary and fiscal policy; labour supply and business cycles; and the attack on econometric models. In addition, the relationship of the new classical economics to monetarism and the Austrian school, with both of which it is often confused, it explored.
The Friedman Lucas Transition In Macroeconomics
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Author : Peter Galbács
language : en
Publisher: Academic Press
Release Date : 2020-02-20
The Friedman Lucas Transition In Macroeconomics written by Peter Galbács and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-20 with Business & Economics categories.
The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. Offers a wide selection of Robert Lucas’s unpublished works Discusses the history of business-cycle theories in the context of methodological advancements Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling
Methodological Foundations Of Macroeconomics
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Author : Alessandro Vercelli
language : en
Publisher: Cambridge University Press
Release Date : 1991-09-26
Methodological Foundations Of Macroeconomics written by Alessandro Vercelli 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 1991-09-26 with Biography & Autobiography categories.
This book is an investigation of the methodological and epistemological foundations of macroeconomic theory, based on an examination of the theories of Keynes and Lucas. It is divided into two parts. In the first Professor Vercelli discusses the methodological issues which lie behind the conflict among different schools of thought in macroeconomics (equilibrium and disequilibrium, risk and uncertainty, rationality and causality). These issues are central to the current debate not only in many branches of economics, but also in other scientific disciplines. The traditional point of view of science based on equilibrium, stability and determinism has been increasingly challenged by a new point of view in which disequilibrium, instability and uncertainty play a crucial role. This, the author argues, is bound to put macroeconomics in a new, more promising position. In the second part of the book the author compares the two main alternative research programmes in macroeconomics: that outlined by Keynes in his 'General Theory', and that suggested by Lucas, the leader of the new classical economists.
Monetarist Keynesian And New Classical Economics
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Author : Jerome L. Stein
language : en
Publisher: New York : New York University Press
Release Date : 1983
Monetarist Keynesian And New Classical Economics written by Jerome L. Stein and has been published by New York : New York University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Classical school of economics categories.
Austrian And New Classical Business Cycle Theories
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Author : Rudy van Zijp
language : en
Publisher: Edward Elgar Publishing
Release Date : 1993
Austrian And New Classical Business Cycle Theories written by Rudy van Zijp and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
Austrian and New Classical Business Cycle Theories makes a major contribution to recent developments in macroeconomic theory. In the last two decades, economics has experienced a remarkable shift in focus. Keynesian macroeconomics, at least in its Hickian IS/LM version, has been the ruling orthodoxy since World War II. Although it was sometimes closely challenged by monetarism, it retained its dominant position until the 1970s. In that decade, however, monetarist criticism received support from two other research traditions - the Austrian School and New Classical Economics, which stressed the allocative efficiency of markets. Rudy van Zijp critically compares these two traditions. He builds his argument on very careful and sustained analysis of developments in the Austrian and new-classical explanations of cyclical fluctuations, dismissing the claim that the business cycle theories of the two traditions are simply variations on a theme. After a comprehensive description of what he terms the Hayek Programme and the Lucas Programme, he concludes by contrasting the different aims and methods of the two traditions.
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