A new approach for introducing unemployment into the New Keynesian framework.
The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework.
Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place.
Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.
Автор: Pilling Название: The Crisis of Keynesian Economics (Routledge Revivals) ISBN: 1138779105 ISBN-13(EAN): 9781138779105 Издательство: Taylor&Francis Рейтинг: Цена: 7042.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Geoffrey Pilling`s treatment of this complex issue in political economy, first published in 1986, concentrates on a review of Keynes` writings rather than the vast literature that has developed surrounding his work since the Second World War. It does, however, consider the work of the `Left Keynesians`, in particular that of Joan Robinson.
Автор: Forstater Название: Post-Keynesian Macroeconomics ISBN: 0415547830 ISBN-13(EAN): 9780415547833 Издательство: Taylor&Francis Рейтинг: Цена: 7042.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: Edited by three well known academics and contributed to by J. Smithin, L. Moss and G.C. Harcourt, this text reflects the breath of the honouree`s interests, covering political economy, labour economics, history of economic thought and macroeconomics.
Описание: These two volumes cover the principal areas to which Post-Keynesian economists have made distinctive contributions. The contents include the significant criticism by Post-Keynesians of mainstream economics, but the emphasis is on positive Post-Keynesian analysis of the economic problems of the modern world and of policies with which to tackle them.
Автор: Lavoie Название: Introduction to Post-Keynesian Economics ISBN: 0230007805 ISBN-13(EAN): 9780230007802 Издательство: Springer Рейтинг: Цена: 13974.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.
Описание: Current research often highlights the importance of financial markets as well as financial system development. However, the current literature in this field still fails to adequately explain the relationship between financial market and macroeconomic development.Post-Keynesian Empirical Research and the Debate on Financial Market Development integrates the concept of financial intermediaries with Post-Keynesian macroeconomic modeling to discuss the relationship between financial markets and systems and macroeconomic development. Discussing key macroeconomic variables such as investment, savings, and productivity growth, this timely resource is essential for students, academicians, as well as finance and economics professionals interested in uncovering the latest research in this field.
Автор: Harcourt Название: The Structure of Post-Keynesian Economics ISBN: 0521833876 ISBN-13(EAN): 9780521833875 Издательство: Cambridge Academ Рейтинг: Цена: 15840.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This is a major contribution to post-Keynesian thought. With studies of the key pioneers, Geoff Harcourt emphasizes their positive contributions to theories of distribution, pricing, accumulation, endogenous money and growth. The volume will appeal to students and researchers interested in alternative approaches to theoretical, applied and policy issues in economics.
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