Keynesian Economics and Price Theory, Softcover reprint of the original 1st ed. 2015 Re-orientation of a Theory of Monetary Economy Advances in Japanese Business and Economics Series, Vol. 7
Auteur : Otaki Masayuki
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory.
New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Effective demand and involuntary unemployment theory, compatible with neoclassical dynamic microeconomics, excluding ad-hoc price stickiness and money in utility assumptions
Rigorous dynamic microeconomics foundation for Keynesian international monetary theory and monetary growth theory
Fundamental critiques on existing new Keynesian theory and Lucas’ monetarist theory
Includes supplementary material: sn.pub/extras
Date de parution : 10-2016
Ouvrage de 207 p.
15.5x23.5 cm
Date de parution : 03-2015
Ouvrage de 207 p.
15.5x23.5 cm
