http://hdl.handle.net/10453/254 Mon, 20 May 2013 07:57:17 GMT 2013-05-20T07:57:17Z http://hdl.handle.net/10453/17717 Financial Assets, Debt and Liquidity Crises: A Keynesian Approach Charpe Matthieu; Chiarella Carl; Flaschel Peter; Semmler Willi The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007-2009 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets. Sat, 01 Jan 2011 00:00:00 GMT http://hdl.handle.net/10453/17717 2011-01-01T00:00:00Z http://hdl.handle.net/10453/17718 Reconstructing Keynesian Macroeconomics Volume 1: Partial Perspectives Chiarella Carl; Flaschel Peter; Semmler Willi This book represents the first of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin¿s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. Sun, 01 Jan 2012 00:00:00 GMT http://hdl.handle.net/10453/17718 2012-01-01T00:00:00Z http://hdl.handle.net/10453/14224 Complete and Incomplete Econometric Models Geweke John Econometric models are widely used in the creation and evaluation of economic policy in the public and private sectors. But these models are useful only if they adequately account for the phenomena in question, and they can be quite misleading if they do not. In response, econometricians have developed tests and other checks for model adequacy. All of these methods, however, take as given the specification of the model to be tested. In this book, John Geweke addresses the critical earlier stage of model development, the point at which potential models are inherently incomplete. Summarizing and extending recent advances in Bayesian econometrics, Geweke shows how simple modern simulation methods can complement the creative process of model formulation. These methods, which are accessible to economics PhD students as well as to practicing applied econometricians, streamline the processes of model development and specification checking. Complete with illustrations from a wide variety of applications, this is an important contribution to econometrics that will interest economists and PhD students alike. Fri, 01 Jan 2010 00:00:00 GMT http://hdl.handle.net/10453/14224 2010-01-01T00:00:00Z http://hdl.handle.net/10453/14223 Monetary Macrodynamics Asada Toichiro; Chiarella Carl; Flaschel Peter; Franke Reiner This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Fri, 01 Jan 2010 00:00:00 GMT http://hdl.handle.net/10453/14223 2010-01-01T00:00:00Z