Topics in Applied Macrodynamic Theory
Published on 23. November 2010
Book
Paperback/Softback
XX, 512 pages
978-3-642-09158-2 (ISBN)
Description
This book is about the study of topics in macro dynamics from an applied, empirical perspective. The modeling philosophy behind most of the chapters ofthisbookisofKeynesiannature,representinganattempttorevivethist- oreticalperspectiveontheworkingofthemacroeconomy. Themacroeconomic research pursued here is somewhat di?erent from the mainstream literature using the Dynamic Stochastic General Equilibrium (DSGE) approach as the basic modeling device. The main features of the latter are the assumptions of intertemporally optimizing agents, rational expectations, competitive m- kets and price mediated market clearing through su?ciently ?exible prices and wages. The New Keynesian approach to macroeconomics has, in the last decade or so, to a large extent, also adopted the DSGE framework, building on intertemporally optimizing agents and market clearing, but favoring more the concept of monopolistic competition, sticky wages and prices and nominal as well as real rigidities. An path breaking work of this type is the recent book by Woodford (2003). However, it is well known that the intertemporal approach of smoothly optimizing agents and fast adjustments in order to establish temporal or - tertemporal marginal conditions in the product market, labor and capital markets, has not been very successful to match certain stylized facts on those markets. A further de?ciency of those intertemporal decision models is that macroeconomic feedback e?ects-and their stabilizing or destabilizing impact on the macroeconomy-have rarely been considered in those models. Yet, those feedback mechanisms, relevant for the interaction of all three markets, have been theoretically and empirically explored since the 1930s.
More details
Series
Edition
1st ed. Softcover of orig. ed. 2008
Language
English
Place of publication
Berlin
Germany
Publishing group
Springer Berlin
Target group
Professional and scholarly
Research
Illustrations
94 s/w Abbildungen
XX, 512 p. 94 illus.
Dimensions
Height: 235 mm
Width: 155 mm
Thickness: 29 mm
Weight
797 gr
ISBN-13
978-3-642-09158-2 (9783642091582)
DOI
10.1007/978-3-540-72542-8
Schweitzer Classification
Other editions
Additional editions
Peter Flaschel | Gangolf Groh | Christian Proano
Topics in Applied Macrodynamic Theory
Book
08/2008
Springer
€160.49
Shipment within 7-9 days
Persons
Peter Flaschel geboren 1943 in Zittau / Sachsen. Promotion in Mathematik, Universität Bonn. Habilitation in Wirtschaftstheorie, Freie Universität Berlin. Professor für Wirtschaftstheorie an der Freien Universität Berlin und an der Universität Bielefeld. Theodor Heuss Professor an der New School University in New York (2006). In 207/8 'Opus Magnum' Förderung durch die Fritz Thyssen / Volkswagen Stiftung.
Gangolf Groh geboren 1964 in Trier. Diplom und Promotion in Volkswirtschaftslehre an der Universität Bielefeld. Im Anschluss wissenschaftlicher Assistent an der Otto-von-Guericke-Universität Magdeburg. Vertretung der Professur von Peter Flaschel an der Universität Bielefeld (`Opus Magnum' Förderungsprogramm) in 2007/8, seitdem an gleichem Ort tätig als Lehrkraft für besondere Aufgaben.
Hans-Martin Krolzig geboren 1964 in Gelsenkirchen. Studium der Volkswirtschaftslehre an der Universität Bielefeld sowie der Geschichte und Sozialwissenschaften an der Ruhr-Universität Bochum. Promotion an der Humboldt-Universität zu Berlin. Forschung an der University of Oxford, Associated Member und Research Fellow des Nuffield College von 1995 bis 2003. Vertretung der Professur von Helmut Lütkepohl an der Humboldt-Universität zu Berlin. Seit 2004, Professor of Economics an der University of Kent zu Canterbury. Research Fellow des Instituts für Makroökonomie und Konjunktur der Hans Boeckler Stiftung.
Christian Proaño geboren 1980 in Quito, Ecuador. Studium der Volkswirtschaftslehre an der Katholischen Universität Ecuadors (PUCE) und an der Universität Bielefeld, mit anschließender Promotion 2008. 2008-2010 Wissenschaftlicher Mitarbeiter am Institut für Makroökonomie und Konjunkturforschung (IMK). Seit 2010 Assistant Professor of Economics an der New School for Social Research in New York, NY.
Content
Period Models, Continuous Time and Applied Macrodynamics.- Period Models, Continuous Time and Applied Macrodynamics.- The Closed Economy.- The AS-AD Framework: Origins, Problems and Progress.- Wage-Price Dynamics: Basic Structural Form, Estimation and Analysis.- Estimation and Analysis of an Extended AD-AS Model.- Linking Goods with Labor Markets: Okun's Law and Beyond.- The Open Economy.- Exchange Rate and Stock Market Dynamics in a Two-Country Model.- Macroeconomic Imbalances and Inflation Dynamics in a Mundell-Fleming-Tobin Framework.- Currency Crises, Credit Rationing and Monetary Policy in Emerging Markets.- Keynesian Dynamics and International Linkages in a Two-Country Model.- Outlook: Supply Constraints in Demand-Driven Macromodels.