This book represents the second 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.
In this second volume the authors present a detailed analysis
and comparison of two competing types of approaches to Keynesian
macroeconomics, one that integrates goods, labour and financial
markets, and another from the perspective of a conventional type of
LM-analysis or interest-rate policy of the central bank. The
authors employ rigorous dynamic macro-models of a descriptive and
applicable nature, which will be of interest to all macroeconomists
who use formal model-building in their investigations.
The research in this book with its focus on Keynesian
propagation mechanisms provides a unique alternative to the
black-box shock-absorber approaches that dominate modern
macroeconomics. The main conclusion of the work is that policy
makers need to reconsider Keynesian ideas, but in the modern form
in which they are expressed in this volume.
"
Reconstructing Keynesian Macroeconomics" will 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. This book will also engage central bankers and
macroeconomic policy makers.
General
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