Speculative Bubbles and Monetary Policy works at the intersection
of economic theory history. While the consistent and penetrating
perspective of theory is necessary for interpreting economic
history, existing macroeconomic theories are fragile an ineffective
at narrating an economic history that covers a relatively long
period. Such fragility comes from arbitrariness in deployed
economic theory as well as structural changes within an economy.
This book presents a Keynesian theory with a rigorous dynamic
microeconomic foundation that entirely differs from new Keynesian
theory and applies it to the Japanese economic history from the
1980s to 2010s. It considers two primary incidents in the country's
economic history: the bubble boom from the late 1980s to the early
1990s, and the country's immersion in neoliberalism at the turn of
the century.
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