|
Showing 1 - 6 of
6 matches in All Departments
Building from the micro-foundations of economic behaviour to a full
survey of macroeconomics, the book examines growth theory and
equilibrium and disequilibrium approaches to provide a
comprehensive survey of all the rival theoretical approaches that
underlie central policy debates. A survey of pre-Keynesian theories
of growth, fluctuations and the various short and long cycles and
crises is followed by an exposition of Keynesian theory and its
subsequent development and of the neo-classical revival. Topics
covered include: * Non-clearing markets * Involuntary unemployment
* Persistent inflation. As well as full coverage of the
English-language literature, Macrodynamics covers important
contributions from the new school of French macroeconomists,
including Malinvaud, Benassy and Grandmont.
Building from the micro-foundations of economic behaviour to a full
survey of macroeconomics, the book examines growth theory and
equilibrium and disequilibrium approaches to provide a
comprehensive survey of all the rival theoretical approaches that
underlie central policy debates. A survey of pre-Keynesian theories
of growth, fluctuations and the various short and long cycles and
crises is followed by an exposition of Keynesian theory and its
subsequent development and of the neo-classical revival. Topics
covered include: * Non-clearing markets * Involuntary unemployment
* Persistent inflation. As well as full coverage of the
English-language literature, Macrodynamics covers important
contributions from the new school of French macroeconomists,
including Malinvaud, Benassy and Grandmont.
Setting the issue "Most economists consider the marked increase in
automatic stabilizers a highly favorable development with respect
to maintenance of economic stability". Besides the rare privilege
of having being signed by both Milton Friedman and Paul Samuelson
(Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among
others, this sentence expressed as soon as 1950 the consensus view
on the stabilizing effect of fiscal rules governing tax revenue and
public expendi tures and transfers. This positive ex ante
assessment will have been confirmed ex post as part of the
explanation for post war stabilization (Burns [1960], de Long and
Summers [1986], Moore and Zarnovitz [1986]). However, it becomes
disputed in both its positive and normative aspects. Many
institutional changes since the eighties point at curbing back the
transfer mechanisms underlying automatic stabilizers, and legal
restraints on deficits such as the US balanced budget amendment or
the European Maastricht criteria would involve serious risks for
the future of stabilizers. Under such rules "the government would
become, almost inevitally, a destabilizer rather than a stabilizer"
said Joseph Stiglitz, quoted by the New York Times (April 1995)).
"Built-in stabilizers are automatic fiscal adjustments that reduce
the national income multiplier and thus cushion the effects of
changes in autonomous spend ing on the level of income" (Pechman
[1987]). Early analyses of the automatic fiscal stabilizers include
the contributions of A. G. Hart [1945], R. Musgrave and M. Miller
(1948) and E. C. Brown (1955).
Models derived from the Real Business Cycle perspective have
recently taken a major place in business cycle research. The papers
in this present volume bring three contributions to this research
programme: A critical evaluation of the canonical RBC models, new
elements of empirical relevance, based on comparative calibration
and testing, and new specifications, at the frontier of business
cycle research, coping with non walrasian features, contracts and
nominal rigidities, unemployment and growth.
Setting the issue "Most economists consider the marked increase in
automatic stabilizers a highly favorable development with respect
to maintenance of economic stability". Besides the rare privilege
of having being signed by both Milton Friedman and Paul Samuelson
(Depres,Friedman, Hart, Samuelson, and Wallace [1950]), among
others, this sentence expressed as soon as 1950 the consensus view
on the stabilizing effect of fiscal rules governing tax revenue and
public expendi tures and transfers. This positive ex ante
assessment will have been confirmed ex post as part of the
explanation for post war stabilization (Burns [1960], de Long and
Summers [1986], Moore and Zarnovitz [1986]). However, it becomes
disputed in both its positive and normative aspects. Many
institutional changes since the eighties point at curbing back the
transfer mechanisms underlying automatic stabilizers, and legal
restraints on deficits such as the US balanced budget amendment or
the European Maastricht criteria would involve serious risks for
the future of stabilizers. Under such rules "the government would
become, almost inevitally, a destabilizer rather than a stabilizer"
said Joseph Stiglitz, quoted by the New York Times (April 1995)).
"Built-in stabilizers are automatic fiscal adjustments that reduce
the national income multiplier and thus cushion the effects of
changes in autonomous spend ing on the level of income" (Pechman
[1987]). Early analyses of the automatic fiscal stabilizers include
the contributions of A. G. Hart [1945], R. Musgrave and M. Miller
(1948) and E. C. Brown (1955).
Models derived from the Real Business Cycle perspective have
recently taken a major place in business cycle research. The papers
in this present volume bring three contributions to this research
programme: A critical evaluation of the canonical RBC models, new
elements of empirical relevance, based on comparative calibration
and testing, and new specifications, at the frontier of business
cycle research, coping with non walrasian features, contracts and
nominal rigidities, unemployment and growth.
|
You may like...
Brightside
The Lumineers
CD
R194
Discovery Miles 1 940
|