The Friedman Lucas Transition in Macroeconomics

The Friedman Lucas Transition in Macroeconomics
Author: Peter Galbács
Publsiher: Academic Press
Total Pages: 402
Release: 2020-02-19
ISBN 10: 0128165650
ISBN 13: 9780128165652
Language: EN, FR, DE, ES & NL

The Friedman Lucas Transition in Macroeconomics Book Review:

The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

The Friedman Lucas Transition in Macroeconomics

The Friedman Lucas Transition in Macroeconomics
Author: Peter Galbács
Publsiher: Academic Press
Total Pages: 396
Release: 2020-02-20
ISBN 10: 0128165537
ISBN 13: 9780128165539
Language: EN, FR, DE, ES & NL

The Friedman Lucas Transition in Macroeconomics Book Review:

The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. Offers a wide selection of Robert Lucas’s unpublished works Discusses the history of business-cycle theories in the context of methodological advancements Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling

A History of Macroeconomics from Keynes to Lucas and Beyond

A History of Macroeconomics from Keynes to Lucas and Beyond
Author: Michel De Vroey
Publsiher: Cambridge University Press
Total Pages: 448
Release: 2016-01-08
ISBN 10: 0521898439
ISBN 13: 9780521898430
Language: EN, FR, DE, ES & NL

A History of Macroeconomics from Keynes to Lucas and Beyond Book Review:

This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.

Milton Friedman

Milton Friedman
Author: James Forder
Publsiher: Springer
Total Pages: 495
Release: 2019-07-05
ISBN 10: 113738784X
ISBN 13: 9781137387844
Language: EN, FR, DE, ES & NL

Milton Friedman Book Review:

This book examines the work of Milton Friedman, which is amongst the most significant in modern economics and, equally, amongst the most contentious. Although Friedman became most famous for his views on money and monetary policy as well as his public writings, a large and important part of his work concerned other aspects of economics. All parts of Friedman’s work are considered here, as is his account of his own life. By focussing on what Friedman wrote rather than what later authors have written about him, this volume seeks to analyse the character, qualities and development of the arguments he made. This text is important for anyone interested in this both celebrated and reviled figure in economics. James Forder clarifies messages in Friedman’s writing that have otherwise so often been obscured by academic and public controversy.

The Theory of New Classical Macroeconomics

The Theory of New Classical Macroeconomics
Author: Peter Galbács
Publsiher: Springer
Total Pages: 368
Release: 2015-04-23
ISBN 10: 3319175785
ISBN 13: 9783319175782
Language: EN, FR, DE, ES & NL

The Theory of New Classical Macroeconomics Book Review:

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

Equilibrium Models in Economics

Equilibrium Models in Economics
Author: Lawrence A. Boland
Publsiher: Oxford University Press
Total Pages: 288
Release: 2017
ISBN 10: 0190274336
ISBN 13: 9780190274337
Language: EN, FR, DE, ES & NL

Equilibrium Models in Economics Book Review:

The concept of equilibrium is fundamental to economic theory, according to which, it exists when supply and demand are balanced. Equilibrium Models in Economics critically examines the major problematic assumptions employed to build equilibrium models. It gives particular attention to the assumptions used to characterize learning, knowledge and expectations. Lawrence Boland here explores whether equilibrium models can provide a realistic explanation of economic events and objects such as prices, market demands and market supplies. He traces how the different perspectives on equilibrium models represented by such creators as Kenneth Arrow, Robert Clower, and George Richardson influenced subsequent developments in economics. A key debate is about the comparative importance of whether equilibrium refers to a state of an actual economy or a property of a formal mathematical model. Another is the extent that the distinction between a model's exogenous vs. endogenous variables involves causality. Also explored are more recent efforts provided by behavioral, evolutionary, and complexity economics-whether they might change how economics is practiced in the future and how they could. Equilibrium Models in Economics is a trenchant exploration of how the discipline has grappled with attempts to understand and explain the way information, knowledge, and the expectations of actors participating in the economy influence outcomes and behavior. It presents a realistic, workable theory of knowledge and learning, simulating how decision makers and other actors operate in fast-changing equilibrium conditions.

Banks and Finance in Modern Macroeconomics

Banks and Finance in Modern Macroeconomics
Author: Bruna Ingrao,Claudio Sardoni
Publsiher: Edward Elgar Publishing
Total Pages: 296
Release: 2019
ISBN 10: 178643153X
ISBN 13: 9781786431530
Language: EN, FR, DE, ES & NL

Banks and Finance in Modern Macroeconomics Book Review:

The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.

Recursive Macroeconomic Theory fourth edition

Recursive Macroeconomic Theory  fourth edition
Author: Lars Ljungqvist,Thomas J. Sargent
Publsiher: MIT Press
Total Pages: 1480
Release: 2018-09-11
ISBN 10: 0262038668
ISBN 13: 9780262038669
Language: EN, FR, DE, ES & NL

Recursive Macroeconomic Theory fourth edition Book Review:

The substantially revised fourth edition of a widely used text, offering both an introduction to recursive methods and advanced material, mixing tools and sample applications. Recursive methods provide powerful ways to pose and solve problems in dynamic macroeconomics. Recursive Macroeconomic Theory offers both an introduction to recursive methods and more advanced material. Only practice in solving diverse problems fully conveys the advantages of the recursive approach, so the book provides many applications. This fourth edition features two new chapters and substantial revisions to other chapters that demonstrate the power of recursive methods. One new chapter applies the recursive approach to Ramsey taxation and sharply characterizes the time inconsistency of optimal policies. These insights are used in other chapters to simplify recursive formulations of Ramsey plans and credible government policies. The second new chapter explores the mechanics of matching models and identifies a common channel through which productivity shocks are magnified across a variety of matching models. Other chapters have been extended and refined. For example, there is new material on heterogeneous beliefs in both complete and incomplete markets models; and there is a deeper account of forces that shape aggregate labor supply elasticities in lifecycle models. The book is suitable for first- and second-year graduate courses in macroeconomics. Most chapters conclude with exercises; many exercises and examples use Matlab or Python computer programming languages.

The General Theory of Employment Interest and Money

The General Theory of Employment  Interest  and Money
Author: John Maynard Keynes,General Press
Publsiher: GENERAL PRESS
Total Pages: 380
Release: 2019-10-05
ISBN 10: 9389440629
ISBN 13: 9789389440621
Language: EN, FR, DE, ES & NL

The General Theory of Employment Interest and Money Book Review:

The General Theory of Employment, Interest, and Money, written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This masterpiece was published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the ‘Keynesian Revolution’, in the way economists thought—especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. ‘The General Theory of Employment, Interest, and Money’ transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.

The Nobel Factor

The Nobel Factor
Author: Avner Offer,Gabriel Söderberg
Publsiher: Princeton University Press
Total Pages: 344
Release: 2019-11-05
ISBN 10: 0691196311
ISBN 13: 9780691196312
Language: EN, FR, DE, ES & NL

The Nobel Factor Book Review:

How the creation of the Nobel Prize in Economics changed the economics profession, Sweden, and the world Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? The Nobel Factor is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly—with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, The Nobel Factor offers an unprecedented account of the real-world consequences of economics and its greatest prize.

Crisis in Economics

Crisis in Economics
Author: László Csaba
Publsiher: Unknown
Total Pages: 223
Release: 2009
ISBN 10: 1928374650XXX
ISBN 13: STANFORD:36105131263233
Language: EN, FR, DE, ES & NL

Crisis in Economics Book Review:

Robustness

Robustness
Author: Lars Peter Hansen,Thomas J. Sargent
Publsiher: Princeton University Press
Total Pages: 464
Release: 2016-06-28
ISBN 10: 0691170975
ISBN 13: 9780691170978
Language: EN, FR, DE, ES & NL

Robustness Book Review:

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Economic Complexity and Equilibrium Illusion

Economic Complexity and Equilibrium Illusion
Author: Associate Researcher at the Prigogine Center for Statistical Mechanics & Complex Systems Ping Chen,Ping Chen
Publsiher: Unknown
Total Pages: 400
Release: 2014-01-21
ISBN 10: 9780415746847
ISBN 13: 0415746841
Language: EN, FR, DE, ES & NL

Economic Complexity and Equilibrium Illusion Book Review:

The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. The chapters are selected from works completed since 1987, including original research on evolutionary dynamics of division of labor, empirical and theoretical studies of economic chaos, and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenging by solid evidence of economic complexity and time asymmetry, including Friedman's theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general framework based on complex evolutionary dynamics is developed, which integrates different insights from Smith, Malthus, Marx, Schumpeter, and Keynes and others a new understanding of the evolutionary history of division of labor. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics, and economic methodology.

Milton Friedman and Economic Debate in the United States 1932 1972 Volume 1

Milton Friedman and Economic Debate in the United States  1932   1972  Volume 1
Author: Edward Nelson
Publsiher: University of Chicago Press
Total Pages: 784
Release: 2020-11-06
ISBN 10: 022668380X
ISBN 13: 9780226683805
Language: EN, FR, DE, ES & NL

Milton Friedman and Economic Debate in the United States 1932 1972 Volume 1 Book Review:

Milton Friedman is widely recognized as one of the most influential economists of the twentieth century. Yet no previous study has distilled Friedman’s vast body of writings into an authoritative account of his research, his policy views, and his interventions in public debate. With this ambitious new work, Edward Nelson closes the gap: Milton Friedman and Economic Debate in the United States is the defining narrative on the famed economist, the first to grapple comprehensively with Friedman’s research output, economic framework, and legacy. This two-volume account provides a foundational introduction to Friedman’s role in several major economic debates that took place in the United States between 1932 and 1972. The first volume, which takes the story through 1960, covers the period in which Friedman began and developed his research on monetary policy. It traces Friedman’s thinking from his professional beginnings in the 1930s as a combative young microeconomist, to his wartime years on the staff of the US Treasury, and his emergence in the postwar period as a leading proponent of monetary policy. The second volume covers the years between 1960 and 1972— years that saw the publication of Friedman and Anna Schwartz’s Monetary History of the United States. The book also covers Friedman’s involvement in a number of debates in the 1960s and 1970s, on topics such as unemployment, inflation, consumer protection, and the environment. As a fellow monetary economist, Nelson writes from a unique vantage point, drawing on both his own expertise in monetary analysis and his deep familiarity with Friedman’s writings. Using extensive documentation, the book weaves together Friedman’s research contributions and his engagement in public debate, providing an unparalleled analysis of Friedman’s views on the economic developments of his day.

Economics for Real People

Economics for Real People
Author: Anonim
Publsiher: Ludwig von Mises Institute
Total Pages: 349
Release: 2002
ISBN 10: 1610164679
ISBN 13: 9781610164672
Language: EN, FR, DE, ES & NL

Economics for Real People Book Review:

International Macroeconomics in the Wake of the Global Financial Crisis

International Macroeconomics in the Wake of the Global Financial Crisis
Author: Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publsiher: Springer
Total Pages: 298
Release: 2018-06-13
ISBN 10: 3319790757
ISBN 13: 9783319790756
Language: EN, FR, DE, ES & NL

International Macroeconomics in the Wake of the Global Financial Crisis Book Review:

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

A Course in Monetary Economics

A Course in Monetary Economics
Author: Benjamin Eden
Publsiher: John Wiley & Sons
Total Pages: 424
Release: 2008-04-15
ISBN 10: 0470752009
ISBN 13: 9780470752005
Language: EN, FR, DE, ES & NL

A Course in Monetary Economics Book Review:

A Course in Monetary Economics is an insightful introduction to advanced topics in monetary economics. Accessible to students who have mastered the diagrammatic tools of economics, it discusses real issues with a variety of modeling alternatives, allowing for a direct comparison of the implications of the different models. The exposition is clear and logical, providing a solid foundation in monetary theory and the techniques of economic modeling. The inventive analysis explores an extensive range of topics including the optimum quantity of money, optimal monetary and fiscal policy, and uncertain and sequential trade models. Additionally, the text contains a simple general equilibrium version of Lucas (1972) confusion hypothesis, and presents and synthesizes the results of recent empirical work. The text is rooted in the author's years of teaching and research, and will be highly suitable for monetary economics courses at both the upper-level undergraduate and graduate levels.

Monetary Theory and Policy

Monetary Theory and Policy
Author: Vincent Walsh,Carl E. Walsh,Álvaro Pascual-Leone
Publsiher: MIT Press
Total Pages: 612
Release: 2003
ISBN 10: 9780262232319
ISBN 13: 0262232316
Language: EN, FR, DE, ES & NL

Monetary Theory and Policy Book Review:

An overview of recent theoretical and policy-related developments in monetary economics.

Imperfect Knowledge Economics

Imperfect Knowledge Economics
Author: Roman Frydman,Ian Duncan,Michael D. Goldberg
Publsiher: Princeton University Press
Total Pages: 374
Release: 2007
ISBN 10: 9780691121604
ISBN 13: 0691121605
Language: EN, FR, DE, ES & NL

Imperfect Knowledge Economics Book Review:

Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.

Inflation Expectations

Inflation Expectations
Author: Peter J N Sinclair
Publsiher: Routledge
Total Pages: 240
Release: 2009-12-16
ISBN 10: 1135179778
ISBN 13: 9781135179779
Language: EN, FR, DE, ES & NL

Inflation Expectations Book Review:

Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.