This book investigates, from a Keynesian perspective, the interaction of effective demand with the wage-price spiral, the dependence of goods market outcomes on financial markets, and the impact of monetary policy on financial and real markets. These issues are discussed by way of rigorously formulated approaches that lay foundations for a theory of endogenously generated business fluctuations.
The material is presented on three levels of generality: an introductory level that motivates the theoretical approach, a research-oriented level that shows how the interaction of real with financial markets has to be modelled from an integrative Keynesian perspective, and an advanced textbook level that extends the traditional Keynesian approach to open economies. The main findings indicate that balanced growth in capitalist economies is unlikely due to changes in behavioural factors that drive the wage-price spiral and the financial markets.
This book is essential reading for advanced level macroeconomic modules and for those interested in both traditional macroeconomics and the dominant neoclassical approach of the New Keynesians.
About the Author
TOICHIRO ASADA is Professor of Economics at Chuo University, Tokyo, Japan. His research interests include Macroeconomic Dynamic Theory and business cycles. He has published several books and many articles on Macroeconomic Dynamic Theory both in English and in Japanese. He has stayed at the New School for Social Research in New York, Bielefeld University in Germany and University of Technology Sydney during several years as a visiting research scholar or visiting professor.
PETER FLASCHEL is Professor emeritus at Bielefeld University, Germany. His research interests are in dynamic macro- and micro-economics and Classical value and price theory. He has published numerous articles and more than 20 books. He was invited as Theodor Heuss Professor to the New School for Social Research in 2006 and received an Opus Magnum Grant from the Fritz Thyssen / Volkswagen Stiftungen in 2007/08.
TARIK MOUAKIL is Research Associate at the Centre for Financial Analysis and Policy at the University of Cambridge. He holds a Phd from the University of Bordeaux, France. His research interests are in Monetary Economics, Financial Keynesianism, and Macroeconomic modelling.
CHRISTIAN R. PROAÑO studied economics at Bielefeld University in Germany, where he received a doctorate in economics 2008. From 2008 until Mid 2010 he was a research economist at the Macroeconomic Policy Institute (IMK) in Düsseldorf, Germany. Now he is Assistant Professor of Economics at The New School for Social Research in New York City.
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