Macroeconomics An Introduction To The Non Walrasian Approach
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Macroeconomics
The basic concepts; Non-Walrasian equilibria; Theories of unemployment; Asymmetric price flexibility and the effectiveness of employment policies; Indexation and employment policies; The three regimes of the IS-LM model; Economic policies in an open economy; The balance of payments; Theories of inflation; Phillips curves, conflicts, and expectations; A model of the business cycle; The role of expectations; Non-Walrasian prices and perfect foresight; Expectations, information, and dynamics.
Macroeconomics: An Introduction to the Non-Walrasian Approach
Author: Jean-Pascal Benassy
language: en
Publisher: Academic Press
Release Date: 2014-05-10
Macroeconomics: An Introduction to the Non-Walrasian Approach provides the approach to macroeconomic theory based on the non-Walrasian method. This book presents the microeconomic concepts that can be applied in a simple and relevant manner to the fundamental topics of macroeconomic theory. Organized into five parts encompassing 14 chapters, this book begins with an overview of the fundamental concepts, describing the functioning of nonclearing markets, the role of expectations, the setting of prices by decentralized agents, and the derivation of optimal demand and supplies. This text then studies various non-Walrasian equilibrium concepts. Other chapters compare the classical and Keynesian theories of unemployment in the framework of a model. This book discusses as well the asymmetric price flexibility into the basic model. The final chapter deals with a dynamic model with explicit expectations, which allows a comparison of the employment effects of various expectations schemes and their realism. This book is a valuable resource for economists.
Macroeconomics
Author: Jean-Pascal Benassy
language: en
Publisher: Academic Press
Release Date: 2014-05-10
"Macroeconomics" builds a number of macroeconomic models applying the non-Walrasian methodology. The literature on the subject has grown so rapidly in recent years that it would be unreasonable to try to give an exhaustive account of all existing models in the field. We have thus chosen to present here some models that cover as large a number of questions as possible within a simple and unified framework. We also want to bridge the gap with traditional macroeconomics while extending the analysis on various points, which be investigated by purposely making each time the simplest possible assumptions about the formation of the various prices (or, when needed, expectations) involved. This will allow us to demonstrate in a straightforward manner the synthetic qualities of the theory, both by making a natural synthesis with traditional macroeconomics, where similar simple assumptions are made, and by treating a large number of topics while using throughout a very unified macroframework.