Building on The Dynamics of Keynesian Monetary Growth by Chiarella
and Flaschel (2000), this book is a key contribution to business
cycle theory, setting out a disequilibrium approach with gradual
adjustments of the key macroeconomic variables. Its analytic study
of a deterministic model of economic activity, inflation and income
distribution integrates elements in the tradition of Keynes,
Metzler and Goodwin (KMG). After a qualitative analysis of the
basic feedback mechanisms, the authors calibrate the KMG model to
the stylized facts of the business cycle in the U.S. economy, and
then undertake a detailed numerical investigation of the local and
global dynamics generated by the model. Finally, topical issues in
monetary policy are studied in small macromodels as well as for the
KMG model by incorporating an estimated Taylor-type interest rate
reaction function. The stability features of this enhanced model
are also compared to those of the original KMG model.
Cambridge University Press (Virtual Publishing)
|Country of origin:
• Peter Flaschel
• Reiner Franke
||Electronic book text
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