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Reconstructing Macroeconomics

Structuralist Proposals and Critiques of the Mainstream

Product Details

HARDCOVER

$100.00 • £86.95 • €90.95

ISBN 9780674010734

Publication Date: 03/22/2004

Short

456 pages

7 x 10 inches

64 line illustrations, 29 tables

World

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  • Acknowledgments
  • Introduction
  • I. Social Accounts and Social Relations
    • 1. A Simple Social Accounting Matrix
    • 2. Implications of the Accounts
    • 3. Disaggregating Effective Demand
    • 4. A More Realistic SAM
    • 5. Stock-Flow Relationships
    • 6. A SAM and Asset Accounts for the United States
    • 7. Further Thoughts
  • II. Prices and Distribution
    • 1. Classical Macroeconomics
    • 2. Classical Theories of Price and Distribution
    • 3. Neoclassical Cost-Based Prices
    • 4. Hat Calculus, Measuring Productivity Growth, and Full Employment Equilibrium
    • 5. Mark-up Pricing in the Product Market
    • 6. Efficiency Wages for Labor
    • 7. New Keynesian Crosses and Methodological Reservations
    • 8. First Looks at Inflation
  • III. Money, Interest, and Inflation
    • 1. Money and Credit
    • 2. Diverse Interest Theories
    • 3. Interest Rate Cost-Push
    • 4. Real Interest Rate Theory
    • 5. The Ramsey Model
    • 6. Dynamics on a Flying Trapeze
    • 7. The Overlapping Generations Growth Model
    • 8. Wicksell’s Cumulative Process Inflation Model
    • 9. More on Inflation Taxes
  • IV. Effective Demand and Its Real and Financial Implications
    • 1. The Commodity Market
    • 2. Macro Adjustment via Forced Saving and Real Balance Effects
    • 3. Real Balances, Input Substitution, and Money Wage Cuts
    • 4. Liquidity Preference and Marginal Efficiency of Capital
    • 5. Liquidity Preference, Fisher Arbitrage, and the Liquidity Trap
    • 6. The System as a Whole
    • 7. The IS/LM Model
    • 8. Keynes and Friends on Financial Markets
    • 9. Financial Markets and Investment
    • 10. Consumption and Saving
    • 11 “Disequilibrium” Macroeconomics
    • 12. A Structuralist Synopsis
  • V. Short-Term Model Closure and Long-Term Growth
    • 1. Model “Closures” in the Short Run
    • 2. Graphical Representations and Supply-Driven Growth
    • 3. Harrod, Robinson, and Related Stories
    • 4. More Stable Demand-Determined Growth
  • VI. Chicago Monetarism, New Classical Macroeconomics, and Mainstream Finance
    • 1. Methodological Caveats
    • 2. A Chicago Monetarist Model
    • 3. A Cleaner Version of Monetarism
    • 4. New Classical Spins
    • 5. Dynamics of Government Debt
    • 6. Ricardian Equivalence
    • 7. The Business Cycle Conundrum
    • 8. Cycles from the Supply Side
    • 9. Optimal Behavior under Risk
    • 10. Random Walk, Equity Premium, and the Modigliani-Miller Theorem
    • 11. More on Modigliani-Miller
    • 12. The Calculation Debate and Super-Rational Economics
  • VII. Effective Demand and the Distributive Curve
    • 1. Initial Observations
    • 2. Inflation, Productivity Growth, and Distribution
    • 3. Absorbing Productivity Growth
    • 4. Effects of Expansionary Policy
    • 5. Financial Extensions
    • 6. Dynamics of the System
    • 7. Comparative Dynamics
    • 8. Open Economy Complications
  • VIII. Structuralist Finance and Money
    • 1. Banking History and Institutions
    • 2. Endogenous Finance
    • 3. Endogenous Money via Bank Lending
    • 4. Money Market Funds and the Level of Interest Rates
    • 5. Business Debt and Growth in a Post-Keynesian World
    • 6. New Keynesian Approaches to Financial Markets
  • IX. A Genus of Cycles
    • 1. Goodwin’s Model
    • 2. A Structuralist Goodwin Model
    • 3. Evidence for the United States
    • 4. A Contractionary Devaluation Cycle
    • 5. An Inflation Expectations Cycle
    • 6. Confidence and Multiplier
    • 7. Minsky on Financial Cycles
    • 8. Excess Capacity, Corporate Debt Burden, and a Cold Douche
    • 9. Final Thoughts
  • X. Exchange Rate Complications
    • 1. Accounting Conundrums
    • 2. Determining Exchange Rates
    • 3. Asset Prices, Expectations, and Exchange Rates
    • 4. Commodity Arbitrage and Purchasing Power Parity
    • 5. Portfolio Balance
    • 6. Mundell-Fleming
    • 7. IS/LM Comparative Statics
    • 8. UIP and Dynamics
    • 9. Open Economy Monetarism
    • 10. Dornbusch
    • 11. Other Theories of the Exchange Rate
    • 12. A Developing Country Debt Cycle
    • 13. Fencing in the Beast
  • XI. Growth and Development Theories
    • 1. New Growth Theories and Say’s Law
    • 2. Distribution and Growth
    • 3. Models with Binding Resource or Sectoral Supply Constraints
    • 4. Accounting for Growth
    • 5. Other Perspectives
    • 6. The Mainstream Policy Response
    • 7. Where Theory Might Sensibly Go
  • References
  • Index

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