Hidden Bibliographic Details
| Other authors / contributors: | Flaschel, Peter, 1943-
Franke, Reiner.
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| ISBN: | 0511132867
9780511132865
9780511492402
0511492405
0521850258
9780521850254
0521369924
9780521369923
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| Notes: | Includes bibliographical references (pages 505-513) and index.
Print version record.
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| Summary: | "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. 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 US 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."--Jacket.
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| Other form: | Print version: Chiarella, Carl. Foundations for a disequilibrium theory of the business cycle. Cambridge, UK ; New York : Cambridge University Press, 2005 0521850258
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