Keynesian Economics and Price Theory : Re-orientation of a Theory of Monetary Economy


Keynesian Economics and Price Theory : Re-orientation of a Theory of Monetary Economy

Description

This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory.

New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.


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Details

Author(s)
Masayuki Otaki
Format
Paperback | 207 pages
Dimensions
155 x 235 x 11.94mm | 349g
Publication date
09 Oct 2016
Publisher
Springer Verlag, Japan
Publication City/Country
Tokyo, Japan
Language
English
Edition Statement
Softcover reprint of the original 1st ed. 2015
Illustrations note
1 Tables, black and white; 1 Illustrations, color; 21 Illustrations, black and white; XV, 207 p. 22 illus., 1 illus. in color.
ISBN10
4431563911
ISBN13
9784431563914