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- Title
THE DYNAMICS OF KEYNESIAN MONETARY GROWTH.
- Authors
Carl Chiarella; Peter Flaschel
- Abstract
The objective of this book is to provide a systematic theory of endogenous business fluctuations and growth with a hierarchical structure of integrated macro-dynamical models (p. 372). The starting point is Tobin's neoclassical model of monetary growth, and successive chapters show how Tobin's model can be extended in various realistic directions while preserving the relevant adding-up and balance-sheet constraints of a macro model. The work reported here is squarely in an ongoing European theoretical tradition that eschews the stochastic, representative-agent, approach to macroeconomic modeling. Absent stochastic disturbances, the authors provide a qualitative analysis of dynamic behavior for a variety of closed-economy modelsa variety that, as the authors themselves point out, is closely related to three prototype models studied in Part I of Sargent's 1977 book, Macroeconomic Theory.
- Subjects
ECONOMICS; SOCIAL sciences; BUSINESS; ECONOMIC statistics; ECONOMIC models
- Publication
Macroeconomic Dynamics, 2003, Vol 7, Issue 3, p473
- ISSN
1365-1005
- Publication type
Article
- DOI
10.1017/S1365100502020072