Dynamic Macroeconomics: Instability, Fluctuations, and Growth in Monetary Economies (Studies in Dynamical Economic Science)
Peter Flaschel, Reiner Franke, Willi SemmlerISBN: 0262061910; 9780262061919;
"Macrodynamics is a venerable and important tradition, which fifty or sixty years ago engaged the best minds of the economics profession: among them Frisch, Tinbergan, Harrod, Hicks, Samuelson, Goodwin. Recently it has been in danger of being swallowed up by rational expectations, moving equilibrium, and dynamic optimization. We can be grateful to the authors of this book for keeping alive the older tradition, while modernizing it in the light of recent developments in techniques of dynamic modeling." --James Tobin, Sterling Professor of Economics Emeritus, Yale University Dynamic Macroeconomics is an attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using sophisticated tools from dynamic analysis, the authors introduce a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing--and currently dominant--equilibrium dynamics. The book is organized into five parts. Part I...