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Asset Markets, Portfolio Choice and Macroeconomic Activity

Asset Markets, Portfolio Choice and Macroeconomic Activity

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  • ISBN:9780230290174
  • Editorial: Palgrave
  • Fecha de la edición:
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:248
  • Idiomas:Ingles

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This book investigates, from a Keynesian perspective, the interaction of effective demand with the wage-price spiral, the dependence of goods market outcomes on financial markets, and the impact of monetary policy on financial and real markets. These issues are discussed by way of rigorously formulated approaches that lay foundations for a theory of endogenously generated business fluctuations.

The material is presented on three levels of generality: an introductory level that motivates the theoretical approach, a research-oriented level that shows how the interaction of real with financial markets has to be modelled from an integrative Keynesian perspective, and an advanced textbook level that extends the traditional Keynesian approach to open economies. The main findings indicate that balanced growth in capitalist economies is unlikely due to changes in behavioural factors that drive the wage-price spiral and the financial markets.

This book is essential reading for advanced level macroeconomic modules and for those interested in both traditional macroeconomics and the dominant neoclassical approach of the New Keynesians.

General Introduction
Advances in AS-AD Model Building: Real Disequilibria and Portfolio Choices
Tobinian Stock-Flow Interactions in the KMG Framework
Analysis and Policy Implications of the KMG-Tobin Model
Introducing Tobinian Stock-Flow Interactions into the Mundell-Fleming Model
Two Extensions of the Mundell-Fleming-Tobin Model
Fiscal and Monetary Policy, Stocks, and the Term Structure of Interest Rates

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