Expectations, Employment and Prices

ISBN-10: 0195397908
ISBN-13: 9780195397901
Edition: 2010
List price: $56.00
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Description: Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in  More...

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Book details

List price: $56.00
Copyright year: 2010
Publisher: Oxford University Press, Incorporated
Publication date: 3/31/2010
Binding: Hardcover
Pages: 192
Size: 6.20" wide x 9.30" long x 0.80" tall
Weight: 1.100
Language: English

Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. This book directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.

Roger Farmer is Assistant Professor of Economics at the University of Pennsylvania.

The Theory of Unemployment
What This Book Is About
The Nature of the Enquiry
The Theory Summarized
The Theory of Aggregate Supply
The Theory of Aggregate Demand
A Road Map to the Book
The Basic Model
Components of the Theory
Relationship to Keynes
Households
Firms
Search and the Labor Market
Equilibrium and the Social Planner
The Planning Problem
Aggregate Demand and Supply
Effective Demand and the Multiplier
A Formal Definition of Equilibrium
Concluding Comments
An Extension to Multiple Goods
The Structure of the Model
Households
Firms
Search
Equilibrium and the Social Planner
The Social Planner
Aggregate Demand and Supply
Keynesian Equilibrium
Equilibrium and the Planning Optimum Compared
Concluding Comments
A Model with Investment and Saving
The Model Structure and the Planning Solution
Households
Firms
Search
The Social Planner
Investment and the Keynesian Equilibrium
How to Close the Model
The Definition of Equilibrium
Analyzing Equilibria
Aggregate Demand and Supply
Fiscal Policy in a Keynesian Model
Concluding Comments
Appendix
Using the Theory to Understand Data
A New Way to Understand Business Cycle Facts
What's Wrong with the HP Filter?
Measuring Data in Wage Units
Interpreting Wage Units
The Components of GDP
Concluding Comments
The Great Depression: Telling the Keynesian Story in a New Way
Developing the Model
Preferences
Labor Supply and Consumption
Technology
Aggregate Supply
Aggregation Across Firms
Search and the Labor Market
Selecting an Equilibrium with Long-Term Expectations
Equilibrium and the Planner's Problem
The Social Planner
Demand-Constrained (Keynesian) Equilibrium
An Existence Proof
Efficiency of Equilibrium
Using the Model to Understand Data
Keynes and the Great Depression—Theory
Keynes and the Great Depression—Data
The Recovery from the Depression
Adding Government
Consumption in a Model with Government
Equilibrium with Government
Some Definitions
Demand-Constrained Equilibrium with Government
An Important Result
Concluding Comments
Appendix
The Wartime Recovery: A Dynamic Model Where Fiscal Policy Matters
The Structure of the Model
Household Structure
The Asset Markets
Government Choices
The Household Problem
The Aggregate Economy
The Aggregate Consumption Function
Aggregate Equations of Motion
Using the Model to Understand Data
Steady-State Equilibria
Two Equations to Study Steady-State Equilibria
The Great Depression
The Wartime Recovery
A Quantitative Experiment
Concluding Comments
Appendix
The U.S. Economy from 1951 to 2000: Employment and GDP
Introduction
The Impact of the Fed-Treasury Accord
A Preview
Unemployment and GDP
Investment Is Not a Cause of Medium-Term Movements
Other Possible Causes of Medium-Term Fluctuations
Concluding Comments
The Theory of Prices
Money and Uncertainty
The Structure of the Model
Money and Production
Adding Uncertainty
Households
Government
The Pricing Kernel and Asset Prices
The Complete Model
Concluding Comments
Money and Inflation Since 1951
A Complete Monetary Model
Aggregate Supply and the Money Wage
Theory and Data
Modeling Monetary Policy
The Private Sector Equations Restated
The Policy Rule
A Linear Approximation
How Beliefs Influence the Unemployment Rate
The Steady State
Active and Passive Monetary Policy
Concluding Comments
How to Fix the Economy
Monetary Policy Cannot Hit Two Targets
Fiscal Policy Is Not the Most Effective Solution
What We Should Do Instead
A New Role for the Fed
Concluding Comments
Notes
Bibliography
Index

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