Advertisement
| general equilibrium model in keynesian economic model: General Theory Of Employment , Interest And Money John Maynard Keynes, 2016-04 John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and Keynesian views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning |
| general equilibrium model in keynesian economic model: Finance & Development, September 2014 International Monetary Fund. External Relations Dept., 2014-08-25 This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world. |
| general equilibrium model in keynesian economic model: Raising Keynes Stephen A. Marglin, 2020-07-14 Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy. |
| general equilibrium model in keynesian economic model: Handbook of Computable General Equilibrium Modeling Peter B. Dixon, Dale Jorgenson, 2013-11-14 In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. - Presents coherent summaries of CGE theories that inform major model types - Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results - Shows how CGE modeling has made a contribution to economic policy |
| general equilibrium model in keynesian economic model: A General Equilibrium Model of Sovereign Default and Business Cycles Vivian Z. Yue, Mr. Enrique G. Mendoza, 2011-07-01 Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing; default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around default triggers an efficiency loss as these inputs are replaced by imperfect substitutes; and default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments. |
| general equilibrium model in keynesian economic model: Keynes's General Theory, the Rate of Interest and Keynesian' Economics G. Tily, 2016-01-12 This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure. |
| general equilibrium model in keynesian economic model: A History of Macroeconomics from Keynes to Lucas and Beyond Michel De Vroey, 2016-01-08 This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way. |
| general equilibrium model in keynesian economic model: General Equilibrium W. D. A. Bryant, 2010 This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results. -- PUBLISHER WEBSITE. |
| general equilibrium model in keynesian economic model: Keynes's General Theory and Accumulation Athanasios Asimakopulos, 1991-06-28 This book makes Keynes's writing on his General Theory accessible to students by presenting this theory in a careful, consistent manner that is faithful to the original. Keynes's theory continues to be important, because the issues it raised, such as the problems of involuntary unemployment, the volatility of investment, and the complexity of monetary arrangements in modern capitalist economies, are still with us. Keynes's method of analysis, which tries to allow for the complications of dealing with historical time, deserves the careful attention given in this book. Keynes's formal analysis dealt only with a short period of time during which changes in productive capacity as a result of net investment were small relative to initial productive capacity. Roy Harrod and Joan Robinson were the two most prominent followers of Keynes who attempted to extend his analysis to the long period by allowing for the effects of investment on productive capacity as well as on effective demand. The careful examination of their writings on this topic is a natural complement to the presentation of Keynes's General Theory and makes clear the severe limitations on any use of equilibrium concepts in dealing with accumulation in models that try to observe Keynes's warnings about an unknowable future in the type of world we inhabit. |
| general equilibrium model in keynesian economic model: Theory And Programming Of Computable General Equilibrium (Cge) Models: A Textbook For Beginners Gene H Chang, 2022-02-18 This book adopts a typical textbook approach and format for CGE beginners to learn and master the subject. It explains the economics theory behind the CGE models. The learning proceeds step by step from basic economic theories to advanced topics, from simple to more comprehensive CGE structures along with the corresponding computer programs. Each chapter reviews relevant economic theories; illustrates new material with examples, diagrams and exercises; and provides the mathematical models along with the GAMS computer programing codes. At the end of a chapter, exercises are assigned for practice and enhancing understanding. |
| general equilibrium model in keynesian economic model: Elements of Pure Economics Léon Walras, 2013-10-16 Elements of Pure Economics was one of the most influential works in the history of economics, and the single most important contribution to the marginal revolution. Walras' theory of general equilibrium remains one of the cornerstones of economic theory more than 100 years after it was first published. |
| general equilibrium model in keynesian economic model: Post Walrasian Macroeconomics David Colander, 2006-07-17 Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis. |
| general equilibrium model in keynesian economic model: Keynes and Marx Bill Dunn, 2021-07-06 Keynes was an elitist and pro-capitalist economist, whom the left should embrace with caution. But his analysis provides a concreteness missing from Marx and engages with critical issues of the modern world that Marx could not have foreseen. This book argues that a critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, Dunn explores him in the context of the extraordinary times in which he lived, his philosophy, and his politics. By offering a detailed overview of Keynes’s critique of mainstream economics and General Theory, Dunn argues that Keynes provides an enduringly valuable critique of orthodoxy. The book develops a Marxist appropriation of Keynes’s insights, arguing that a Marxist analysis of unemployment, capital and the role of the state can be enriched through such a critical engagement. The point is to change the world, not just to understand it. Thus the book considers the prospects of returning to Keynes, critically reviewing the practices that have come to be known as ‘Keynesianism’ and the limits of the theoretical traditions that have made claim to his legacy. |
| general equilibrium model in keynesian economic model: Equilibrium and Disequilibrium in Economic Theory G. Schwödiauer, 2012-12-06 This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian macroeconomics. The conference succeeded in bringing together economic theorists working in fields ranging from abstract prob lems of mathematical equilibrium analysis to applied macroeconomic theory, and it is hoped that the present volume will contribute to bridging the above-mentioned hiatus. As organizer of the meeting and editor of its proceedings I want to thank the Institute for Advanced Studies for providing facilities and funds. I am also sincerely grateful to all my colleagues from the Institute for their generous help, in particular to Mrs Monika Herkner without whose assistance and organizational talent the conference would certainly not have been the success it in fact - in the opinion of all participants - turned out to have been. Furthermore, I wish to express my gratitude towards all participants in the meeting and contributors to the volume whose patient support of the whole enterprise proved indispensable. To Mrs Elfriede Auracher I am deeply indebted for her skillful and effective general management of the editorial work and her invaluable assistance in compiling the indexes. |
| general equilibrium model in keynesian economic model: Money: in Disequilibrium Douglas Gale, 1984-07-27 This 1983 book is a wide-ranging study of the macroeconomic side of monetary theory. Traditional macroeconomics uses simple, aggregative models to analyse monetary and fiscal policy. Gale argues that we cannot do without it but also that it rarely attains the standards of rigour required of modern theory. This book can be seen as an attempt to do it properly. The early chapters are critical and reconstructive. They take a fresh look at standard topics such as wealth effects, money and growth and the long-run effects of monetary and fiscal policy. Later chapters develop different themes. The questions raised are drawn from traditional macroeconomics but there are plenty of surprises. The conventional view is frequently turned on its head or shown to be unsatisfactory or not robust. This and other exciting ideas enliven a book which will continue to be of interest to students and theorists alike. |
| general equilibrium model in keynesian economic model: Macroeconomic Theory Michael Wickens, 2012-03-12 The definitive graduate textbook on modern macroeconomics Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference This book has been adopted as a textbook at the following universities: American University Bentley College Brandeis University Brigham Young University California Lutheran University California State University - Sacramento Cardiff University Carleton University Colorado College Fordham University London Metropolitan University New York University Northeastern University Ohio University - Main Campus San Diego State University St. Cloud State University State University Of New York - Amherst Campus State University Of New York - Buffalo North Campus Temple University - Main Texas Tech University University of Alberta University Of Notre Dame University Of Ottawa University Of Pittsburgh University Of South Florida - Tampa University Of Tennessee University Of Texas At Dallas University Of Washington University of Western Ontario Wesleyan University Western Nevada Community College |
| general equilibrium model in keynesian economic model: An Encyclopedia of Keynesian Economics, Second edition Thomas Cate, 2013-01-01 Acclaim for the first edition: ÔThis easy-to-read collection . . . tells the whole story. Filled with short, well-written pieces, the encyclopedia covers the names and ideas that preceded Keynes, that carried his work to the center of the profession, and that eventually supplanted him there . . . There are excellent and unexpected articles on the Austrian school, the Lausanne school, and the Ricardo effect. There are well-done pieces on all the basic theoretical models at the heart of Keynesianism . . . [the] volume has been well put together. The editors deserve special praise for letting each contributor tell his own story. Those who oppose KeynesÕs ideas are just as well represented as those who carry the torch for him. This evenhandedness helps to ensure a volume that is truly representative and that will allow its users to get a full picture of the life and times of Keynesian economics.Õ Ð Bradley W. Bateman, Grinnell College, US ÔThe book will also be of some interest to serious scholars, partly because it includes biographies of many economists too young to have been included in the New Palgrave, such as Dornbusch, Fisher, Herschel Grossman, Kregel, Lucas, and Robert Townsend. It also includes some very interesting longer essays.Õ Ð Peter Howitt, The Economic Journal ÔThis book provides an excellent summary of the many strands of ÔKeynesianÕ- style thought both before and after 1936. Its well-considered entries take care to make explicit the assumptions and fundamental points of difference between theories too often concealed by the parents and advocates of specific theories in their zeal to promote the universality of the ideas. There is scarcely an entry that suffers from wordiness and repetition; the readerÕs scarce time is not abused.Õ Ð Elizabeth Webster, Economic Record ÔThis reviewer found using this source exhilarating and endowed with additional interest in view of the 1997 discussion on the inclusion or noninclusion of Keynesian economics in introductory economics textbooks. The editors should be applauded for helping to preserve a part of intellectual heritage.Õ Ð Bogdan Mieczkowski, American Reference Books ÔIt is the best single reference source on Keynesian economics and will be welcomed by students and teachers in economics as well as scholars in related social sciences and government policy makers.Õ Ð Educational Book Review This thoroughly revised and updated second edition of a highly acclaimed and authoritative reference work introduces the major concepts in the field of Keynesian economics. The comprehensive Encyclopedia features accessible, informative and provocative contributions by leading international scholars working in the tradition of Keynes. It brings together widely dispersed yet theoretically congruent ideas, presents concise biographies of economists who have contributed to the debate on Keynes and the Keynesian Revolution, and outlines the basic principles, models and tools used to discuss the economic consequences of The General Theory. Longer entries on specific topics associated with Keynes and the Keynesian Revolution analyse the principal factors that contributed to The General Theory, the economics of Keynes and the rise and apparent decline of Keynesian economics in greater detail. The second edition will ensure that An Encyclopedia of Keynesian Economics will remain the best single reference source on Keynesian economics and will continue to be welcomed by academics, students and teachers of economics as well as by scholars in related social sciences and government policymakers. |
| general equilibrium model in keynesian economic model: The General Theory and Keynes for the 21st Century Sheila Dow, Jesper Jespersen, Geoff Tily, 2018-07-27 This book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes's presentation during the 1930's of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes's ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy. |
| general equilibrium model in keynesian economic model: The Science and Practice of Monetary Policy Today Volker Wieland, 2009-12-01 Bridging the theory and practice of monetary policy, this book presents aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers. It also outlines important lessons for policymakers. |
| general equilibrium model in keynesian economic model: The Commanding Heights Daniel Yergin, 1998 |
| general equilibrium model in keynesian economic model: A Standard Computable General Equilibrium (CGE) Model in GAMS Hans Lofgren, Rebecca Lee Harris, Sherman Robinson, 2002-01-01 The purpose of this manual is to contribute to and facilitate the use of computable general equilibrium (CGE) models in the analysis of issues related to food policy in developing countries. The volume includes a detailed presentation of a static “standard” CGE model and its required database and incorporates features of particular importance in developing countries. The manual discusses the implementation of the model in GAMS and is accompanied by a CD-ROM that includes the GAMS software (free demo system), the GAMS input files for the model, sample databases, simulations, solution reports, and a social accounting matrix (SAM) aggregation program. Although the volume provides a standardized framework for analysis, the analyst is not forced to make “one-size-fits-all” assumptions. The GAMS code is written to give the analyst considerable flexibility in model specification. |
| general equilibrium model in keynesian economic model: The General Theory of Employment, Interest and Money John Maynard Keynes, 1989 |
| general equilibrium model in keynesian economic model: Dynamic Macroeconomic Theory Thomas J. Sargent, 2009-06-01 The tasks of macroeconomics are to interpret observations on economic aggregates in terms of the motivations and constraints of economic agents and to predict the consequences of alternative hypothetical ways of administering government economic policy. General equilibrium models form a convenient context for analyzing such alternative government policies. In the past ten years, the strengths of general equilibrium models and the corresponding deficiencies of Keynesian and monetarist models of the 1960s have induced macroeconomists to begin applying general equilibrium models. This book describes some general equilibrium models that are dynamic, that have been built to help interpret time-series of observations of economic aggregates and to predict the consequences of alternative government interventions. The first part of the book describes dynamic programming, search theory, and real dynamic capital pricing models. Among the applications are stochastic optimal growth models, matching models, arbitrage pricing theories, and theories of interest rates, stock prices, and options. The remaining parts of the book are devoted to issues in monetary theory; currency-in-utility-function models, cash-in-advance models, Townsend turnpike models, and overlapping generations models are all used to study a set of common issues. By putting these models to work on concrete problems in exercises offered throughout the text, Sargent provides insights into the strengths and weaknesses of these models of money. An appendix on functional analysis shows the unity that underlies the mathematics used in disparate areas of rational expectations economics. This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in Dynamic Macroeconomic Theory, provides answers to the exercises and is also available from Harvard University Press. |
| general equilibrium model in keynesian economic model: General Equilibrium Analysis E. Roy Weintraub, 1993 A profound, innovative, and lively exploration of the nature of the theory at the very center of economics |
| general equilibrium model in keynesian economic model: Transforming Modern Macroeconomics Roger E. Backhouse, Mauro Boianovsky, 2013 Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households. |
| general equilibrium model in keynesian economic model: Monetary Policy, Inflation, and the Business Cycle Jordi Galí, 2015-06-09 The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts |
| general equilibrium model in keynesian economic model: How the Economy Works Roger E. A. Farmer, 2010-04-08 Of all the economic bubbles that have been pricked, the editors of The Economist recently observed, few have burst more spectacularly than the reputation of economics itself. Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place? In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it. Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but his school gave way to a resurgence of classical economics in the 1970s-a rise that ended with the current crisis. Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individuals behave-how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning. Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore. |
| general equilibrium model in keynesian economic model: The New Generation of Computable General Equilibrium Models Federico Perali, Pasquale Lucio Scandizzo, 2018-05-02 This book covers some important topics in the construction of computable general equilibrium (CGE) models and examines use of these models for the analysis of economic policies, their properties, and their implications. Readers will find explanation and discussion of the theoretical structure and practical application of several model typologies, including dynamic, stochastic, micro-macro, and simulation models, as well as different closure rules and policy experiments. The presentation of applications to various country and problem-specific case studies serves to provide an informed and clearly articulated summary of the state of the art and the most important methodological advancements in the field of policy modeling within the framework of general equilibrium analysis. The book is an outcome of a recent workshop of the Italian Development Economists Association attended by a group of leading practitioners involved in the generation of CGE models and research on modeling the economy and policy making. It will be of interest to researchers, professional economists, graduate students, and knowledgeable policy makers. |
| general equilibrium model in keynesian economic model: The Walrasian Vision of the Microeconomy Donald W. Katzner, 1989 Articulates the traditional vision of the microeconomy using a general equilibrium model |
| general equilibrium model in keynesian economic model: Understanding Risks and Uncertainties in Energy and Climate Policy Haris Doukas, Alexandros Flamos, Jenny Lieu, 2018-12-10 This open access book analyzes and seeks to consolidate the use of robust quantitative tools and qualitative methods for the design and assessment of energy and climate policies. In particular, it examines energy and climate policy performance and associated risks, as well as public acceptance and portfolio analysis in climate policy, and presents methods for evaluating the costs and benefits of flexible policy implementation as well as new framings for business and market actors. In turn, it discusses the development of alternative policy pathways and the identification of optimal switching points, drawing on concrete examples to do so. Lastly, it discusses climate change mitigation policies’ implications for the agricultural, food, building, transportation, service and manufacturing sectors. |
| general equilibrium model in keynesian economic model: The General Economic Theory Wei-Bin Zhang, 2020-08-27 This book develops a general economic theory that integrates various economic theories and ideas and establishes important relationships between economic variables that are not formally recognized in the economic literature. The author demonstrates how the basic model is integrated with neoclassical growth theory, Walrasian general equilibrium theory, and Ricardian distribution theory, and how these theories can be incorporated through a single set of equations with a microeconomic basis. The book offers new insights into income and wealth distribution between heterogeneous households, racial and national differences in growth and development, interdependence between different stock variables with portfolio choices among different markets. It will appeal to scholars of economists interested in an integrative theoretical approach to this discipline. |
| general equilibrium model in keynesian economic model: The Economics of Keynes Mark G. Hayes, 2006 In his 'New Guide' to The General Theory, Mark G. Hayes presents Keynes's illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics. The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this 'New Guide' differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy. Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board - classical, orthodox, Post Keynesian and heterodox - interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool. |
| general equilibrium model in keynesian economic model: General Equilibrium Models for Development Policy Kemal Dervis, Kemal, Jaime de Melo, Sherman Robinson, 1982-05-31 |
| general equilibrium model in keynesian economic model: Allocation Under Uncertainty: Equilibrium and Optimality Jacques H. Drèze, 1974 |
| general equilibrium model in keynesian economic model: The Reformation in Economics Philip Pilkington, 2016-12-13 This book carves the beginnings of a new path in the arguably weary discipline of economics. It combines a variety of perspectives – from the history of ideas to epistemology – in order to try to understand what has gone so wrong with economics and articulate a coherent way forward. This is undertaken through a dual path of deconstruction and reconstruction. Mainstream economics is broken down into many of its key component parts and the history of each of these parts is scrutinized closely. When the flaws are thoroughly understood the author then begins the task of reconstruction. What emerges is not a ‘Grand Unified Theory of Everything’, but rather a provisional map outlining a new terrain for economists to explore. The Reformation in Economics is written in a lively and engaging style that aims less at the formalization of dogma and more at the exploration of ideas. This truly groundbreaking work invites readers to rethink their current understanding of economics as a discipline and is particularly relevant for those interested in economic pluralism and alternative economics. |
| general equilibrium model in keynesian economic model: A History of Post Keynesian Economics Since 1936 J. E. King, 2002-04-26 This text provides a history of the post Keynesian approach to economics since 1936. The author locates the origins of these economics in the conflicting interpretations of Keynes' General Theory and in the complementary work of Michael Kalecki. |
| general equilibrium model in keynesian economic model: From Financial Crisis to Stagnation Thomas I. Palley, 2013-02-11 This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with black swan styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts. |
| general equilibrium model in keynesian economic model: The Elements of Input-output Analysis William H. Miernyk, 1965 Economic theory of input output analysis - covers methodology and applications (incl. In respect of economic planning, regional planning and the measurement of economic growth), and includes a chapter on the rudiments of Input-Output mathematics. |
| general equilibrium model in keynesian economic model: Applied Methods for Trade Policy Analysis Joseph F. Francois, Kenneth A. Reinert, 1997 This book provides a comprehensive introduction to the applied economic modeling of trade policies. |
| general equilibrium model in keynesian economic model: General Equilibrium Theory Takashi Negishi, 1994 General Equilibrium Theory, the first volume of Takashi Negishi's collected essays, contains some of his most important contributions on the theory and applications of general equilibrium analysis published over the last 30 years. Grouped under the headings of Equilibrium and Welfare, Stability, Monetary Economics, International Economics, Public Economics and Disequilibrium Theory, the 47 essays and papers reprinted in this collection cover not only pure theory but also applications of general equilibrium analysis. Some of these essays have made seminal contributions and have been widely cited, while others were published in journals and festschrifts which are no longer easily available. Professor Negishi has prepared an introduction to this volume in which he discusses the contributions he made in these essays in the light of the most recent developments in the field. |
General Equilibrium Model In Keynesian Economic Model Copy
general equilibrium model in keynesian economic model: General Equilibrium W. D. A. Bryant, 2010 This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states.
Chapter 16: Equilibrium in a Macroeconomic Model - Wabash …
We will use the Simple Keynesian Model to illustrate the notions of the equilibrium solution, the equilibration process, and the comparative statics properties that are common to all …
Chapter 20 General equilibrium under monopolistic competition - ku
s chapter gave an introduction to some of the ideas involved. In continuation of this, the present chapter gives a systematic account of a general equilibrium model with monopolistic …
The Student Economic Review Vol. XXVI The Modified General …
Meara analy-ses Keynesian economics through its departures from classical general equilibrium theory. The paper discusses the notion that Keynes’ ideas exposed three major failings in the …
The Keynesian Model of Income Determination (revised)
This set of notes outlines the Keynesian model of national income determination in closed and open economy. It then shows how to solve for multipliers. 1. An Expanded Model and …
New Keynesian DSGE models - Jonathan Benchimol
What is a DSGE model ? DSGE models are dynamic, stochastic, and characterize the general equilibrium of the economy. The behavior of agents is formally derived from microfoundations …
Intermediate Macroeconomics - The Keynesian Model - Lidderdale
1 Aug 2004 · In the Keynesian model with fixed prices we can have an equilibrium when the economy is operating below its potential of full employment. The implication during the Great …
DYNAMIC STOCHASTIC GENERAL-EQUILIBRIUM MODELS …
presents an example of a complete DSGE model with nominal rigidity. The model is the canonical three-equation new Keynesian model of Clarida, Galí, and Gertler (2000). Unfortunately, in …
1 Keynesian Economics and General Equilibrium Theory
In its simplest form such a model makes the desired actions of agents depend on current prices and the single valued expectation of future prices. The latter are thought of as generated by …
Dynamic Neo-Keynesian general equilibrium models in R
After an introduction to general equilibrium models that compares the theorical foundations of various CGE models, participants will run concrete applications by simulating the impact of …
Environmental Policy and Macroeconomic Dynamics in a New …
To this end, we formulate a dynamic stochastic general equilibrium (DSGE) model of New Keynesian (NK) type embodying pollutant emissions and environmental policy. The model that …
Introduction: Seven Decades of the IS-LM Model - Duke University
based general equilibrium model that started with LéonWalras and cul- minated in Kenneth Arrow and Gerard Debreu’s proof of the existence of general equilibrium in the early 1950s.
Computable General Equilibrium Models and Their Use in …
simulations that combine the abstract general equilibrium structure formalized by Arrow and Debreu with realistic economic data to solve numerically for the levels of supply, demand and …
The State of New Keynesian Economics: A Partial Assessment
The economy’s equilibrium is determined by the intersection of the two schedules (point E. 0). A New Keynesian model based on these three relationships yields several interesting insights. …
Bayesian Dynamic Stochastic General Equilibrium models in …
AR(1) model Linear New Keynesian model Nonlinear stochastic growth model A DSGE model is a system of equations that describes an economy. A model consists of three kinds of variables: …
Post-Keynesian Models of Economic Growth: Open Systems
general equilibrium analysis of the automatic equality between planned saving and investment. He pointed out that Keynes postulated that ‘…in one particular market, the
The Rise and Fall of Walrasian General Equilibrium Theory: The …
Abstract: Two popular claims about mid-to-late twentieth century economics are that Walrasian ideas had a significant impact on the Keynesian macroeconomics that became dominant …
Expectations, Path Dependence and Effective Demand: A
The model of shifting equilibrium occupies a particularly important place in Post Keynesian economics because of its emphasis on the revision of the state of long-run expectations.
A General Disequilibrium Model of Income and Employment
Keynesian theory of income determination is the assumption that the vector of prices, wages, and interest rates does not move instantaneously from one full employment equilibrium position to …
The State of New Keynesian Economics: A Partial Assessment
Ten years later, tons of ammunition has been fired against modern macroeco-nomics in general, and against dynamic stochastic general equilibrium models that build on the New Keynesian …
General Equilibrium Model In Keynesian Economic Model Copy
general equilibrium model in keynesian economic model: General Equilibrium W. D. A. Bryant, 2010 This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states.
Chapter 16: Equilibrium in a Macroeconomic Model - Wabash …
We will use the Simple Keynesian Model to illustrate the notions of the equilibrium solution, the equilibration process, and the comparative statics properties that are common to all equilibrium systems.
Chapter 20 General equilibrium under monopolistic competition
s chapter gave an introduction to some of the ideas involved. In continuation of this, the present chapter gives a systematic account of a general equilibrium model with monopolistic competition and nominal rigidities, where also a detailed picture of the household sector with endogenous .
The Student Economic Review Vol. XXVI The Modified General Equilibrium ...
Meara analy-ses Keynesian economics through its departures from classical general equilibrium theory. The paper discusses the notion that Keynes’ ideas exposed three major failings in the classical theory: the Walrasian auctioneer approach, a refusal .
The Keynesian Model of Income Determination (revised)
This set of notes outlines the Keynesian model of national income determination in closed and open economy. It then shows how to solve for multipliers. 1. An Expanded Model and Equilibrium. 1 rate. Investment function, exogenous Government spending on goods and services, exoagenous Exports, exogenous Imports, exogenous. 0.
New Keynesian DSGE models - Jonathan Benchimol
What is a DSGE model ? DSGE models are dynamic, stochastic, and characterize the general equilibrium of the economy. The behavior of agents is formally derived from microfoundations (microfounded). Agents are assumed to behave optimally and rationally. The model is thought and estimated as a system, rather than equation by equation.
Intermediate Macroeconomics - The Keynesian Model - Lidderdale
1 Aug 2004 · In the Keynesian model with fixed prices we can have an equilibrium when the economy is operating below its potential of full employment. The implication during the Great Depression was that the economic depression could continue since it represents a possible equilibrium. The government must step in to force the economy to a new equilibrium at ...
DYNAMIC STOCHASTIC GENERAL-EQUILIBRIUM MODELS OF …
presents an example of a complete DSGE model with nominal rigidity. The model is the canonical three-equation new Keynesian model of Clarida, Galí, and Gertler (2000). Unfortunately, in many ways this model is closer to the baseline real-business-cycle …
1 Keynesian Economics and General Equilibrium Theory
In its simplest form such a model makes the desired actions of agents depend on current prices and the single valued expectation of future prices. The latter are thought of as generated by past and present price experience.
Dynamic Neo-Keynesian general equilibrium models in R
After an introduction to general equilibrium models that compares the theorical foundations of various CGE models, participants will run concrete applications by simulating the impact of standard shocks under various general equilibrium assumptions. Outline: First Session Solving dynamic models and analysis results in R
Environmental Policy and Macroeconomic Dynamics in a New Keynesian Model
To this end, we formulate a dynamic stochastic general equilibrium (DSGE) model of New Keynesian (NK) type embodying pollutant emissions and environmental policy. The model that we construct has three key features.
Introduction: Seven Decades of the IS-LM Model - Duke University
based general equilibrium model that started with LéonWalras and cul- minated in Kenneth Arrow and Gerard Debreu’s proof of the existence of general equilibrium in the early 1950s.
Computable General Equilibrium Models and Their Use in …
simulations that combine the abstract general equilibrium structure formalized by Arrow and Debreu with realistic economic data to solve numerically for the levels of supply, demand and price that support equilibrium across a specified set of markets.
The State of New Keynesian Economics: A Partial Assessment
The economy’s equilibrium is determined by the intersection of the two schedules (point E. 0). A New Keynesian model based on these three relationships yields several interesting insights. As noted earlier, the model implies that monetary policy is not neutral. In particular, this non-neutrality has (at least) two dimensions.
Bayesian Dynamic Stochastic General Equilibrium models in …
AR(1) model Linear New Keynesian model Nonlinear stochastic growth model A DSGE model is a system of equations that describes an economy. A model consists of three kinds of variables: DSGE models come from economic theory. Theories are forward-looking, so equations are forward-looking.
Post-Keynesian Models of Economic Growth: Open Systems
general equilibrium analysis of the automatic equality between planned saving and investment. He pointed out that Keynes postulated that ‘…in one particular market, the
The Rise and Fall of Walrasian General Equilibrium Theory: The …
Abstract: Two popular claims about mid-to-late twentieth century economics are that Walrasian ideas had a significant impact on the Keynesian macroeconomics that became dominant during the 1950s and 1060s, and that Arrow-Debreu Walrasian general equilibrium theory passed its zenith in microeconomics at some point during the 1980s.
Expectations, Path Dependence and Effective Demand: A
The model of shifting equilibrium occupies a particularly important place in Post Keynesian economics because of its emphasis on the revision of the state of long-run expectations.
A General Disequilibrium Model of Income and Employment
Keynesian theory of income determination is the assumption that the vector of prices, wages, and interest rates does not move instantaneously from one full employment equilibrium position to another. By impli-cation, Keynesian economics rejects the market equilibrium framework for analyz-ing the determination of quantities bought, sold, and ...
The State of New Keynesian Economics: A Partial Assessment
Ten years later, tons of ammunition has been fired against modern macroeco-nomics in general, and against dynamic stochastic general equilibrium models that build on the New Keynesian framework in particular.
