Keynesian economics and price theory [electronic resource] : re-orientation of a theory of monetary economy / Masayuki Otaki.
Ōtaki, Masayuki, 1957- author.
2015
HB99.7
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Title
Keynesian economics and price theory [electronic resource] : re-orientation of a theory of monetary economy / Masayuki Otaki.
Author
Ōtaki, Masayuki, 1957- author.
ISBN
9784431553458 electronic book
4431553452 electronic book
9784431553441
DOI
https://doi.org/10.1007/978-4-431-55345-8
Published
Tokyo : Springer, 2015.
Language
English
Description
1 online resource (xv, 207 pages) : illustrations.
Item Number
10.1007/978-4-431-55345-8 doi
Call Number
HB99.7
Dewey Decimal Classification
330.15/6
Summary
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.
Bibliography, etc. Note
Includes bibliographical references and index.
Access Note
Access limited to authorized users.
Source of Description
Online resource; title from PDF title page (SpringerLink, viewed February 11, 2015).
Series
Advances in Japanese business and economics ; 7.
Available in Other Form
Print version: 9784431553441
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Chapter 1 Introduction
Part 1 Keynesian Economics and Price Theory
Chapter 2 Price Theory in a Monetary Economy
Part 2 Applications to Labor Economics and Inflation Theory
Chapter 3 The Existence of an Involuntary Unemployment Equilibrium
Chapter 4 The Phillips Curve and Inflation Theory Reconsidered
Part 3 Applications to International Economics
Chapter 5 A Basic Model of a Flexible Exchange Rate System under Perfect Capital Mobility
Chapter 6 The Functions of a Key Currency: International Liquidity Provision and Insurance
Chapter 7 On the Necessity of Optimum Currency Areas: The Case for Perfect Capital Mobility and Immobile Labor Forces
Chapter 8 Universal Discipline or Individual Discipline: On the Viability of the Eurozone as a Nonadjustable Local Fixed Exchange Rate Regime
Chapter 9 Industrial Hollowing Under a Flexible Exchange Rate System
Chapter 10 On the Function of Gold Standard in Idealism and Reality
Part 4 Applications to Economic Growth Theory
Chapter 11 Dexterity as a Source of Economic Growth
Chapter 12 Monetary Economic Growth Theory under Perfect Competition: Can Monetary Expansion Really Enhance Economic Growth?
Chapter 13 A Keynesian Monetary Growth Model under Monopolistic Competition: Is Economic Growth Sustainable without Government Help?
Part 5 Critiques of the Existing Monetary Theories
Chapter 14 A Critique of Lucas' Theory
Chapter 15 Does the Search Model Succeed in Describing a Monetary Economy?.

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