Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy
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 findi...
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Springer
2015
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| Truy cập trực tuyến: | https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59293 |
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oai:scholar.dlu.edu.vn:DLU123456789-592932023-11-11T06:34:54Z Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy Otaki, Masayuki General Economics Business Prices Keynesian economics 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. 2015-12-04T01:15:11Z 2015-12-04T01:15:11Z 2015 Book 978-4-431-55345-8 978-4-431-55344-1 https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59293 en application/pdf Springer |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| topic |
General Economics Business Prices Keynesian economics |
| spellingShingle |
General Economics Business Prices Keynesian economics Otaki, Masayuki Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy |
| description |
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. |
| format |
Book |
| author |
Otaki, Masayuki |
| author_facet |
Otaki, Masayuki |
| author_sort |
Otaki, Masayuki |
| title |
Keynesian Economics and Price Theory:
Re-orientation of a Theory of Monetary Economy |
| title_short |
Keynesian Economics and Price Theory:
Re-orientation of a Theory of Monetary Economy |
| title_full |
Keynesian Economics and Price Theory:
Re-orientation of a Theory of Monetary Economy |
| title_fullStr |
Keynesian Economics and Price Theory:
Re-orientation of a Theory of Monetary Economy |
| title_full_unstemmed |
Keynesian Economics and Price Theory:
Re-orientation of a Theory of Monetary Economy |
| title_sort |
keynesian economics and price theory:
re-orientation of a theory of monetary economy |
| publisher |
Springer |
| publishDate |
2015 |
| url |
https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59293 |
| _version_ |
1819845943446470656 |