Benassy / Shell Macroeconomics

An Introduction to the Non-Walrasian Approach
1. Auflage 2014
ISBN: 978-1-4832-5992-5
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 264 Seiten, Web PDF

'Macroeconomics' builds a number of macroeconomic models applying the non-Walrasian methodology. The literature on the subject has grown so rapidly in recent years that it would be unreasonable to try to give an exhaustive account of all existing models in the field. We have thus chosen to present here some models that cover as large a number of questions as possible within a simple and unified framework. We also want to bridge the gap with traditional macroeconomics while extending the analysis on various points, which be investigated by purposely making each time the simplest possible assumptions about the formation of the various prices (or, when needed, expectations) involved. This will allow us to demonstrate in a straightforward manner the synthetic qualities of the theory, both by making a natural synthesis with traditional macroeconomics, where similar simple assumptions are made, and by treating a large number of topics while using throughout a very unified macroframework.

Autoren/Hrsg.

Benassy, Jean-Pascal

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;Macroeconomics: An Introduction to the Non-Walrasian Approach;4
3;Copyright Page;5
4;Table of Contents;8
5;Dedication;6
6;Preface;14
7;Introduction;16
8;PART I: MICROECONOMIC FOUNDATIONS;22
8.1;CHAPTER 1. The Basic Concepts;24
8.1.1;1. Walrasian Economics and the Problem of Market Clearing;24
8.1.2;2. The Institutional Framework;29
8.1.3;3. Functioning of Nonclearing Markets and Quantity Signals;31
8.1.4;4. Effective Demand;36
8.1.5;5. Non-Walrasian Equilibrium: An Example;40
8.1.6;6. The Role of Expectations;42
8.1.7;7. The Formation of Prices;44
8.1.8;8. Conclusions;48
8.1.9;References;49
8.2;CHAPTER 2. Non-Walrasian Equilibria;50
8.2.1;1. Introduction;50
8.2.2;2. Institutional Framework;51
8.2.3;3. Rationing Schemes and Quantity Signals;52
8.2.4;4. Effective Demand;57
8.2.5;5. Fixprice Equilibria;60
8.2.6;6. Expectations and Temporary Equilibrium with Rigid Prices;63
8.2.7;7. K-Equilibrium with Bounded Prices;67
8.2.8;8. K-Equilibrium with Monopolistic Competition;68
8.2.9;9. Conclusions;71
8.2.10;References;71
9;PART II: CLOSED-ECONOMY MODELS;74
9.1;CHAPTER 3. Theories of Unemployment;76
9.1.1;1. Classical and Keynesian Theories of Unemployment;76
9.1.2;2. The Model;79
9.1.3;3. Temporary Walrasian Equilibrium and Situations of Unemployment;81
9.1.4;4. The Three Regimes;83
9.1.5;5. Global Analysis;88
9.1.6;6. Conclusions;91
9.1.7;References;92
9.2;CHAPTER 4. Asymmetric Price Flexibility and the Effectiveness of Employment Policies;93
9.2.1;1. Introduction;93
9.2.2;2. The Three Regimes;94
9.2.3;3. A Graphical Solution;100
9.2.4;4. A Dynamic View;101
9.2.5;5. Conclusions;105
9.2.6;References;105
9.3;CHAPTER 5. Indexation and Employment Policies;106
9.3.1;1. Introduction;106
9.3.2;2. The Three Regimes;108
9.3.3;3. A Graphical Solution;111
9.3.4;4. A Particular Case: Rigid Real Wage;114
9.3.5;5. Conclusions;116
9.3.6;References;117
9.4;CHAPTER 6. The Three Regimes of the IS-LM Model;118
9.4.1;1. Introduction;118
9.4.2;2. The Model;120
9.4.3;3. The Core Equations and IS-LM;122
9.4.4;4. The Three Regimes;125
9.4.5;5. A Graphical Solution;132
9.4.6;6. The IS-LM Model with a Rigid Real Wage;133
9.4.7;7. Conclusions;134
9.4.8;References;135
10;PART III: OPEN-ECONOMY MODELS;136
10.1;CHAPTER 7. Economic Policies in an Open Economy;138
10.1.1;1. Introduction;138
10.1.2;2. The Model;138
10.1.3;3. International Equilibrium;139
10.1.4;4. Flexible Exchange Rates;141
10.1.5;5. Fixed Exchange Rates;142
10.1.6;6. Conclusions;146
10.1.7;References;146
10.2;CHAPTER 8. The Balance of Payments;147
10.2.1;1. Introduction;147
10.2.2;2. The Model;147
10.2.3;3. Determination of Incomes and Prices in the Different Regimes;148
10.2.4;4. The Balance of Payments and the Three Traditional Approaches;151
10.2.5;5. The Effects of a Devaluation;152
10.2.6;6. Conclusions;155
10.2.7;References;156
11;PART IV: DYNAMIC MODELS;158
11.1;CHAPTER 9. Theories of Inflation;160
11.1.1;1. Demand and Cost Inflation;160
11.1.2;2. The Model;160
11.1.3;3. Temporary Equilibria and Dynamics;162
11.1.4;4. Demand Inflation;165
11.1.5;5. Cost Inflation;167
11.1.6;6. Steady States;171
11.1.7;7. Conclusions;176
11.1.8;References;177
11.2;CHAPTER 10. Phillips Curves, Conflicts, and Expectations;178
11.2.1;1. Introduction;178
11.2.2;2. The Model;179
11.2.3;3. The Short Run: Equilibrium and the Phillips Curve;181
11.2.4;4. Steady States and the Unemployment-Inflation Dilemma;183
11.2.5;5. Conclusions;186
11.2.6;References;187
11.3;CHAPTER 11. A Model of the Business Cycle;188
11.3.1;1. Introduction;188
11.3.2;2. The Model;189
11.3.3;3. Short-Run Equilibrium;191
11.3.4;4. Dynamics and Long-Run Equilibrium;194
11.3.5;5. Stability of the Long-Run Equilibrium;196
11.3.6;6. Existence of Cycles;197
11.3.7;7. Conclusions;199
11.3.8;References;200
12;PART V: EXPECTATIONS;202
12.1;CHAPTER 12. The Role of Expectations;204
12.1.1;1. Introduction;204
12.1.2;2. The Model;205
12.1.3;3. The Structure of Equilibria;206
12.1.4;4. The Effects of Economic Policies and Expectations;207
12.1.5;5. Global Analysis;210
12.1.6;6. Conclusions;212
12.1.7;References;213
12.2;CHAPTER 13. Non-Walrasian Prices and Perfect Foresight;214
12.2.1;1. Introduction;214
12.2.2;2. The Model;215
12.2.3;3. The Consumption Function;216
12.2.4;4. The Intertemporal Walrasian Equilibrium;217
12.2.5;5. The Structure of Non-Walrasian Equilibria;218
12.2.6;6. The Effects of Economic Policies;218
12.2.7;7. Expectations of Government Policy;222
12.2.8;8. Conclusions;223
12.2.9;References;223
12.3;CHAPTER 14. Expectations, Information, and Dynamics;224
12.3.1;1. Introduction;224
12.3.2;2. The Model;225
12.3.3;3. A Stationary Intertemporal Equilibrium;226
12.3.4;4. A Temporary Deflationary Shock;227
12.3.5;5. An Interpretation;228
12.3.6;6. Conclusions;230
12.3.7;References;231
13;APPENDIXES;232
13.1;APPENDIX A: Existence Theorems;234
13.2;APPENDIX B: Manipulation;240
13.3;APPENDIX C: Effective Demand under Uncertainty;245
13.4;APPENDIX D: The Effects of a Devaluation;250
14;Bibliography;252
15;Index;264