Phelps / Shell Studies in Macroeconomic Theory

Employment and Inflation
1. Auflage 2014
ISBN: 978-1-4832-7118-7
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 432 Seiten, Web PDF

Studies in Macroeconomic Theory, Volume 1: Employment and Inflation is a collection of scholarly papers that accounts the development of a microeconomic theory of wage and price decisions and commitments. The book presents some features of the modern inflationary process and makes sense of some still accepted elements in the postclassical macroeconomics of Keynes and Phillips. The papers in this volume are grouped into seven sections. Part I describes disequilibrium models of employment. Part II gives closer scrutiny to the idea of the 'natural' rate of unemployment. Part III studies the welfare economics of inflation in an equilibrium context. The fourth part deals with inflation planning. The papers in Part V discuss hypotheses about the causes of the rise in the rate of inflation in two historical episodes: the American inflation between 1955 - 1957 and 1972 - 1974. Part VI addresses some questions in the theory of economic stabilization by monetary and fiscal policy. The final section of this volume attempts to apply to matters of stochastic social choice, stabilization policy being one instance of such a choice, the conception of justice advanced by Rawls. The compendium will be of value to economists and economic policy makers.

Autoren/Hrsg.

Phelps, Edmund S.

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;Employment and Inflation;4
3;Copyright Page;5
4;Table of Contents;8
5;PREFACE;12
6;INTRODUCTION: DEVELOPMENTS IN NON-WALRASIAN THEORY;14
6.1;References;32
7;Part I: DISEQUILIBRIUM MODELS OF EMPLOYMENT;34
7.1;INTRODUCTION;36
7.2;CHAPTER 1. MONEY-WAGE DYNAMICS AND LABOR-MARKET EQUILIBRIUM;42
7.2.1;I. Evolution of the Phillips Curve and its Opposition;42
7.2.2;II. "Turnover" and "Generalized Excess Demand";47
7.2.3;III. Expectations and Macroequilibrium;61
7.2.4;IV. Summary;70
7.2.5;Statistical Appendix;71
7.2.6;References;73
7.3;CHAPTER 2. SHORT-RUN EMPLOYMENT AND REAL WAGE IN COMPETITIVE MARKETS;76
7.3.1;1. A "TEXTBOOK" MODEL AND THE EVIDENCE;76
7.3.2;2. A DISCRETE-TIME MODEL WITH PROHIBITIVE STORAGE COSTS;79
7.3.3;3. A DISCRETE-TIME MODEL WITH ECONOMICAL STORAGE;81
7.3.4;REFERENCES;87
7.4;CHAPTER 3. THE EMERGING MICROECONOMICS IN EMPLOYMENT AND INFLATION THEORY;90
7.4.1;I. Labor Markets and Money Wage Behavior;92
7.4.2;II. Price and Output Dynamics;98
7.4.3;III. Conclusions;102
7.4.4;REFERENCES;102
8;Part II: MACROEQUILIBRIUM EMPLOYMENT;104
8.1;INTRODUCTION;106
8.2;CHAPTER 4. THE 'NATURAL RATE' CONTROVERSY AND ECONOMIC THEORY;110
8.2.1;The Significance of the Natural Rate Controversy;110
8.2.2;The Natural Rate Hypothesis and Economic Theory;114
8.2.3;CHAPTER 5. MONEY, WEALTH, AND LABOR SUPPLY;122
8.2.4;I. EQUILIBRIUM EFFECTS OF MONETARY OPERATIONS;123
8.2.5;II. MONETARY EFFECTS OF AN EXPENDITURE INCREASE;131
8.2.6;REFERENCES;131
9;Part III: WELFARE ANALYSIS OF ANTICIPATED INFLATION: LIQUIDITY AND SAVING;132
9.1;INTRODUCTION;134
9.2;CHAPTER 6. ANTICIPATED INFLATION AND ECONOMIC WELFARE;138
9.2.1;I. INTRODUCTION;138
9.2.2;II. CONSEQUENCES OF THE EXPECTATION OF INFLATION WITHOUT GOVERNMENT ACTION;139
9.2.3;III. CONSEQUENCES FOR POLICY OPPORTUNITIES OF THE EXPECTATION OF INFLATION;142
9.2.4;IV. CONSEQUENCES FOR FEASIBLE WELFARE OF ANTICIPATED
INFLATION;145
9.2.5;V. THE ANALYSIS UNDER A MONETARY RESTRAINT;151
9.2.6;VI. CONCLUSIONS;154
9.3;CHAPTER 7. INFLATION IN THE THEORY OF PUBLIC FINANCE;156
9.3.1;Summary;156
9.3.2;I. The Inflation Tax: Concept and Measure;159
9.3.3;II. Optimizing the Revenue from Inflation;166
9.3.4;I I I . Some Conclusions;170
9.3.5;References;171
9.4;CHAPTER 8. MONEY, TAXATION, INFLATION AND REAL INTEREST;172
9.4.1;INTRODUCTION;172
9.4.2;I. MODELS OF ANTICIPATED INFLATION AND CAPITAL INTENSITY;174
9.4.3;II. THE CHOICE SET AND WELFARE CONSIDERATIONS;193
9.4.4;LITERATURE CITED;200
10;Part IV: INFLATION PLANNING;202
10.1;INTRODUCTION;204
10.2;CHAPTER 9. PHILLIPS CURVES, INFLATION EXPECTATIONS, AND OPTIMAL EMPLOYMENT OVER TIME;208
10.2.1;I. POSSIBILITIES AND PREFERENCES;211
10.2.2;II. OPTIMAL POLICY WHEN NO UTILITY DISCOUNTING;227
10.2.3;III. OPTIMAL POLICY WHEN POSITIVE UTILITY DISCOUNTING;232
10.2.4;IV. CONCLUDING REMARKS;234
10.3;CHAPTER 10. INFLATION PLANNING RECONSIDERED;236
10.3.1;ACKNOWLEDGMENTS;246
10.3.2;APPENDIX: TECHNICAL NOTES;246
10.3.3;REFERENCES;249
10.4;CHAPTER 11. DISINFLATION WITHOUT RECESSION: ADAPTIVE GUIDEPOSTS AND MONETARY POLICY;252
10.4.1;I. One-Period Contracts;256
10.4.2;II. Two-Period Contracts;258
10.4.3;III. Three-Period Contracts;261
10.4.4;IV. z- Period Contracts;265
10.4.5;V. Summary and Appraisal;268
10.4.6;Appendix A: Friedman's and "Keynesian" Rules Compared;273
10.4.7;Appendix B: Multiple Rational-Expectations Solutions;275
10.4.8;Appendix C: Existence and Uniqueness of the Desired Trajectory;276
10.4.9;ACKNOWLEDGMENTS;277
10.4.10;References;277
11;PartV: IDENTIFYING DISTURBANCES OF THE PRICE LEVEL;280
11.1;INTRODUCTION;282
11.2;CHAPTER12. A TEST OF
THE COST INFLATION HYPOTHESIS: 1955-1957;284
11.2.1;Appendix: Commodity Groups in the Correlation Test;289
11.3;CHAPTER 13. STOPOVER MONETARISM: SUPPLY AND DEMAND FACTORS IN THE 1972-74 INFLATION;292
11.3.1;Demand Factors;294
11.3.2;Monetary
Stimulus;295
11.3.3;Liquidity in
General;296
11.3.4;Heightened
Expectations;298
11.3.5;Supply Factors;299
11.3.6;Controls, Environmental
Restrictions, and Investment Allocation;301
11.3.7;Cartelization, et
cetera;301
11.3.8;Exhaustible Resource
Speculation;302
11.3.9;Faim
Inflation;304
11.3.10;Dollar
Devaluations;305
11.3.11;What Lessons for Monetary Policy?;306
12;Part VI: STABILIZATION THEORY;310
12.1;INTRODUCTION;312
12.2;CHAPTER 14. STABILIZING POWERS OF MONETARY
POLICY UNDER RATIONAL EXPECTATIONS;316
12.2.1;I. The Rudimentary Model;319
12.2.2;II. Determining Price Expectations for a Glass of Policy Rules;326
12.2.3;III. Operating Characteristics of the Stochastic System;331
12.2.4;IV.
Summary and Extensions;336
12.2.5;Appendix;339
12.2.6;References;342
12.3;INDEXATION ISSUES;344
12.3.1;APPENDIX;355
12.3.2;REFERENCES;363
12.4;CHAPTER 15. COMMODITY-SUPPLY SHOCK AND FULL-EMPLOYMENT MONETARY POLICY;364
12.4.1;1. A MODEL OF MONETARY ACCOMODATION;365
12.4.2;LITERATURE CITED;378
12.5;CHAPTER 16. TRANSNATIONAL EFFECTS OF FISCAL SHOCKS IN A TWO-COUNTRY MODEL OF DYNAMIC EQUILIBRIUM;380
12.5.1;I. The Model;381
12.5.2;II. Stationary Equilibrium;386
12.5.3;III. Equilibrium Paths;395
12.5.4;IV. Conclusions and Comments;403
12.5.5;ACKNOWLEDGMENTS;407
13;Part VII: TOWARD JUST CRITERIA IN STABILIZATION POLICY;408
13.1;INTRODUCTION;410
13.2;CHAPTER 17. SOCIAL POLICY AND UNCERTAIN CAREERS: BEYOND RAWLS'S PARADIGM CASE;412
13.2.1;Rawlsian Theory in Its Paradigm Case;413
13.2.2;Harsanyi makes the same criticism:;419
13.2.3;Toward a Rawlsian Theory for the Neo-Utilitarians' Case;422
13.2.4;Concluding Remarks;430
13.2.5;References;430
14;ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS;432