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Foundations for a Disequilibrium Theory of the Business Cycle
Qualitative Analysis and Quantitative Assessment

$69.99 (C)

J. Barkley Rosser, Jr.
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  • Date Published: July 2011
  • availability: Available
  • format: Paperback
  • isbn: 9780521369923

$69.99 (C)

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About the Authors
  • In a non-market-clearing approach to business cycle theory, this book builds an advanced model of economic activity, inflation and income distribution in a Keynesian spirit. After a qualitative analysis of the basic feedback mechanisms, the authors calibrate the model to the stylized facts of the business cycle in the U.S. economy. This calibrated model is used to carry out various macroeconomic simulation studies as well as a detailed study of the macroeconomic impact of various monetary policy rules. It will appeal both to theorists and to applied and policy economists.

    • Develops a dynamic model of the macroeconomy
    • Contains both theoretical and empirical analysis of the U.S. business cycle
    • An important contribution to business cycle theory and monetary policy studies
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    Product details

    • Date Published: July 2011
    • format: Paperback
    • isbn: 9780521369923
    • length: 550 pages
    • dimensions: 229 x 152 x 28 mm
    • weight: 0.73kg
    • availability: Available
  • Table of Contents

    Foreword J. Barkley Rosser, Jr.
    1. Competing approaches to Keynesian macrodynamics
    Part I. Textbook Approaches:
    2. AS-AD growth theory: a complete analysis of the textbook model
    3. Disequilibrium growth: the point of departure
    Part II. Analytical Framework. Theory and Evidence:
    4. The Keynes-Metzler-Goodwin model
    5. Calibration of three wage-price modules
    6. Calibration of the full KMG model
    7. Subsystems and sensitivity analysis of the KMG model
    Part III. Monetary Policy:
    8. The Taylor Rule in small macro models
    9. Incorporating the Taylor Rule into KMG

  • Authors

    Carl Chiarella, University of Technology, Sydney

    Peter Flaschel, Universität Bielefeld, Germany

    Reiner Franke, Technische Universität Wien, Austria


    J. Barkley Rosser, Jr.

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