The objective of this book is to provide a systematic theory of endogenous business fluctuations and growth with a hierarchical structure of integrated macro-dynamical models (p. 372). The starting point is Tobin s neoclassical model of monetary growth, and successive chapters show how Tobin s model can be extended in various realistic directions while preserving the relevant adding-up and balance-sheet constraints of a macro model. The work reported here is squarely in an ongoing European theoretical tradition that eschews the stochastic, representative-agent, approach to macroeconomic modeling. Absent stochastic disturbances, the authors provide a qualitative analysis of dynamic behavior for a variety of closed-economy models a variety that, as the authors themselves point out, is closely related to three prototype models studied in Part I of Sargent s 1977 book, Macroeconomic Theory.
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Volume (Year): 7 (2003) Issue (Month): 03 (June) Pages: 473-475 Download reference. The following formats are available: HTML
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Toichiro Asada & Carl Chiarella & Peter Flaschel & Christian R. Proaño, 2007.
"Keynesian AD-AS, Quo Vadis?,"
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151, School of Finance and Economics, University of Technology, Sydney.
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