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Significance of the Keynesian Legacy from a Theoretical Viewpoint: A High-Dimensional Macrodynamic Approach

In: Time and Space in Economics

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  • Toichiro Asada

    (Chuo University)

Abstract

Summary In this chapter we consider the significance of the “Keynesian Legacy” in modern macroeconomics from a theoretical point of view. We present the outline of a variant of the “high-dimensional dynamic Keynesian model” with debt accumulation without committing to the mathematical details, and investigate the economic implication of the model. Our model is designed to shed some light on the understanding of the Japanese economy in the 1990s and 2000s, and provide some hints on the policy prescriptions.

Suggested Citation

  • Toichiro Asada, 2007. "Significance of the Keynesian Legacy from a Theoretical Viewpoint: A High-Dimensional Macrodynamic Approach," Springer Books, in: Toichiro Asada & Toshiharu Ishikawa (ed.), Time and Space in Economics, chapter 5, pages 81-96, Springer.
    • Handle: RePEc:spr:sprchp:978-4-431-45978-1_5
    DOI: 10.1007/978-4-431-45978-1_5
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    References listed on IDEAS

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    1. Chiarella,Carl & Flaschel,Peter, 2011. "The Dynamics of Keynesian Monetary Growth," Cambridge Books, Cambridge University Press, number 9780521180184, September.
    2. Franke, Reiner & Asada, Toichiro, 1994. "A Keynes-Goodwin model of the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 273-295, August.
    3. Carl Chiarella & Peter Flaschel & Willi Semmler, 2000. "Price Flexibility and Debt Dynamics in a High Order AS-AD Model," Working Paper Series 109, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    4. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, April.
    5. Hukukane Nikaido, 1996. "Prices, Cycles, and Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262140594, April.
    6. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-652, Part II, .
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