Reconstructing Macroeconomics

By L. Taylor. 2004

463 citations recorded by the source corpus.

Acknowledgments Introduction 1. Social Accounts and Social Relations 1. A Simple Social Accounting Matrix 2. Implications of the Accounts 3. Disaggregating Effective Demand 4. A More Realistic SAM 5. Stock-Flow Relationships 6. A SAM and Asset Accounts for the United States 7. Further Thoughts 2. Prices and Distribution 1. Classical Macroeconomics 2. Classical Theories of Price and Distribution 3. Neoclassical Cost-Based Prices 4. Hat Calculus, Measuring Productivity Growth, and Full Employment Equilibrium 5. Mark-up Pricing in the Product Market 6. Efficiency Wages for Labor 7. New Keynesian Crosses and Methodological Reservations 8. First Looks at Inflation 3. Money, Interest, and Inflation 1. Money and Credit 2. Diverse Interest Theories 3. Interest Rate Cost-Push 4. Real Interest Rate Theory 5. The Ramsey Model 6. Dynamics on a Flying Trapeze 7. The Overlapping Generations Growth Model 8. Wicksell's Cumulative Process Inflation Model 9. More on Inflation Taxes 4. Effective Demand and Its Real and Financial Implications 1. The Commodity Market 2. Macro Adjustment via Forced Saving and Real Balance Effects 3. Real Balances, Input Substitution, and Money Wage Cuts 4. Liquidity Preference and Marginal Efficiency of Capital 5. Liquidity Preference, Fisher Arbitrage, and the Liquidity Trap 6. The System as a Whole 7. The IS/LM Model 8. Keynes and Friends on Financial Markets 9. Financial Markets and Investment 10. Consumption and Saving 11 "Disequilibrium" Macroeconomics 12. A Structuralist Synopsis 5. Short-Term Model Closure and Long-Term Growth 1. Model "Closures" in the Short Run 2. Graphical Representations and Supply-Driven Growth 3. Harrod, Robinson, and Related Stories 4. More Stable Demand-Determined Growth 6. Chicago Monetarism, New Classical Macroeconomics, and Mainstream Finance 1. Methodological Caveats 2. A Chicago Monetarist Model 3. A Cleaner Version of Monetarism 4. New Classical Spins 5. Dynamics of Government Debt 6. Ricardian Equivalence 7. The Business Cycle Conundrum 8. Cycles from the Supply Side 9. Optimal Behavior under Risk 10. Random Walk, Equity Premium, and the Modigliani-Miller Theorem 11. More on Modigliani-Miller 12. The Calculation Debate and Super-Rational Economics 7. Effective Demand and the Distributive Curve 1. Initial Observations 2. Inflation, Productivity Growth, and Distribution 3. Absorbing Productivity Growth 4. Effects of Expansionary Policy 5. Financial Extensions 6. Dynamics of the System 7. Comparative Dynamics 8. Open Economy Complications 8. Structuralist Finance and Money 1. Banking History and Institutions 2. Endogenous Finance 3. Endogenous Money via Bank Lending 4. Money Market Funds and the Level of Interest Rates 5. Business Debt and Growth in a Post-Keynesian World 6. New Keynesian Approaches to Financial Markets 9. A Genus of Cycles 1. Goodwin's Model 2. A Structuralist Goodwin Model 3. Evidence for the United States 4. A Contractionary Devaluation Cycle 5. An Inflation Expectations Cycle 6. Confidence and Multiplier 7. Minsky on Financial Cycles 8. Excess Capacity, Corporate Debt Burden, and a Cold Douche 9. Final Thoughts 10. Exchange Rate Complications 1. Accounting Conundrums 2. Determining Exchange Rates 3. Asset Prices, Expectations, and Exchange Rates 4. Commodity Arbitrage and Purchasing Power Parity 5. Portfolio Balance 6. Mundell-Fleming 7. IS/LM Comparative Statics 8. UIP and Dynamics 9. Open Economy Monetarism 10. Dornbusch 11. Other Theories of the Exchange Rate 12. A Developing Country Debt Cycle 13. Fencing in the Beast 11. Growth and Development Theories 1. New Growth Theories and Say's Law 2. Distribution and Growth 3. Models with Binding Resource or Sectoral Supply Constraints 4. Accounting for Growth 5. Other Perspectives 6. The Mainstream Policy Response 7. Where Theory Might Sensibly Go References Index

Subfields: Economics and Econometrics

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Citations in the corpus

Wage-led versus profit-led demand regimes: the long and the short of it (2016, background): “More recently, Vargas Sánchez and Luna (2014) have deliberately contrasted short-run and long-run effects of distribution on output using aggregate time-series data for Mexico.”
A post Keynesian framework of exchange rate determination: a Minskyan approach (2015, background): “This also means that rather than in the forward rate (as in neoclassical economics), exchange rate expectations are reflected directly in either the current spot rate (Lavoie 2000, 2002–3; Smithin 2002–3) or the interest rate (Carvalho, 1992; Kregel, 1982; Taylor, 2004).”
New Structural Economics : A Framework for Rethinking Development (2011, unknown): “I will refer to the early contributions by structuralist economists such as Prebisch (1950) and Furtado (1964, 1970) and recent contributions by structuralist economists such as Taylor (1983, 1991, 2004) and Justman and Gurion (1991) as old structural economics.”
Profit maximising goes global: the race to the bottom (2015, background): “…utilization, however all of them share the Keynesian postulate that excess demand causes increased utilization.7 Following Nikiforos and Foley (2012) and Taylor (2004) we think of excess demand as the difference between the demand for investment and the supply of saving, both of which are…”
Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model (2010, methodology): “4For a similar procedure with respect to the introduction of monetary variables into PK models of distribution and growth see Dutt (1989), Hein (2006a, 2006b, 2008), Lavoie (1992, 1993, 1995) and Taylor (2004). the credit demand they consider creditworthy at this interest rate.”
Personal income inequality and aggregate demand (2016, background): “3As in Taylor (2004), all variables will be given as ratios of the capital stock K.”
‘Financialisation’ in Post-Keynesian Models of Distribution and Growth: A Systematic Review (2008, methodology): “In the terminology applied by Taylor (2004), an initially ‘debt-led’ system may eventually become ‘debt-burdened’.”
Stock-Flow Consistent Modeling Through the Ages (2013, unknown): “The third of these steps—the so called solution of the model—allows for the understanding of how the 15 It is worth noting that a compromise between aggregated macro models and agent-based models can be found in the so-called structuralist literature (Taylor 1983, 2004b).”