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The Dynamics Of Keynesian Monetary Growth


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  • Chiarella, Carl
  • Flaschel, Peter
  • Wells, Graeme


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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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 7 (2003)
Issue (Month): 03 (June)
Pages: 473-475

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Handle: RePEc:cup:macdyn:v:7:y:2003:i:03:p:473-475_02

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