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The Structure of Keynesian Macrodynamics: A Framework for Future Research

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Author Info
Carl Chiarella () (School of Finance and Economics, University of Technology, Sydney)
Peter Flaschel (Department of Economics, University of Bielefeld)
Peiyuan Zhu

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Abstract

This paper integrates a number of traditional but partial insights of Keynesian macrotheory into a consistent whole, with all budget restrictions of all sectors carefully specified, a complete set of stock-flow interactions and the construction of a unique interior steady state. We provide detailed representations of the many feedback chains and their interaction that are present in the model. The paper provides proper foundations of a detailed analysis of the important macroeconomi features that characterize modern large economies.

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File URL: http://www.business.uts.edu.au/finance/research/wpapers/wp129.pdf
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Paper provided by School of Finance and Economics, University of Technology, Sydney in its series Working Paper Series with number 129.

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Date of creation: 01 May 2003
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Handle: RePEc:uts:wpaper:129

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  1. Olivier Jean Blanchard & Lawrence Katz, 1999. "Wage Dynamics: Reconciling Theory and Evidence," NBER Working Papers 6924, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Tobin, James, 1975. "Keynesian Models of Recession and Depression," American Economic Review, American Economic Association, vol. 65(2), pages 195-202, May. [Downloadable!] (restricted)
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  3. Chiarella, Carl & Flaschel, Peter, 1998. "Dynamics Of Natural Rates Of Growth And Employment," Macroeconomic Dynamics, Cambridge University Press, vol. 2(03), pages 345-368, September. [Downloadable!]
  4. Chiarella, Carl & Flaschel, Peter & Wells, Graeme, 2003. "The Dynamics Of Keynesian Monetary Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 7(03), pages 473-475, June. [Downloadable!]
  5. Plasmans J. & Meersman H. & Van Poeck A. & Merlevede B., 2002. "The unemployment benefit system and wage flexibility in EMU: time-varying evidence in five countries," Working Papers 2002020, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
  6. Carl Chiarella & Peter Flaschel & G. Gong & Willi Semmler, 2002. "Nonlinear Phillips Curves, Complex Dynamics and Monetary Policy in a Keynesian Macro Model," Working Paper Series 120, School of Finance and Economics, University of Technology, Sydney. [Downloadable!]
  7. Peter Flaschel & Hans-Martin Krolzig, 2003. "Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals," Economics Papers 2003-W16, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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