Asset Markets, Portfolio Choice and Macroeconomic Activity A Keynesi
This book extends the KMG framework (Keynes, Meltzer, Goodwin) and focuses on financial issues. It integrates Tobin's macroeconomic portfolio approach and emphasizes the issue of stock-flow consistency.
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Asset Markets, Portfolio Choice and Macroeconomic Activity A Keynesian Perspective Toichiro Asada Professor of Economics, Chuo University, Tokyo, Japan
Peter Flaschel Professor Emeritus, Bielefeld University, Bielefeld, Germany
Tarik Mouakil Research Associate, University of Cambridge, Cambridge, UK
and
Christian Proaño Assistant Professor of Economics, The New School for Social Research, New York, USA
Palgrave macmillan
© Toichiro Asada, Peter Flaschel, Tarik Mouakil and Christian Proaño 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-29017-4 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6--10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2011 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-0-230-30777-3 (eBook) ISBN 978-1-349-33133-8 DOI 10.1057/9780230307773 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11
Contents List of Figures
viii
List of Tables
ix
List of Abbreviations
x
Preface 1
2
3
xi
General Introduction
1
Methodological premises
1
The Keynes–Metzler–Goodwin framework
3
Two ‘Old Keynesian’ models
7
Outline of the book
9
Advances in AS–AD Model Building: Real Disequilibria and Portfolio Choice
11
Introducing disequilibrium elements into the AS–AD framework
11
Tobin’s portfolio approach to macrodynamics
18
Outlook
26
Tobinian Stock-Flow Interactions in the KMG Framework
27
Introduction
27
The accounting framework
29
The extensive form of the model
31
Stock-flow consistency
41
The feedback channels of
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