Themes in Modern Macroeconomics
This volume provides a broad overview of the development of macroeconomic theory and methods. Against this background fundamental questions are addressed by the authors: reconciliation of micro and macroeconomic theory, the role of money in macroeconomic
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THEMES IN MODERN MACROECONOMICS
Themes in Modern MacroeconoDlics Edited by
Helge Brink Professor of Economics University of AalbO/'g, Denmark
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© Helge Brink 1992
Softcover reprint of the hardcover 1st edition 1992
All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph 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, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN 978-1-349-12513-5 ISBN 978-1-349-12511-1 (eBook) DOI 10.1007/978-1-349-12511-1
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Contents List of Illustrations
vi
Notes on the Contributors
vii
Introduction Helge Brink 2
The Sad State of Macroeconomic Theory Helge Brink
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Microfoundations of Dynamic Macroequations Marco Lippi
35
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Exchangeability and the Structure of the Economy John McCall
51
5
A Simple Concept of Income Carsten Heyn-Johnsen
71
6
Production and Distribution in a Monetary Economy Augusto Graziani
98
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A Keynesian Model for a Post-monetarist Open Economy Meghnad Desai
115
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A Simple Stock Flow Model of the Danish Economy Wynne Godley and Gennaro Zezza
140
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Index
v
List of Illustrations 7.1 7.2 7.3a 7.3b 7.4 7.5a 7.5b 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8
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8.10 8.11 8.12 8.13 8.14 8.15 8.16 8.17 8.18 8.19
The basic Keynes effect model The model as estimated Soft landing after the first oil shock Hard landing after the second oil shock The Keynes effect model for an open economy Lawson's policy (1988) Lawson's policy (1989) Two-quadrant diagram of steady state Real output: actual and simulated Output growth rate: actual and simulated Real income: actual and simulated Real consumption: actual and simulated Real private investment: actual and simulated Real exports: actual and simulated Real imports: actual and simulated Price inflation: actual and simulated Unemployment: actual and simulated The response of the output flow to a once for all shock Stock adjustments: differences in stock to output ratios Shock to government expenditure: output and demand Shock to government expenditure: inflation and unemployment Shock to the exchange rate: output and demand Shock to the exchange rate: inflation and unemployment Shock to the exchange rate: balance of payments Exchange rate devaluation: output and demand Exchange rate devaluation: inflation and unemployment
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