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- DescriptionThe macroecomic development of most major industrial ecomies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the ecomy. In the financial meltdown of the years 2007-9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real ecomy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational ecomic agents. Instead it proposes an ecomy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.
- Author BiographyMatthieu Charpe works as an economist for the International Institute for Labour Studies at the International Labour Organization in Geneva. Carl Chiarella is Emeritus Professor and Professor of Quantitative Finance in the School of Finance and Economics at the University of Technology, Sydney. Peter Flaschel is Emeritus Professor in the Faculty of Economics at Bielefeld University. Willi Semmler is Professor of Economics at The New School for Social Research, New York.
- Author(s)Carl Chiarella,Matthieu Charpe,Peter Flaschel,Willi Semmler
- PublisherCambridge University Press
- Date of Publication06/08/2015
- SubjectEconomics: Professional & General
- Place of PublicationCambridge
- Country of PublicationUnited Kingdom
- ImprintCambridge University Press
- Content Note94 b/w illus. 46 tables
- Weight730 g
- Width170 mm
- Height244 mm
- Spine24 mm
- Format DetailsTrade paperback (US)
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