The financial instability and its spillover to the real sector have become a great challenge to macro-ecomic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroecomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroecomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroecomics. It criticizes theories that see ecomic disruptions and shocks rooted solely in the real side of the ecomy. It stresses the financial real interaction as the major source for macroecomic instability and disruptions. This important new book from a group of Keynesian, but netheless technically oriented ecomists would be of most interest to specialists and graduate students in macroecomics and financial ecomics, especially those with an interest in US and European financial markets, emerging market analysis, and dynamic ecomic modeling.
Carl Chiarella is a Professor at the University of Technology, Sydney, Australia. He is author of Commerce, Complexity and Evolution, 2000. Peter Flaschel is Professor Emeritus at Bielefeld University, Germany. He is co-author, with Carl Chiarella, of Dynamics of Keynesian Monetary Growth, 2001. . Reiner Franke is a Lecturer at the University of Kiel, Germany. Willi Semmler is a Professor at the New School University, New York City, USA. He is the editor of Monetary Policy and Unemployment, published by Routledge in 2005.
Carl Chiarella, Peter Flaschel, Reiner Franke, Willi Semmler
Taylor & Francis Ltd
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Economics: Textbooks & Study Guides
Routledge International Studies in Money and Banking
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124 black & white illustrations, 124 black & white line drawings