Macroeconomics of growth cycles and financial instability / Piero Ferri.

Format:

Book

Author/Creator:

Ferri, Piero.

Series:

New directions in modern economics series

New directions in modern economics

Language:

English

Subjects (All):

Financial crises.

Business cycles.

Macroeconomics.

Physical Description:

xvii, 195 pages : illustrations ; 24 cm.

Place of Publication:

Cheltenham, UK ; Northampton, MA : Edward Elgar, [2011]

Summary:

The global economic recession of the late 2000s prompts Ferri (economics, U. of Bergamo, Italy) to re-propose two questions that were on the agenda during the Great Depression: whether a fall in aggregate demand has a direct impact on the labor market that causes involuntary unemployment and whether there are endogenous forces that lead to self-correction of any demand-induced unemployment. In order to address these questions, he examines the dynamic working of an economic system--rooted in a monetary economy of production--that is not automatically self-correcting and considers instability as the result of endogenous forces. His analysis is characterized by three points of view: the medium-run perspective where the relationship between cycles and growth are evident and where disequilibrium processes take place, a monetary economy of production where there is interdependence between real and monetary aspects, and the presence of uncertainty and therefore heterogeneity among economic agents. Annotation ©2011 Book News, Inc., Portland, OR (booknews.com)

Contents:

pt. 1. The background

1. Dynamics in the medium run

2. Financial instability

3. Macroeconomics, uncertainty and the fallacies of composition

4. Heterogeneity and the status of macroeconomics

pt. 2. The markets

5. The nature of the labor market

6. The role of imperfect competition

7. Policies versus self-adjustment

pt. 3. Endogenous dynamics

8. A dynamic macro model

9. Uncertainty, expectations and learning

10. Inflation, deflation and the Phillips curve

pt. 4. Growth cycles, income share and the financial instability hypothesis

11. A growth cycle model

12. The role of labor share

13. Towards a stochastic switching

pt. 5. Concluding remarks

14. Lessons

15. The task ahead.

Notes:

Includes bibliographical references and index.

ISBN:

9781849809160

184980916X

OCLC:

741359122