Macroeconomics: An Introduction to the Non-Walrasian Approach - 1st Edition - ISBN: 9780120864256, 9781483268460

Macroeconomics: An Introduction to the Non-Walrasian Approach

1st Edition

Authors: Jean-Pascal Benassy
Editors: Karl Shell
eBook ISBN: 9781483268460
Imprint: Academic Press
Published Date: 10th June 1986
Page Count: 264
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Description

Macroeconomics: An Introduction to the Non-Walrasian Approach provides the approach to macroeconomic theory based on the non-Walrasian method. This book presents the microeconomic concepts that can be applied in a simple and relevant manner to the fundamental topics of macroeconomic theory.

Organized into five parts encompassing 14 chapters, this book begins with an overview of the fundamental concepts, describing the functioning of nonclearing markets, the role of expectations, the setting of prices by decentralized agents, and the derivation of optimal demand and supplies. This text then studies various non-Walrasian equilibrium concepts. Other chapters compare the classical and Keynesian theories of unemployment in the framework of a model. This book discusses as well the asymmetric price flexibility into the basic model. The final chapter deals with a dynamic model with explicit expectations, which allows a comparison of the employment effects of various expectations schemes and their realism.

This book is a valuable resource for economists.

Table of Contents


Preface

Introduction

Part I Microeconomic Foundations

Chapter 1 The Basic Concepts

1. Walrasian Economics and the Problem of Market Clearing

2. The Institutional Framework

3. Functioning of Nonclearing Markets and Quantity Signals

4. Effective Demand

5. Non-Walrasian Equilibrium: An Example

6. The Role of Expectations

7. The Formation of Prices

8. Conclusions

References

Chapter 2 Non-Walrasian Equilibria

1. Introduction

2. Institutional Framework

3. Rationing Schemes and Quantity Signals

4. Effective Demand

5. Fixprice Equilibria

6. Expectations and Temporary Equilibrium with Rigid Prices

7. K-Equilibrium with Bounded Prices

8. K-Equilibrium with Monopolistic Competition

9. Conclusions

References

Part II Closed-Economy Models

Chapter 3 Theories of Unemployment

1. Classical and Keynesian Theories of Unemployment

2. The Model

3. Temporary Walrasian Equilibrium and Situations of Unemployment

4. The Three Regimes

5. A Global Analysis

6. Conclusions

References

Chapter 4 Asymmetric Price Flexibility and the Effectiveness of Employment Policies

1. Introduction

2. The Three Regimes

3. A Dynamic View

4. A Graphical Solution

5. Conclusions

References

Chapter 5 Indexation and Employment Policies

1. Introduction

2. The Three Regimes

3. A Graphical Solution

4. A Particular Case: Rigid Real Wage

5. Conclusions

References

Chapter 6 The Three Regimes of the IS-LM Model

1. Introduction

2. The Model

3. The Core Equations and IS-LM

4. The Three Regimes

5. A Graphical Solution

6. The IS-LM Model with a Rigid Real Wage

7. Conclusions

References

Part III Open-Economy Models

Chapter 7 Economic Policies in an Open Economy

1. Introduction

2. The Model

3. International Equilibrium

4. Flexible Exchange Rates

5. Fixed Exchange Rates

6. Conclusions

References

Chapter 8 The Balance of Payments

1. Introduction

2. The Model

3. Determination of Incomes and Prices in the Different Regimes

4. The Balance of Payments and the Three Traditional Approaches

5. The Effects of a Devaluation

6. Conclusions

References

Part IV Dynamic Models

Chapter 9 Theories of Inflation

1. Demand and Cost Inflation

2. The Model

3. Temporary Equilibrium and Dynamics

4. Demand Inflation

5. Cost Inflation

6. Steady States

7. Conclusions

References

Chapter 10 Phillips Curves, Conflicts, and Expectations

1. Introduction

2. The Model

3. The Short Run: Equilibrium and the Phillips Curve

4. Steady States and the Unemployment-Inflation Dilemma

5. Conclusions

References

Chapter 11 A Model of the Business Cycle

1. Introduction

2. The Model

3. Short-Run Equilibrium

4. Dynamics and Long-Run Equilibrium

5. Stability of the Long-Run Equilibrium

6. Existence of Cycles

7. Conclusions

References

Part V Expectations

Chapter 12 The Role of Expectations

1. Introduction

2. The Model

3. The Structure of Equilibria

4. The Effects of Economic Policies and Expectations

5. Global Analysis

6. Conclusions

References

Chapter 13 Non-Walrasian Prices and Perfect Foresight

1. Introduction

2. The Model

3. The Consumption Function

4. The Intertemporal Walrasian Equilibrium

5. The Structure of Non-Walrasian Equilibria

6. The Effects of Economic Policies

7. Expectations of Government Policy

8. Conclusions

References

Chapter 14 Expectations, Information, and Dynamics

1. Introduction

2. The Model

3. A Stationary Intertemporal Equilibrium

4. A Temporary Deflationary Shock

5. An Interpretation

6. Conclusions

References

Appendixes

Appendix A Existence Theorems

Appendix B Manipulation

Appendix C Effective Demand Under Uncertainty

Appendix D The Effects of a Devaluation

Bibliography

Index

Details

No. of pages:
264
Language:
English
Copyright:
© Academic Press 1986
Published:
Imprint:
Academic Press
eBook ISBN:
9781483268460

About the Author

Jean-Pascal Benassy

About the Editor

Karl Shell

Affiliations and Expertise

Cornell University