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Full Description
The book presents a disequilibrium approach to employment, inflation and growth in modern macroeconomics. It integrates markets of products and money, and labor markets into a consistent macrodynamic framework which contains a complete set of agents and markets. The framework allows to establish and evaluate links to other approaches to macroeconomic analysis, in particular Walrasian, Non-Walrasian and New-Keynesian as well as to modern macroeconometric model building. Important issues such as endogenous growth, labor market dynamics and state or history dependent unemployment, Phillips curves, monetary policy rules and debt deflation are also discussed. The book is a useful reference for all researchers, academic teachers and practitioners of macroeconomic and macroeconometric model building who are interested in macroeconomic dynamics, independently of whether they use equilibrium or disequilibrium methods in their own work.
