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Tables of Contents for Dynamic Macroeconomics
Chapter/Section Title
Page #
Page Count
Series Foreword
ix
2
Preface
xi
 
1 General Introduction
1
18
1.1 Introduction
1
1
1.2 Market--Clearing Approach to Dynamic Macroeconomics
2
2
1.3 Nonmarket--Clearing Approach to Dynamic Macroeconomics
4
2
1.4 On Stylized Empirical Facts
6
1
1.5 Perspective of the Book
7
3
1.6 A Brief Outlook
10
3
1.7 Dynamic Tools and Econometric Issues
13
1
1.8 Notation and Abbreviations
14
5
I Market Mechanisms and Macrodynamics: Basic Models
19
108
2 Micro--and Macroeconomic Adjustment Mechanisms: A Brief Overview
23
10
2.1 Introduction
23
1
2.2 Microeconomic Adjustment Mechanisms
23
4
2.3 Macroeconomic Adjustment Mechanisms
27
6
3 Market Mechanisms and Boundedness of Market Fluctuations
33
28
3.1 Introduction
33
1
3.2 Walrasian Price--Quantity Adjustments
34
10
3.3 Keynesian and Composite Adjustment Processes
44
4
3.4 Proportional and Derivative Control
48
9
3.5 Concluding Remarks
57
1
3.6 Appendix: Market Adjustments and the Newton Method
58
3
4 Non-Neoclassical Variants of Dynamic Macroeconomics
61
42
4.1 Introduction
61
2
4.2 Instability in Real and Monetary Models
63
10
4.3 Boundedness in Real and Monetary Models
73
8
4.4 Classical Growth Dynamics and Viability
81
9
4.5 Supply--Driven Keynesian Growth Dynamics
90
6
4.6 Effective Demand in Classical Growth Dynamics
96
5
4.7 Some Conclusions
101
2
5 Neoclassical Variants of Dynamic Macroeconomics
103
24
5.1 Introduction
103
2
5.2 The Solow Version and the Labor Market
105
4
5.3 The Intertemporal Version of the Solow Model
109
3
5.4 Stochastic Growth and Equilibrium Business Cycles
112
3
5.5 Endogenous Technical Change and Growth
115
6
5.6 Growth, Money, and Finance
121
5
5.7 Concluding Remarks
126
1
II Price Flexibility, Nominal Rigidity, and Macrodynamics
127
56
6 Wage Flexibility and Stability in the Short Run
131
16
6.1 Introduction
131
2
6.2 The Walrasian Adjustment Process
133
4
6.3 The Keynesian Adjustment Process
137
6
6.4 Conclusion
143
1
6.5 Mathematical Appendix
144
3
7 Price Flexibility and Instability in the Medium Run
147
36
7.1 Introduction
147
2
7.2 In Defense of Adaptive Expectations
149
7
7.3 Adaptive Expectations and Extrapolative Regression Forecasts
156
6
7.4 Basic Features of the Tobin and the Sargent Model
162
4
7.5 The Case of Adaptive Expectations
166
6
7.6 The Case of Myopic Perfect Foresight
172
4
7.7 Conclusion
176
1
7.8 Appendix: Mathematical Proofs
177
6
III AD-AS and IS-LM Models of Monetary Growth
183
84
8 Keynesian Growth Dynamics, Perfect Foresight, and Viability
187
40
8.1 Introduction
187
2
8.2 RE Propositions in Fully Specified AD-AS Growth Models: A Reconsideration
189
7
8.3 Hyperperfect Foresight: An Exceptional Case in an Exceptional Environment
196
14
8.4 Myopic Perfect Foresight and Cyclical IS-LM Growth
210
7
8.5 IS-LM Growth Dynamics and Viability
217
7
8.6 Concluding Remarks
224
3
9 Adaptive Expectations or Myopic Perfect Foresight: The Wrong Alternative
227
40
9.1 Introduction
227
6
9.2 The AD-AS Growth Model in Discrete Time
233
5
9.3 A Numerical Analysis of the AE Case
238
3
9.4 AE and MPF I: Cases of No Difference
241
6
9.5 AE and MPF II: Why Can There Be a Difference?
247
7
9.6 AE and MPF III: The Basic Fallacy
254
8
9.7 Appendix: Forecasted Price Changes and Adaptive Learning
262
5
IV Supply and Demand Side Models of Keynesian Growth Dynamics
267
68
10 Supply Side Keynesianism and the Classical Growth Cycle
271
28
10.1 Introduction
271
3
10.2 A General Keynes--Wicksell Model of Monetary Growth
274
4
10.3 Local Stability Analysis
278
1
10.4 The Neoclassical Case: Savings and Monetary Growth
279
2
10.5 The Classical Case: Cross--Dual Monetary Growth Dynamics
281
7
10.6 Conclusions
288
1
10.7 Appendix 1: Stein (1982)
289
3
Appendix 2: Proofs of Theorems 10.1-10.3
292
7
11 Inflation, Distribution, and Cycles in a Keynesian Monetary Growth Model
299
36
11.1 Perspective of the Model
299
6
11.2 Formulation of the Model
305
6
11.3 Local Analysis
311
5
11.4 Simulation Results for the Original Model
316
5
11.5 A Modification of Adaptive Expectations
321
5
11.6 Simulation Results with Flexible Adaptive Expectations
326
6
11.7 Conclusion
332
3
V Finance, Long-Term Expectations, and Macro Fluctuations
335
66
12 Finance, Expectations Dynamics, and Macro Fluctuations
339
34
12.1 Introduction
339
2
12.2 Investment and Long-Term Expectations
341
7
12.3 The IS-LM Configuration
348
3
12.4 Analysis of Temporary Equilibria
351
6
12.5 Long-Run Dynamics
357
6
12.6 Computer Simulations
363
5
12.7 Conclusion
368
1
12.8 Mathematical Appendix
369
4
Trends and Cycles in the Capital Structure
373
24
13.1 Introduction
373
3
13.2 A Simple Dynamic Approach
376
2
13.3 The Dynamics of the Capital Structure: Constant Trend
378
8
13.4 The Dynamics of the Capital Structure: Trend Variations
386
3
13.5 Conclusion
389
3
13.6 Appendix
392
5
14 Conclusions
397
4
Notes
401
26
References
427
20
Index
447