1960–1985 (Lecture Notes Economics Mathematical Systems)
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by Jerome L. Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries. This paradox, called stagflation, was inconsistent with the tenet of Keynesian economics that cyclical movemants in prices and output relative to their respective trends are positively correlated. A search occurred for a more satisfactory theory of macroeconomics which could explain the paradox of stagflation and the observed economic phenomena. The New Classical Economics (NCE) developed as the total rejection of Keynesian economics. The Keynesians claimed that their demand management policies contributed to the obsolescence of the business cycle and successfully eliminated the gap between full employment (potential) output and actusl output. The NCE argued just the opposite: the unemplo~nt rate or growth rate of real output is insensitive to systematic demand management policies [Lucas; Sargent and Wallace]. Paperback, Издание: Softcover reprint of the original 1st ed. 1989, Етикет: Springer Berlin Heidelberg, Springer Berlin Heidelberg, Продуктова група: Book, Публикувани: 1989-01-01, Дата на издаване: 1989-01-01, Студио: Springer Berlin Heidelberg.

by Jerome L. Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries. This paradox, called stagflation, was inconsistent with the tenet of Keynesian economics that cyclical movemants in prices and output relative to their respective trends are positively correlated. A search occurred for a more satisfactory theory of macroeconomics which could explain the paradox of stagflation and the observed economic phenomena. The New Classical Economics (NCE) developed as the total rejection of Keynesian economics. The Keynesians claimed that their demand management policies contributed to the obsolescence of the business cycle and successfully eliminated the gap between full employment (potential) output and actusl output. The NCE argued just the opposite: the unemplo~nt rate or growth rate of real output is insensitive to systematic demand management policies [Lucas; Sargent and Wallace].

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Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960-1985, This book is motivated by the disagreement among Monetarist, Keynesian, and New Classical economists about the short-term determinants of output, unemployment, and inflation. It exposes the reader to a synthesis modeling approach which allows the derivation of the opposing theories as special cases from a single general framework, so that the macroeconomic controversy is reduced to tests of alternative statistical hypotheses. While similar studies have been conducted for the U.S. economy, this study is the first to consider an open economy and ´´let the data speak´´ about the determinants of output, unemployment, and inflation in Germany. The analysis proceeds in two steps. First, the empirical validity of commonly maintained hypotheses about the behavior of macrovariables under fixed and flexible exchange rates is assessed. The results provide useful information for the specification of a structural model of the German economy. Second, the general macrodynamic model is specified which implies the opposing schools of thought as special cases. The competing hypotheses are tested with nested regression equations to avoid the observational equivalence problem. Taschenbuch, 08.03.1989.

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Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960-1985, This book is motivated by the disagreement among Monetarist, Keynesian, and New Classical economists about the short-term determinants of output, unemployment, and inflation. It exposes the reader to a synthesis modeling approach which allows the derivation of the opposing theories as special cases from a single general framework, so that the macroeconomic controversy is reduced to tests of alternative statistical hypotheses. While similar studies have been conducted for the U.S. economy, this study is the first to consider an open economy and ´´let the data speak´´ about the determinants of output, unemployment, and inflation in Germany. The analysis proceeds in two steps. First, the empirical validity of commonly maintained hypotheses about the behavior of macrovariables under fixed and flexible exchange rates is assessed. The results provide useful information for the specification of a structural model of the German economy. Second, the general macrodynamic model is specified which implies the opposing schools of thought as special cases. The competing hypotheses are tested with nested regression equations to avoid the observational equivalence problem.

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