A Modern Guide To Keynesian Macroeconomics And Economic Policies

‘The essays in this book are of the highest quality and give a substantial account of a strand of current heterodox thought.’
– Victoria Chick, Wirtschaft und Gesellschaft

‘For more than a decade, most macroeconomists convinced themselves they were witnessing a “Great Moderation”. Many Keynesians saw instead the accumulation of a fragility and potential instability that have become dramatically manifest since 2007. The premise of this book is that the financial crisis and Great Recession necessitate a revival of Keynesian macroeconomics, emphasizing the central roles of effective demand, money and finance in modern capitalism. Comprising essays on all aspects of macroeconomic theory and policy, the book will prove invaluable for scholars and graduate students seeking to acquaint themselves with the frontiers of modern Keynesian macroeconomics.’
– Mark Setterfield, Trinity College, US

This unique and comprehensive ‘modern guide’ presents state-of-the-art surveys covering the main areas of macroeconomics and economic policy by well-known post-Keynesian authors.

The chapters explore intriguing and important issues including:

• the history and methods of post-Keynesian economics
• money, credit and central banks
• growth and income distribution
• post-Keynesian macroeconomics as an alternative to the New Consensus
• the macroeconomics of unemployment and labour market issues
• European economic policies
• open economy models of distribution and growth
• international monetary and global economics
• financialisation and financial crisis.

This well-documented book will prove to be the essential guide for researchers and graduate students in macroeconomics and political economy. It will also prove inspiring to a wider audience interested in modern Keynesian macroeconomics.

Contents:

Introduction
Eckhard Hein and Engelbert Stockhammer

1. History and Methods of Post-Keynesian Economics
Marc Lavoie

2. Money, Credit and Central Banks in Post-Keynesian Economics
Marc Lavoie

3. Growth and Income Distribution: A Post-Keynesian Perspective
Amitava Krishna Dutt

4. Keynesian Economics and the New Consensus in Macroeconomics
Philip Arestis

5. A Post-Keynesian Macroeconomic Model of Inflation, Distribution and Employment
Eckhard Hein and Engelbert Stockhammer

6. The Macroeconomics of Unemployment
Engelbert Stockhammer

7. Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence
David R. Howell

8. European Economic and Monetary Union Policies from a Keynesian Perspective
Philip Arestis

9. Open Economy Models of Distribution and Growth
Robert A. Blecker

10. Globalisation, Macroeconomic Performance and Distribution
Özlem Onaran

11. International Monetary and Financial Architecture
Hansjörg Herr

12. ‘Financialisation’, Distribution and Growth
Eckhard Hein

13. Keynesian Approaches to Financial Crisis
Gary A. Dymski

Index

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