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Keynes’s General Theory Reconsidered in the Context of the Japanese Economy
This book reconsiders Keynes’s The General Theory of Employment, Interest and Money and establishes a new interpretation. In contrast to the existing models, this book finds that the stickiness in the nominal wage is not crucial for his theory. Moreover, the author has also succeeds in capturing the concept of liquidity in a rigorous mathematical model. In conjunction with the development of …
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- 978-4-431-55915-3
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Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary …
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and mon…
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- ISBN/ISSN
- 978-4-431-55345-8
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