New Keynesian Economics, Vol. 2: Coordination Failures and Real Rigidities (Readings in Economics) - Softcover

Softcover

ISBN 10: 0262631342 ISBN 13: 9780262631341

Publisher: MIT Press, 1991

Synopsis

These two volumes bring together a set of important essays that represent a "new Keynesian" perspective in economics today. This recent work shows how the Keynesian approach to economic fluctuations can be supported by rigorous microeconomic models of economic behavior. The essays are grouped in seven parts that cover costly price adjustment, staggering of wages and prices, imperfect competition, coordination failures, and the markets for labor, credit, and goods. An overall introduction, brief introductions to each of the parts, and a bibliography of additional papers in the field round out this valuable collection. Volume 1 focuses on how friction in price setting at the microeconomic level leads to nominal rigidity at the macroeconomic level, and on the macroeconomic consequences of imperfect competition, including aggregate demand externalities and multipliers. Volume 2 addresses recent research on non-Walrasian features of the labor, credit, and goods markets.

Contributors
George A Akerlof, Costas Azariadis, Laurence Ball, Ben S. Bernanke, Mark Bits, Olivier J. Blanchard, Alan S. Blinder, John Bryant, Andrew S. Caplin, Dennis W. Carlton, Stephen G. Cecchetti, Russell Cooper, Peter A. Diamond, Gary Fethke, Stanley Fischer, Robert E. Hall, Oliver Hart, Andrew John, Nobuhiro Kiyotaki, Alan B. Krueger, David M. Lilien, Ian M. McDonald, N. David Mankiw, Arthur M. Okun, Andres Policano, David Romer, Julio J. Rotemberg, Garth Saloner, Carl Shapiro, Andrei Shleifer, Robert M. Solow, Daniel F. Spulber, Joseph E. Stiglitz, Lawrence H. Summers, John Taylor, Andrew Weiss, Michael Woodford, Janet L. Yellen

About this title

About the Author:

N. Gregory Mankiw is Professor of Economics at Harvard University.

Review:

These papers make a strong collective impression. I don't see how anyone could absorb them and just go back to frictionless competitive modelling.

―Robert M. Solow, Institute Professor, MIT

This collection is exactly what the profession needs―an expertly chosen set of fundamental articles laying out the modern approach to macroeconomics.

―Stanley Fischer, Professor of Economics, MIT

About this edition

• Publisher: MIT Press
• Publication date: 1991
• ISBN 10: 0262631342
• ISBN 13: 9780262631341
• Binding: Paperback
• Number of pages: 466
• Editor: Mankiw University N Gregory, Romer Herman Royer Professor In Political Economy David