assorted links;NGDP目標(その2)+α


*NGDP目標(NGDP目標リンク集(その1)はこちら

●Jeffrey Frankel, “Nominal GDP Targeting is Left, Right?”(Jeff Frankels Weblog, May 2, 2013)

●Nick Rowe, “Raising expectations of inflation vs raising expectations of NGDP growth”(Worthwhile Canadian Initiative, June 25, 2013)

●Yichuan Wang, “Why Nominal GDP Targeting Solves the Credibility Problem”(Synthenomics, June 30, 2013)

●Tomáš Sivák, “Inflation targeting vs. nominal GDP targeting(pdf)”(Biatec(Journal of National Bank of Slovakia), March 2013)

●Kevin D. Sheedy, “Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting(pdf)”(Econbrowser経由)


大恐慌

●Nicholas Crafts and Peter Fearon (編集) 『The Great Depression of the 1930s: Lessons for Today』(Oxford University Press, 2013/5/5;The Enlightened Economist経由)

Understanding the Great Depression has never been more relevant than in today's economic crisis. This edited collection provides an authoritative introduction to the Great Depression as it affected the advanced countries in the 1930s. The contributions are by acknowledged experts in the field and cover in detail the experiences of Britain, Germany, and, the United States, while also seeing the depression as an international disaster. The crisis entailed the collapse of the international monetary system, sovereign default, and banking crises in many countries in the context of the most severe downturn in western economic history. The responses included protectionism, regulation, fiscal and monetary stimulus, and the New Deal. The relevance to current problems facing Europe and the United States is apparent.

The Great Depression of the 1930s: Lessons for Today

The Great Depression of the 1930s: Lessons for Today


*数量制約一般均衡理論(不均衡マクロ)の歴史的展望

●Roger Backhouse and Mauro Boianovsky(著)『Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956-2003 (Historical Perspectives on Modern Economics)』(Cambridge University Press, 2012/11/12)

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory, from the disequilibrium theories of Patinkin, Clower, and Leijonhufvud to recent dynamic stochastic general equilibrium models with imperfect competition. Placing this search against the background of wider developments in macroeconomics, the authors contend that this was never a single research program, but involved economists with very different aims who developed the basic ideas about quantity constraints, spillover effects, and coordination failures in different ways. The authors contrast this with the equilibrium, market-clearing approach of Phelps and Lucas, arguing that equilibrium theories simply assumed away the problems that had motivated the disequilibrium literature. Although market-clearing models came to dominate macroeconomics, disequilibrium theories never went away and continue to exert an important influence on the subject. Although this book focuses on one strand in modern macroeconomics, it is crucial to understanding the origins of modern macroeconomic theory.

Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956?2003 (Historical Perspectives on Modern Economics)

Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956?2003 (Historical Perspectives on Modern Economics)