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Keynesian Reflections
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Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

Abstract

The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. The central purpose of this book is to suggest an alternative road for the future of macroeconomics without the illusion of automatic (albeit imperfect) adjustment toward an intertemporal general equilibrium with rational expectations. This book challenges the current mainstream macroeconomic tradition known as New Keynesian economics in so far as it shares common ground with the New Classical models. It is rather the Keynesian spirit, above all, that provides the ... More

Keywords: global financial crisis, New Keynesian economics, New Classical models, government intervention, equitable growth, Keynesian approach, alternative macroeconomics

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780198092117
Published to Oxford Scholarship Online: May 2013 DOI:10.1093/acprof:oso/9780198092117.001.0001

Authors

Affiliations are at time of print publication.

Toshiaki Hirai, editor
Professor of Economics, Sophia University, Tokyo

Maria Cristina Marcuzzo, editor
Professor, Department of Statistical Sciences, Sapienza University of Rome, Rome

Perry Mehrling, editor
Professor of Economics, Barnard College, Columbia University, New York

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Contents

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I Effective Demand in the Crisis

1 Re-embracing Keynes

MARIA CRISTINA MARCUZZO

2 The Dog Called Investment

ROGER E. BACKHOUSE AND BRADLEY W. BATEMAN

3 Keynes, Kalecki, and the Real World

JULIO LÓPEZ-GALLARDO *

II Economic Theory and the World Recession

III Money and International Liquidity

8 Liquidity Preference of Banks and Crises

FERNANDO J. CARDIM DE CARVALHO *

9 Why Not Bancor?

LUCA FANTACCI

IV Finance and International Economic Disorder

14 Some Foreseeable Disasters of the Global Economy

ANNA M. CARABELLI AND MARIO A. CEDRINI