Monetary Macrodynamics
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Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour.
The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.
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Toichiro Asada is a Professor in the Faculty of Economics at Chuo University, Tokyo, Japan. Carl Chiarella is Professor of Quantitative Finance at the University of Technology, Sydney. Peter Flaschel is Professor Emeritus at Bielefeld University, Germany. Reiner Franke is a Lecturer in Economics at Kiel University, Germany.
