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Advances in Monetary Policy and Macroeconomics
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In September 2005 we organized a conference at the University of Cassino, Italy, the aim of which was to explore ‘The Keynesian Legacy in Macro- economic Modelling’. In the postwar period, macroeconomic modelling of developed economies was mainly rooted in Keynesian theory up to the 1970s, when the failure of applied models to deal with stagflation led to a shift in economic theory towards supply-side models, rational expectations, optimising behaviour etc., and since that time attention to applied macroeconomic mod- els as we knew it has diminished considerably among economists. However, existing empirical models based on Keynesian and Post Keynesian principles are sometimes more successful than models based on optimising behaviour in tracking real economies. Moreover, theoretical macroeconomic models are still developed and discussed among economists of a Keynesian persuasion. The ultimate goal of the conference was to collect state-of-the-art results in what one may broadly label as Keynesian macroeconomic modelling, on both theoretical and empirical grounds.
The papers presented at the conference provided a rich collection on the main theme of the conference. We felt actually that there was enough mater- ial to warrant publication of a book on the theme of Advances in Monetary Policy and Macroeconomics. There are 14 such chapters and in what follows we try to provide a short summary of each one.
Philip Arestis and Gennaro Zezza - Personal Name
1st Edtion
13: 978−0−230−00494−
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Advances in Monetary Policy and Macroeconomics
Economics
English
Palgrave Macmillan
2007
USA
1-320
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