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This financial economics text focuses on the dynamic interaction of financial markets and economic activity. The financial market to be studied here encompasses the money and bond market, credit market, stock market and foreign exchange market; economic activity includes the actions and interactions of firms, banks, households, governments and countries. The book shows how economic activity affects asset prices and the financial market, and how asset prices and financial market volatility and crises impact economic activity. The book offers extensive coverage of new and advanced topics in fina

I. On Modeling the Cross-Dual Dynamics of Competition -- The Dynamic Equalization of Profit Rates for Input-Output Models with Fixed Capital -- The Equalization of the Rate of Profit Reconsidered -- A Cross-Over Gravitation Process in Prices and Inventories -- Stability of Production Prices in a Model of General Interdependence -- Ergodic Price Setting with Technical Progress -- II. Microfoundations of Macrodynamics and Limit Cycles -- Swinging along the Autostrada -- Stability and Instability in a Dynamic Model of Capitalist Production -- On a Microdynamics of a Nonlinear Macrocycle Model -- Stabilization Policy in a Nonlinear Business Cycle Model -- III. Linear and Nonlinear Macrodynamics -- Some Extensions of a Classical Growth Cycle Model -- Growth Cycles in a Classical-Keynesian Model -- Problems Concerning the Dynamic Analysis of a Keynesian Model with Perfect Foresight -- Cyclical Growth: The Interdependent Dynamics of Industry and Agriculture -- IV. Econometrics of the Dynamics of Proportions and Nonlinear Macrodynamics -- The Stability of the Reproduction Scheme: Theoretical Discussion and Empirical Evidence for the United States, 1948–1980 -- Testing Non-Linearity in Business Cycles.

This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan.

Die Euphorie des Marktes in den 70er und 80er Jahren ist inzwischen durch eine nüchterne Betrachtung von Defizienten der Regulation durch den Markt abgelöst worden. In den USA sind neuere theoretische Ansätze entstanden, die - zum Teil unter Rekurs auf ökonomietheoretische Traditionsbestände seit der Klassik - auf die Notwendigkeit einer Verbindung von marktförmiger und nicht-marktförmiger Regulation verweisen. Insbesondere finanzielle Instabilitäten, die Tendenz zur Übernutzung von Ressourcen und die Kurzsichtigkeit von Marktagenten liefern dafür die Begründung. Es ist freilich »Staatsversagen « nicht grundsätzlich auszuschließen. Nicht-marktförmige Regulation könnte auch von gesellschaftlichen Institutionen (kooperativ) erfolgen.