Suchergebnisse

1. Building blocks -- 2. The Kydland-Prescott research program : from "optimal stabilization" and "time inconsistency" to "time to build" -- 3. Kydland-Prescott and Long-Plosser : development and cross-fertilization -- 4. Themes, variations, and initial extensions -- 5. Debates, augmentation, and variations on the theme.

The purpose of this book is to describe the intellectual process by which Real Business Cycle models were developed. The approach taken focuses on the core elements in the development of RBC models: (i) building blocks, (ii) catalysts, and (iii) meta-syntheses. This is done by detailed examination of all available unpublished variorum drafts of the key papers in the RBC story, so as to determine the origins of the ideas. The analysis of the process their discovery is then set out followed by explanations of the evolution and dissemination of the models, from first generation papers through ful.

The 800 pound gorilla in the room of macroeconomics is the question of why the overlapping generations model didn't become the central workhorse model for macroeconomics. Introduced in 1958 by Paul Samuelson, the model postulates an infinite number of finite-lived families. This is in stark contrast to the more dominant neoclassical growth model, which is based on the assumption that real economies are populated by a finite number of dynastic families. Despite the greater realism of the former model and the inherent implausibility of the assumptions underlying the growth model, the growth model has become dominant. The authors here explore the co-evolution of the two models to shed light on why this happened, spanning the entire post-WWII era.

Intro -- Acknowledgments -- Contents -- 1 Introduction, Keynes's Own IS-LM Approach -- References -- 2 Prolog to Keynes's IS-LM, 1930 to 1932 -- 2.1 The Failure of A Treatise on Money -- 2.2 The Treatise and IS-LM: 1930 -- 2.3 Back to the Drawing Board: 1931 and 1932 -- References -- 3 The Advent of Keynes's IS-LM, 1933 -- 3.1 GTE/5/423 -- 3.2 The Monetary Theory of Employment -- 3.3 Mr. Keynes's Multiplier -- 3.4 The Marginal Efficiency of Capital -- 3.5 Keynes's 1933 Lectures -- References -- 4 "The Missing Link": Keynes's Own Lecture Notes, December 4, 1933, Impact and Implications -- 4.1 Keynes's Handwritten IS-LM Model: GTE/5/419 -- 4.2 GTE/5/419 Employment Equations -- 4.3 The Rashomon Effect -- References -- 5 Reconstructing Keynes's IS-LM Approach, 1931 to 1937 -- 5.1 1931 to 1933: A Review -- 5.2 The Mid-1934 Drafts -- 5.3 The Marginal Efficiency of Capital -- 5.4 Keynes's 1934 Lectures -- 5.5 1935: De-formalizing and Re-formalizing the General Theory -- 5.6 The General Theory: Extracting the IS-LM Model -- 5.7 Keynes's Verbal IS-LM Approach and QJE 1937 -- 5.8 De-formalization: Did Keynes "Do a Marshall?" -- References -- 6 Keynes's Equations and Early Post-General Theory IS-LM Models -- 6.1 Bryce, Champernowne, Reddaway, Harrod, and Meade -- 6.2 Hicks and Lange -- 6.3 Other Early IS-LM Models -- References -- 7 The Legacy of December 1933: Re-interpreting Mr. Keynes -- References -- Appendix -- Robert B. Bryce Notes: December 4, 1933 -- Alec Cairncross Notes: December 4, 1933 -- Marvin Fallgatter Notes: December 4, 1933 -- Walter Salant Notes: December 4, 1933 -- Lorie Tarshis Notes: December 4, 1933 -- Bryn Thring Notes: December 4, 1933 -- Index.