Long-run Growth and Short-run Stabilization

Lawrence R. Klein

ISBN 10: 1843766434 / ISBN 13: 9781843766438

Published by Edward Elgar Publishing Ltd, GB, 2006

About this Item

There is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.Some of the issues discussed include long-run properties of dynamic econometric models, demographic issues of modern times, stabilization policies - especially for Japan - and interaction between monetary and real economy issues, as well as life-cycle behavior patterns, and the appropriate role of the Phillips Curve and the determination of prices.Paying close attention to the concepts and properties of models, Long-run Growth and Short Run Stabilization is for those interested in the macroeconomics of the US, Italy, and Japan. Scholars of aggregative dynamic models based on realistic reasoning will benefit from the information imparted, as will policymakers who want to understand the functioning of the modern economy.

Seller Inventory # LU-9781843766438

Bibliographic Details

• Title: Long-run Growth and Short-run Stabilization
• Publisher: Edward Elgar Publishing Ltd, GB
• Publication Date: 2006
• Language: English
• ISBN 10: 1843766434
• ISBN 13: 9781843766438
• Binding: Hardback
• Condition: New

About this title

Synopsis

There is much confusion in the economics literature on wage determination and the employment-inflation trade-off. Few model builders pay as much careful attention to the definition and meaning of long-run concepts as did Albert Ando. Expanding on years of painstaking work by Ando, the contributors elaborate on the main issues of economic analysis and policies that concerned him.

Some of the issues discussed include long-run properties of dynamic econometric models, demographic issues of modern times, stabilization policies - especially for Japan - and interaction between monetary and real economy issues, as well as life-cycle behavior patterns, and the appropriate role of the Phillips Curve and the determination of prices.

Paying close attention to the concepts and properties of models, Long-run Growth and Short Run Stabilization is for those interested in the macroeconomics of the US, Italy, and Japan. Scholars of aggregative dynamic models based on realistic reasoning will benefit from the information imparted, as will policymakers who want to understand the functioning of the modern economy.

About the Author

Edited by the late Lawrence R. Klein, former Benjamin Franklin Professor of Economics Emeritus, University of Pennsylvania, US and 1980 Nobel Laureate in Economic Sciences