TOICHIRO ASADRA; PETER FLASCHEL; ETC – ASSET MARKETS; PORTFOLIO CHOICE AND MACROECONOMICS ACTIVITY

From a Keynesian perspective, the book investigates the interaction of effective demand with the wage-price spiral, the dependence of goods market outcomes on financial markets, and the impact of monetary policy on financial and real markets. The issues are discussed by way of rigorously formulated approaches that lay the foundations for a theory of business fluctuations.

The material is presented on three levels of generality: an introductory level that motivates the theoretical approach, a research-oriented level that shows how the interaction of real with financial markets has to be modelled from a Keynesian perspective, and an advanced textbook level that extends the traditional Keynesian approach to open economies The findings show that the wage-price spiral and the financial markets are the main causes of balanced growth in capitalist economies.

The book is essential reading for advanced level macroeconomic modules and for those interested in both traditional macroeconomics and the New Keynesians.

About the author.

Professor of Economics at Chuo University, Tokyo, Japan, is Toichi Asada. His research interests include macroeconomic theory and business cycles. In English and Japanese, he has published many books and articles on macroeconomic Dynamic Theory. He has been a visiting research scholar or visiting professor at several universities, including the New School for Social Research in New York.

He is a professor at the university. Classical value and price theory is one of his research interests. He has published more than 20 books. In 2006 he was invited as Theodor Heuss Professor to the New School for Social Research and in 2008 he received a grant from Volkswagen.

The Centre for Financial Analysis and Policy is located at the University of Cambridge. He received his PhD from the University of Bordeaux. Monetary Economics, Financial Keynesianism, and Macroeconomic modelling are his research interests.

Christian R. Proao received a doctorate in economics from Germany. He worked at the Macroeconomic Policy Institute in Dsseldorf, Germany from 2008 to 2010 as a research economist. He is an assistant professor at The New School for Social Research.

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