Peter Flaschel Knihy

Focusing on macrodynamics as a disequilibrium theory, this book presents both basic and advanced concepts related to fluctuating growth. It serves as a rigorous alternative to mainstream theories, providing valuable insights and applications specifically related to the economic contexts of the UK and the US.

The second volume delves into a comprehensive reexamination of Keynesian macroeconomics, focusing on the disequilibrium adjustment processes within financial, goods, and labor markets. It explores how these markets interact and the implications of their dynamics, contributing to a deeper understanding of economic theory and practice. This volume is part of a three-book series aimed at reshaping traditional economic concepts.

The third volume delves into a comprehensive reinterpretation of Keynesian macroeconomics, focusing on disequilibrium adjustment processes across financial, goods, and labor markets. It explores the intricate interactions between these markets, providing a detailed analysis that enhances the understanding of economic dynamics. This volume completes the trilogy, offering a fresh perspective on classical economic theories and their applications in contemporary contexts.

The book introduces a dynamic macroeconomic model designed to engage both theorists and policymakers. It emphasizes innovative approaches to understanding economic fluctuations and offers practical insights for effective policy-making. By bridging theoretical frameworks with real-world applications, it aims to enhance economic analysis and decision-making in various contexts.

Focusing on the intertemporal general equilibrium approach, this book presents insights from a collective of Keynesian economists with a technical perspective. It delves into a significant paradigm in financial economics, offering a critical examination of its principles and implications. The authors aim to bridge theoretical understanding with practical applications, making it a valuable resource for those interested in contemporary economic theories and their relevance in today's financial landscape.

The book presents a groundbreaking approach to macrodynamics, demonstrating its systematic development and investigation for the first time. It explores new methodologies and frameworks, offering insights into the dynamics of large-scale systems. Through rigorous analysis, it aims to deepen understanding of macrodynamic principles and their applications, making it a significant contribution to the field.

This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms -fundamentalist and chartist- and the relative weight of the two types of agents is endogenously determined. We show that there are two sources of instability arising from the interaction of the financial with the real part of the economy, and from the heterogeneous opinion dynamics. Two main conclusions are derived. On the one hand, perhaps surprisingly, the non-linearity embedded in the opinion dynamics far from the steady state can play a stabilizing role by preventing the economy from moving towards an explosive path. On the other hand, however, real-financial interactions and sentiment dynamics do amplify exogenous shocks and tend to generate persistent fluctuations and the associated welfare losses. We consider alternative policies to mitigate these effects.

This book on Classical micro- and macrodynamics includes revised versions of papers which were written between 1983 and 2000, some jointly with co-authors, and it supplements them with recent work on the issues which are raised and treated in them. It attempts to demonstrate to the reader that themes of Classical economics, in particular in the tradition of Smith, Ricardo and Marx, can be synthesized into a coherent whole, from the perspective of formal model building. This is accomplished by means of mathematical techniques which, on the one hand, provide a consistent accounting framework (labor values and prices of p- duction) as point of reference for Classical micro- and macro-dynamics and which, on the other hand, attempt to apply these accounting schemes – or suitable ext- sions of them – by showing their usefulness as tools of analysis of the implications of technological change (labor values) and as potential tools for understanding the dynamics of market prices and of income distribution around their centers of gravity (production prices and the wage-pro?t curve).

This book provides an introduction to advanced macrodynamics, viewed as a desquilibrium theory of fluctuating growth. It builds on an earlier attempt to reformulate the foundations of macroeconomics from the perspective of real markets disequilibrium and the confict over income distribution between capital and labor. It does so, not because it wants to support the view that this class conflict is inevitable, but with the perspective that an understanding of this conflict may help to formulate socio-economic principles and policies that can help to overcome class conflict at least in its cruder forms or that can even lead to rationally understandable procedures and rules that turn this conflict into a consensus-driven interaction between capitalists or their representatives and the employable workforce.The book starts from established theories of temporary equilibrium positions, the forces of real growth, and the conflict over income distribution, represented by basic modeling approaches, which it considers in detail in its Part I in order to prepare the ground for their integration in Part II of the book. In this way we inspect what types of models of disequilibrium, income distribution, and real growth we have at our disposal, as models that have proved to be of real interest and sound from a rigorous modeling perspective.

This book explores macro dynamics from an applied, empirical perspective, emphasizing a Keynesian modeling philosophy. It aims to revive this theoretical viewpoint regarding the macroeconomy, distinguishing itself from mainstream literature that typically employs the Dynamic Stochastic General Equilibrium (DSGE) approach. The DSGE framework relies on assumptions of intertemporally optimizing agents, rational expectations, competitive markets, and flexible prices and wages for market clearing. In recent years, the New Keynesian approach has largely adopted the DSGE framework, emphasizing monopolistic competition, sticky wages and prices, and various rigidities. Despite the advancements, the intertemporal approach, which relies on smoothly optimizing agents and quick adjustments to meet marginal conditions in product, labor, and capital markets, has struggled to align with certain stylized facts. Additionally, these intertemporal decision models often overlook macroeconomic feedback effects and their stabilizing or destabilizing impacts. Such feedback mechanisms, crucial for understanding the interactions among markets, have been theoretically and empirically examined since the 1930s, highlighting a significant gap in contemporary macroeconomic modeling.