Oxford University Press, COMING SOON!
How the Economy Works translates the scientific arguments of Expectations, Employment and Prices into English, and although the book was written for the general reader, there will also be much to interest those with a specialist knowledge of economics. It is more important than ever that the public understands the dominant schools of economic thought, how they developed in response to previous crises, and how economists’ beliefs influence the policies that are now having such a huge impact on peoples’ everyday lives. Many economists recognize that it is time for economics to change. The public is hungry to understand why recessions can be declared over and yet very high unemployment persists. Is inflation around the corner? Must we live with a jobless recovery? Is the fiscal stimulus plan working? What is the role of central banks in the 21st century? This book answers these questions from the perspective of a new theory that combines the best ideas from Keynesian and classical economics.
Oxford University Press, COMING SOON!
Expectations Employment and Prices is a monograph aimed at an academic audience. It brings Keynesian economics into the 21st century by providing a new paradigm which explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from the General Theory by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. This book directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.
Edward Elgar 2009
A series of papers in honor of Axel Leijonhufvud. It contains 1. "Axel Leijonhufvud and the Quest for Micro-foundations – Some Reflections" by David Laidler, 2. "Old Keynesian Economics", by Roger E.A. Farmer, 3. "Interest Rate Setting in the Presence of Investment Prospects and Knightian Uncertainty", by Edmund S. Phelps, 4. "Macroeconomics of Broken Promises", by Daniel Heymann, 5. "Bankruptcy and Collateral in Debt Constrained Markets", by Timothy J. Kehoe and David K. Levine, 6. "Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One- and Two-Parameter Poisson-Dirichlet Models", by Masanao Aoki, 7. "Time Inconsistency of Robust Control? by Lars P. Hansen and Thomas J. Sargent", 8. "A Tale of Two Countries: Innovation and Incentives among Great Inventors in Britain and the United States, 1750–1930", by B. Zorina Khan and Kenneth L. Sokoloff and 9. "Macroeconomics with Intelligent Autonomous Agents" by Peter Howitt.
Southwestern 2002, 1st Chinese Edition.
The first Chinese edition of my undergraduate textbook.
Macroeconomics Southwestern 2002, 2nd edition.
The second edition of my undergraduate textbook. It has a strong emphasis on data and a comprehensive treatment of classical approaches and modern general equilibrium theory.
Macroeconomia McGraw Hill 2000, 1st Italian Edition. Translated by Bruno Chiarini.
The first Italian edition of my undergraduate textbook.
MIT Press 1999 (2nd edition).
The second edition of my graduate text. It offers an introduction to modern stochastic dynamic general equilibrium theory without the use of formal proof.
Link to Solutions Manual
MIT Press 1985
A now classic volume that I edited jointly with Albert Ando, Hidekazu Eguchi and Yoshio Suzuki. Contains the essays 1. "Monetarism in Rhetoric and in Practice," by Milton Friedman; 2. "Monetary Policy in an Uncertain World," by James Tobin; 3. "The Conduct of Domestic Monetary Policy," by Robert Gordon; 4. "Monetary Policy in Postwar Japan," by K. Hamada and F. Hayashi; 5. "Monetary Policy in the Large Open Economy," by Michael Darby; 6. "Alternative Approaches to Exchange-Rate Determination and Some Implications of the Structural Balance-of-Payments Approach for International Macroeconomic Interdependence," by Akihiro Amano; 7. "'Reaganomics' and Credibility," by Thomas Sargent; and 8. "Coordination of Monetary and Fiscal Policies," by Albert Ando.