所員の著書

Masayuki Otaki, Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy
(Springer, 2015, March)

2015.6.24更新

1 Introduction

 1.1 Introduction to Part 1

 1.2 Introduction to Part 2

 1.3 Introduction to Part 3

 1.4 Introduction to Part 4

 1.5 Introduction to Part 5

 References

Part I Keynesian Economics and Price Theory

2 Price Theory in a Monetary Economy

 2.1 Introduction

 2.2 The Fundamental Equation

  2.2.1 The Keynes-Walras Model

  2.2.2 The Keynes-Chamberlin Model: The Welfare Economics Foundation of Aggregate Demand Management Policies

 2.3 The Legitimacy of the Functional Form of the Utility Function

  2.3.1 The Utility Function and Price Index Theory

  2.3.2 The Indivisibility of the Labor Supply

 2.4 The Quantity Theory of Money as an Extraneous Belief

 2.5 Monopolistic Competition in the Dynamic Monetary Economy

  2.5.1 Inflation and Economic Welfare

  2.5.2 Why is the Surplus Attributed to Monopoly Rents?

 2.6 Concluding Remarks

 References

Part II Applications to Labor Economics and Inflation Theory

3 The Existence of an Involuntary Unemployment Equilibrium

 3.1 Introduction

 3.2 The Political-Economic Meaning of Full-Employment Policy

 3.3 The Model

  3.3.1 Setting Up the Model

  3.3.2 The Nominal Wage Negotiation Process

  3.3.3 Market Equilibrium

 3.4 Concluding Remarks

 References

4 The Phillips Curve and Inflation Theory Reconsidered

 4.1 Introduction

 4.2 The Model

  4.2.1 The Maximization Problem of Economic Agents

  4.2.2 Market Equilibrium

 4.3 Comparative Statics and Welfare Analysis of the Fiscal-Monetary Policy

 4.4 Concluding Remarks

 References

Part III Applications to International Economics

5 A Basic Model of a Flexible Exchange Rate System Under Perfect Capital Mobility

 5.1 Introduction

 5.2 The Equilibrium of the Balance of Payments Under Perfect Capital Mobility

 5.3 The Model

  5.3.1 Individuals

  5.3.2 Firms

  5.3.3 The Government

  5.3.4 Market Equilibrium

 5.4 The Employment Isolation Effect

 5.5 Fiscal and Monetary Policy

 5.6 Concluding Remarks

 5.7 Mathematical Appendix

 References

6 The Functions of a Key Currency: International Liquidity Provision and Insurance

 6.1 Introduction

 6.2 The Model

  6.2.1 Structure of the Model

  6.2.2 Construction of the Model

  6.2.3 Market Equilibrium and International Liquidity Provision

  6.2.4 The Persistent Imbalance in the Current Account and the Exchange Rate

 6.3 The Vulnerability of the Key-Currency System

 6.4 The Key-Currency System and Optimum Currency Areas

 6.5 Concluding Remarks

 References

7 On the Necessity of Optimum Currency Areas: The Case for Perfect Capital Mobility and Immobile Labor Forces

 7.1 Introduction

 7.2 The Model

  7.2.1 Structure of the Model

  7.2.2 Construction of the Model

  7.2.3 The Non-cooperative Game Between Central Banks and the Disparity in Income Distribution

 7.3 The Optimum Currency Area as the Unification of Central Banks

 7.4 The Difficulty of Constituting a Currency Area in Reality

 7.5 Concluding Remarks

 References

8 Universal Discipline or Individual Discipline: On the Viability of the Eurozone as a Nonadjustable Local Fixed Exchange Rate Regime

 8.1 Introduction

 8.2 The Model

  8.2.1 Structure of the Model

  8.2.2 The Maximization Problems of Economic Agents

  8.2.3 Market Equilibrium

  8.2.4 Comparative Statics and Welfare Implications of Austere Policies

  8.2.5 The Hold-Up Problem

 8.3 Concluding Remarks

 References

9 Industrial Hollowing Under a Flexible Exchange Rate System

 9.1 Introduction

 9.2 The Model

  9.2.1 Structure of the Model

  9.2.2 Optimization Problems of Economic Agents

  9.2.3 Market Equilibrium

 9.3 Concluding Remarks

 References

10 On the Function of Gold Standard in Idealism and Reality

 10.1 Introduction

 10.2 The Gold Standard in Idealism: Disbelief in Gold

  10.2.1 A Model of the Specie Flow Theory and the Isolation Effect

  10.2.2 Specie Flow

 10.3 The Gold Standard in Reality: Confidence in Gold

  10.3.1 Confidence in the Intrinsic Value of Gold

  10.3.2 The Gold Standard in Reality: Business Cycles Diffuse Internationally

  10.3.3 Perturbations in the Level of Confidence in the Intrinsic Value of Gold

 10.4 Concluding Remarks

 References

Part IV Applications to Economic Growth Theory

11 Dexterity as a Source of Economic Growth

 11.1 Introduction

 11.2 The Model

 11.3 Dexterity as the Engine for the Growth of a Firm

 11.4 Concluding Remarks

 References

12 Monetary Economic Growth Theory Under Perfect Competition: Can Monetary Expansion Really Enhance Economic Growth?

 12.1 Introduction

 12.2 The Model

  12.2.1 Structure of the Model

  12.2.2 Agent Maximization Problems

 12.3 Market Equilibrium: The Relationship Between Market Competitiveness and the Autonomy of Capital Investment

  12.3.1 The Equilibrium of the Economy

  12.3.2 Market Competitiveness and Fiscal Sustainability

  12.3.3 Fiscal and Monetary Policy, Inflation, and the Economic Growth Rate

  12.3.4 Economic Welfare and the Fairness of Income Distribution

 12.4 Concluding Remarks

 References

13 A Keynesian Monetary Growth Model Under Monopolistic Competition: Is Economic Growth Sustainable Without Government Help?

 13.1 Introduction

 13.2 The Model

  13.2.1 Structure of the Model

  13.2.2 Employees

  13.2.3 Employers

  13.2.4 The Government

  13.2.5 The Equilibrium Condition for the Aggregate Goods Market

 13.3 The Sustainability of Economic Growth and Fiscal Deficits

 13.4 Concluding Remarks

 References

Part V Critiques of the Existing Monetary Theories

14 A Critique of Lucas’ Theory

 14.1 Introduction

 14.2 Lucas’ Theory in the Deterministic Case

  14.2.1 Why Is Neutrality Upheld Under a Perfect Information Scheme?

  14.2.2 “Confidence in Money” in the Lucas Model

 14.3 Lucas’ Theory in the Stochastic Case

  14.3.1 What Are the Problems?

  14.3.2 The Unsolvable Fixed-Point Problem

  14.3.3 The Problem of Second-Stage Inference

 14.4 Concluding Remarks

 14.5 Mathematical Appendix

  14.5.1 The First Step

  14.5.2 The Second Step

  14.5.3 The Final Step

 References

15 Does the Search Model Succeed in Describing a Monetary Economy?

 15.1 Introduction

 15.2 The Simplified Kiyotaki-Wright (1989) Model

  15.2.1 The Structure of the Model

  15.2.2 What Is the Substantial Contribution of the Search Model to Monetary Theory?

 15.3 The Kiyotaki-Wright (1991) Model and Its Properties

  15.3.1 Structure of the Model

  15.3.2 Assumptions

  15.3.3 Analysis of the Model

  15.3.4 Money as a Store of Value

 15.4 Concluding Remarks

 References

Appendix: Exchanges of Views Between Referees and the Author


Index

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