Speculative bubbles and monetary policy : a theory based on Japanese experience

著者

書誌事項

Speculative bubbles and monetary policy : a theory based on Japanese experience

Masayuki Otaki

Lexington Books, c2019

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注記

Includes bibliographical references (p. 113-115) and index

内容説明・目次

内容説明

Speculative Bubbles and Monetary Policy works at the intersection of economic theory history. While the consistent and penetrating perspective of theory is necessary for interpreting economic history, existing macroeconomic theories are fragile an ineffective at narrating an economic history that covers a relatively long period. Such fragility comes from arbitrariness in deployed economic theory as well as structural changes within an economy. This book presents a Keynesian theory with a rigorous dynamic microeconomic foundation that entirely differs from new Keynesian theory and applies it to the Japanese economic history from the 1980s to 2010s. It considers two primary incidents in the country's economic history: the bubble boom from the late 1980s to the early 1990s, and the country's immersion in neoliberalism at the turn of the century.

目次

List of Figures Acknowledgements Introduction Part 1. Historical Narrative Chapter 1. A Concise Economic History of Japan: Prosperity and Crisis Part 2. Theory Chapter 2. A Conundrum in Monetary Economics: Does Keynes Abandon the Second Postulate of the Classical School? Chapter 3. Origin of Speculative Bubbles and their Aftermath Chapter 4. Labor Productivity Stagnation, the Radical Quantitative Easing Monetary Policy, and Disinflation Chapter 5. An Equilibrium Selection Procedure Based on Ramsey's Probability Theory Appendixes Index About the Author

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