Macroeconomic Models and Controversies

Providing an introduction to major topics in macroeconomic theory, this book offers the reader three keys for comparing different models. The first key is a mathematical reformulation of Say's Law. The second key is the use of the income velocity of the circulation of money as a behavioural function in accordance with the Friedman tradition. The third is the use of the Phillips curve to represent the labour market. The book also deals with rationing equilibria and some extensions. It provides a neo-Walrasian synthesis of Patinkin's suggestions and new perspectives on Keynesian criticism of neoclassical theory. The book provides an introduction to major topics in macroeconomic theory and offers the readers three tools for comparing different models:a mathematical reformulation of Say's Law, the use of income velocity of circulation of money as a behavioural function in accordance with the Friedman tradition and the use of the Phillips curve to represent the labour market. Front Matter....Pages i-ix Introduction....Pages 1-3 Keynes and the Classics....Pages 4-54 Keynesian Macroeconomic Theory....Pages 55-92 Neoclassical Macroeconomics Reproposed....Pages 93-131 Macroeconomics of Aggregate Supply and New Classical Macroeconomics....Pages 132-178 Macroeconomics of Rationing Equilibria....Pages 179-215 Back Matter....Pages 217-228 Providing an introduction to major topics in macroeconomic theory, this book offers the reader three keys for comparing different models. The first key is a mathematical reformulation of Say's Law. The second and third keys deal with the circulation of money and the labour market respectively. Giuseppe Chirichiello. Includes Bibliographical References (p. 216-224) And Index.