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Erschienen in:

2016 | OriginalPaper | Buchkapitel

3. A Macroeconomic Theory of Money, Income, and Distribution

verfasst von : Michihiro Ohyama

Erschienen in: Macroeconomics, Trade, and Social Welfare

Verlag: Springer Japan

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In fall 2008, the world economy plunged into a severe recession and the relevance of macroeconomics was questioned once again. Economists were wondering about the cause of the sharp drop in production and employment triggered by the fall of celebrated financial companies such as Lehman Brothers. …

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Vorheriges Kapitel Unemployment and Inflation: The Natural Wage Rate Hypothesis

Nächstes Kapitel Trade and Welfare in General Equilibrium

Ohyama (2004, 2007) developed an alternative version of the \( IS-LM \) model with a microeconomic foundation to characterize the “liquidity trap” as its special case.

In recent years, an alternative interpretation has become popular regarding interest rate as a short-term target of the central bank and money supply as the endogenous variable in the money market. For instance, see Romer (2000) and Woodford (2003).

Tobin (1958) rationalized this Keynesian concept of speculative demand for money on the basis of optimizing behavior under risk, which we legitimately smuggle into the present riskless model.

Cf. Adachi et al. (2015) for an alternative concept of intermediate-run macroeconomics.¹

Adachi, H., Nakamura, T., & Osumi, Y. (Eds.). (2015). Studies in medium-run macroeconomics: growth, fluctuations, unemployment, inequality and policies. London: World Scientific Publishing.

Barro, R. L. (1974). Are government bonds net wealth? The Journal of Political Economy, 82(6), 1095–1117.CrossRef

Fisher I (1977) [1930] The theory of interest. Philadelphia: Porcupine Press

Hicks, J. R. (1937). Mr. Keynes and classics: A suggested interpretation. Econometrica, 5(2), 147–159.CrossRef

Keynes, J. M. (1936). The general theory of employment interest and money. London: Macmillan.

Krugman, P. (1998). It’s baaack! Japan’s slump and the return of the liquidity trap. Brookings Papers on Economic Activity, 2, 137–187.CrossRef

Ohyama, M. (1987). Unemployment and inflation: Natural wage rate hypothesis. Keio Economic Studies, 24, 11–26.

Ohyama, M. (2004). Effective demand and national income. Keio Economic Studies, 41(2), 1–23.

Ohyama, M. (2007). Effective demand and national income: A microeconomics of the IS-LM analysis and its application to the stagnation of the Japanese economy. Keio Economic Studies, 41, 1–24.

Phelps, E. S. (1961). The golden rule of accumulation: A fable for growthmen. The American Economic Review, 51, 638–643.

Romer, D. (2000). Keynesian macroeconomics without the LM curve. Journal of Economic Perspective, 14, 149–169.CrossRef

Tobin, J. (1958). Liquidity preference as behavior towards risk. The Review of Economic Studies, 25(1), 65–86.CrossRef

Titel: A Macroeconomic Theory of Money, Income, and Distribution
verfasst von: Michihiro Ohyama
Verlag: Springer Japan
Buch: Macroeconomics, Trade, and Social Welfare
Print ISBN: 978-4-431-55805-7

Electronic ISBN: 978-4-431-55807-1

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-4-431-55807-1_3