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Innovations in Macroeconomics / by Paul J.J. Welfens
Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Series: SpringerLink BücherPublisher: Berlin, Heidelberg : Springer-Verlag Berlin Heidelberg, 2011Description: Online-Ressource (XXII, 634p. 121 illus, digital)ISBN:- 9783642119095
- 339
- HB172.5
Contents:
Summary: Globalization, Specialization and Innovation Dynamics.- Savings, Investment and Growth: New Approaches for Macroeconomic Modeling -- Economic Integration, Technological Progress and Growth -- Impact of the Real Exchange Rate on Trade, Structural Change and Growth -- Macroeconomic Aspects of Opening Up, Unemployment, Growth and Transition -- Productivity Shocks, Innovations, Stock Market Dynamics and Growth,- Innovation Dynamics and Optimum Growth -- Trade, Structural Change and Growth in an Open Monetary Economy -- Innovations in the Digital Economy: Promotion of R&D and Growth in Open Economies -- EU Innovation Policy: Analysis and Critique -- Financial Market Integration, Interest Rates and Economic Development -- Natural Resources, Oil Prices and Innovation Dynamics -- Portfolio Modeling and Growth in Open Economies -- Transatlantic Banking Crisis: Analysis, Rating, Policy Issues -- International Banking Crisis and Innovation -- New MARSHALL-LERNER Condition and Economic Globalization -- Trade, Innovation and Output Dynamics -- New Open Economy Policy Perspectives: Modified Golden Rule and Hybrid Welfare -- Employment in the R&D Sector, Economic Policy and the Golden Rule -- Some Remarks on Growth Analysis on the Basis of CESSummary: Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. The analysis suggests new approaches to innovations in open economies in many ways, including the Schumpeterian Mundell-Fleming model and new monetary growth models. A specific focus is on the role of innovations for output, employment and exchange rate developments. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies. This important new book sets a new direction for macroeconomics. By linking several strands of fundamental economic thinking into a coherent, integrated framework it provides a pathbreaking understanding into the fundamental forces shaping macroeconomic performance. In particular, by injecting insights from the Schumpeterian model, the author succeeds in presenting a new policy framework to guide economic growth policy. Prof. Dr. David Audretsch, Institute of Development Strategies, Indiana University, Bloomington, USAPPN: PPN: 1650999550Package identifier: Produktsigel: ZDB-2-SBE
Preface to the Third Edition; Preface to the Second Edition; Preface to the First Edition; A. Globalization, Specialization and Innovation Dynamics; A.1 Introduction; A.2 Approaches in Modern Macroeconomics; A.3 Human Capital, Physical Capital and Innovations in Open Economies; A.4 A Critique of the Heckscher-Ohlin-Samuelson Approach; A.5 Solving the Leontief Paradox?; A.6 Variations on the Solow Model: Some New Insights for a Monetary Economy; A.7 Technological Progress and the Long-run Price Level; A.8 Foreign Direct Investment and Innovation
A.9 Output Dynamics: Interaction of the Demand Side and the Supply SideA.10 Growth Accounting Under Unemployment and Okun's Law; A.11 Innovation, Trade and Foreign Investment; A.12 Conclusions; Appendix A.1: Aggregation in a Two-Sector Growth Model: A Modified Solow Approach with Cobb-Douglas Production Functions; Appendix A.2: Two-Sector Model (KHAN/BILGINSOY 1994); Appendix A.3: Labor Markets with Tradables and Nontradables; Appendix A.4: Product Innovations with Schumpeterian Intermediate Products: A Simple Formula; Appendix A.5: Medium-term Output andWage Policies in an Open Economy
B. Savings, Investment and Growth: New Approaches for Macroeconomic ModelingB.1 Introduction; B.2 A Medium-term Keynes-Solow Model; B.3 Conclusions and Possible Extensions; C. Economic Integration, Technological Progress and Growth; C.1 Rich Countries vs. Poor Countries and Economic Integration; C.2 Setup of the Model; C.3 Asymmetric Foreign Direct Investment in a Two-Country Growth Model; C.4 Policy Conclusions; Appendix C.1: Basic Neoclassical Model; Appendix C.2: General Approach and Simulations; D. Impact of the Real Exchange Rate on Trade, Structural Change and Growth; D.1 Introduction
D.2 Reputation, Market Size and Relative Price Effects: A Quasi-Balassa-Samuelson EffectD.3 Real Exchange Rate Dynamics and Economic Effects; D.4 Real Effective Exchange Rate (p/ep*) Dynamics in Selected EU Countries; D.5Wages, Prices and the Real Exchange Rate; D.6 Towards an Integrated Macroeconomic Approach; D.7 Medium-Term Approach to Product Innovations, Output and the Exchange Rate; D.8 Economic Catching-up and Long-Term Real Exchange Rate Dynamics; D.9 Policy Implications; E. Macroeconomic Aspects of Opening up, Unemployment, Growth and Transition; E.1 Introduction
E.2 Growth, Trade and InnovationE.3 Growth, Resource Dynamics, Balassa-Samuelson Effects and Unemployment; E.4 Product Innovation and Macroeconomic Developments: Schumpeter and the Mundell-Fleming Model; E.5 Conclusions and Policy Implications; Appendix E.1: Maximization of Total Quasi-Income ofWorkers through Trade Unions (labor supply L0 is exogenous, parameter 0; 1); Appendix E.2: Mathematical Appendix; Appendix E.3: Reflections on EU Eastern Enlargement; Appendix E.4: Fiscal Multiplier in a Hybrid Approach; Appendix E.5: Reconsidering Aggregate Output in a Two-Sector Approach
F. Productivity Shocks, Innovations, Stock Market Dynamics and Growth
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