Overview

The title of this book may seem to confuse two separate disciplines - finance and macroeconomics. However, it is based on the fact that finance and macroeconomics were integrated, at least in their formative years. It is a natural extension of a line of research that dominated monetary theory in the early part of the 20th century. Economists such as Keynes, Robertson, Hawtrey, Fisher, Hayek and Schumpeter sought to blend the analysis of business cycles with their (often first-hand) experience of money and financial markets. The result was a monetary theory that provided the fertile background to what came to be called macroeconomics. However, in the post-war period the monetary aspects of this theory dropped out of sight in the neo-classical synthesis and hydraulic Keynesianism. Post Keynesians such as Davidson and Minsky have done much to try to restore the monetary aspects of the theory, but the other - more technical - aspects of financial analysis have been ignored. This book aims to show how technical aspects of financial were initially part of the early investigations of macroeconomics and how may be used to provide a realistic analysis of the behaviour of modern financial economies.

Full Product Details

9781839990335

Table of Contents

Reviews

“This collection of essays shows why Geoffrey Harcourt often proclaimed Jan Kregel the ‘greatest living economist.’ It offers a fascinating and unparalleled journey through Kregel’s reconstruction of macroeconomics building on contributions by Gibson, Fisher, Keynes, Hayek, Hicks, Macauley, Sraffa and Samuelson to the theory of money, finance and interest rates.”  —L. Randall Wray, Senior Scholar, Levy Economics Institute, Professor of Economics, Bard College “Financial Macroeconomics is a stellar collection of essays on institutional, evolutionary and Post Keynesian economics. More than a century ago, Thorstein Veblen asked where we might find ‘surcease from the metaphysics of normality and controlling principles.’ Look no further: Kregel and Rezende have answered the call.” — James K. Galbraith, The University of Texas at Austin. “A unique collection of seminal papers by Jan Kregel, a pre eminent Post-Keynesian economist, covering important methodological issues, Keynes’ effective demand and many aspects of contemporary monetary theory and policy that challenge the conventional wisdom. The insights of the papers included here represent the best thinking of financial macroeconomics and deserve to be read widely.”  — Dimitri Papadimitriou, President Levy Economics Institute and Professor of Economics, Bard College “Jan Kregel’s erudite and thoughtful collection of essays is an account of Keynes’s economics that is unique in its scholarship and understanding of Keynes’s work, and the macroeconomics that superseded Keynesianism. What makes that account distinctive from the usual Post-Keynesian reflections is Jan Kregel’s deep understanding of finance, and the place of finance in Keynes’s thinking. This makes the essays essential reading for economists, financiers and financial reformers.” —Jan Toporowski

Author Information

Jan Kregel is director of research at the Levy Economics Institute, director of the Levy Institute Graduate programs in economic theory and policy, and head of the Institute's Monetary Policy and Financial Structure program. Felipe Rezende is a Research Scholar at the Levy Economics Institute. He previously taught at Bard (2017-2018), Hobart and William Smith Colleges (2010-2017), and the University of MissouriKansas City (2009).

Tab Content 6

Customer Reviews

Recent Reviews

Countries Available