http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
In the 1970s, at a time of shock, controversy and uncertainty over the direction of monetary and fiscal policy, Wynne Godley and the Cambridge Department of Applied Economics rose to prominence, challenging the accepted Keynesian wisdom of the time. This collection of essays brings together eminent scholars who have been influenced by Godley's enormous contribution to the field of monetary economics and macroeconomic modeling. Godley's theoretical, applied and policy work is explored in detail, including an analysis of the insightful New Cambridge 'three balances' model, and its use in showing the progression of real capitalist economies over time. Godley's prescient concerns about the global financial crash are also examined, demonstrating how his work revealed structural imbalances and formed the foundations of an economics relevant to the instability of finance.
Machine generated contents note: 1.Wynne Godley's Economics / Dimitri B. Papadimitriou -- 2.Godley Moves in Mysterious Ways: The Craft of Economic Judgment in Post-war Britain / Tiago Mata -- 3.Godley Got It Right / L. Randall Wray -- 4.Who Are These Economists, Anyway? / James K. Galbraith -- 5.A New Look at New Cambridge: Will the UK Private Expenditure Function Stand Up? / Bill Martin -- 6.Three Balances and Twin Deficits: Godley versus Ruggles and Ruggles / Anwar Shaikh -- 7.From Macroeconomics to Monetary Economics: Some Persistent Themes in the Theory Work of Wynne Godley / Marc Lavoie -- 8.Godley and Graziani: Stock-flow Consistent Monetary Circuits / Gennaro Zezza -- 9.The Stock-flow Consistent Approach with Active Financial Markets / Jan Toporowski -- 10.Financial Integration and Stabilization in a Monetary Union Without or With Bank Rationing / Jacques Mazier -- 11.Debt-deflation Traps Within Small Open Economies: A Stock-flow Consistent Perspective / Saed Khalil --
Contents note continued: 12.A Debate with Wynne Godley on the Neutrality of Fiscal Policy / Edwin Le Heron -- 13.The Effectiveness of Fiscal Policy in the Levy Institute's Stock-flow Model / Malcolm Sawyer -- 14.Of Unsustainable Processes and the US Dollar / Jorg Bibow -- 15.Squaring the Circle in Euro Land? Some Remarks on the Stability Programmes 2010-13 / Achim Truger.
edited By Dimitri B. Papadimitriou and Gennaro Zezza.
Includes bibliographical references (p. 377-387) and index.
Levy Institute advanced research in economic policy
Houndmills, Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2012