Expectations, Employment and Prices

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Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. Roger Farmer directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.

Expectations, Employment and Prices Review

Roger Farmer constructs a new theory by merging Keynes's ideas into the modern macroeconomics framework. Keynes argued that the state of long term expectations determines the level of economic activity. Keynesian economics, however, lacks a microfoundation, which modern macroeconomics exploits. Farmer fills the gap and explores the role of Keynes's state of long term expectations to the macroeconomy in the language of dynamic general equilibrium theory. In Farmer's theory, this concept is represented by self-fulfilling beliefs on values of the capital good, and those beliefs select an equilibrium. As a consequence, it could be the case that high unemployment is an equilibrium phenomenon and persists for a long time due to market pessimism. This book is written in the style of academic economic research, and it contains Farmer's original and creative arguments and policy suggestions.

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