Description
Book SynopsisThis unique volume consists of studies on medium-run macroeconomics that deal with aggregate economic issues that do not easily fit into either short-run business cycles or long-term growth. This research area has emerged over last decade as a new and distinct field, and needs further explorations.The book includes theoretical as well as empirical studies that cover topics related to medium-run phenomena, such as ‘growth and fluctuations’, ‘wages and unemployment’, ‘financial instabilities’, ‘ firm size distributions and unbalanced growth’, ‘income inequality’, etc.. Every chapter includes new approach or new findings and will be invaluable to developments in this emerging area of research.
Table of ContentsGrowth and Fluctuations in a Demand Constrained Economy: Medium-run Macro Dynamic Analysis; Wages and Unemployment in the Medium-run; Economic Growth and Unemployment; Theoretical Foundations of Okun's Law; Growth and Unemployment in an Open Economy; Macro Dynamic Analysis of Financial Instability; Dynamic Analysis of an Economy with a Zero Interest Rate Bound; Aggregate Elasticity of Substitution and Unbalanced Growth; The Evolution of the Firm Size Distributions and Economic Growth; Endogenous Skill Distribution, Productivity and Wage Inequality; Increases in Income Inequality and Non-regular Employment; Increases in Non-regular Employment and Asymmetric Labor Adjustments; Complementarity and Substitutability among Government Spending, Consumption and Labor; The Substitution and Income Effects of a Consumption Tax Rate Increase;
