Re-orientation of a Theory of Monetary Economy
by
Masayuki Otaki
Language: English
Release Date: February 4, 2015
This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding...