Macroeconomics in the Small and the Large: Essays on Microfoundations, Marcoeconomic Applications and Economic History in Honor of Axel Leijonhufvud
By Roger E. A. Farmer www.booko.org—freebook and password
Publisher: Edward Elgar Publishing
Number Of Pages: 192
Publication Date: 2009-02
ISBN-10 / ASIN: 1848440464
ISBN-13 / EAN: 9781848440463
Product Description: my booko.org,my favourite website
This volume honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address.
The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents.
Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.
Contents
List of contributors vi
Preface ix copyright by www.booko.org
Introduction x
1 Axel Leijonhufvud and the quest for micro-foundations: some
reflections 1
David Laidler
2 Old-Keynesian economics 23
Roger E.A. Farmer
3 Interest rate setting in the presence of investment prospects and
Knightian uncertainty 44
Edmund S. Phelps
4 Macroeconomics of broken promises 74
Daniel Heymann
5 Bankruptcy and collateral in debt constrained markets 99
Timothy J. Kehoe and David K. Levine
6 Growth patterns of two types of macro-models: limiting
behavior of one- and two-parameter Poisson–Dirichlet models 115
Masanao Aoki
7 Time inconsistency of robust control? 124
Lars Peter Hansen and Thomas J. Sargent
8 A tale of two countries: innovation and incentives among great
inventors in Britain and the United States, 1750–1930 140
B. Zorina Khan and Kenneth L. Sokoloff
9 Macroeconomics with intelligent autonomous agents 157
Peter Howitt
Axel Leijonhufvud: Publications 178
Index 187
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Festschrift for Axel Leijonhufvud:
Preface
Roger E.A. Farmer
Axel Leijonhufvud was born in Stockholm, Sweden and obtained his
Bachelors degree at the University of Lund. After coming to the United
States in 1960, he earned an MA from the University of Pittsburgh and a
PhD from Northwestern University. He came to the University of
California at Los Angeles in 1964 and was named Full Professor in 1971. In
1995 Axel was appointed Professor of Monetary Theory and Policy at the
University of Trento in Italy although he remains an Emeritus Professor at
the University of California, Los Angeles (UCLA).
In August of 2006 the Economics Department at UCLA organized a
conference to recognize Axel Leijonhufvud’s contributions to the department
and to economics at large. It is a remarkable testament to the esteem
with which Axel is held in the profession that we were able to attract a star
cast of former students, colleagues and friends, all of whom were kind
enough to contribute their time and their work to this volume that celebrates
a career which spans five decades and shows no sign of decline.
Many people contributed to the success of the conference with both time
and resources. Gary Hansen suggested the idea that UCLA should honor
our senior faculty members in this way and he provided departmental
resources to fund this as the first of a series of similar conferences to honor
distinguished UCLA faculty. The then Dean of Social Sciences, Scott
Waugh, supported the conference financially as did Al Harberger, David
Levine, Ken Sokoloff and the Ettinger Fund, an endowment funded by
Robert Ettinger, a 1980 Alumnus of UCLA and President of Flaherty and
Crumrine Inc. Gwen Matthews organized the conference events assisted by
Michelle Ellis, Lucas Lee and Gloria McBride. I would especially like to
thank Masonori Kashinagi who read and commented on the entire manuscript
and created the index. Last but not least, the 2006–07 Harvard source from www.booko.org
Westlake Jazz Explorers consisting of Lucas Berman, Leland Farmer,Kurt
Kanazawa, Ian Sprague and Ian Stanton provided a memorable evening of
entertainment.
Introduction
Roger E.A. Farmer
I first met Axel in the winter of 1987. I was a young Assistant Professor at
the University of Pennsylvania and was visiting the campus of the