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Macroeconomics in the Small and the Large

Essays on Microfoundations, Macroeconomic Applications and Economic History in Honor of Axel Leijonhufvud Edited by Roger E.A. Farmer, Professor of Economics, University of California, Los Angeles, US
This book honors the work of Axel Leijonhufvud. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The authors comprise some of the very best economists active today.
Extent: 208 pp
Hardback Price: $135.00 Web: $121.50
Publication Date: 2009
ISBN: 978 1 84844 046 3
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  • Economics and Finance
  • Economic History
  • Financial Economics and Regulation
  • Money and Banking
This book 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.
‘Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents.’
– Economic Record
Contributors: M. Aoki, R.E.A. Farmer, L.P. Hansen, D. Heymann, P. Howitt, T.J. Kehoe, B.Z. Khan, D. Laidler, D.K. Levine, E.S. Phelps, T.J. Sargent, K.L. Sokoloff
Contents:

Preface

Introduction

1. Axel Leijonhufvud and the Quest for Micro-foundations: Some Reflections
David Laidler

2. Old-Keynesian Economics
Roger E.A. Farmer

3. Interest Rate Setting in the Presence of Investment Prospects and Knightian Uncertainty
Edmund S. Phelps

4. Macroeconomics of Broken Promises
Daniel Heymann

5. Bankruptcy and Collateral in Debt Constrained Markets
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
Masanao Aoki

7. Time Inconsistency of Robust Control?
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
B. Zorina Khan and Kenneth L. Sokoloff

9. Macroeconomics with Intelligent Autonomous Agents
Peter Howitt

Axel Leijonhufvud: Publications

Index