Significance of the Keynesian Legacy from a Theoretical Viewpoint: A High-Dimensional Macrodynamic Approach

Toichiro Asada
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Toichiro Asada: Chuo University

Chapter 5. in Time and Space in Economics, 2007, pp 81-96 from Springer

Abstract: Summary In this chapter we consider the significance of the “Keynesian Legacy” in modern macroeconomics from a theoretical point of view. We present the outline of a variant of the “high-dimensional dynamic Keynesian model” with debt accumulation without committing to the mathematical details, and investigate the economic implication of the model. Our model is designed to shed some light on the understanding of the Japanese economy in the 1990s and 2000s, and provide some hints on the policy prescriptions.

Keywords: Keynesian legacy; High-dimensional dynamic Keynesian model; Debt accumulation; Expectation formation; Stabilization policy (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-4-431-45978-1_5

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DOI: 10.1007/978-4-431-45978-1_5

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