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Title: The New Paradigm in Macroeconomics: Solving the Riddle of Japanese Macroeconomic Performance

Author(s): Richard Werner

Year: 2005

Pages: 288

ISBN: 1403920737; 9781403920737; 9780230506077; 0230506070

Topic: Business literature>Economy

English

OL15567271M

book

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Edition ID: 136318400

Added: 2011-06-04 13:46:07

Modified: 2019-12-21 21:23:21

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A growing literature on information imperfections, credit markets and non-Walrasian outcomes poses a significant challenge to traditional approaches in economics. This book unifies key aspects of these challenges in the formulation of a new macroeconomic paradigm. Its validity is tested using data on Japan, one of the biggest empirical challenges to the "old" paradigm. In the process, a contribution is made towards a better understanding of the many "puzzles" or "anomalies" of the Japanese economy of the past decades. However, the new approach is applicable far beyond Japan.
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