Industrial-Sized Deals Best Books of the Month Shop Women's Handbags Learn more nav_sap_SWP_6M_fly_beacon Beach House Fire TV Stick Grocery Find the Best Purina Pro Plan for Your Pet Shop Popular Services tmnt tmnt tmnt  Amazon Echo Starting at $99 Kindle Voyage Metal Gear Solid 5 Shop Back to School with Amazon Back to School with Amazon Outdoor Recreation Deal of the Day
Expectations, Employment and Prices and over one million other books are available for Amazon Kindle. Learn more

Expectations, Employment and Prices 1st Edition

2 customer reviews
ISBN-13: 978-0195397901
ISBN-10: 0195397908
Why is ISBN important?
ISBN
This bar-code number lets you verify that you're getting exactly the right version or edition of a book. The 13-digit and 10-digit formats both work.
Scan an ISBN with your phone
Use the Amazon App to scan ISBNs and compare prices.
Have one to sell? Sell on Amazon
Buy used
$9.00
Buy new
$50.35
More Buying Choices
34 New from $3.98 44 Used from $2.00
Free%20Two-Day%20Shipping%20for%20College%20Students%20with%20Amazon%20Student


New & Popular:"The Power of Relentless"
read the popular new release from Wayne Allyn Root.
$50.35 FREE Shipping. Only 2 left in stock (more on the way). Ships from and sold by Amazon.com. Gift-wrap available.

Frequently Bought Together

Expectations, Employment and Prices + How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies
Price for both: $64.87

Buy the selected items together

Editorial Reviews

Review


"This is an ambitious book. We need to develop new approaches to business cycles and unemployment. Roger Farmer's attempt is refreshing, insightful and bold."--Daron Acemoglu, Charles P. Kindleberger Professor of Applied Economics, MIT and Co-Editor of Econometrica


"This book is modestly represented by its author as an extension to Keynesian economics. But I am more inclined to represent it as a new tradition, 'Farmerian economics.' While both are intended to provide justification for active countercyclical policy in the face of market failure, the microfoundations for Farmerian economics are much stronger than those of John Maynard Keynes. Farmerian economics is as distinct from Keynesian and New Keynesian economics as Lucasian economics is from Classical and New Classical Economics."--William A. Barnett, Oswald Distinguished Professor of Macroeconomics, University of Kansas, and Editor, Macroeconomic Dynamics


"In this important book, Roger Farmer challenges the commonly accepted structure of modern DSGE models. Since these models are still, at their core, neoclassical constructs they miss much of the intuition of Keynes' original contribution. Farmer builds microfounded dynamic equilibrium models that can generate persistent inefficient equilibria with high levels of unemployment. He confronts these models with data, and uses them to argue for vigorous government policies to avoid those situations. In this way, Farmer not only greatly enriches our understanding of dynamic macroeconomics, but shows how its tools can be applied to many different environments with a surprising level of flexibility and power. An insightful work that all macroeconomists interested in business cycles should read."--Jesus Fernandez-Villaverde, Associate Professor of Economics, University of Pennsylvania


"What did Keynes really mean? How much of Keynesian intuition can be formulated using the language of modern macroeconomics? If you want to find out, read this creative and fascinating book. It uses tools from search theory and self-fulfilling equilibria to breathe new life into old debates. Keynes is dead. Long live Roger Farmer!"--Harald Uhlig, Professor and Chair, Department of Economics, The University of Chicago and Co-Editor of Econometrica


About the Author


Roger E. A. Farmer is Professor and Department Chair of the UCLA Department of Economics. He is a Research Associate of the National Bureau of Economic Research and the Centre for Economic Policy Research, and co-editor of the International Journal of Economic Theory. He is a member of the Financial Times Economists' Forum, a specialist on macroeconomic theory, and the author of six books and numerous scholarly articles. His book How the Economy Works, a companion to this book, is available from Oxford University Press. Written in clear, accessible language, it makes an argument that no one should ignore. How the Economy Works is suitable for general readers with an interest in business and the economy; students at all levels in undergraduate and graduate economics courses; and academics and practicing economists in business and policy institutions.

NO_CONTENT_IN_FEATURE


Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Hardcover: 208 pages
  • Publisher: Oxford University Press; 1 edition (March 31, 2010)
  • Language: English
  • ISBN-10: 0195397908
  • ISBN-13: 978-0195397901
  • Product Dimensions: 9.3 x 0.8 x 6.2 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,504,130 in Books (See Top 100 in Books)

More About the Author

Roger E.A. Farmer is Professor and Chair of the Economics Department at UCLA. He is a member of the Financial Times Economists Forum, a specialist on macroeconomic theory and the author of six books and numerous scholarly articles in leading economic journals. In 2000, he was awarded the University of Helsinki medal. Professor Farmer is internationally known for his work on self-fulfilling prophecies in economics. His book, the Macroeconomics of Self-Fulfilling Prophecies explains how changes in market psychology can cause depressions and his two new books on the current economic crisis, Expectations, Employment and Prices and How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies are forthcoming with Oxford University Press. These works integrate Keynesian economics with classical ideas and provide a new paradigm for macroeconomics in the 21st century.

Customer Reviews

5 star
50%
4 star
0%
3 star
50%
2 star
0%
1 star
0%
See both customer reviews
Share your thoughts with other customers

Most Helpful Customer Reviews

2 of 3 people found the following review helpful By ek on May 5, 2010
Format: Hardcover
Roger Farmer constructs a new theory by merging Keynes's ideas into the modern macroeconomics framework. Keynes argued that the state of long term expectations determines the level of economic activity. Keynesian economics, however, lacks a microfoundation, which modern macroeconomics exploits. Farmer fills the gap and explores the role of Keynes's state of long term expectations to the macroeconomy in the language of dynamic general equilibrium theory. In Farmer's theory, this concept is represented by self-fulfilling beliefs on values of the capital good, and those beliefs select an equilibrium. As a consequence, it could be the case that high unemployment is an equilibrium phenomenon and persists for a long time due to market pessimism. This book is written in the style of academic economic research, and it contains Farmer's original and creative arguments and policy suggestions.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
Format: Hardcover
Farmer commits the exact same error that has been committed by practically every other economist ,in the 20th and 21st centuries ,who has written on Keynes's General Theory.The basic claim,first made by Richard Kahn and Joan Robinson ,was that Keynes provided no worked out technical,mathematical model of his theory of effective demand in the GT.This mistaken evaluation has resulted in an economics profession that,be it 1936 or 2006, believes that Keynes's "analysis" was contained in a chapter,chapter 3, that Keynes told Dennis Robertson in Febtuary,1935 DID NOT contain his analysis.

The theory of effective demand involved the D and Z functions .These functions were presented in a purely introductory manner in chapter 3 of the GT by Keynes. Keynes provided no microeconomic foundation in this chapter and/or worked out analysis.He warned th ereader that it might be unintelligible until the model was fully developed later in the book.Keynes made it very clear that he presented his formal, microeconomic analysis in chapter 20,not chapter 3 ,of the GT.This fact has never been understood by the economics profession .Together ,the D and Z functions specified the Aggregate Supply Curve( The Employment Function),which was a locus of multiple expected equilibria.

Farmer also accepts the basic claims made by the mathematically illiterate,inept,and innumerant English economist,Dennis Robertson,who insisted that chapters 3 and 10,respectively,contained Keynes's major contributions to microeconomics and macoeconomics,respectively, in the GT.
Read more ›
4 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Set up an Amazon Giveaway

Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more
Expectations, Employment and Prices
This item: Expectations, Employment and Prices
Price: $50.35
Ships from and sold by Amazon.com

Want to discover more products? Check out this page to see more: introduction to dynamic stochastic general equilibrium