Innovations in Macroeconomics [electronic resource] /
Welfens, Paul J.J.author.
Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. The analysis suggests new approaches to innovations in open economies in many ways, including the Schumpeterian Mundell-Fleming model and new monetary growth models. A specific focus is on the role of innovations for output, employment and exchange rate developments. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies. This important new book sets a new direction for macroeconomics. By linking several strands of fundamental economic thinking into a coherent, integrated framework it provides a pathbreaking understanding into the fundamental forces shaping macroeconomic performance. In particular, by injecting insights from the Schumpeterian model, the author succeeds in presenting a new policy framework to guide economic growth policy. Prof. Dr. David Audretsch, Institute of Development Strategies, Indiana University, Bloomington, USA.
Description based upon print version of record.
Includes bibliographical references (p. [418]-425).
Globalization, Specialization and Innovation Dynamics -- Savings, Investment and Growth: New Approaches for Macroeconomic Modelling -- Economic Integration, Technological Progress and Growth -- Impact of the Real Exchange Rate on Trade, Structural Change and Growth -- Macroeconomic Aspects of Opening up, Unemployment, Growth and Transition -- Productivity Shocks, Innovations, Stock Market Dynamics and Growth -- Innovation Dynamics and Optimum Growth -- Trade, Structural Change and Growth in an Open Monetary Economy -- Innovations in the Digital Economy: Promotion of R&D and Growth in Open Economies -- EU Innovation Policy: Analysis and Critique -- Financial Market Integration, Interest Rates and Economic Development.
Modern macroeconomics suffers from an unclear link between short-term Keynesian analysis and long-term growth modelling. Moreover, product and process innovations have been only partially integrated. The analysis suggests new approaches to innovations in open economies in many ways, including the Schumpeterian Mundell-Fleming model and new monetary growth models. A specific focus is on the role of innovations for output, employment and exchange rate developments. This book presents a new link between monetary analysis and growth modelling in open economies. Structural change, innovations and growth are considered from a new perspective. With respect to economic policy - in particular innovation policy - the analysis implies major changes, concerning both EU countries and other leading OECD economies. This important new book sets a new direction for macroeconomics. By linking several strands of fundamental economic thinking into a coherent, integrated framework it provides a pathbreaking understanding into the fundamental forces shaping macroeconomic performance. In particular, by injecting insights from the Schumpeterian model, the author succeeds in presenting a new policy framework to guide economic growth policy. Prof. Dr. David Audretsch, Institute of Development Strategies, Indiana University, Bloomington, USA.
Macroeconomics.
Economic policy.
Macroeconomics/Monetary Economics//Financial Economics.
Economic Policy.
R & D/Technology Policy.