Expectations, Employment and Prices

Expectations, Employment and Prices brings Keynesian economics into the 21st century by providing a new paradigm that explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. This book directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions for the 21st century.

1. - The Theory of Unemployment
2. - TheBasicModel
3. - An Extension to Multiple Goods
4. - Investment and Saving
5. - Business Cycle Facts
6. - The Great Depression
7. - The War-Time Recovery
8. - 1951 to 2000: Employment and Gdp
9. - Money and Uncertainty
10. - Money and Inflation Since 1951
11. - How to Fix the Economy

Roger E. A. Farmer is Professor and Department Chair at UCLA Department of Economics. He is a Research Associate of the National Bureau of Economic Research and the Centre for Economic Policy Research, and coeditor 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 five books and numerous scholarly articles.