Syllabus
I. Foundations of the keynesian macroeconomics in the work of John Maynard Keynes 1. The Treatise on Money . London, Macmillan 1930 (ch. 15) 2. The General Theory of Employment, Interest and Money. San Diego, HBJ 1953 (ch. 5, 12)
II. Neokeynesian macroeconomics - the Great Neoclassical Synthesis 3. John Hicks: Mr. Keynes and the Classics. Econometrica, Vol. 5, April 1937 4. Franco Modigliani: Liquidity Preference and the Theory of Interest and Money. Econometrica, Vol. 12, January 1944 5. James Tobin: Inflation and unemployment. American Economic Review, March 1972;Price Flexibility and Output Stability - An Old Keynesian View. The Journal of Economic Perspectives, No. 1, Vol. 7, Winter 1993
III. Disequilibrium keynesianism 6. Robert Clower: The Keynesian Counterrevolution: A Theoretical Appraisal. In: Hahn, F. E., Brechling, F. P. R. (eds.): The Theory of Interest Rates. London, Macmillan 1965 7. Axel Leijonhufvud: Keynes and the Keynesians. A Suggested Interpretation. American Economic Review, Vol. 57, May 1967
IV. Postkeynesian Economics 8. Nicholas Kaldor: The Irrelevance of Equilibrium Economics. The Economic Journal, No. 328, Vol. 82, December 1972 9. Jan Kregel: Economic Methodology in the Face of Uncertainty. Economic Journal, Vol. 86, June 1976 10. Hyman Philip Minsky: The Financial Instability Hypothesis: A Restatement.Thames Papers on Political Economy 1981; Paul Davidson: A Technical definition of Uncertainty and the Long-Run Non-Neutrality of Money. Cambridge Journal of Economics, Vol. 12, 1988
V. New Keynesian Economics 11. James Meade: Wage-Fixing Revisited. London, IEA 1985 12. George Akerlof, Janet Yellen: A Near Rational Model of the Business Cycle with Wage and Price Inertia. The Quarterly Journal of Economics, Vol. C -- Supplement, 1985 13. Bruce Greenwald and Joseph Stiglitz: New and Old Keynesians. Journal of Economic Perspectives, Vol. 7, No. 1, Winter 1993
Annotation
The aim of the course is to enhance understanding of development of the most important streams of keynesian macroeconomics on the bases of discussions of original papers and chapters of the most important books.
Students are required to write an essay of about 15 pages. This essay is the bases for evaluation of student`s achievements during the course.