A Modern Guide to

Keynesian
Macroeconomics and
Economic Policies

Edited by
Eckhard Hein
Berlin School of Economics and Law, Germany

Engelbert Stockhammer
Kingston University, UK

Edward Elgar
Cheltenham, UK • Northampton, MA, USA
Contents
List of contributors vii

Introduction -
Eckhard Hein and Engelbert Stockhammer xii

1. History and methods of post-Keynesian economics 1

Marc Lavoie
2. Money, credit and central banks in post-Keynesian
economics 34
Marc Lavoie
3. Growth and income distribution: a post-Keynesian
perspective 61
Amitava Krishna Dutt
4. Keynesian economics and the New Consensus in
macroeconomics 88
Philip Arestis
5. A post-Keynesian macroeconomic model of inflation,
distribution and employment 112
Eckhard Hein and Engelbert Stockhammer
6. The macroeconomics of unemployment 137
Engelbert Stockhammer
1. Institutions, aggregate demand and cross-country
employment performance: alternative theoretical
perspectives and the evidence 165
David R. Howell
8. European Economic and Monetary Union policies from a
Keynesian perspective 191
Philip Arestis
9. Open economy models of distribution and growth 215
Robert A. Blecker
10. Globalisation, macroeconomic performance and distribution 240
Ozlem Onaran
11. International monetary and financial architecture 267
Hansjorg Herr
vi A modern guide to Keynesian macroeconomics and economic policies

12. 'Financialisation', distribution and growth 294

Eckhard Hein
13. Keynesian approaches tofinancialcrisis 325
Gary A. Dymski

Index 353