Disequilibrium Economics Fluctuations in the U.S. Postwar Economy

List of figures

List of tables

Foreword

Part I ALTERNATIVE MACROECONOMICS

1 A general overview

2 Disequilibrium economics and the Economics of funding ‘Observable-variable economics’

Part II SHORT-TERM EQUILIBRIUM AND ITS SUPERVISION

3 Short-term equilibria by quantities as ex post equilibria

4 The intrinsic dynamics of _nancing and their supervision

Appendix A Price and quantity makers facing demand functions - Walrasian economics- ‘‘Classical’’ postulates in the General Theory

Appendix B A comparison with post-Keynesian economics: Short- term disequilibrium dynamics and Financing

Part III THE CYCLICAL DYNAMICS OF TOTAL OUTPUTS

5 Gravitations, perturbations, and breaks since World War II

6 Recurrent instability in the business cycle – Tendential macro instability and its checking

Appendix C (Un)Employment in the dynamics of growth and breaks

Appendix D The potential output and the output gap

Appendix E Estimating steady-state parameters, capacities, utilization rates, and capital stocks in the Business sector

Part IV THE HISTORICAL CONQUEST OF STABILITY AND NORMALITY

7 The history of Institutional, regulatory, and policy frameworks

8 Theory and practices in the supervision of macro mechanisms

Part V THE ANALYTICS OF STABILITY AND NORMALITY

9 Analytical frameworks

10 Built-in credit and fiscal policy mechanisms in the short term

11 Stability boundaries and zones in two-variable recurrence relations - The entrance into phases of instability

12 Policies in the longer term

13 The short-term dynamics of production to inventories

Part VI THE SUPERVISION OF CREDIT IN THE RESERVE SYSTEM AND THE BASEL ACCORDS - THE BANK REGULATORY RATIO CHANNEL

14 Bank regulatory ratios

15 Selling credits and collecting stable funding: I - The Reserve system

16 Recent achievements: Unconventional credit policy and the enforcement of sectoral normality

17 Selling credits and collecting stable funding: II - The Basel system

 Part VII APPENDICES

Appendix F Mathematical frameworks

Appendix G Sources, data, and methods

Bibliography

Index

Biography

Gérard Duménil is an economist and former Research Director at the Centre National de la Recherche Scientifique (CNRS), in France.

Dominique Levy is an economist and former Research Director at the Centre National de la Recherche Scientifique (CNRS), in France.

Together they are the authors of Managerial Capitalism: Ownership, Management and the Coming New Mode of Production, The Crisis of Neoliberalism and Capital Resurgent: Roots of the Neoliberal Revolution.