© 2011

Innovations in Macroeconomics

  • Novel approaches to innovation dynamics and growth in open economies

  • New monetary and non-monetary growth models

  • Discussion of rational innovation policies in OECD countries


Table of contents

  1. Front Matter
    Pages 1-1
  2. Paul J.J. Welfens
    Pages 247-272
  3. Paul J.J. Welfens
    Pages 347-365
  4. Paul J.J. Welfens
    Pages 431-445
  5. Paul J.J. Welfens
    Pages 495-514
  6. Paul J.J. Welfens
    Pages 531-563

About this book


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


Economic Policy Growth Innovation Innovation Policy International Economics Macroeconomics

Authors and affiliations

  1. 1.Europäisches Institut für Internationale, Wirtschaftsbeziehungen (EIIW) e.V.Bergische Universität WuppertalWuppertalGermany

Bibliographic information

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