Summary
In this chapter we consider the significance of the “Keynesian Legacy” in modern macroeconomics from a theoretical point of view. We present the outline of a variant of the “high-dimensional dynamic Keynesian model” with debt accumulation without committing to the mathematical details, and investigate the economic implication of the model. Our model is designed to shed some light on the understanding of the Japanese economy in the 1990s and 2000s, and provide some hints on the policy prescriptions.
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Asada, T. (2007). Significance of the Keynesian Legacy from a Theoretical Viewpoint: A High-Dimensional Macrodynamic Approach. In: Asada, T., Ishikawa, T. (eds) Time and Space in Economics. Springer, Tokyo. https://doi.org/10.1007/978-4-431-45978-1_5
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DOI: https://doi.org/10.1007/978-4-431-45978-1_5
Publisher Name: Springer, Tokyo
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