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My new book Prosperity for All: How to Prevent Financial Crises, from Oxford University Press. In the aftermath of the 2008 financial crisis, economists around the world have advanced theories to explain the persistence of high unemployment and low growth rates. According to Roger E. A. Farmer, these theories can be divided into two leading schools of thought: the ideas of pre-Keynesian scholars who blame the recession on bad economic policy, and the suggestions of "New Keynesian" scholars who propose standard modifications to select assumptions of Keynes' General Theory.... More detailed Description and Table of Contents available from Oxford University Press site. Preorder HERE from OUP; the book will ship September 1st 2016.
Expectations Employment and Prices is a monograph aimed at an academic audience. It brings Keynesian economics into the 21st century by providing a new paradigm which explains how high unemployment could potentially persist forever without a little help from the government. The book fills in logical gaps that were missing from the General Theory by reconciling some of its key ideas with modern economic theory. Central bankers throughout the world are talking now about developing a second instrument of monetary policy in addition to controlling the interest rate. This book directly addresses this issue and offers new creative monetary policy proposals and suggestions for the design of new financial institutions forthe 21st century.
How the Economy Works: Confidence Crashes and Self-Fulfilling Prophecies translates the scientific arguments of Expectations, Employment and Prices into English, and although the book was written for the general reader, there will also be much to interest those with a specialist knowledge of economics. It is more important than ever that the public understands the dominant schools of economic thought, how they developed in response to previous crises, and how contemporary economists’ beliefs are influencing the policies that have such a huge impact on peoples’ everyday lives. This book combines the best ideas from Keynesian and classical economics and offers a new tool that central banks can use to prevent future bubbles and crashes in the stock market.
The Macroeconomics of Self-Fulfilling Prophecies, MIT Press 1999 (2nd edition). The second edition of my graduate text offers an introduction to modern stochastic dynamic general equilibrium theory without the use of formal proof. It has become a classic since the first edition in 1993 and is still used widely in graduate economics programs throughout the world. Look out for a third edition coming soon.
Macroeconomics: Southwestern 2002. This is the second edition of my undergraduate textbook. It has a strong emphasis on data and a comprehensive treatment of classical approaches and modern general equilibrium theory.
Macroeconomics in the Small and the Large: Edited by Roger E. A. Farmer; Edward Elgar 2009. A series of papers in honor of Axel Leijonhufvud. It contains works by Axel Leijonhufvud, David Laidler, Roger E.A. Farmer, Edmund S. Phelps, Daniel Heymann, Timothy J. Kehoe and David K. Levine, Masanao Aoki, Lars P. Hansen and Thomas J. Sargent, B. Zorina Khan and Kenneth L. Sokoloff and Peter Howitt.
Monetary Policy in Our Times: MIT Press 1985. A now classic volume that I edited jointly with Albert Ando, Hidekazu Eguchi and Yoshio Suzuki. It contains works by Milton Friedman, James Tobin, Robert Gordon, K. Hamada and F. Hayashi, Michael Darby, Akihito Amano, Thomas Sargent, and Albert Ando.