Synopses & Reviews
This book presents new methods for resolving important puzzles in macro-dynamic analysis; firstly detecting causal relations among changing dynamic variables, and secondly estimating the divisions of nominal income change into output change and price level change. The first topic is the basis of analysis of economic growth and business cycle phenomena, and as such has significant policy implications both in the medium and long term, for economic growth and development. The second topic is a quest for Milton Freidman's "missing equations;" since this topic is vital for any analysis of inflation and output growth, and builds on Philips' curve phenomena, it will have important consequences for current policy discussions. Amano builds on careful empirical analyses, examining data from different countries and periods.
This book proposes new methods of detecting causality among several dynamic variables and of estimating divisions of nominal income changes into changes in output and prices. Amano builds on established traditions of macro-dynamics and the theories of Keynes and Freidman, while providing innovative perspectives and important policy implications.
About the Author
MASANORI AMANO graduated from the Faculty of Politico-Economics, Waseda University, and the Graduate School of Economics, Hitotsubashi University, both in Japan. He holds doctoral degree in Economics from Hitotsubashi University. His previous publications include papers in Review of Economic Studies, Economica, Journal of the Japanese and International Economies, and Japan and the World Economy. He has published two books in Japanese, on money and macroeconomics, and business cycles in Japan, and an English book on comparative international monetary policy. He has previously taught at the University of Tsukuba and Hitotsubashi University, and currently teaches at the Department of Economics at Chiba University, Japan.
Table of Contents
The "Missing Equations" for Postwar USA, UK and JapanEstimating the "Missing Equations" for Developing CountriesA Quest for the "Missing Equations" in OECD CountriesThe NAIRU, Potential Output and the Kalman Filter: A Survey and EstimationThe NAIRU, Potential Output and Okun's Law: Postwar USA, UK and JapanFinance and Growth: VARs with Cointegration for the USA, the UK and JapanFinancial Structure and Economic Growth: The USA, UK and Japanese ExperiencesHas Growth Been Led by Investment or Exports? Prewar and Postwar USA, UK and JapanInvestment, Exports and Growth: Evidence from Some Developing Countries