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Journal of Economic Literature - Book Review

JEL Volume. 50, Issue 1 | leftPrevious Review Next Review right

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Book(s) Reviewed

Expectations, Employment and Prices by Roger E. A. Farmer

Published By: Oxford and New York: Oxford University Press
ISBN: 978-0-19-539790-1
Date of Publication: 2010


Book Review Detail

Reviewed by: Patrick Pintus of Aix-Marseille School of Economics, Aix-Marseille University
Review DOI: 10.1257/jel.50.1.179.r3
Review Pages: 184-87

Book Review Abstract

Patrick Pintus of Aix-Marseille School of Economics, Aix-Marseille University reviews "Expectations, Employment and Prices" by Roger E. A. Farmer. The EconLit Abstract of the reviewed work begins: Presents a Keynesian economics-based analysis of the business cycle and how to control it, focusing on the inefficiency of the equilibrium level of unemployment. Discusses the basic model; an extension to multiple goods; a model with investment and saving; a new way to understand business cycle facts; the Great Depression—telling the Keynesian story in a new way; the wartime recovery—a dynamic model where fiscal policy matters; the U.S. economy from 1951 to 2000—employment and gross domestic product; money and uncertainty; money and inflation since 1951; and how to fix the economy. Farmer is Professor and Department Chair of the Department of Economics at the University of California, Los Angeles. Bibliography; index.


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Book Review Authors

Patrick Pintus of Aix-Marseille School of Economics, Aix-Marseille University


JEL Classifications

E21: Macroeconomics: Consumption; Saving; Wealth
E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32: Business Fluctuations; Cycles
E62: Fiscal Policy


Journal of Economic Literature


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