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
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.