Macroeconomics of Growth Cycles and Financial Instability Piero Ferri Professor of Economics, University of Bergamo, Italy NEW DIRECTIONS IN MODERN ECONOMICS Edward Elgar Cheltenham, UK • Northampton, MA, USA Contents Preface ...

1. Introduction -- Part I: basic concepts -- 2. Piketty's contribution -- 3. Measurement -- 4. Inequality and aggregate demand -- Part II: endogenous dynamics and instability -- 5. Aggregate demand, growth and instability -- 6. Wealth, public debt and instability -- 7. Recursive workhorses --...

This book is primarily a critical survey of small-case, theoretical macro models that attempts to analyze the cyclical behavior of modern economies. The authors emphasize the role of the labor market, which is treated very differently in such models. They show how the development of business...