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Snowdon B., Vane H.R - Modern Macroeconomics

Annotation
Contents
Preface
Acknowledgements
1. Understanding modern macroeconomics
1.1 Macroeconomics Issues and Ideas
1.2 The Role of Economic Theory and Controversy
1.3 Objectives, Instruments and the Role of Government
1.4 The Great Depression
1.5 Keynes and the Birth of Macroeconomics
1.6 The Rise and Fall of the Keynesian Consensus
1.7 Theoretical Schizophrenia and the Neoclassical Synthesis
1.8 Schools of Thought in Macroeconomics After Keynes
1.9 The New Political Macroeconomics
1.10 The Renaissance of Economic Growth Research
2. Keynes v. the ‘old’ classical model
2.1 Introduction
2.2 Classical Macroeconomics
2.3 Employment and Output Determination
2.4 Say’s Law
2.5 The Quantity Theory of Money
2.6 Keynes’s General Theory
2.7 Interpreting the General Theory
2.8 Keynes’s Main Propositions
2.9 Keynes’s Analysis of the Labour Market
2.9.1 Rigidity of nominal wages
2.9.2 Flexibility of nominal wages
2.10 Keynes’s Rejection of Say’s Law
2.11 Keynes and the Quantity Theory of Money
2.12 Three Important Interpretations of Keynes
2.12.1 The ‘hydraulic’ interpretation
2.12.2 The ‘fundamentalist’ interpretation
2.12.3 The modified general equilibrium approach
2.13 The ‘New’ Keynes Scholarship
2.14 Causes and Consequences of the Great Depression
2.15 How to Pay for the War
2.16 Keynes and International Macroeconomics
2.17 Keynes’s Legacy and the Classical Revival
ROBERT SKIDELSKY
3. The orthodox Keynesian school
3.1 Introduction
3.2 The Orthodox Keynesian School
3.3 The IS–LM Model for a Closed Economy
3.3.1 The goods market and the IS curve
3.3.2 The money market and the LM curve
3.3.3 The complete model and the role of fiscal and monetary policy
3.4 Underemployment Equilibrium in the Keynesian Model
3 4.1 The general case
3.4.2 The limiting or special cases
3.4.3 The Pigou effect
3.4.4 The neoclassical synthesis
3.5 The IS–LM Model for an Open Economy
3.5.1 The goods market and the IS curve
3.5.2 The money market and the LM curve
3.5.3 The overall balance of payments and the BP curve
3.5.4 The complete model and the effects of a change in fiscal and monetary policy
3.13. The economy is initially in equilibrium at point A, the triple intersection
3.6 The Phillips Curve and Orthodox Keynesian Economics
3.7 The Central Propositions of Orthodox Keynesian Economics
JAMES TOBIN (1918– 2002)
Keynes and Keynesian Economics
Economic Policy
4. The orthodox monetarist school
4.1 Introduction
4.2 The Quantity Theory of Money Approach
4.2.1 The quantity theory as a theory of the demand for money
4.2.2 The quantity theory and changes in money income: empirical evidence
4.2.3 An assessment
4.3 The Expectations-augmented Phillips Curve Analysis
4.3.2 The policy implications of the expectations-augmented Phillips curve
4.4 The Monetary Approach to Balance of Payments Theory and Exchange Rate Determination
4.4.1 The monetary approach to the balance of payments under fixed exchange rates
4.4.2 The policy implications of the monetary approach under fixed exchange rates
4.4.3 The monetary approach to exchange rate determination
4.5 The Orthodox Monetarist School and Stabilization Policy
MILTON FRIEDMAN
Background Information
Keynes’s General Theory and Keynesian Economics
Economic Policy
Why do governments create inflation?
5. The new classical school
5.1 Introduction
5.2 The Influence of Robert E. Lucas Jr
5.3 The Structure of New Classical Models
5.3.1 The rational expectations hypothesis
5.3.2 Continuous market clearing
5.3.3 The aggregate supply hypothesis
5.4 Equilibrium Business Cycle Theory
5.5 The Policy Implications of the New Classical Approach
5.5.1 The policy ineffectiveness proposition
5.5.2 The real costs of disinflation
5.5.3 Dynamic time inconsistency, credibility and monetary rules
5.5.4 Central bank independence
5.5.5 Microeconomic policies to increase aggregate supply
5.5.6 The Lucas critique of econometric policy evaluation
5.6 An Assessment
ROBERT E. LUCAS JR
Background Information
New Classical Macroeconomics
Real Business Cycle Theory
Economic Growth
Economic Policy
Personal Information
6. The real business cycle school
6.1 Introduction: The Demise of New Classical Macroeconomics Mark I
6.2 The Transition from Monetary to Real Equilibrium Business Cycle Theory
6.3 Real Business Cycle Theory in Historical Perspective
6.4 Cycles versus Random Walks
6.5 Supply-side Shocks
6.6 Business Cycles: Main Features and Stylized Facts
6.7 Real Business Cycle Theory
6.8 The Structure of a Real Business Cycle Model
6.9 Technology shocks
6.10 A Real Business Cycle Aggregate Demand and Supply Model
6.11 Calibrating the Model
6.12 Real Business Cycle Theory and the Neutrality of Money
6.13 Measuring Technology Shocks: The Solow Residual
6.14 Real Business Cycle Theory and the Stylized Facts
6.15 The Policy Implications of Real Business Cycle Theory
6.16 Criticisms of Real Business Cycle Theory
6.17 Great Depressions: A Real Business Cycle View
6.18 An Assessment
Development of Macroeconomics
What about Milton Friedman?
Growth and Development
7. The new Keynesian school
7.1 The Fall and Rise of Keynesian Economics
7.2 A Keynesian Resurgence
7.3 New Keynesian Economics
7.4 Core Propositions and Features of New Keynesian Economics
7.5 Nominal Rigidities
7.6 Dornbusch’s Overshooting Model
7.7 Real Rigidities
7.7.1 Other sources of real price rigidity
7.7.2 Real wage rigidity
7.8 New Keynesian Business Cycle Theory
7.9 Hysteresis and the NAIRU
7.10 New Keynesian Economics and the Stylized Facts
7.11 Policy Implications
7.11.2 Monetary regimes and inflation targeting
7.12 Keynesian Economics Without the LM Curve
7.13 Criticisms of New Keynesian Economics
7.14 An Assessment of New Keynesian Economics
N. GREGORY MANKIW
General Issues
New Classical Macroeconomics
8. The Post Keynesian school Paul Davidson*
8.1 Introduction
8.2 The Significance of the Principle of Effective Demand
8.3 Taxonomy
8.4 Keynes’s Taxonomic Attack on Say’s Law
8.5 Can Relative Price Changes Induce D2 to Fill the Gap?
8.6 Investment Spending, Liquidity, and the Non-neutrality of Money Axiom
8.7 What Type of an Economic System is ‘Irrational’ Enough to use Money Contracts?
8.8 Information, Decisions and Uncertainty
8.9 Classifying Decision-making Environments
8.10 Keynesian Uncertainty, Money and Explicit Money Contracts
8.11 Conclusions
9. The Austrian school Roger W. Garrison*
9.1 The Mengerian Vision
9.2 The Intertemporal Structure of Capital
9.3 Saving and Economic Growth
9.4 The Saving–Investment Nexus
9.4.1 A detour through monetarism
9.4.2 The saving–investment perversity of Keynesianism
9.4.3 Austrian disaggregation
9.4.4 Derived demand and time discount
9.5 The Market for Loanable Funds
9.6 Full Employment and the Production Possibilities Frontier
9.7 The Capital-based Macroeconomic Framework
9.8 Saving-induced Capital Restructuring
9.9 Keynes’s Paradox of Thrift Revisited
9.10 The Austrian Theory of the Business Cycle
9.11 A Keynesian Downturn in the Austrian Framework
9.12 Inflation and Deflation in the Austrian Theory
9.13 Policy and Reform
10. The new political macroeconomics
10.1 Introduction: Political Distortions and Macroeconomic Performance
10.2 Political Influences on Policy Choice
10.3 The Role of Government
10.4 Politicians and Stabilization Policy
10.5 Alternative Approaches to the ‘Political Business Cycle’: An Overview
10.6 The Nordhaus Opportunistic Model
10.6.1 Optimal inflation and unemployment
10.6.2 Long-run implications of the Nordhaus model
10.6.3 Short-run outcomes: the ‘political business cycle’
10.7 The Hibbs Partisan Model
10.8 The Decline and Renaissance of Opportunistic and Partisan Models
10.9 Rational Political Business Cycles
10.10 Rational Partisan Theory
10.11 Opportunistic and Partisan Behaviour: A Synthesis
10.12 Politics, Time Inconsistency, Credibility and Reputation
10.13 Policy Implications of Politico-Economic Models: An Independent Central Bank?
10.14 The Political Economy of Debt and Deficits
10.15 Political and Economic Instability: Are They Related?
10.16 The Political Economy of Economic Growth
10.17 Political Barriers to Economic Growth
10.18 The Size of Nations
10.19 Conclusion
ALBERTO ALESINA
Keynes and Keynesianism
The Political Business Cycle
Rational Expectations and Business Cycle Models
General Macroeconomic Issues
Are you in favour of monetary and fiscal rules?
11. The renaissance of economic growth research
11.1 Introduction
11.2 The ‘Great Divergence’
11.3 In Praise of Economic History
11.4 Back to the Long Run
11.5 Why is Economic Growth So Important?
11.6 Modern Economic Growth in Historical Perspective
11.7 The Stylized Facts of Growth
11.8 Proximate v. Fundamental Sources of Growth
11.9 The Harrod–Domar Model
11.10 The Solow Neoclassical Growth Model
11.11 Accounting for the Sources of Economic Growth
11.12 The Convergence Debate
11.13 Beyond the Solow Model
11.14 Endogenous Growth: Constant Returns to Capital Accumulation
11.15 Endogenous Growth: The Economics of Ideas
11.16 An Augmented Solow Model: A Neoclassical Revival?
11.17 Focusing on the Fundamental Causes of Growth
11.18 Institutions and Economic Growth
Developing effective institutions
11.19 Trade and Economic Growth
11.20 Geography and Growth
11.21 Growth in History: In Search of a Unified Theory
The population, ideas and property rights story
The Mathus to Solow story
11.22 The Ideal Conditions for Growth and Development: Rediscovering Old Truths
ROBERT M. SOLOW
Background information
Economic growth
What sort of issues are you currently working on?
PAUL M. ROMER
Background Information
Economic Growth
12. Conclusions and reflections
12.1 Introduction
12.2 Twentieth-Century Developments in Macroeconomics: Evolution or Revolution?
12.3 Is There a Consensus on Key Macroeconomic Issues?
Bibliography
Author index

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Snowdon B., Vane H.R - Modern Macroeconomics

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