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Snowdon B., Vane H.R - Modern Macroeconomics
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- 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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