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Macroeconomics: Imperfections, Institutions, and Policies
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ISBN
:
9780195691672
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Publisher
:
Oxford University Press
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Subject
:
Business & Management
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Binding
:
Paperback
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Pages
:
852
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Year
:
2007
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510.0
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397.0
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Description
The distinctive feature of this book is that it provides a unified framework for the analysis of short- and medium-run macroeconomics. This gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behaviour and policy issues. The authors introduce a new graphical model (IS/PC/MR) based on the 3-equation New Keynesian model used in modern macroeconomics. The three equations are the IS curve the Phillips curve and an interest rate-based monetary policy rule. The use of a common framework throughout for closed and open economies helps readers develop the economic intuition with which to address a diversity of macroeconomic problems. Applied chapters show how the models can be used to analyse performance in OECD economies over the past twenty-five years. The chapters on growth present an in-depth coverage of the Solow-Swan, endogenous and Schumpeterian models that allow the reader to understand how these approaches can be used to answer the big questions of growth: why some countries are rich and others, poor; why some catch up and others do not. Since the book is based on the mainstream 3-equation model used at the research frontier, the book gives students the economics background necessary for accessing advanced macroeconomics. It is also designed to appeal to graduate students, non-specialists in macroeconomics, professional economists and those from related disciplines who want a guide to the complexities of modern macroeconomics and to understand contemporary policy debates. Key Features Provides comprehensive coverage of aggregate demand and supply within an integrated model fully incorporating open economy aspects. Provides a rigorous, yet accessible, treatment of growth theory and debates about convergence. Shows how a simplified version of the Schumpeterian growth model works and how it can be used to address a rich variety of questions about growth and institutions. Gives students the economics background necessary for accessing advanced macroeconomics. Provides comprehensive coverage of aggregate demand and supply sides of the closed and open economy within an integrated model, giving students a better understanding of all economies. Check-list questions focus on common confusions and misunderstandings, and problems and open-ended questions help students develop deeper understanding and greater confidence. Is unique in providing a self-contained introduction to the growing field of political economy. Online Resource Centre with exercises and checklist questions for students and password-protected solutions and diagrams from the text for lecturers. Table of ContentsPreface Part 1: The Macroeconomic Model Part 2: Consumption, Investment And Money Part 3: The Open Economy Part 4: Growth Part 5: Micro-Foundations And Political Economy Part 6: Applications
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