Macroeconomics: Theories And Policies

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This text traces the history of macroeconomics, the evolution of macroeconomic thought, and the resulting theory and policy. The book places the various macroeconomic theories in the order in which they developed chronologically, and illustrates the similarities and differences of the models. The author admires all points of view and the result is a comprehensive, detailed, unbiased view of modern macroeconomic theory. Features 2 expanded chapters of economic growth. Streamlined and heavily updated Policy chapters. International chapters moved earlier in the text. INTRODUCTION AND MEASUREMENT. Introduction. Measurement of Macroeconomic Variables. CLASSICAL ECONOMICS AND THE KEYNESIAN REVOLUTION. Classical Macroeconomics (I): Equilibrium Output and Employment. Classical Macroeconomics (II): Money, Prices, and Interest. The Theory of Economic Growth. The Keynesian System (I): The Role of Aggregate Demand. The Keynesian System (II): Money, Interest, and Income. The Keynesian System (III): Policy Effects in the IS-LM Model. The Keynesian System (IV): Aggregate Supply and Demand. MACROECONOMIC THEORY AFTER KEYNES. The Monetarist Counterrevolution. Output, Inflation and Unemployment: Alternative Views. New Classical Economics. Real Business Cycles and New Keynesian Economics. Macroeconomic Models: A Summary. OPEN ECONOMY MACROECONOMICS. Exchange Rates and the International Monetary System. Monetary and Fiscal Policy in the Open Economy. ECONOMIC POLICY. The Money Supply and the Banking System. Monetary Policy. Fiscal Stabilization Policy. Supply-Side Economics. SECTORAL FUNCTIONS. Consumption and Investment. Money Demand.