Macroeconomics
Imperfections, Institutions, and Policies
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Product details:
- Publisher OUP Oxford
- Date of Publication 15 December 2005
- ISBN 9780198776222
- Binding Paperback
- No. of pages856 pages
- Size 246x188x31 mm
- Weight 1764 g
- Language English
- Illustrations Numerous tables and line drawings 0
Categories
Short description:
Macroeconomics makes modern macroeconomics with its focus on imperfect competition, interest-rate setting central banks, and knowledge - based growth accesible to undergraduates. It provides micro-foundations for the Philips curve, for persistent involuntary unemployment, for aggregate consumption and investment behaviour, and for inflation-targetting. It is based on the mainstream monetary macro model now used widely by academics and policy makers and shows students how to use it to understand a broad range of real-world macroeconomic behaviour and policy issues. 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.
MoreLong 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
BL the IS curve
BL the Phillips curve and
BL 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.
Online Resource Centre
For lecturers: password-protected solutions and diagrams from the text.
For students: exercises and checklist questions.
When teaching intermediate macroeconomics in Harvard, I deeply felt that existing textbooks were all lacking: 1) proper microeconomic foundations linking important notions such as the Keynesian consumption function, the investment accelerator, the Phillips curve, the possibility of persistent (involuntary) unemployment, to precise sources of imperfections in the product, labor, or financial markets; 2) a suitable treatment of growth theory that can shed light on observed convergence and divergence patterns across countries and also on how growth policies should be designed in various countries at different stages of development. Being the first comprehensive attempt at filling these gaps, the Carlin-Soskice textbook should be used by any instructor who wants to bring her students to the frontier of modern macroeconomics while at the same time remaining fully accessible to a broad undergraduate audience. Philippe Aghion, Robert C. Waggoner Professor of Economics, Harvard University
Table of Contents:
Preface
Motivation for Macroeconomic Models
PART 1: THE MACROECONOMIC MODEL
Aggregate Demand, Aggregate Supply and Business Cycles
Inflation, Unemployment and Monetary Rules
Labour Markets and Supply-Side Policies
Monetary Policy
Fiscal Policy
PART 2: CONSUMPTION, INVESTMENT AND MONEY
Consumption and Investment
Money and Finance
PART 3: THE OPEN ECONOMY
The open economy in the short run
Inflation and Unemployment in the Open Economy
Shocks and Policy Responses in the Open Economy
Interdependent Economies
PART 4: GROWTH
Exogenous Growth Theory
Endogenous and Schumpeterian Growth
PART 5: MICRO-FOUNDATIONS AND POLITICAL ECONOMY
New Keynesian Micro-foundations
Political Economy
PART 6: APPLICATIONS
Performance and Policy in Europe, the USA and Japan
Unemployment: institutions, shocks and policies
