Macroeconomic Theory
Fluctuations, Inflation and Growth in Closed and Open Economies
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Beschreibung
Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.
Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.
Offers a comprehensive and updated approach to macroeconomics studies Deals with fundamental aspects of sticky and flexible prices models Covers microfounded and ad hoc models of mainstream macroeconomics Presents closed and open economies models Analyzes the main issues of monetary and fiscal policies Analyzes, with the same framework, the pathologies of external and public debt crises and hyperinflation Uses dynamical systems, as a mathematical tool, to build models Uses the same structure to analyze models: specification, dynamical system equilibrium and stability, and comparative dynamics experiments Includes an appendix that deals with the mathematical tools used in the text Includes a list of exercises in each chapter
Autor*in
Fernando de Holanda Barbosa
Themen in »Macroeconomic Theory«
Fluctuation Keynesian Models Real Business Cycle Growth Exogenous Growth Endogenous Growth Government Budget Constraint Fiscal Policy Monetary Policy