Macroeconomic Theory
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Beschreibung
This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis. It investigates the implications of expectations and of stationary fiscal policies on allocations, on the quantity of money, and on the dynamic evolution of the economy with and without noise. The text contrasts and compares the two main competing approaches in macroeconomics within the same intertemporal model of a closed monetary economy: the one postulating full price flexibility to guarantee equilibrium in all markets at all times under perfect foresight or rational expectations, versus the so called disequilibrium approach where trading occurs at non- market-clearing prices and wages when these adjust sluggishly from period to period in response to market disequilibrium signals.
This novel text blends smoothly the behavioral toolsthat underlie modern macro: real and monetary, short and long run, classical and Keynesian, competitive and monopolistic, deterministic and stochastic. It belongs in the reading list of teachers and in the library of every practitioner.
Prof. Costas Azariadis, Washington University in St. Louis, USA
Presents a unique approach to macroeconomic theory based on microeconomic foundations, general equilibrium theory, and dynamic analysis of fiscal and monetary policies
Provides a synthesis of equilibrium and disequilibrium macro models with money unifying the features of microfounded temporary equilibrium and Keynesian models
Analyzes the dynamics of business cycles in deterministic and stochastic environments using bifurcation theory
Exhibits the power of numerical methods to investigate time series of explicit nonlinear dynamic stochastic monetary models
Presents a unique approach to macroeconomic theory based on microeconomic foundations, general equilibrium theory, and dynamic analysis of fiscal and monetary policies Provides a synthesis of equilibrium and disequilibrium macro models with money unifying the features of microfounded temporary equilibrium and Keynesian models Analyzes the dynamics of business cycles in deterministic and stochastic environments using bifurcation theory Exhibits the power of numerical methods to investigate time series of explicit nonlinear dynamic stochastic monetary models Includes supplementary material: sn.pub/extras
Autor*in
Volker Böhm
Themen in »Macroeconomic Theory«
Monetary macroeconomic model Nonlinear dynamic analysis Stochastic analysis Adaptive dynamics Rational expectations dynamics Equilibrium analysis Disequilibrium analysis Business cycles Bifurcation