Lectures on Macroeconomics [Hardback]by O J Blanchard
Usually ships within 2 to 4 working days Description of Lectures on MacroeconomicsLectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form.A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT. Title Information
Write a review of this book Customer Reviews from AmazonAbout O J BlanchardOlivier Jean Blanchard is Professor of Economics at MIT. Stanley Fischer became Governor of the Bank of Israel in May of 2005. He has also served as Vice Chairman of Citigroup, Inc., First Deputy Managing Director of the International Monetary Fund, and Killian Professor and Head of the Department of Economics at MIT. Before his service in the IMF from 1994 to 2001, he was Killian Professor and Head of the Department of Economics at MIT.Contents of Lectures on MacroeconomicsPreface1. Introduction 1.1 Macroeconomic Facts 1.2 An Overview of the Book 1.3 Prelude Notes References 2. Consumption and Investment: Basic Infinite Horizon Models 2.1 The Ramsey Problem 2.2 The Decentralized Economy 2.3 The Government in the Decentralized Economy 2.4 Application: Investment and Saving in the Open Economy 2.5 The Utility Function Appendix A: Ruling Out Explosive Paths in the Ramsey Model Appendix B: Local Behavior of Capital around the Steady State in the Ramsey Model Appendix C: Command Optimum and Decentralized Equilibrium in the Open Economy Model Appendix D: Saddle Point Equilibrium in the Linearized (k, q) System Problems Notes References 3. The Overlapping Generations Model 3.1 Two-Period Lives 3.2 Social Security and Capital Accumulation 3.3 A Model of Perpetual Youth 3.4 Fiscal Policy: Debt and Deficit Finance 3.5 Aggregate Saving and the Interest Rate Problems Notes References 4. Money 4.1 The Overlapping Generations Model with Money 4.2 Explaining the Use of Money 4.3 A General Equilibrium Baumol-Tobin Model 4.4 Real Effects of Open Market Operations 4.5 Money in the Utility Function 4.6 Money, Inside and Outside 4.7 Seigniorage and Inflation Appendix A: Derivation of Individual Behavior in Section 4.3 Appendix B: Derivation of Local Dynamics and Stability in the Sidrauski Model Problems Notes References 5. Multiple Equilibria, Bubbles, and Stability 5.1 Solutions to a Simple Equation 5.2 Bubbles on Assets in General Equilibrium 5.3 Price Level Bubbles, Hyperinflations, and Hyperdeflations 5.4 Multiple Equilibra, Sunspots, and Cycles 5.5 Learning 5.6 Conclusions Appendix A: A Tool Kit of Solutions to Linear Expectational Difference Equations Problems Notes References 6. Optimal Consumption, Investment, and Inventory Behavior 6.1 The State of Play 6.2 The Consumption/Saving Choice under Uncertainty 6.3 Investment under Uncertainty 6.4 Inventory Behavior under Uncertainty Problems Notes References 7. Competitive Equilibrium Business Cycles 7.1 Productivity Shocks, Consumption, and Capital Accumulation 7.2 Output and Employment Fluctuations 7.3 Unemployment, Heterogeneity, Shocks, and Imperfect Information Problems Notes References 8. Nominal Rigidities and Economic Fluctuations 8.1 Price Setting under Monopolistic Competition 8.2 Time-Dependent Rules, Staggering, and the Effects of Money 8.3 State-Dependent Rules and the Effects of Money 8.4 Conclusion Problems Notes References 9. Goods, Labor, and Credit Markets 9.1 Labor Markets: Introduction 9.2 Contracts, Insurance, Real Wages, and Employment 9.3 Unions, Insiders, Real Wages, and Employment 9.4 Efficiency Wages 9.5 Goods Markets 9.6 Financial Markets and Credit Rationing 9.7 Conclusions Problems Notes References 10. Some Useful Models 10.1 Equilibrium Models and Asset Pricing 10.2 Money Demand Models, Deficits, Seigniorage, and Inflation 10.3 Aggregate Supply and Demand, Wage Indexation, and Supply Shocks 10.4 The Dynamics of Demand: The IS-LM and Mundell-Fleming Models 10.5 Dynamics of Aggregate Supply Problems Notes References 11. Monetary and Fiscal Policy Issues 11.1 The Goals of Economic Policy 11.2 Monetary Policy 11.3 Fiscal Policy 11.4 Dynamic Inconsistency 11.5 Conclusions Problems Notes References Name Index Subject Index |
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