Macroeconomic theory : a dynamic general equilibrium approach

Başlık:

Yazar:

Wickens, Mike.

ISBN:

9780691116402

Ek Yazar:

Wickens, Mike.

Yayım Bilgisi:

Princeton : Princeton University Press, c2008.

Fiziksel Tanım:

xv, 477 s. : grf., tbl. ; 27 cm.

Konu Terimleri:

Makroekonomi.

Macroeconomics.

Mevcut:*

Library	Materyal Türü	Barkod	Yer Numarası	Durum
Searching... Pamukkale Merkez Kütüphanesi	Kitap	0060629	HB172.5.W53 2008	Searching... Unknown

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This book truly offers something new by emphasizing the general equilibrium character of macroeconomics to explain effects across the whole economy, not just part. It is also the perfect resource for economists who need to brush up on the latest developments.

Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, exchange-rate determination, and an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. While the mathematics needed for this book is rigorous, the author describes fundamental concepts in a way that helps make the book self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory will become the standard text for students and is ideal for economists, particularly those in government, central and commercial banking, and financial investment.

The most up-to-date macroeconomics textbook available today Web-based exercises with answers (June 2008) Emphasis on general equilibrium macroeconomics addresses the whole economy Latest advances in macroeconomics covered fully and completely Gives up-to-date account of monetary policy Covers modern finance Extensive mathematical appendix for at-a-glance easy reference

Author Notes

Michael Wickens is professor of economics at the University of York. He is the coeditor of Handbook of Applied Econometrics and was managing editor of the Economic Journal from 1996 to 2004.

Preface	p. xiii
Chapter 1 Introduction	p. 1
1.1 Dynamic General Equilibrium versus Traditional Macroeconomics	p. 1
1.2 Traditional Macroeconomics	p. 3
1.3 Dynamic General Equilibrium Macroeconomics	p. 4
1.4 The Structure of This Book	p. 7
Chapter 2 The Centralized Economy	p. 12
2.1 Introduction	p. 12
2.2 The Basic Dynamic General Equilibrium Closed Economy	p. 12
2.3 Golden Rule Solution	p. 14
2.3.1 The Steady State	p. 14
2.3.2 The Dynamics of the Golden Rule	p. 17
2.4 Optimal Solution	p. 17
2.4.1 Derivation of the Fundamental Euler Equation	p. 17
2.4.2 Interpretation of the Euler Equation	p. 19
2.4.3 Intertemporal Production Possibility Frontier	p. 20
2.4.4 Graphical Representation of the Solution	p. 21
2.4.5 Static Equilibrium Solution	p. 21
2.4.6 Dynamics of the Optimal Solution	p. 23
2.4.7 Algebraic Analysis of the Saddlepath Dynamics	p. 25
2.5 Real-Business-Cycle Dynamics	p. 27
2.5.1 The Business Cycle	p. 27
2.5.2 Permanent Technology Shocks	p. 28
2.5.3 Temporary Technology Shocks	p. 29
2.5.4 The Stability and Dynamics of the Golden Rule Revisited	p. 29
2.6 Labor in the Basic Model	p. 30
2.7 Investment	p. 32
2.7.1 q-Theory	p. 33
2.7.2 Time to Build	p. 36
2.8 Conclusions	p. 37
Chapter 3 Economic Growth	p. 39
3.1 Introduction	p. 39
3.2 Modeling Economic Growth	p. 40
3.3 The Solow-Swan Model of Growth	p. 42
3.3.1 Theory	p. 42
3.3.2 Growth and Economic Development	p. 44
3.3.3 Balanced Growth	p. 44
3.4 The Theory of Optimal Growth	p. 45
3.4.1 Theory	p. 45
3.4.2 Additional Remarks on Optimal Growth	p. 49
3.5 Endogenous Growth	p. 50
3.5.1 The AK Model of Endogenous Growth	p. 51
3.5.2 The Human Capital Model of Endogenous Growth	p. 51
3.6 Conclusions	p. 53
Chapter 4 The Decentralized Economy	p. 54
4.1 Introduction	p. 54
4.2 Consumption	p. 55
4.2.1 The Consumption Decision	p. 55
4.2.2 The Intertemporal Budget Constraint	p. 56
4.2.3 Interpreting the Euler Equation	p. 57
4.2.4 The Consumption Function	p. 59
4.2.5 Permanent and Temporary Shocks	p. 61
4.3 Savings	p. 64
4.4 Life-Cycle Theory	p. 65
4.4.1 Implications of Life-Cycle Theory	p. 65
4.4.2 Model of Perpetual Youth	p. 67
4.5 Nondurable and Durable Consumption	p. 68
4.6 Labor Supply	p. 70
4.7 Firms	p. 73
4.7.1 Labor Demand without Adjustment Costs	p. 73
4.7.2 Labor Demand with Adjustment Costs	p. 75
4.8 General Equilibrium in a Decentralized Economy	p. 77
4.8.1 Consolidating the Household and Firm Budget Constraints	p. 77
4.8.2 The Labor Market	p. 79
4.8.3 The Goods Market	p. 80
4.9 Comparison with the Centralized Model	p. 81
4.10 Conclusions	p. 83
Chapter 5 Government: Expenditures and Public Finances	p. 84
5.1 Introduction	p. 84
5.2 The Government Budget Constraint	p. 86
5.2.1 The Nominal Government Budget Constraint	p. 86
5.2.2 The Real Government Budget Constraint	p. 88
5.2.3 An Alternative Representation of the GBC	p. 88
5.3 Financing Government Expenditures	p. 89
5.3.1 Tax Finance	p. 89
5.3.2 Bond Finance	p. 91
5.3.3 Intertemporal Fiscal Policy	p. 93
5.3.4 The Ricardian Equivalence Theorem	p. 93
5.4 The Sustainability of the Fiscal Stance	p. 96
5.4.1 Case 1 (Stable Case)	p. 98
5.4.2 Implications	p. 99
5.4.3 Case 2: (Unstable Case)	p. 100
5.4.4 Implications	p. 101
5.4.5 The Optimal Level of Debt	p. 102
5.5 The Stability and Growth Pact	p. 103
5.6 The Fiscal Theory of the Price Level	p. 104
5.7 Optimizing Public Finances	p. 105
5.7.1 Optimal Government Expenditures	p. 106
5.7.2 Optimal Tax Rates	p. 109
5.8 Conclusions	p. 119
Chapter 6 Fiscal Policy: Further Issues	p. 121
6.1 Introduction	p. 121
6.2 Time-Consistent and Time-Inconsistent Fiscal Policy	p. 121
6.2.1 Lump-Sum Taxation	p. 123
6.2.2 Taxes on Labor and Capital	p. 126
6.2.3 Conclusions	p. 131
6.3 The Overlapping-Generations Model	p. 131
6.3.1 Introduction	p. 131

Mevcut:*

Bound With These Titles

On Order

Özet

Özet

Author Notes

Table of Contents