05492oam 2200733I 450 991081193920332120240516201326.01-136-49460-X1-283-46168-497866134616811-136-49461-80-203-13993-310.4324/9780203139936 (CKB)2550000000096039(EBL)958466(OCoLC)798531204(SSID)ssj0000645681(PQKBManifestationID)11429232(PQKBTitleCode)TC0000645681(PQKBWorkID)10683667(PQKB)10917653(MiAaPQ)EBC958466(Au-PeEL)EBL958466(CaPaEBR)ebr10535125(CaONFJC)MIL346168(OCoLC)712124111(FINmELB)ELB140275(EXLCZ)99255000000009603920180706d2012 uy 0engur|n|---|||||txtccrEssentials of advanced macroeconomic theory /Ola Olsson1st ed.Abingdon, Oxon :Routledge,2012.1 online resource (184 p.)Routledge advanced texts in economics and finance ;17Description based upon print version of record.0-415-68508-7 0-415-68505-2 Includes bibliographical references and index.Front Cover; Essentials of AdvancedMacroeconomic Theory; Copyright Page; Contents; List of figures; Preface; 1. Introduction; 1.1 The issues; 1.2 The national accounts identity; 1.3 Outline; Part I: The Long Run; 2. The Malthusian World; 2.1 Introduction; 2.2 The law of diminishing returns; 2.3 The Malthusian trap; 2.4 Endogenous fertility; 2.5 The collapse of the Malthusian link; 3.The Solow Growth Model; 3.1 Introduction; 3.2 Basic assumptions; 3.3 Dynamics; 3.4 Equilibrium; 3.5 Implications; 3.6 Extensions; 4.Endogenous Growth Theory; 4.1 Introduction; 4.2 AK model 294.3 Endogenous technological change4.4 Romer's product variety model; 4.5 Schumpeterian growth models; 4.6 Innovation versus imitation; 5.The Overlapping Generations Model; 5.1 Household optimization; 5.2 Endogenous saving; 5.3 Endogenous growth; Part II: The Short and Medium Run; 6.Equilibrium Business Cycles; 6.1 Technology shocks to production; 6.2 Labor demand; 6.3 Households; 7.Financial Crises; 7.1 Basic assumptions; 7.2 Banks; 7.3 A bank run equilibrium; 7.4 Foreign credit; 7.5 Short-term debt; 7.6 Liberalizing international credit markets; 8.Consumption and Saving8.1 The Keynesian consumption function8.2 Friedman's critique; 8.3 The permanent income hypothesis; 8.4 An example; 8.5 The random-walk model; 8.6 Precautionary saving; 8.7 Interest rates and time discount rates; 8.8 Relative consumption; 8.9 Time inconsistency; 9.Investment and Asset Markets; 9.1 The Keynesian investment function; 9.2 The firm's investment decision; 9.3 Adjustment costs; 9.4 The housing market; 10.Unemployment and the Labor Market; 10.1 Labor market disequilibrium; 10.2 Efficiency wages; 10.3 The Shapiro-Stiglitz model; 10.4 Insider-outsider models10.5 Search and matching modelsPart III: Macroeconomic Policy; 11.IS-MP, Aggregate Demand, and Aggregate Supply; 11.1 Aggregate expenditure and the multiplier; 11.2 The IS-MP model; 11.3 Aggregate demand; 11.4 Aggregate supply; 11.5 Financial intermediation; 11.6 New Keynesian models; 12.Public Finance and Fiscal Policy; 12.1 The government budget identity; 12.2 Ricardian equivalence; 12.3 Tax smoothing; 12.4 Political economy of government debt; 12.5 Debt financing versus debt forgiveness; 13.Inflation and Monetary Policy; 13.1 The quantity theory of money13.2 Inflation and the money market13.3 Time inconsistency in monetary policy; 13.4 Political business cycles; 13.5 The Taylor rule; 13.6 Seigniorage; 14.The Open Economy; 14.1 Open economy accounting; 14.2 A representative agent framework; 14.3 The Mundell-Fleming model; 14.4 Exchange rate overshooting; 14.5 Currency unions; 15.Mathematical Appendix; 15.1 Introduction; 15.2 Derivatives of some basic functions; 15.3 Differentiation rules; 15.4 Chain differentiation; 15.5 Implicit function differentiation; 15.6 Applications to macroeconomics; 15.7 Basic properties of exponents and logarithmsNotesTrying to summarize the essentials of macroeconomic theory in the wake of the financial crisis that has shaken not only Western economies but also the macroeconomic profession is no easy task. In particular, the notion that markets are self-correcting and always in equilibrium appears to have taken a heavy blow. However, the jury is still out on which areas should be considered as failures and what which constitute the future of research.The overall aim of this text is to provide a compact overview of the contributions that are currently regarded as the most important for macroeconomRoutledge advanced texts in economics and finance ;17.MacroeconomicsEconomicsMacroeconomics.Economics.339.01Olsson Ola.1659722MiAaPQMiAaPQMiAaPQBOOK9910811939203321Essentials of advanced macroeconomic theory4014502UNINA