LEADER 05472oam 2200721I 450 001 9910779047603321 005 20230802004700.0 010 $a1-136-49460-X 010 $a1-283-46168-4 010 $a9786613461681 010 $a1-136-49461-8 010 $a0-203-13993-3 024 7 $a10.4324/9780203139936 035 $a(CKB)2550000000096039 035 $a(EBL)958466 035 $a(OCoLC)798531204 035 $a(SSID)ssj0000645681 035 $a(PQKBManifestationID)11429232 035 $a(PQKBTitleCode)TC0000645681 035 $a(PQKBWorkID)10683667 035 $a(PQKB)10917653 035 $a(MiAaPQ)EBC958466 035 $a(Au-PeEL)EBL958466 035 $a(CaPaEBR)ebr10535125 035 $a(CaONFJC)MIL346168 035 $a(OCoLC)712124111 035 $a(FINmELB)ELB140275 035 $a(EXLCZ)992550000000096039 100 $a20180706d2012 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEssentials of advanced macroeconomic theory /$fOla Olsson 210 1$aAbingdon, Oxon :$cRoutledge,$d2012. 215 $a1 online resource (184 p.) 225 1 $aRoutledge advanced texts in economics and finance ;$v17 300 $aDescription based upon print version of record. 311 $a0-415-68508-7 311 $a0-415-68505-2 320 $aIncludes bibliographical references and index. 327 $aFront 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 29 327 $a4.3 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 Saving 327 $a8.1 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 models 327 $a10.5 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 money 327 $a13.2 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 logarithms 327 $aNotes 330 $aTrying to summarize the essentials of macroeconomic theory in the wake of the financial crisis that has shaken not only Western economies but also the macroeconomic profession is no easy task. In particular, the notion that markets are self-correcting and always in equilibrium appears to have taken a heavy blow. However, the jury is still out on which areas should be considered as failures and what which constitute the future of research.The overall aim of this text is to provide a compact overview of the contributions that are currently regarded as the most important for macroeconom 410 0$aRoutledge advanced texts in economics and finance ;$v17. 606 $aMacroeconomics 606 $aEconomics 615 0$aMacroeconomics. 615 0$aEconomics. 676 $a339.01 700 $aOlsson$b Ola.$01546242 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910779047603321 996 $aEssentials of advanced macroeconomic theory$93801676 997 $aUNINA