Macroeconomics: An integrated approach. 2nd. ed.
Many undergraduate texts treat macroeconomics as a set of distinct topics rather than as a unified body of theory and empirical findings. In contrast, this text by Alan Auerbach and Laurence Kotlikoff uses a single analytic framework - the two-period life-cycle model - to explore and connect each of the major issues in contemporary macroeconomics. The model describes the evolution of the economy over time in terms of the behavior of overlapping generations of individuals, each of whom lives for two periods: youth and old age. This versatile framework can encompass most macroeconomic schools of thought through the alteration of key assumptions. The use of one basic model also allows the authors to explore important topics not always addressed adequately in other texts; these include credit constraints, real business cycles, generational accounting, and international capital flows markets.
Written in a clear, accessible style, this shortened and simplified second edition provides a systematic way to interpret macroeconomic outcomes, to understand various policy proposals, and to appreciate how individuals and firms fit into the big picture.
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- Output, Inputs, and Growth
- The Dynamic Supply of Inputs
- The Dynamic Demand for Inputs and the Evolution of Output
- Economic Fluctuations
- The Measurement of Output and Prices
PART TWO: Fiscal and Monetary Policy
- Fiscal Policy, Saving, Growth
- Money and Prices in the Closed Economy
PART THREE: Economic Fluctuations
- The Keynesian Model of Price and Wage Rigidity
- Understanding Recessions
- The Nature and Costs of Unemployment
- Countercyclical Policy
PART FOUR: The International Economy
- Saving and Growth in the International Economy
- Money, Exchange Rates, and Policy in the Open Economy
PART FIVE: Enriching the Model
- The Banking System, the Federal Reserve, and the Money Supply
- Saving Behavior and Credit Markets
- Financial Markets and the Investment Decision
List of Figures
List of Tables
Prologue: The Questions of Macroeconomics
PART ONE: From Micro to Macro: Modeling Income Determination and Growth