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Advanced Macroeconomics

Опубликовано на портале: 14-01-2003
Northampton: Edward Elgar, 2002
Тематический раздел:
Since the rational expectations revolution in macroeconomics, the subject has changed massively, adopting the principles behind the revolution and building on them in a spectacular way. In this accessible and informative book, the authors guide the student through what has become the conceptual and mathematical maze of modern macroeconomics. It is intended primarily for the postgraduate student but will also be useful for upper level undergraduates. It explains the basics of each topic and provides a solid grounding for the student to tackle more complex and detailed material in the area.
The topics covered include:
an introduction to the traditional macro-classical macro/adaptive expectations
how to understand and solve standard macro models with rational expectations
implications of rational expectations for monetary and fiscal policy
the open economy
the new models of representative agents and real business cycles
the political economy of economic policy (the political business cycle) and independent central banks
the supply-side, unemployment and growth
empirical testing of the rational expectations hypothesis
the efficient markets hypothesis with empirical applications including bond and exchange markets
learning, time series-linear and nonlinear.

Preface

Part I: Models of the Economy
1. Macroeconomics: A Succinct Introduction
2. Solving Rational Expectations Models
3. Partial Information and Signal Extraction

Part II: Evaluating Government Policy
4. Stabilisation Policy Can We?
5. Stabilization Policy Should We?
6. Practical Issues of Effective Stabilization
7. Fiscal Policy and the Government Budget Constraint
8. The Political Economy of Democracy
9. Unemployment, Productivity and Growth

Part III: Extending and Deepening the Models The Open Economy and Micro-foundations
10. The Macroeconomics of an Open Economy
11. Representative Agent Models in Cashless Economies
12. Money in Representative Agent Models
13. Open Economy Representative Agent Models

Part IV: Confronting Models with Facts
14. Testing the Rational Expectations Hypothesis
15. Interpreting the Evidence: The Problem of Observational Equivalence
16. Direct Tests of Rational Expectations
17. Where Are We Going? Time-Series Annex: An Introduction to Linear and Non-Linear Time Series

Bibliography

Index


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