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Lectures on macroeconomics

Опубликовано на портале: 16-12-2005
Cambridge, Mass: MIT Press, 1989
Тематический раздел:
Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today. The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations. Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists. Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT

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Lectures on Macroeconomics

Stanley Fischer and Olivier J. Blanchard


1   Introduction
1.1 Macroeconomic Facts
1.2 An Overview of the Book
1.3 Prelude

2   Consumption and Investment: Basic Infinite Horizon Models
2.1 The Ramsey Problem
2.2 The Decentralized Economy
2.3 The Government in the Decentralized Economy
2.4 Application: Investment and Saving in the Open Economy
2.5 The Utility Function
Appendix A: Ruling Out Explosive Paths in the Ramsey Model
Appendix B: Local Behavior of Capital around the Steady State in the Ramsey Model
Appendix C: Command Optimum and Decentralized Equilibrium in the Open Economy Model
Appendix D: Saddle Point Equilibrium in the Linearized (k, q) System

3   The Overlapping Generations Model
3.1 Two-Period Lives
3.2 Social Security and Capital Accumulation
3.3 A Model of Perpetual Youth
3.4 Fiscal Policy: Debt and Deficit Finance
3.5 Aggregate Saving and the Interest Rate

4   Money
4.1 The Overlapping Generations Model with Money
4.2 Explaining the Use of Money
4.3 A General Equilibrium Baumol-Tobin Model
4.4 Real Effects of Open Market Operations
4.5 Money in the Utility Function
4.6 Money, Inside and Outside
4.7 Seigniorage and Inflation
Appendix A: Derivation of Individual Behavior in Section 4.3
Appendix B: Derivation of Local Dynamics and Stability in the Sidrauski Model

5   Multiple Equilibria, Bubbles, and Stability
5.1 Solutions to a Simple Equation
5.2 Bubbles on Assets in General Equilibrium
5.3 Price Level Bubbles, Hyperinflations, and Hyperdeflations
5.4 Multiple Equilibra, Sunspots, and Cycles
5.5 Learning
5.6 Conclusions
Appendix A: A Tool Kit of Solutions to Linear Expectational Difference Equations

6   Optimal Consumption, Investment, and Inventory Behavior
6.1 The State of Play
6.2 The Consumption/Saving Choice under Uncertainty
6.3 Investment under Uncertainty
6.4 Inventory Behavior under Uncertainty

7   Competitive Equilibrium Business Cycles
7.1 Productivity Shocks, Consumption, and Capital Accumulation
7.2 Output and Employment Fluctuations
7.3 Unemployment, Heterogeneity, Shocks, and Imperfect Information

8   Nominal Rigidities and Economic Fluctuations
8.1 Price Setting under Monopolistic Competition
8.2 Time-Dependent Rules, Staggering, and the Effects of Money
8.3 State-Dependent Rules and the Effects of Money
8.4 Conclusion

9   Goods, Labor, and Credit Markets
9.1 Labor Markets: Introduction
9.2 Contracts, Insurance, Real Wages, and Employment
9.3 Unions, Insiders, Real Wages, and Employment
9.4 Efficiency Wages
9.5 Goods Markets
9.6 Financial Markets and Credit Rationing
9.7 Conclusions

10   Some Useful Models
10.1 Equilibrium Models and Asset Pricing
10.2 Money Demand Models, Deficits, Seigniorage, and Inflation
10.3 Aggregate Supply and Demand, Wage Indexation, and Supply Shocks
10.4 The Dynamics of Demand: The IS-LM and Mundell-Fleming Models
10.5 Dynamics of Aggregate Supply

11   Monetary and Fiscal Policy Issues
11.1 The Goals of Economic Policy
11.2 Monetary Policy
11.3 Fiscal Policy
11.4 Dynamic Inconsistency
11.5 Conclusions

Name Index

Subject Index

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