Macroeconomics and New Macroeconomics

ISBN-13: 9783540553182 / Angielski / Miękka / 1992 / 330 str.

Bernhard Felderer;Stefan Homburg

Opis

This is a macroeconomic textbook for the intermediate level. It presents the main approaches: Classical theory, Keynesian theory, theory of portfolio selection, Monetarism, Rational Expectations theory and Neokeynesian "disequilibrium" theory, each of them in a self-contained chapter. The relations and differences between them are also discussed.

Spis treści

One. Fundamentals.- Some Methodological Considerations.- §1 Economic Theories.- §2 Economic Models.- §3 Methods.- §4 Equilibrium and Disequilibrium Stability.- §5 Statics, Comparative Statics, and Dynamics.- §6 Ex Post versus Ex Ante Analysis.- §7 Partial versus Total Analysis. The Ceteris Paribus Clause.- §8 Microeconomics versus Macroeconomics.- A Historical Survey.- §9 The Predecessors.- §10 The Classical Economists.- §11 The Neoclassical Economists.- §12 From KEYNES to the Present.- Further Reading.- National Income Accounting.- §13 The Economy as a Circular Flow.- §14 The Circular Flow-Model of François Quesnay.- §15 The System of Income Accounts.- §16 Notions of Income in the System of Income Accounts.- Two. Macroeconomics.- The Classical Theory.- §18 The Classical Vision. Plan of the Chapter.- §19 Production Functions.- §20 The Firms.- §21 The Households.- §22 The Labor Market.- §23 The Capital Market.- §24 The Commodity Market.- §25 The Quantity Theory of Money.- §26 Say’s Law.- §27 The Classical Model.- §28 Digression: Walras’ Model.- §29 Conclusion.- Further Reading.- The Keynesian Theory.- §30 The Crisis.- §31 The “General Theory” and Its Interpreters.- §32 The Effective Demand.- §33 Consumption Demand.- §34 Investment Demand.- §35 The Income-Expenditure Model.- §36 The Simple Multiplier.- §37 The Markets for Money and Bonds. The LM Curve.- §38 The Capital Market. The IS Curve.- §39 The IS/LM Model.- §40 The Complete Keynesian Model.- §41 First Scenario: The Investment Trap.- §42 Second Scenario: The Liquidity Trap.- §43 An Under-employment Equilibrium with a Flexible Real Wage?.- §44 Third Scenario: Sticky Wages.- §45 Conclusion.- Further Reading.- Political Implications: A Comparison.- §46 The Role of Government. Goals and Means of Economic Policy.- §47 Fiscal Policy.- §48 Fiscal Policy in the Classical Case.- §49 Fiscal Policy in the Complete Keynesian Case.- §50 Fiscal Policy with an Investment or Liquidity Trap.- §51 Fiscal Policy with Sticky Wages.- §52 The Concept of Counter-cyclical Fiscal Policy.- §53 Monetary Policy.- §54 Monetary Policy in the Classical Case.- §55 Monetary Policy in the Complete Keynesian Case.- §56 Monetary Policy with an Investment or Liquidity Trap.- §57 Monetary Policy with Sticky Wages.- §58 Conclusion.- Further Reading.- Three. New Macroeconomics.- The Real-Balance Effect.- §60 A Criticism of Classical Monetary Theory.- §61 A Criticism of Keynesian Monetary Thoery.- §62 Conclusion.- Further Reading.- The Theory of Portfolio Selection.- §63 Microeconomic Foundations.- §64 Macroeconomic Applications.- §65 Conclusion.- Further Reading.- Monetarism.- §66 The Theoretical Foundations, or: Monetarism versus Keynesianism.- §67 The Empirical Investigations, or: Monetarism versus Fiscalism.- §68 The Political Inferences, or: Monetarism versus Activism.- §69 Conclusion.- Further Reading.- New Classical Economics.- §70 Expectations and Rational Expectations.- §71 The Phillips-Curve. Stagflation.- §72 The New Classical Vision.- §73 The New Classical Model.- §74 Political Inferences.- §75 Conclusion.- Further Reading.- Neokeynesian Theory.- §76 The Evolution of Neokeynesian Economics.- §77 The Dual Decision Hypothesis.- §78 The Logic of the Fix Price-Method.- §79 A Reconsideration of the Consumption Function.- §80 The Neokeynesian Model.- §81 Political Inferences.- §82 Walras’ Law with Quantity Constraints.- §83 Conclusion.- Further Reading.- Four. Mathematical Appendix.- Calculus of Functions of a Single Variable.- Linear Algebra.- Calculus of Functions of Several Variables.- Implicit Functions.- Ordinary Differential Equations.- Author Index.