ENGLISH

Macroeconomic Theory

By Volker Böhm (auth.)

Book information

Publisher
Springer International Publishing
Year
2017
ISBN
978-3-319-60148-9, 978-3-319-60149-6
Language
english
Format
PDF
Filesize
6 MB (6743326 bytes)
Series
Springer Texts in Business and Economics
Edition
1
Pages
XVII, 423\437
Time added
2017-11-21 00:00:00
Macroeconomics/Monetary Economics/Financial Econom

Description

This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis. It investigates the implications of expectations and of stationary fiscal policies on allocations, on the quantity of money, and on the dynamic evolution of the economy with and without noise. The text contrasts and compares the two main competing approaches in macroeconomics within the same intertemporal model of a closed monetary economy: the one postulating full price flexibility to guarantee equilibrium in all markets at all times under perfect foresight or rational expectations, versus the so called disequilibrium approach where trading occurs at non- market-clearing prices and wages when these adjust sluggishly from period to period in response to market disequilibrium signals. Front Matter ....Pages i-xvii Introduction (Volker Böhm)....Pages 1-12 Microeconomic Foundations (Volker Böhm)....Pages 13-33 Models of Monetary Equilibrium (Volker Böhm)....Pages 35-174 Dynamics of Monetary Equilibrium Models (Volker Böhm)....Pages 175-258 Fiscal Policy and the Dynamics of Monetary Equilibrium (Volker Böhm)....Pages 259-268 The Keynesian Model with Money (Volker Böhm)....Pages 269-289 Dynamics in Disequilibrium – Endogenous Business Cycles (Volker Böhm)....Pages 291-330 Disequilibrium Dynamics with Random Perturbations (Volker Böhm)....Pages 331-374 Back Matter ....Pages 375-423

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