Exploring Macroeconomics

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Exploring Macroeconomics

Exploring Macroeconomics [Pdf/ePub] eBook ISBN-10: 1544337701
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Publisher: SAGE Publications
File Size: 759 KB
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Exploring Macroeconomics by Book Resume:

The excitement of learning economics for the first time. The experience of a lifetime of teaching it. The Eighth Edition of Exploring Macroeconomics captures the excitement of learning macroeconomics for the first time through a lively and encouraging narrative that connects macroeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text. Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to "think like economists." Combined with a complete teaching and learning package, Exploring Macroeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them. A Complete Teaching & Learning Package Easy LMS Import SAGE coursepacks for instructors makes it easy to import our quality instructor and student resource content into your school’s learning management system (LMS). Learn more. Online Resources SAGE edge for students, the companion website specifically designed for this text, offers a robust online environment with the learning tools and resources students need to succeed. Learn more.

Advanced Macroeconomics: An Introduction For Undergraduates

Advanced Macroeconomics: An Introduction For Undergraduates [Pdf/ePub] eBook ISBN-10: 1786349140
Author: Angus Chi Ho Chu
Publisher: World Scientific
File Size: 609 KB
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Read Count: 1833892

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Advanced Macroeconomics: An Introduction For Undergraduates by Angus Chi Ho Chu Book Resume:

Foreword by Guido Cozzi (University of St. Gallen, Switzerland)Advanced Macroeconomics covers selected topics in advanced macroeconomics at undergraduate level and bridges the gap between intermediate macroeconomics for undergraduates and advanced macroeconomics for postgraduates. By building on materials in intermediate macroeconomics textbooks and covering the mathematics of some classic dynamic general-equilibrium models, this book will give undergraduate students a firm appreciation of modern developments in macroeconomics. This book examines the implications of government policies (such as fiscal policy, monetary policy and innovation policy) and devotes several chapters to economic growth, covering the ideas for which Paul Romer was awarded the Nobel Memorial Prize in Economic Sciences in 2018.Dynamic general equilibrium is the foundation of modern macroeconomics. Chapter 1 begins with a simple static model to demonstrate the concept of general equilibrium. Chapters 2 to 4 cover the neoclassical growth model, exploring the effects of exogenous changes in technology: an important source of business cycle fluctuations. Chapters 5 to 7 use the neoclassical growth model to explore the effects of fiscal policy instruments such as government spending, labour income tax and capital income tax. Chapter 8 develops a simple New Keynesian model to analyse the effects of monetary policy. Chapter 9 begins the analysis of economic growth by reviewing the Solow growth model. Chapters 10 to 12 present the Ramsey model and introduce different market structures to the model to lay down the foundation of the Romer model. Chapter 13 incorporates an R&D sector into the Ramsey model with a monopolistically competitive market structure to develop the Romer model of endogenous technological change. Chapters 14 to 15 examine the implications of the Romer model. Chapter 16 concludes this book by presenting the Schumpeterian growth model and examining its different implications from the Romer model.

Interpreting Macroeconomics

Interpreting Macroeconomics [Pdf/ePub] eBook ISBN-10: 1134741065
Author: Roger E. Backhouse
Publisher: Routledge
File Size: 1531 KB
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Read Count: 7261711

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Interpreting Macroeconomics by Roger E. Backhouse Book Resume:

Interpreting Macroeconomics explores a variety of different approaches to macroeconomic thought. The book considers a number of historiographical and methodological positions, as well as analyzing various important episodes in the development of macroeconomics, before during and after the Keynesian revolution. Roger Backhouse shows that the full richness of these developments can only by brought out by approaches which blend both relativism and absolutism, and historical and rational reconstructions. Examples discussed include Hobson, Keynes and Friedman.

The Macroeconomics of Corruption

The Macroeconomics of Corruption [Pdf/ePub] eBook ISBN-10: 3319686666
Author: Maksym Ivanyna,Alex Mourmouras,Peter Rangazas
Publisher: Springer
File Size: 1711 KB
File Format: Pdf
Read Count: 6812413

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The Macroeconomics of Corruption by Maksym Ivanyna,Alex Mourmouras,Peter Rangazas Book Resume:

This textbook examines corruption through a macroeconomic lens, exploring the relationship between corruption, fiscal policy, and political economy. The book merges macroeconomic growth models with elements of political economic theory to address important applied topics such as income inequality within and across countries, growth slowdowns, and fiscal crises. Most of the basic ideas are illustrated using a two-period model of government investment that captures the future cost of policies that favor the present (Chapters 2-3). The more subtle and advanced issues are illustrated and, in some cases, quantified, using the overlapping-generations model of economic growth (Chapters 4-6). The models used to illustrate the mechanisms of economic growth are extended to incorporate politics and the behavior of public officials (Chapters 3, 5-7). The text concludes with a thorough discussion of policy reforms designed to address the issues discussed in earlier chapters. Intended for students familiar with intermediate-level economics, the book contains a technical appendix, including detailed explanations of each model, end-of-chapter questions and problems, and a complete solutions manual, making it ideal for self-study. Offering a unified explanation for the causes and consequences of government failure, fiscal crisis, and the needed policy reforms, this text is appropriate for advanced undergraduate and beginning graduate courses in macroeconomics, political economy, and public policy.

Macroeconomics, fifth edition

Macroeconomics, fifth edition [Pdf/ePub] eBook ISBN-10: 0262304058
Author: Robert J. Barro
Publisher: MIT Press
File Size: 1507 KB
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Read Count: 4741564

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Macroeconomics, fifth edition by Robert J. Barro Book Resume:

Robert Barro's Macroeconomics has become the classic textbook presentation of the equilibrium approach to macroeconomics. In its first four editions, this book has shown undergraduates how market-clearing models with strong microeconomic foundations can be used to understand real-world phenomena and to evaluate alternative macroeconomic policies. Moreover, a single, unified framework works as well for short-term business fluctuation as for long-term economic growth. This latest edition includes the most recent theoretical and empirical developments in economic growth, recent evidence on the macroeconomics of labor markets and public finance, and up-to-date results on the interplay between nominal and real variables.

NBER Macroeconomics Annual 2013

NBER Macroeconomics Annual 2013 [Pdf/ePub] eBook ISBN-10: 022616554X
Author: Jonathan A. Parker,Michael Woodford
Publisher: University of Chicago Press
File Size: 1890 KB
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Read Count: 2143787

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NBER Macroeconomics Annual 2013 by Jonathan A. Parker,Michael Woodford Book Resume:

The twenty-eighth edition of the NBER Macroeconomics Annual continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. As in previous years, this volume not only addresses recent developments in macroeconomics, but also takes up important policy-relevant questions and opens new debates that will continue for years to come. The first two papers in this year’s issue tackle fiscal and monetary policy, asking how interest rates and inflation can remain low despite fiscal policy behavior that appears inconsistent with a monetary policy regime focused only on inflation and output and not on fiscal balances as recently observed in the U.S. The third examines the implications of reference-dependent preferences and moral hazard in employment fluctuations in the labor market. The fourth paper addresses money and inflation, analyzing the long run inflation rate, the coexistence of money with pledgeable and money-like assets, and why inflation did not increase in response to business-cycle fluctuations in productivity. And the fifth looks at the stock market and how it relates to the real economy. The final chapter discusses the large and public shift towards more expansionary monetary policy that has recently occurred in Japan.

Exploring Microeconomics

Exploring Microeconomics [Pdf/ePub] eBook ISBN-10: 1544339437
Author: Robert L. Sexton
Publisher: SAGE Publications
File Size: 1408 KB
File Format: Pdf
Read Count: 2206814

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Exploring Microeconomics by Robert L. Sexton Book Resume:

The excitement of learning economics for the first time. The experience of a lifetime of teaching it. The Eighth Edition of Exploring Microeconomics captures the excitement of learning microeconomics for the first time through a lively and encouraging narrative that connects microeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text. Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to "think like economists." Combined with a complete teaching and learning package, Exploring Microeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them. A Complete Teaching & Learning Package Easy LMS Import SAGE coursepacks for instructors makes it easy to import our quality instructor and student resource content into your school’s learning management system (LMS). Learn more. Online Resources SAGE edge for students, the companion website specifically designed for this text, offers a robust online environment with the learning tools and resources students need to succeed. Learn more.

Modern Monetary Theory and European Macroeconomics

Modern Monetary Theory and European Macroeconomics [Pdf/ePub] eBook ISBN-10: 1317224795
Author: Dirk H. Ehnts
Publisher: Routledge
File Size: 641 KB
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Read Count: 3764951

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Modern Monetary Theory and European Macroeconomics by Dirk H. Ehnts Book Resume:

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

NBER Macroeconomics Annual 2017

NBER Macroeconomics Annual 2017 [Pdf/ePub] eBook ISBN-10: 022657797X
Author: Martin Eichenbaum,Jonathan A. Parker
Publisher: University of Chicago Press
File Size: 601 KB
File Format: Pdf
Read Count: 6246743

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NBER Macroeconomics Annual 2017 by Martin Eichenbaum,Jonathan A. Parker Book Resume:

Volume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard’s keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.

NBER Macroeconomics Annual 2019

NBER Macroeconomics Annual 2019 [Pdf/ePub] eBook ISBN-10: 022670792X
Author: Martin Eichenbaum,Erik Hurst,Jonathan A. Parker
Publisher: University of Chicago Press
File Size: 1903 KB
File Format: Pdf
Read Count: 6728560

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NBER Macroeconomics Annual 2019 by Martin Eichenbaum,Erik Hurst,Jonathan A. Parker Book Resume:

The thirty-fourth volume of the NBER Macroeconomics Annual features theoretical and empirical studies of issues in contemporary macroeconomics and a keynote address by James Stock, a member of President Obama’s Council of Economic Advisers from 2013 to 2014. Chong-en Bai, Chang-Tai Hsieh, and Zheng Song examine the “special deals” provided by Chinese local governments to favored private firms and their effects on economic growth. Matias Covarrubias, Germán Gutiérrez, and Thomas Philippon study the evolution of profits, investment, and market shares in US industries over the past forty years and find evidence of inefficient concentration and barriers to entry since 2000. David Debortoli, Jordi Galí, and Luca Gambetti assess whether recent economic performance was affected by a binding zero lower bound constraint on the interest rate. Michael McLeay and Silvana Tenreyro explain why it is difficult to empirically identify the Phillips curve (a key element of the policy framework used by central banks) using aggregate data. The authors suggest using regional variation in unemployment and inflation to estimate the relationship between these variables. Margherita Borella, Mariacristina De Nardi, and Fang Yang examine the effects of shorter life expectancies, higher medical expenses, and lower wages for white, non-college-educated Americans born in the 1960s on labor supply and retirement savings. Nir Jaimovich, Sergio Rebelo, Arlene Wong, and Miao Ben Zhang investigate the role that increases in the quality of the goods consumed (“trading up”) played in the rise of the skill premium that occurred in the last four decades.

Modern Macroeconomics

Modern Macroeconomics [Pdf/ePub] eBook ISBN-10: 1845424670
Author: Brian Snowdon,Howard R. Vane
Publisher: Edward Elgar Publishing
File Size: 1568 KB
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Read Count: 3482319

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Modern Macroeconomics by Brian Snowdon,Howard R. Vane Book Resume:

Snowdon and Vane s book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also trace the development and interaction of key events and ideas as they occurred in the last century. Interviews with leading economists, one or two at the end of each chapter, also greatly help to shed light on this complexity. . . In sum, this is book which is very difficult to put down. Alessio Moneta, Journal of the History of Economic Thought It is not difficult to understand why this volume commands high praise from macroeconomic theorists, practitioners and teachers. It contains many interesting features that make it an excellent companion for both students and teachers of tertiary level macroeconomics. . . The authors present the material in a way that conveys to readers that macroeconomics is a living science , continually developing and still open to debate, controversy and competing policy prescriptions. In this respect it is a book that ought to be required reading for all teachers of the subject. It is also a valuable source of background reading for professional economists involved with economic policy making. Economic Outlook and Business Review . . . a wonderful history of macroeconomic thought from Keynes to the present, with an outstanding bibliography. It should be useful to undergraduates and graduate students as well as professional economists. Highly recommended. Steven Pressman, Choice Brian Snowdon and Howard Vane are well-known for their astute understanding of the main macroeconomic schools of thought and their skilled use of interviews with major figures. Here, they deploy a depth of scholarship in explaining the different schools and their key points of departure from one another. This book will be particularly useful to students looking for a clear, non-technical explanation of the main approaches to macroeconomics. Patrick Minford, Cardiff University, UK There are two steps to learning macroeconomics. First, to see it as it is today. Second, to understand how it got there: to understand the right and the wrong turns, the hypotheses that proved false, the insights that proved true, and the interaction of events and ideas. Only then, does one truly understand macroeconomics. This book is about step two. It does a marvellous job of it. The presentation is transparent, the interviews fascinating. You will enjoy, and you will learn. Olivier Blanchard, Massachusetts Institute of Technology, US In 40 years of teaching macroeconomics, there has been just one textbook that I have assigned year after year after year, namely, A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk. That altogether admirable book made clear to students what were, and are, the main intellectual issues in macroeconomics and did so with just enough formal modeling to avoid distortion by over-simplification. That book is now ten years old and the debate in macro has moved on. So there is good reason to welcome Snowdon and Vane back with this superb updated version. Axel Leijonhufvud, University of Trento, Italy This outstanding book avoids the narrow scope of most textbooks and provides an excellent guide to an unusually broad range of ideas. Thomas Mayer, University of California, Davis, US More than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy imp

NBER Macroeconomics Annual 2016

NBER Macroeconomics Annual 2016 [Pdf/ePub] eBook ISBN-10: 022649036X
Author: Martin Eichenbaum,Jonathan A. Parker
Publisher: University of Chicago Press
File Size: 1901 KB
File Format: Pdf
Read Count: 2298524

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NBER Macroeconomics Annual 2016 by Martin Eichenbaum,Jonathan A. Parker Book Resume:

The thirty-first edition of the NBER Macroeconomics Annual features theoretical and empirical research on central issues in contemporary macroeconomics. The first two papers are rigorous and data-driven analyses of the European financial crisis. The third paper introduces a new set of facts about economic growth and financial ratios as well as a new macrofinancial database for the study of historical financial booms and busts. The fourth paper studies the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate. The fifth paper explores the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. The sixth paper considers the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. The volume also includes a short paper on the decline in the rate of global economic growth.

Applied Financial Macroeconomics and Investment Strategy

Applied Financial Macroeconomics and Investment Strategy [Pdf/ePub] eBook ISBN-10: 113740180X
Author: Robert T. McGee
Publisher: Springer
File Size: 1516 KB
File Format: Pdf
Read Count: 8541035

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Applied Financial Macroeconomics and Investment Strategy by Robert T. McGee Book Resume:

The absolute and relative performance of various asset classes is systematically related to macroeconomic trends. In this new book, Robert McGee provides a thorough guide to each stage of the business cycle and analyzes the investment implications using real-world examples linking economic dynamics to investment results.

Macroeconomics in Context

Macroeconomics in Context [Pdf/ePub] eBook ISBN-10: 1317289668
Author: Sebastian Dullien,Neva Goodwin,Jonathan M. Harris,Julie A. Nelson,Brian Roach,Mariano Torras
Publisher: Routledge
File Size: 847 KB
File Format: Pdf
Read Count: 8864445

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Macroeconomics in Context by Sebastian Dullien,Neva Goodwin,Jonathan M. Harris,Julie A. Nelson,Brian Roach,Mariano Torras Book Resume:

Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.

An Introduction to Macroeconomics

An Introduction to Macroeconomics [Pdf/ePub] eBook ISBN-10: 1789901154
Author: Louis-Philippe Rochon,Sergio Rossi
Publisher: Edward Elgar Publishing
File Size: 1653 KB
File Format: Pdf
Read Count: 7451539

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An Introduction to Macroeconomics by Louis-Philippe Rochon,Sergio Rossi Book Resume:

The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.

Heterodox Macroeconomics

Heterodox Macroeconomics [Pdf/ePub] eBook ISBN-10: 1784718904
Author: Robert A. Blecker,Mark Setterfield
Publisher: Edward Elgar Publishing
File Size: 1942 KB
File Format: Pdf
Read Count: 9669123

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Heterodox Macroeconomics by Robert A. Blecker,Mark Setterfield Book Resume:

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial} The last few decades have witnessed an outpouring of literature on macroeconomic models in the broad ‘heterodox’ tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day – such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable – can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications.

Macroeconomics from the Bottom-up

Macroeconomics from the Bottom-up [Pdf/ePub] eBook ISBN-10: 9788847019713
Author: Domenico Delli Gatti,Saul Desiderio,Edoardo Gaffeo,Pasquale Cirillo,Mauro Gallegati
Publisher: Springer Science & Business Media
File Size: 1427 KB
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Read Count: 8030006

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Macroeconomics from the Bottom-up by Domenico Delli Gatti,Saul Desiderio,Edoardo Gaffeo,Pasquale Cirillo,Mauro Gallegati Book Resume:

This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposeful behaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.

The Responsible Economy

The Responsible Economy [Pdf/ePub] eBook ISBN-10: 1317594150
Author: Jefferson Frank
Publisher: Routledge
File Size: 1235 KB
File Format: Pdf
Read Count: 1877225

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The Responsible Economy by Jefferson Frank Book Resume:

After the ‘financial crisis’ and ‘Great Recession’, some have called for replacing standard economic theory by heterodox models based upon behavioural approaches. The Responsible Economy argues that there is nothing wrong with economic theory. Instead, the problem has been a ‘devil’s pact’ of simplistic pro-market economics combined with simplistic Keynesian monetary policy. This book revisits the fundamental theorems in economics that state the conditions for markets to achieve efficiency. It has long been known that there are limitations of markets in dealing with externalities, increasing returns to scale and monopoly. The role of information in the economy was developed in economic theory in the 1970s onwards and in a world of imperfect and asymmetric information, markets perform poorly. Managers of firms engage in short-termism, take on excessive risk and misstate their own and their firm’s performance. While finance theory makes clear that much of the activity in the financial services sector is of no economic value and represents wasteful ‘financial engineering’. In this real world, it is economically inefficient for firms to maximise shareholder value. On the macroeconomics side, monetary expansion cannot be an effective substitute for addressing real problems of infrastructure and education investment. This book maintains that markets work best if individuals and firms behave ethically and responsibly. Employment should be a long-term relationship; firms should pay living wages, produce good products at a fair price, and pay their share of taxes. Where these standards don’t hold, governments should not try to micromanage through regulation, but set up simple and straightforward policies.

OCR A Level Economics (4th edition)

OCR A Level Economics (4th edition) [Pdf/ePub] eBook ISBN-10: 151045988X
Author: Peter Smith
Publisher: Hodder Education
File Size: 1776 KB
File Format: Pdf
Read Count: 4841226

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OCR A Level Economics (4th edition) by Peter Smith Book Resume:

With its closely aligned content and structure, this textbook will equip your students for the refreshed OCR A-level and AS Economics specifications. - All new practice questions at the end of each chapter, featuring multiple choice, stimulus and essay questions - New knowledge check question feature, testing student understanding throughout - New case studies, facts and figures and practical exercises reflecting recent economic developments - Charts and graphs to give students a strong grounding in economic theory and strengthen their skills in applying those concepts at A-level - Manageable learning objectives matched to the specification and summaries of the key findings at the end to encourage students to take control of their study We are seeking endorsement from OCR for the Student Textbook and Student eTextbook.