Macroeconomics:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London
Thomson
2006
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVIII, 582 S. Ill., graph. Darst. |
| ISBN: | 9781844800421 1844800423 |
Internformat
MARC
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| 264 | 1 | |a London |b Thomson |c 2006 | |
| 300 | |a XVIII, 582 S. |b Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-016170999 | ||
Datensatz im Suchindex
| _version_ | 1804137216266469376 |
|---|---|
| adam_text | Contents
Preface
ix
Acknowledgements
xv
Walk-through tour
xvi
Website
xviii
Part I Defining the macroeconomy
ι
1
Macroeconomics and the circular flow of income
з
1.1
Introduction
4
1.2
The circular flow of income
4
1.3
National income accounting and the circular flow of income
7
1.3
Macroeconomic modelling and the circular flow of income
14
Part II The real macroeconomy
и
2
Consumption
19
2.1
Introduction
20
2.2
Theories of consumption behaviour
21
2.2
The Keynesian consumption function
21
2.3
The permanent income and life cycle hypotheses
29
2.4
Explaining consumption patterns
41
3
Investment
62
3.1
Introduction
63
3.2
Theories of fixed business investment
64
3.2.1
Optimal capital stock model
65
3.2.2
Tobin s
q
77
3.3
Inventory investment
81
3.4
Residential investment
84
3.5
Credit rationing and investment
86
4
Government spending, taxation and debt
94
4.1
Introduction
95
4.2
Deficits and debts
95
4.3
Fiscal policy and national income
98
4.4
Keynesian cross model
98
4.5
The Ricardian model: fiscal policy with forward-lookir
vi
Contents
Partili
Money
5
The money market
117
5.1
Introduction
118
5.2
What is money?
118
5.3
Monetary aggregates
119
5.4
The bond market
120
5.5
Determining the interest rate
121
5.5.1
The demand for money
121
5.5.2
Money supply
128
5.5.3
Equilibrium in the money market
134
5.6
The term structure of interest rates: yield curves
137
5.7
Monetary policy: money supply or interest rate?
138
6
Financial markets hi
6.1
Introduction
142
6.2
Efficient markets: asset pricing models
142
6.2.1
Expected dividend model
143
6.2.2
Uncertainty and the capital asset pricing model
148
6.3
Portfolio selection:
Tobin
model
150
6.4
Financial market volatility: efficient and inefficient markets
155
6.5
Bubbles and crashes in financial markets
164
Part IV Models of the economy
7
The 1S-LM model
177
175
7.1
Introduction
178
7.2
The IS curve: equilibrium in the goods market
178
7.3
The LM curve: equilibrium in the money market
194
7.4
General equilibrium: the IS-LM model
206
7.5
Comparative statics
209
7.5.1
Fiscal policy
210
7.5.2
Monetary policy
216
7.6
What policy do we use? Keynesians versus classicists
220
7.7
The neoclassical IS-LM model
222
8
The AD-AS model
232
8.1
Introduction
233
8.2
The aggregate demand schedule
233
8.3
The aggregate supply schedule
235
8.3.1
Long-run aggregate supply
235
8.3.2
Short-run aggregate supply
247
8.4
Equilibrium in the AD-AS model
255
8.5
Comparative statics
256
8.5.1
Aggregate demand shocks
258
8.5.2
Aggregate supply shocks
262
8.6
Hysteresis and the medium run
264
Contents
vii
Parł
V Short-run fluctuations and stabilization
269
9
Business cycles and stabilization policy
271
9.1
Introduction
272
9.2
Economic cycles
272
9.3
Real business cycles
275
9.4
New Keynesian theories of fluctuations
285
9.4.1
Wage rigidities
287
9.4.2
Price rigidities
298
9.5
Stabilization policies
300
10
Unemployment, inflation and monetary policy
зо4
10.1
Introduction
305
10.2
The Phillips curve: the unemployment-inflation trade-off
305
10.3
Theories of unemployment
308
10.4
The costs and benefits of unemployment and inflation
313
10.5
Policy choices: preferences between unemployment and inflation
316
10.6
Expectations augmented Phillips curve
322
10.6.1
Long-run Phillips curve
323
10.6.2
Processes of expectations formation
324
10.6.3
Supply shocks
326
10.6.4
Hysteresis
328
10.7
Monetary policy
332
10.7.1
Monetary policy and inflation
333
10.7.2
The time inconsistency problem and central bank independence
337
10.7.3
Seigniorage and hyper-inflation
343
Part VI The open economy
351
11
The balance of payments and exchange rates
353
11.1
Introduction
354
11.2
The balance of payments
358
11.3
Exchange rates
360
11.4
Theories of exchange rate determination
365
11.4.1
PPP: purchasing power parity
367
11.4.2
UIP: uncovered interest parity
374
11.4.3 Dornbusch
model of exchange rate overshooting
384
11.5
Interaction of exchange rates and the balance of payments
386
12
IS-LM-BP model
401
12.1
Introduction
402
12.2
Constructing the IS-LM-BP model
403
12.2.1
The open economy IS curve (the ISXM schedule)
403
12.2.2
The BP curve
406
12.2.3
The open economy LM curve
413
12.2.4
Exchange rate regimes
417
12.2.5
Equilibrium in the IS-LM-BP model
417
12.3
Comparative statics
418
12.4
Mundell-Fleming model
431
viii Contents
13
Aggregate demand and aggregate supply in the open economy
437
13.1
Introduction
438
13.2
TheAD-CCE-BT (Salter-Swan) model
438
13.2.1
Competitiveness and the trade balance
438
13.2.2
Aggreegate demand and competitiveness
440
13.2.3
The NAIRU and long-run aggregate supply in the open economy
443
13.2.4
The trade balance and the sustainable level of output
450
13.2.5
Equilibrium in the Salter-Swan model
451
13.3
Achieving a target level of output
452
Part
VII
Internationa! financial architecture
461
14
Exchange rate regimes and international policy coordination
4бз
14.1
Introduction
464
14.2
The choice of exchange rate regime
464
14.3
International policy coordination
479
14.4
Optimal currency areas
489
14.4.1
Is Europe an optimal currency area?
492
14.4.2
Should the UK join the euro?
500
15
International financial markets and currency crises
soe
15.1
Introduction
507
15.2
The internationalization of financial markets
507
15.3
Currency crises
512
15.3.1
First generation models
515
15.3.2
Second generation models: ERM,
1992;
Mexico,
1994-1995 515
15.3.3
Third generation models: Asian crisis,
1997-1998 524
15.4
Preventing currency crises
536
Part
VIII
Economic growth in the long run
545
16
Models of long-run growth
547
16.1
Introduction
548
16.2
The neoclassical model of growth
548
16.2.1
The Solow model
548
16.2.2
Solow model with technology
553
16.2.3
Long-run growth in the Solow model
556
16.2.4
The convergence hypothesis
557
16.3
Growth models with human capital
561
16.4
Endogenous growth theories
563
16.4.1
The AK model
564
16.4.2
The
Romer
model
565
16.4.3
Evidence of growth
566
16.4.4
Evaluation of endogenous growth theories
569
Appendix
573
Index
577
|
| adam_txt |
Contents
Preface
ix
Acknowledgements
xv
Walk-through tour
xvi
Website
xviii
Part I Defining the macroeconomy
ι
1
Macroeconomics and the circular flow of income
з
1.1
Introduction
4
1.2
The circular flow of income
4
1.3
National income accounting and the circular flow of income
7
1.3
Macroeconomic modelling and the circular flow of income
14
Part II The real macroeconomy
и
2
Consumption
19
2.1
Introduction
20
2.2
Theories of consumption behaviour
21
2.2
The Keynesian consumption function
21
2.3
The permanent income and life cycle hypotheses
29
2.4
Explaining consumption patterns
41
3
Investment
62
3.1
Introduction
63
3.2
Theories of fixed business investment
64
3.2.1
Optimal capital stock model
65
3.2.2
Tobin's
q
77
3.3
Inventory investment
81
3.4
Residential investment
84
3.5
Credit rationing and investment
86
4
Government spending, taxation and debt
94
4.1
Introduction
95
4.2
Deficits and debts
95
4.3
Fiscal policy and national income
98
4.4
Keynesian cross model
98
4.5
The Ricardian model: fiscal policy with forward-lookir
vi
Contents
Partili
Money
5
The money market
117
5.1
Introduction
118
5.2
What is money?
118
5.3
Monetary aggregates
119
5.4
The bond market
120
5.5
Determining the interest rate
121
5.5.1
The demand for money
121
5.5.2
Money supply
128
5.5.3
Equilibrium in the money market
134
5.6
The term structure of interest rates: yield curves
137
5.7
Monetary policy: money supply or interest rate?
138
6
Financial markets hi
6.1
Introduction
142
6.2
Efficient markets: asset pricing models
142
6.2.1
Expected dividend model
143
6.2.2
Uncertainty and the capital asset pricing model
148
6.3
Portfolio selection:
Tobin
model
150
6.4
Financial market volatility: efficient and inefficient markets
155
6.5
Bubbles and crashes in financial markets
164
Part IV Models of the economy
7
The 1S-LM model
177
175
7.1
Introduction
178
7.2
The IS curve: equilibrium in the goods market
178
7.3
The LM curve: equilibrium in the money market
194
7.4
General equilibrium: the IS-LM model
206
7.5
Comparative statics
209
7.5.1
Fiscal policy
210
7.5.2
Monetary policy
216
7.6
What policy do we use? Keynesians versus classicists
220
7.7
The neoclassical IS-LM model
222
8
The AD-AS model
232
8.1
Introduction
233
8.2
The aggregate demand schedule
233
8.3
The aggregate supply schedule
235
8.3.1
Long-run aggregate supply
235
8.3.2
Short-run aggregate supply
247
8.4
Equilibrium in the AD-AS model
255
8.5
Comparative statics
256
8.5.1
Aggregate demand shocks
258
8.5.2
Aggregate supply shocks
262
8.6
Hysteresis and the medium run
264
Contents
vii
Parł
V Short-run fluctuations and stabilization
269
9
Business cycles and stabilization policy
271
9.1
Introduction
272
9.2
Economic cycles
272
9.3
Real business cycles
275
9.4
New Keynesian theories of fluctuations
285
9.4.1
Wage rigidities
287
9.4.2
Price rigidities
298
9.5
Stabilization policies
300
10
Unemployment, inflation and monetary policy
зо4
10.1
Introduction
305
10.2
The Phillips curve: the unemployment-inflation trade-off
305
10.3
Theories of unemployment
308
10.4
The costs and benefits of unemployment and inflation
313
10.5
Policy choices: preferences between unemployment and inflation
316
10.6
Expectations augmented Phillips curve
322
10.6.1
Long-run Phillips curve
323
10.6.2
Processes of expectations formation
324
10.6.3
Supply shocks
326
10.6.4
Hysteresis
328
10.7
Monetary policy
332
10.7.1
Monetary policy and inflation
333
10.7.2
The time inconsistency problem and central bank independence
337
10.7.3
Seigniorage and hyper-inflation
343
Part VI The open economy
351
11
The balance of payments and exchange rates
353
11.1
Introduction
354
11.2
The balance of payments
358
11.3
Exchange rates
360
11.4
Theories of exchange rate determination
365
11.4.1
PPP: purchasing power parity
367
11.4.2
UIP: uncovered interest parity
374
11.4.3 Dornbusch
model of exchange rate overshooting
384
11.5
Interaction of exchange rates and the balance of payments
386
12
IS-LM-BP model
401
12.1
Introduction
402
12.2
Constructing the IS-LM-BP model
403
12.2.1
The open economy IS curve (the ISXM schedule)
403
12.2.2
The BP curve
406
12.2.3
The open economy LM curve
413
12.2.4
Exchange rate regimes
417
12.2.5
Equilibrium in the IS-LM-BP model
417
12.3
Comparative statics
418
12.4
Mundell-Fleming model
431
viii Contents
13
Aggregate demand and aggregate supply in the open economy
437
13.1
Introduction
438
13.2
TheAD-CCE-BT (Salter-Swan) model
438
13.2.1
Competitiveness and the trade balance
438
13.2.2
Aggreegate demand and competitiveness
440
13.2.3
The NAIRU and long-run aggregate supply in the open economy
443
13.2.4
The trade balance and the sustainable level of output
450
13.2.5
Equilibrium in the Salter-Swan model
451
13.3
Achieving a target level of output
452
Part
VII
Internationa! financial architecture
461
14
Exchange rate regimes and international policy coordination
4бз
14.1
Introduction
464
14.2
The choice of exchange rate regime
464
14.3
International policy coordination
479
14.4
Optimal currency areas
489
14.4.1
Is Europe an optimal currency area?
492
14.4.2
Should the UK join the euro?
500
15
International financial markets and currency crises
soe
15.1
Introduction
507
15.2
The internationalization of financial markets
507
15.3
Currency crises
512
15.3.1
First generation models
515
15.3.2
Second generation models: ERM,
1992;
Mexico,
1994-1995 515
15.3.3
Third generation models: Asian crisis,
1997-1998 524
15.4
Preventing currency crises
536
Part
VIII
Economic growth in the long run
545
16
Models of long-run growth
547
16.1
Introduction
548
16.2
The neoclassical model of growth
548
16.2.1
The Solow model
548
16.2.2
Solow model with technology
553
16.2.3
Long-run growth in the Solow model
556
16.2.4
The convergence hypothesis
557
16.3
Growth models with human capital
561
16.4
Endogenous growth theories
563
16.4.1
The AK model
564
16.4.2
The
Romer
model
565
16.4.3
Evidence of growth
566
16.4.4
Evaluation of endogenous growth theories
569
Appendix
573
Index
577 |
| any_adam_object | 1 |
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| id | DE-604.BV022966691 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:06:56Z |
| indexdate | 2024-07-09T21:08:46Z |
| institution | BVB |
| isbn | 9781844800421 1844800423 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016170999 |
| oclc_num | 69733642 |
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| physical | XVIII, 582 S. Ill., graph. Darst. |
| publishDate | 2006 |
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| publisher | Thomson |
| record_format | marc |
| spelling | Chamberlin, Graeme Verfasser aut Macroeconomics Graeme Chamberlin and Linda Yueh London Thomson 2006 XVIII, 582 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Macro-economie gtt Macroeconomics Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s DE-604 Yueh, Linda Verfasser aut Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016170999&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Chamberlin, Graeme Yueh, Linda Macroeconomics Macro-economie gtt Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037174-8 |
| title | Macroeconomics |
| title_auth | Macroeconomics |
| title_exact_search | Macroeconomics |
| title_exact_search_txtP | Macroeconomics |
| title_full | Macroeconomics Graeme Chamberlin and Linda Yueh |
| title_fullStr | Macroeconomics Graeme Chamberlin and Linda Yueh |
| title_full_unstemmed | Macroeconomics Graeme Chamberlin and Linda Yueh |
| title_short | Macroeconomics |
| title_sort | macroeconomics |
| topic | Macro-economie gtt Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Macro-economie Macroeconomics Makroökonomie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016170999&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT chamberlingraeme macroeconomics AT yuehlinda macroeconomics |