Macroeconomics:
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| Main Authors: | , |
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| Format: | Book |
| Language: | English |
| Published: |
Delft
VSSD
[2005]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxii, 501 Seiten Illustrationen, Diagramme |
| ISBN: | 9789065622754 9071301575 9789071301575 |
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MARC
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Record in the Search Index
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| adam_text | VII
COMTENTS
PREFACE
CONTENTS
PART 1 THE MACROECONOMIC REVOLUTION
1 REVOLUTION AND COUNTERREVOLUTION
1.1 The Classical Economics
1.2 Keynes Revolution
1.3 Counter-Revolutions after Keynes
[Special Section] Keynes, Einstein and Scientific Revolution
Newton s Physics
Newton Classical Economics
Einstein and Newton’s Mechanics
Keynes, the Classics, and Relativity Theory
1.4 Summary of Chapter 1
1.5 Questions for Chapter 1
2 EMPLOYMENT AND UNEMPLOYMENT
2.1 The Classical Theory of Employment
Taking a Closer Look Two Concepts of Equilibrium
2.2 Keynes Attack on the Classical Labor Market
2.3 Involuntary Unemployment
2.4 A Two-Sector Economy
fecial Section! Keynes Circus
2.5 Summary of Chapter 2
2.6 Questions for Chapters 1 and 2
2.7 Problems for Chapters 1 and 2
3 INTEREST, MONEY AND UNCERTAINTY
3.1 The Classical Theory of Interest
3.2 Keynes’ Attack on the Classical Capital Market
3.3 The Liquidity Preference Theory of Interest
3.4 Keynes s Theory of Money
3.5 Uncertainty and the Investment Decision
xv
vii
1
3
4
6
8
11
11
12
14
14
16
16
18
19
22
25
28
30
33
37
38
39
41
42
44
45
47
49
viii
Macroeconomics
Taking a Closer Look Was Keynes a Socialist? 52
3.6 Instability in Financial Markets 54
37 A Synopsis of the Revolution 57
[Special SectionTrhe Great Depression in Britain and the United
States 58
3.8 Summary of Chapter 3 62
3.9 Questions 63
3.10 Problems 63
Appendix to Chapter 3 The Rate of Interest and the Rate of
Investment 65
PART 2 THE KEYNESIAN THEORY 69
4 CLASSICAL AND KEYNESIAN MACROECONOMIC MODELS 71
4.1 A Classical Macro-Model 72
Production Function 72
Demand Curve for Labor 73
Supply Curve for Labor 74
Savings, Investment, and Interest 76
Money and Prices 78
The Classical Dichotomy 80
Taking a Closer Look
Money and Interest Rates 83
4.2 A Simple Keynesian Model 84
Aggregate Demand 84
Consumer Spending 86
The Model 87
Taking a Closer Look Setting up a Model: Some Rules and
Definitions 88
The Multiplier 90
4.3 A Multiplier with Taxes 91
Taking a Closer Look The Balanced Budget Multiplier 94
4.4 The Consumption Function 95
The Relative Income Hypothesis 97
The Permanent Income Hypothesis 101
The Life Cycle Consumption Model 103
[^ecjaTSectionl Growth Theory and the Management of Growth 107
4.5 Summary of Chapter 4 113
4.6 Questions 114
4.7 Problems 115
APPENDIX The National Accounts 117
Gross National Product 117
GNP and GDP 120
Net National Income 122
Taking a Closer Look The Gross Domestic Product 124
Nominal and Real GDP 126
Comparing Growth Rates 127
CONTENTS
IX
5 THE IS-LM MODEL AND THE PHILLIPS CURVE 131
5.1 The Theory of Investment 133
Taking a Closer Look A Linear Version of the IS Curve 137
5.2 The Market for Money 138
Taking a Closer Look A Linear Version of the LM Curve 143
5.3 The General Equilibrium of Interest and Output 144
Taking a Closer Look IS-LM in Linear Form: Algebraic Solutions
for Y and r 146
5.4 Fiscal and Monetary Policy 147
5.5 Liquidity Traps and Crowding Out 150
5.6 Employment and Inflation . 153
5.7 The Phillips Curve 156
Taking a Closer Look Some Comparative Phillips Curves 160
5.8 IS-LM in Modern Macroeconomics 163
5.9 An Appraisal of IS-LM Models 165
Special Section ] Varieties of the Investment Function 168
5.10 Summary 172
5.11 Questions 173
5.12 Problems 174
PART 3 MONETARISM AND NEW CLASSICAL ECONOMICS 177
6 AN INTRODUCTION TO MONEY 179
6.1 What is Money? 180
6.2 Is Money Rational? 183
6.3 The Official Money Stock 185
6.4 Monetary Systems and Money Supply 187
A Commodity Standard 188
A Paper Standard 189
Money Creation 190
6.5 The Quantity Equation 193
6.6 The Market For Money 194
Money Demand 195
A Pure Commodity-Standard Model 195
6.6.A More Realistic Gold-Standard Model 197
A Model of a Paper Standard 199
6.7 The Monetary System in Real Life 199
of Last Resort 200
Interest Rate Targeting 200
Interest Rate Changes Over Time 201
6.8 The Credit System 202
i^edaFSecHonl Bank Stability and Financial Reform 204
Hedge, Speculative, and Ponzi Finance 205
Bank Runs and Deposit Insurance 205
Moral Hazard and Narrow Banking 206
More Regulation? 207
6.9 Summary of Chapter 6 208
6.10 Questions 210
6.11 Problems 211
X
Macroeconomics
7 MONETARISM 212
7.1 The Old Quantity Theory 213
7.2 Monetarism 215
Basic Model 216
The Case for Stable Money Growth 219
Taking a Closer Look Money, Inflation and GDP 221
7.3 Monetarism and Unemployment * 224
The Accelerationist Hypothesis 225
Adaptive Expectations 226
Systematic Mis-Predictions of Inflation 228
Generating Unemployment or Over-Employment 229
Information Asymmetry 230
7.4 Monetarism and the Phillips Curve 231
The Natural Rate of Unemployment 231
The Vertical Long-Run Phillips Curve 232
___ The Collapse of the Phillips Curve 236
¡Special Sectionl The Federal Reserve and the Control of Money 238
7.5 Summary of Chapter 7 244
7.6 Questions 245
7.7 Problems 246
8 RATIONAL EXPECTATIONS 247
8.1 Market Clearing 248
8.2 The Rational Expectations Hypothesis 251
The Origins of Rational Expectations 253
8.3 Rational Expectations and the Phillips Curve 256
8.4 The Ineffectiveness of Policy 261
Special Section; Can Economic Expectations be Measured? 262
8.5 Summary of Chapter 8 264
8.6 Questions 264
8.7 Problems 265
9 THE AS-AD MODEL AND NEW CLASSICAL ECONOMICS 267
9.1 Aggregate Demand 268
9.2 Aggregate Supply 269
9.3 The AS-AD Model 272
Taking a Closer Look New Classical Unemployment 273
Speculative Unemployment 273
Wait or Precautionary Unemployment 273
Search Unemployment 274
9.4 New Classical Economics and Fiscal Policy 278
9.5 New Classical Business Cycle Theory 280
Taking a Closer Look Inflation and Oil Prices 280
Special Section] More Natural Laws, of Interest and Money 285
The Natural Rate of Interest 285
The Neutrality of Money 287
9.6 Summary of Chapter 9 289
9.7 Questions 290
9.8 Problems 291
CONTENTS
xi
10.2
10.3
Appendix to Chapter 9 The Neutrality of Money Revisited
PART 4 CONTEMPORARY DEPARTURES
10 NEW KEYNESIAN MACROECONOMICS
10.1 Six Reasons for Sticky Wages
1. Relative Wages
2. Efficiency Wages
3. Fair Wages and Insider-Outsider Models
4. Implicit Contracts
5. Long-term Labor Contracts and Imperfect Indexation
6. Transactions Costs and Countervailing Power
Sticky Prices
Menu Costs
Increasing Returns to Scale
Policy Implications of Rational Stickiness
General Disequilibrium
Taking a Closer Look IS-LM and the Price Level
10.4 Persistent Unemployment
Displaced Equilibria
Notional and Actual Demands
Spillovers in All Directions
Policy Implications
Taking a Closer Look Deficits, Savings, Profits and Investment
fecial Section; A Guide to the Deficit
Nominal and real deficits
Deficits, Debt and GDP
Structural and Cyclical Deficits
Sustainable Deficits
Objectives for the Deficit
10.5 Summary of Chapter 10
10.6 Review Questions
10.7 Review Problems
11 THE MACROECONOMICS OF OPEN ECONOMIES
11.1
11.2
11.3
11.4
11.5
11.6
Open Economies
The Propensity to Import
Equilibrium Income in the Open Economy
The Balance of Trade
The Exchange Rate
Appreciations and Depreciations
Exchange Rate and Income Equilibration
The Capital Account
The Debt Crisis
Capital Account Deficits and Capital Exports
Capital Flight
The Balance of Payments
The BP Schedule
The IS-LM-BP Model
292
297
299
304
305
306
311
312
313
314
315
315
317
318
318
320
324
325
326
327
328
329
332
334
338
339
340
342
345
346
346
349
350
351
352
353
355
356
357
359
361
361
361
362
363
363
Xll
Macroeconomics
Monetary and Fiscal Policies with Floating Exchange
Rates 365
A Fixed-Exchange-Rate Regime 367
Taking a Closer Look Exchange Rates and Trade Deficits 369
11.7 Some Additional Remarks 372
11.8 ^Conclusion 375
l^ecial^ectioni An Introduction To North-South Analysis 375
A Symmetrical Approach 377
An Asymmetric Model 380
11.9 Summary of Chapter 11 385
11.10 Problems: 387
11.11 Questions 388
12 THE POST-KEYNESIAN VISION 389
12.1 How Does Post-Keynesian Economics Differ? 392
Endogenous Money 393
12.2 Mark-up Pricing 395
Subjective Expectations 398
12.3 Interest Rates, Investment and Employment 404
The Classical Interest Rate Theory Once Again 405
Post-Keynesian Problems with the Classical View 406
The Post-Keynesian Alternative 407
Taking a Closer Look Interest Rates: Real and Nominal, Short and
Long 408
The Long-Term Interest Rate and the Fisher Effect 419
12.4 A Theory of the Capital Stock 421
Capital and Consumer Goods 422
New Technology 422
Best Practice and The Margin of Obsolescence 424
The Price-Cost Profile 425
The Corporation and Technological Immortality 427
12.5 Conclusion 429
fecial Secticm Industrial and Technology Policies 429
The Industrial Performance Problem 431
Principles for Industrial Policy 433
Long Term Strategies 437
Conclusion 438
12.6 Summary of Chapter 12 439
12.7 Questions 441
12.8 Problems 442
13 THE Z-D MODEL AND THE BUSINESS CYCLE 445
13.1 Effective Demand 447
13.2 Cost of Supply and Competitive Price 450
13.3 The Determination of Employment and Prices 451
13.4 Dynamics of the Z-D System 452
13.5 Dynamics of Inflation 455
13.6 Are Recessions Useful? 457
13.7 The New Political Business Cycle 459
CONTENTS xiii
New Political vs. New Classical Cycles 460
New Political vs. New Keynesian Cycles 462
13.8 New Political Cycles and Paradoxes of Economics 463
Pro-cyclical Investment Spending 463
Pro-cyclical Productivity Growth 463
Pro-cyclical Real Wages 464
13.9 Can j:he Business Cycle be Managed? 465
¡Special Section! Incomes Policies - Old Attempts and New Ideas 468
World War I 469
World War II 470
The Kennedy-Johnson Guideposts 472
Nixon’s controls 473
Carter to Reagan to Bush 475
Ideas for the Future 477
13.10 Summary of Chapter 13 480
13.11 Questions 482
13.12 Problems 482
INDEX
485
|
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| spelling | Galbraith, James K. 1952- Verfasser (DE-588)128817143 aut Macroeconomics James K. Galbraith; William Darity Jr Delft VSSD [2005] xxii, 501 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Makroökonomie (DE-588)4037174-8 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Makroökonomie (DE-588)4037174-8 s b DE-604 Darity, William A. Jr. 1953- Verfasser (DE-588)134024079 aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030772803&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Galbraith, James K. 1952- Darity, William A. Jr. 1953- Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
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| title | Macroeconomics |
| title_auth | Macroeconomics |
| title_exact_search | Macroeconomics |
| title_full | Macroeconomics James K. Galbraith; William Darity Jr |
| title_fullStr | Macroeconomics James K. Galbraith; William Darity Jr |
| title_full_unstemmed | Macroeconomics James K. Galbraith; William Darity Jr |
| title_short | Macroeconomics |
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| topic | Makroökonomie (DE-588)4037174-8 gnd |
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