Essentials of advanced macroeconomic theory

Essentials of advanced macroeconomic theory / Ola Olsson.

Trying to summarize the essentials of macroeconomic theory in the wake of the financial crisis that has shaken not only Western economies but also the macroeconomic profession is no easy task. In particular, the notion that markets are self-correcting and always in equilibrium appears to have taken...

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Bibliographic Details
Main Author: Olsson, Ola
Format: eBook
Language:English
Published: London ; New York : Routledge, 2012.
Series:Routledge advanced texts in economics and finance ; 17.
Subjects:
Macroeconomics.
Macroeconomics > Mathematical models.
BUSINESS & ECONOMICS > Economics > Macroeconomics.
POLITICAL SCIENCE > Economic Conditions.
Macroeconomics
Macroeconomics > Mathematical models
Makroekonomi > teori, filosofi.
Online Access:Click for online access
Table of Contents:
  • Front Cover; Essentials of AdvancedMacroeconomic Theory; Copyright Page; Contents; List of figures; Preface; 1. Introduction; 1.1 The issues; 1.2 The national accounts identity; 1.3 Outline; Part I: The Long Run; 2. The Malthusian World; 2.1 Introduction; 2.2 The law of diminishing returns; 2.3 The Malthusian trap; 2.4 Endogenous fertility; 2.5 The collapse of the Malthusian link; 3. The Solow Growth Model; 3.1 Introduction; 3.2 Basic assumptions; 3.3 Dynamics; 3.4 Equilibrium; 3.5 Implications; 3.6 Extensions; 4. Endogenous Growth Theory; 4.1 Introduction; 4.2 AK model 29.
  • 4.3 Endogenous technological change4.4 Romer's product variety model; 4.5 Schumpeterian growth models; 4.6 Innovation versus imitation; 5. The Overlapping Generations Model; 5.1 Household optimization; 5.2 Endogenous saving; 5.3 Endogenous growth; Part II: The Short and Medium Run; 6. Equilibrium Business Cycles; 6.1 Technology shocks to production; 6.2 Labor demand; 6.3 Households; 7. Financial Crises; 7.1 Basic assumptions; 7.2 Banks; 7.3 A bank run equilibrium; 7.4 Foreign credit; 7.5 Short-term debt; 7.6 Liberalizing international credit markets; 8. Consumption and Saving.
  • 8.1 The Keynesian consumption function8.2 Friedman's critique; 8.3 The permanent income hypothesis; 8.4 An example; 8.5 The random-walk model; 8.6 Precautionary saving; 8.7 Interest rates and time discount rates; 8.8 Relative consumption; 8.9 Time inconsistency; 9. Investment and Asset Markets; 9.1 The Keynesian investment function; 9.2 The firm's investment decision; 9.3 Adjustment costs; 9.4 The housing market; 10. Unemployment and the Labor Market; 10.1 Labor market disequilibrium; 10.2 Efficiency wages; 10.3 The Shapiro-Stiglitz model; 10.4 Insider-outsider models.
  • 10.5 Search and matching modelsPart III: Macroeconomic Policy; 11. IS-MP, Aggregate Demand, and Aggregate Supply; 11.1 Aggregate expenditure and the multiplier; 11.2 The IS-MP model; 11.3 Aggregate demand; 11.4 Aggregate supply; 11.5 Financial intermediation; 11.6 New Keynesian models; 12. Public Finance and Fiscal Policy; 12.1 The government budget identity; 12.2 Ricardian equivalence; 12.3 Tax smoothing; 12.4 Political economy of government debt; 12.5 Debt financing versus debt forgiveness; 13. Inflation and Monetary Policy; 13.1 The quantity theory of money.
  • 13.2 Inflation and the money market13.3 Time inconsistency in monetary policy; 13.4 Political business cycles; 13.5 The Taylor rule; 13.6 Seigniorage; 14. The Open Economy; 14.1 Open economy accounting; 14.2 A representative agent framework; 14.3 The Mundell-Fleming model; 14.4 Exchange rate overshooting; 14.5 Currency unions; 15. Mathematical Appendix; 15.1 Introduction; 15.2 Derivatives of some basic functions; 15.3 Differentiation rules; 15.4 Chain differentiation; 15.5 Implicit function differentiation; 15.6 Applications to macroeconomics; 15.7 Basic properties of exponents and logarithms.

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