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Macroeconomic theory 2nd edition (POD)

Langue : Anglais
Couverture de l’ouvrage Macroeconomic theory 2nd edition (POD)
Macroeconomic Theory, in its first edition, was widely adopted for use as a graduate text, this updated and expanded version should find even greater popularity as a text and as a research reference. It has been substantially revised to include three entirely new chapters: The Consumption Function, Government Debt and Taxes, and Dynamic Optimal Taxation. Significant additions have been made to three of the original chapters dealing with difference equations, stochastic difference equations, and investment under uncertainty.
Nonstochastic Macroeconomics: Introduction. The Classical Model. The Keynesian Model. Tobins Dynamic Aggregative Model. Miscellaneous Topics. Dynamic Analysis of a Keynesian Model. The Investment Schedule. Introduction to Stochastic Macroeconomics: Behavior Under Uncertainty. Implicit Labor Contracts and Sticky Wages. Difference Equations and Lag Operators. Linear Least Squares Projections (Regressions). Linear Stochastic Difference Equations. The Consumption Function. Government Debt and Taxes. Investment Under Uncertainty. Dynamic Optimal Taxation. The Phillips Curve. Optimal Monetary Policy. Aspects of the New Classical Macroeconomics. Appendix: Formulas from Trigonometry. Exercises. References. Author Index. Subject Index.
Graduate students in economics.
When the manuscript for the first edition of this book was sent to the publisher in 1977, I was only beginning to understand the ramifications of the cross-equation restrictions that the hypothesis of rational expectations imposes on an equilibrium stochastic process of a dynamic model. Some of those ramifications had leaked into the first edition of this book, but many more are present in this edition. A formula expressing these restrictions in linear models was published by Lars Hansen and me in 1980. That formula is applied repeatedly in this edition.'--Preface to the Second Edition'The first edition appeared at a time when discussions of the 'policy ineffectiveness proposition' occupied much of the attention of macroeconomists. As work of John B. Taylor has made clear, the methodologic

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