Current Controversies in Macroeconomics

By: Howard R. Vane (Editor), John L. Thompson (Editor)

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Hardcover | 1 January 1992

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This book provides a concise yet rigorous discussion of the main issues in modern macroeconomics for students taking intermediate level courses in economics. In particular, it examines the controversy over the role and conduct of macroeconomic stabilization policy.
While the book is written in such a way as to allow students to read individual chapters in isolation, it follows a structured direction. After providing a review of mainstream macroeconomic models and the chief areas of controversy between Keynesian, Monetarist and New Classical approaches to stabilization policy, subsequent chapters focus on selected key controversies: the balance of payments and exchange rates; inflation and unemployment; money and economic activity; fiscal policy and aggregate demand; and business cycles.
This authoritative state of the art survey of modern macroeconomics has been specifically designed to meet the needs of students and teachers. It will be essential reading for intermediate level courses in macroeconomics.

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Non-Fiction Economics Macroeconomics

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List of Figures
Preface
Mainstream Macro-Models and Schools of Thought	p. 1
Introduction	p. 1
Mainstream macro-models	p. 1
Mainstream schools of thought	p. 19
The Balance of Payments and Exchange Rates	p. 27
Introduction	p. 27
The Mundell-Fleming: Keynesian model under fixed exchange rates	p. 28
The monetary approach to the balance of payments under fixed exchange rates	p. 36
The Mundell-Fleming: Keynesian model under flexible exchange rates	p. 42
The monetary approach under flexible exchange rates	p. 47
Exchange rate models and overshooting	p. 51
Conclusion	p. 55
Inflation and Unemployment	p. 56
Introduction	p. 56
The Phillips curve	p. 56
The expectations-augmented Phillips curve	p. 60
Policy implications	p. 66
Conclusion	p. 71
Appendix: Adaptive and rational expectations	p. 72
Money and Economic Activity	p. 77
Introduction	p. 77
Monetary policy in the IS-LM model	p. 77
The determination of the money supply	p. 81
The demand for money	p. 87
The transmission mechanism	p. 93
Empirical evidence on the demand for money	p. 97
Conclusion	p. 100
Fiscal Policy and Aggregate Demand	p. 102
Introduction	p. 102
Keynesian view	p. 102
Monetarist view	p. 108
The government budget constraint and the controversy over the power of fiscal policy	p. 114
Crowding out in the AD-AS model	p. 118
Conclusion	p. 119
Business Cycles	p. 121
Introduction	p. 121
The nature of the business cycle	p. 121
Early theories of the business cycle	p. 125
The equilibrium business cycle	p. 130
The political business cycle	p. 133
Conclusion	p. 135
Conclusion	p. 137
Bibliography	p. 141
Author Index	p. 147
Subject Index	p. 149
Table of Contents provided by Blackwell. All Rights Reserved.

Current Controversies in Macroeconomics

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