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Current Controversies in Macroeconomics - Howard R. Vane

Current Controversies in Macroeconomics

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

Hardcover Published: January 1992
ISBN: 9781852780890
Number Of Pages: 160

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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.

List of Figures
Preface
Mainstream Macro-Models and Schools of Thoughtp. 1
Introductionp. 1
Mainstream macro-modelsp. 1
Mainstream schools of thoughtp. 19
The Balance of Payments and Exchange Ratesp. 27
Introductionp. 27
The Mundell-Fleming: Keynesian model under fixed exchange ratesp. 28
The monetary approach to the balance of payments under fixed exchange ratesp. 36
The Mundell-Fleming: Keynesian model under flexible exchange ratesp. 42
The monetary approach under flexible exchange ratesp. 47
Exchange rate models and overshootingp. 51
Conclusionp. 55
Inflation and Unemploymentp. 56
Introductionp. 56
The Phillips curvep. 56
The expectations-augmented Phillips curvep. 60
Policy implicationsp. 66
Conclusionp. 71
Appendix: Adaptive and rational expectationsp. 72
Money and Economic Activityp. 77
Introductionp. 77
Monetary policy in the IS-LM modelp. 77
The determination of the money supplyp. 81
The demand for moneyp. 87
The transmission mechanismp. 93
Empirical evidence on the demand for moneyp. 97
Conclusionp. 100
Fiscal Policy and Aggregate Demandp. 102
Introductionp. 102
Keynesian viewp. 102
Monetarist viewp. 108
The government budget constraint and the controversy over the power of fiscal policyp. 114
Crowding out in the AD-AS modelp. 118
Conclusionp. 119
Business Cyclesp. 121
Introductionp. 121
The nature of the business cyclep. 121
Early theories of the business cyclep. 125
The equilibrium business cyclep. 130
The political business cyclep. 133
Conclusionp. 135
Conclusionp. 137
Bibliographyp. 141
Author Indexp. 147
Subject Indexp. 149
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781852780890
ISBN-10: 1852780894
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 160
Published: January 1992
Publisher: Edward Elgar Publishing Ltd
Country of Publication: GB
Dimensions (cm): 22.23 x 15.24  x 1.91
Weight (kg): 0.32

Earn 394 Qantas Points
on this Book

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