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Macroeconomic Theory and Macroeconomic Pedagogy - Giuseppe Fontana

Macroeconomic Theory and Macroeconomic Pedagogy

By: Giuseppe Fontana (Editor), Mark Setterfield (Editor)

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Published: 30th June 2009
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This book aims to showcase and advance recent debates over the extent to which undergraduate macroeconomics teaching models adequately reflect the latest developments in the field. It contains 16 essays on topics including the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance.

"The 2007/8 financial crisis starkly revealed the limitations of the three equation 'New Consensus' macroeconomic model. This model abstracts by assumption from default and credit risk, and hence has no room for issues relating to financial intermediation and liquidity, a 'fair weather' model. In this book the authors outline this and other drawbacks of the current mainstream model, and make a good start in amending this in ways which both come closer to reality and can be the basis for undergraduate teaching." -- Charles A.E. Goodhart, Emeritus Professor of Economics, and Member Financial Markets Group, London School of Economics and Political Science, UK; former Bank of England's External Member, Monetary Policy Committee, UK
"All who teach graduate macroeconomics will benefit from Fontana and Setterfield's efforts to broaden the scope of formal pedagogy and to incorporate Keynesian and Post Keynesian insights into a disciplined teaching framework." -- James K. Galbraith, Professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas, at Austin; former Executive Director of the Joint Economic Committee, Congress of the United States, and guest scholar at the Brookings Institution, USA
"Macroeconomic theory has developed rapidly in the last two decades, but undergraduate teaching and textbooks have not kept up. This timely book surveys approaches to improving pedagogy, focusing on a 3-equation model that is similar in spirit to cutting-edge macro theories but accessible to undergraduates. In addition to its theoretical appeal, the model is better than traditional textbook models for analyzing real-world economic fluctuations." -- Larry Ball, Professor of Economics, Johns Hopkins University, USA"

List of Figuresp. vii
List of Appendicesp. x
Notes on the Contributorsp. xi
Forewordp. xix
Macroeconomic Theory and Macroeconomic Pedagogy: An Introductionp. 1
The 3-Equation New Consensus Macroeconomic Model
Teaching Intermediate Macroeconomics using the 3-Equation Modelp. 13
Bringing Undergraduate Macroeconomics Teaching Up to Datep. 36
Monetary Policy Analysis: An Undergraduate Toolkitp. 55
Rescuing the LM Curve (and the Money Market) in a Modern Macro Coursep. 76
The New Consensus in Macroeconomics: A Critical Appraisalp. 100
Complexity and Macro Pedagogy: The Complexity Vision as a Bridge between Graduate and Undergraduate Macrop. 118
An Endogenous-Money Theory Amendment of the New Consensus Macroeconomic Model
Teaching Macroeconomics When the Endogeneity of Money is Taken Seriouslyp. 131
A Simple (and Teachable) Macroeconomic Model with Endogenous Moneyp. 144
Money and Banking in a Realistic Macro Modelp. 169
Financial Fragility, Liquidity Preference, Unemployment Hysteresis and Other Amendments
Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendmentsp. 191
Minsky Meet Wicksell: Using the Wicksellian Model to Understand the Twenty-First Century Business Cyclep. 214
Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investmentp. 234
The Real Interest Rate, Income Distribution, and Alternative Views of Stabilization Policies
Teaching the New Consensus Model of 'Modern Monetary Economics' from a Critical Perspective: Pedagogical Issuesp. 255
A Post Keynesian Alternative to the New Consensus Modelp. 273
The Central Banker as 'Regulator of Conflict': A 'Reversed' Reading of the Solow and New Consensus Modelsp. 295
Institutions, Expectations and Aggregate Demandp. 309
Author/Name Indexp. 323
Subject Indexp. 326
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780230277632
ISBN-10: 0230277632
Audience: General
Format: Paperback
Language: English
Number Of Pages: 341
Published: 30th June 2009
Publisher: Palgrave Macmillan
Country of Publication: GB
Dimensions (cm): 21.34 x 13.72  x 1.52
Weight (kg): 0.45
Edition Number: 1