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Macroeconomics : A Neo-classical Approach - Merton H. Miller


A Neo-classical Approach

Paperback Published: 1st January 1986
ISBN: 9780226526232
Number Of Pages: 384

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"Miller and Upton is by far the most cited macroeconomics text in front line academic research journals over the last ten years. It has become a contemporary classic."--Roger C. Kormendi, University of Michigan
"The most innovative approach to introducing macroeconomics that I have seen. . . . A 'classic' in the sense that every serious student of macroeconomics is likely to want it in his or her library."--John P. Gould, University of Chicago
"The task the authors set out to perform is ambitious: to write a macroeconomics textbook structured around a neoclassical growth model. And in this task they have succeeded."--Clifford W. Smith, Jr., "Journal of Finance"
"This is a superb book. As a vehicle for teaching economics I have to place it right behind Henderson and Quant ("Microeconomics") and Dorfman, Samuelson, and Solow ("Linear Programming"). Moreover, it is an exciting book both to read and to think about. . . . It is not just that these authors have something to say, but their way of saying it is generally superior."--F. E. Banks, "Kyklos"

Preface, 1986
The Neoclassical Theory of Economic Growth and Production
An introduction to macroeconomic reasoning
The Malthusian model
The Malthusian model
The equilibrium population size and standard of living
The policy prescriptions of the Malthusian model Where does the Malthusian model stand today?
The neoclassical model of economic growth Capital as a factor of production Production, income and the accumulation of capital The neoclassical model of economic growth
Some further properties of the neoclassical model
The demand for and the price of capital services Factor proportions and the relative compensation of the factors
Technological change and the neoclassical model Appendix: Mathematical properties of the neoclassical model Bibliography for Section One
Consumption and Saving
The microeconomic foundations of aggregate saving and consumption functions Introduction: Some historical background Consumption, saving and the life cycle
The basic Fisherian model of the savings decision
The basic model in algebraic form Appendix: Derivation of the consumption function
Some properties of the life-cycle model of consumption Consumption over the life cycle: Some numerical examples Essential properties of the life-cycle consumption function
The response of consumption to unanticipated changes in income and wealth Concluding observations Appendix: The permanent income hypothesis
The neoclassical model with a life-cycle consumption function Steady-state equilibrium properties
The adjustment to steady state Demographic variables and the equilibrium saving rate Bibliography for Section Two
Government Finance
The macroeconomics of taxation Modeling the public sector Tax policy and the equilibrium capital stock
The burden of the debt Does the debt make a difference? Implications of an increase in the debt on consumption and investment decisions Deficit financing as a permanent policy Appendix: An application to social security Bibliography for Section Three
Money and the Price Level
The microeconomic foundations of the demand for money Introduction
The essential properties of the demand function for money
A consumption interpretation of the demand for money A life-cycle demand function for money
The basis of the demand function for money Money holdings and consumption over the life cycle: Some numerical illustrations Appendix: Derivation of the demand function for money
The Quantity Theory of Money
The effect of an unanticipated change in the supply of money
The Quantity Theory of Money The formation of inflationary expectations
Money and the price level in a growing, full employment economy
The anatomy of long-run equilibrium in a monetary economy
The response to changes in the rate of growth of the money supply
Inflation as a tax Money creation as a revenue device
The optimal rate of money creation
Fiscal policy and the price level
The effects of an increase in government spending Must an increase in government spending be inflationary?
Is deficit financing more inflationary than tax financing?
Money and banking
The business of banking Monetary equilibrium with inside and outside money The fatal flaw in a fractional reserve banking system Central banks and the management of a fractional reserve banking system
A further look at some of the assumptions Bibliography for Section Four
The microeconomic foundations of unemployment Price adjustment in a single market Unemployment in the labor market
The impact of monetary and fiscal policies on unemployment in the short run and the long Short-run equilibrium with sticky wage rates Fiscal and monetary policies for reducing unemployment: The conventional wisdom The trouble with conventional wisdom Is there a long-run Phillips curve?
Bibliography for Section Five Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780226526232
ISBN-10: 0226526232
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 384
Published: 1st January 1986
Publisher: The University of Chicago Press
Country of Publication: US
Dimensions (cm): 22.6 x 15.3  x 2.06
Weight (kg): 0.52
Edition Type: New edition

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