Advanced macroeconomics
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Advanced macroeconomics
Advanced macroeconomics
Patrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicstion and Signal Extraction87-1044Stabilization Policy - Can we?107-1335Stabilization Policy - Should we?134-1646Practical issues of effective stabilization165-1817Fiscal Policy and the government budget constraint182-2118The political economy of democracy212-2319Unemployment, productivity and growth Advanced macroeconomics232-25010The Macroeconomics of an Open Economy253-27111Representative agent models in cashless economies272-30512Money in representative agent models3Advanced macroeconomics
06-32013Open economy representative agent models321-33114Testing the Rational Expectations Hypothesis335-422lõInterpreting the Evidence: The Problem oPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicsnear and nonlinear time series447-490Bibliography491-526Errata1 pageCorrigenda4 pages1Macroeconomics: a succinct introductionFor many postgraduates macroeconomics is a totally new subject. For some undergraduates. it is useful to have a bird’s eye view of the l>a-sics of the subject before plunging Advanced macroeconomicsinto more advanced material. This chapter t herefore sketches in some basic elements of macroeconomics as a foundation for what follows. It takes nothAdvanced macroeconomics
ing for granted except a knowkxlge of elementary microeconomics essentially supply and demand. Macroeconomics is about the behaviour of whole economiePatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicsle to individuals, it is natural to think of our understanding coming from microcxxmomics which analyses how people interact in a particular market and build up the whole economy from there. That is how the ‘classical’ economists those who wrote before John Maynard Keynes naturally analysed the econ Advanced macroeconomicsomy. While their thinking was for a long time overlaid by the work of Keynes and his followers, in recent times it has once again become t he core ofAdvanced macroeconomics
our macroeconomic analysis; we shall begin with t he early classical t hinking, then sketch in the ideas of Keynes ami of his later followers, Wore buPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicsach, via a short history of macroeconomic thought, is the easiest way, experience shows, to reach an understanding of modem thought. (Students may like to consult a good intermediate textbook such as Parkin ami Bade. Modern Macroeconomics, any edition, in conjunction wit h this chapter.)3•1Models of Advanced macroeconomics t he EconomyTHE CLASSICAL MODELThe natural starting point, for macroeconomics is the classical model, when; it is assumed that prices and wagAdvanced macroeconomics
Advanced macroeconomics
top left the production function, top rigid a 45° graph transferring output through to the bottom right, which is the supply curve between the price lPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicsapital as given and hence shows diminishing returns of output (Q) to increasing labour input (L). From it is derived the demand for lalxmr. DD, where (for the average firm) the real wage equals I he marginal product of lalsmr. or equivalently the price — marginal cost, the first-order condition of a Advanced macroeconomics profit maximum. The supply of labour, ss, is shown with a flattish slope, indicat ing that the substitution effect of rising real wages, 77. is substAdvanced macroeconomics
antially larger than the income effect; this could come about because either workers substitute effort across time or unemployment benefits are generoPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial Informat Advanced macroeconomicsthat if all prices (P) rise t he supply of and demand for labour will not change since wages (offered and demanded) will rise in proportion, and so with relative prices the same there is no inducement to alter offers. The second curve is upward sloping; the reason is that as prices rise people do no Advanced macroeconomicst realise t hat all prices are rising (inflation). Workers in particular do not realise this ami in this diagram are assumed to be slow therefore in rAdvanced macroeconomics
aising their wages. Hence as prices rise wages lag behind and real wages fall to the right along the demand for labour CI1TO (thisMacroeconomics: a SuPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial InformatPatrick Minford and David PeeChapterTitlePages1Macroeconomics: a succinct introduction150362Solving Rational Expectations Models42-863Partial InformatGọi ngay
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