Book Description :
Genre : Educational, Economics & Finance
Written By : Sanjay Rode
Book Size : 4.50 Mb
The Advanced Macroeconomics book is useful to policy makers, planners, industry and academicians. This book gives two distinct parts. The first part provides the fundamentals of basic macroeconomic identities. The second part explains about the open economy and macro economy issues. In our global era, all economies are subjected to fluctuation of external factors. They are affected by exchange rates, balances of payment, income and inflation. Such indicators are more visible in the money, capital, equity and commodity markets. This book explains different issues and provides macroeconomic solutions at national and global levels. Therefore, this book especially helps postgraduate students to understand the subject in greater depth.
Content :
Introduction to Macroeconomics
From a closed to an open economy
The IS-LM Framework
Aggregate demand and supply
The Consumption Function
Introduction
The Ando-Modigliani Approach: The life cycle hypothesis
The Friedman approach: Permanent income
Friedman’s consumption function: Cyclical movement
The Duesenberry Approach: Relative income
Money: Definition and function
Aggregate supply, wages, prices and employment
The Philips Curve
The dynamic aggregate supply curve
The production function
The properties of the aggregate supply curve
Inflation expectations and the aggregate supply curve
The aggregate supply curve (ASC)
The modified Philips Curve
The expected augmented Philips Curve
Criticism
The open economy: Macroeconomy
Introduction
The open economy and the goods market
The Mundell-Fleming model
Competitive depreciation
The role of prices in an open economy
Automatic adjustment
Expenditure switching and expenditure reducing policies
Devaluation
The exchange rate and prices
The crawling peg exchange rate
The J curve effect
The Monetary Approach to Balance of Payments (MABoP): the IMF approach to macroeconomic stabilization
Exchange rate overshooting
Modern Macroeconomics
Introduction
The efficiency wage hypothesis
The government budget constraints and debt dynamics
Rational expectations
The new Keynesian alternative
The Ricardian Equivalence (RE)
The search and matching model
Implicit contracts
The insider–outsider model
The real business cycle theory
International adjustments:Policy implications
Government budget constraints
Hyperinflation
The Laffer curve
Controlling the deficit
Debt management
The dynamics of the deficit and debts
The Barro-Ricardo problem
Money and debt financing
The burden of debt
Government assets
The budget deficit
The size of debt /budget
The merged Bank-Fund model
Rules versus discretion
Lags in the effects of policy
Gradualism vs. shock therapy
Credibility
References:
Glossary
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