For courses in Intermediate Macroeconomics.
Macroeconomics traces the history, evolution, and challenges of Keynesian economics, presenting a comprehensive, detailed, and unbiased view of modern macroeconomic theory.
This book narrates the evolution of economic theory, presenting the most recent and modern developments, without glossing over the fundamental disagreements among macroeconomists on both theory and policy.
Major theories are presented and compared.
Important agreements and differences are discussed.
Demonstrations of the controversies are presented, which centre on well-defined theoretical differences.
Many of the post-1970 developments in macroeconomics have been the result of dissatisfaction with the Keynesian theory and the policy prescriptions that follow from it. In order for students to understand the evolution of macroeconomics, the author presents the history of Keynesian thought by:
Providing an up-to-date summary of the Keynesian position, including research that has come to be called the new Keynesian economics.
Offering a detailed analysis of challenges to the Keynesian position.
PART ONE: INTRODUCTION AND MEASUREMENT
1: Introduction
2: Measurement of Macroeconomic Variables
PART TWO: CLASSICAL ECONOMICS AND THE KEYNESIAN REVOLUTION
3: Classical Macroeconomics (I): Equilibrium Output and Employment
4: Classical Macroeconomics (II): Money, Prices, and Interest
5: The Keynesian System (I):The Role of Aggregate Demand
6: The Keynesian System (II): Money, Interest, and Income
7: The Keynesian System (III): Policy Effects in the IS-LM Model
8: The Keynesian System (IV): Aggregate Supply and Demand
PART THREE: MACROECONOMIC THEORY AFTER KEYNES
9: The Monetarist Counterrevolution
10: Output, Inflation, and Unemployment: Alternative Views
11: New Classical Economics
12: Real Business Cycles and New Keynesian Economics
13: Macroeconomic Models :A Summary
PART FOUR: OPEN ECONOMY MACROECONOMICS
14: Exchange Rates and the International Monetary System
15: Monetary and Fiscal Policy in the Open Economy
PART FIVE: ECONOMIC POLICY
16: Money, the Banking System, and Interest Rates
17: Optimal Monetary Policy
18: Fiscal Policy
PART SIX: ECONOMIC GROWTH
19: Policies for Intermediate-Run Growth
20: Long-Run Economic Growth: Origins of the Wealth of Nations
