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E-raamat: Macroeconomic Theory

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(Director of Research, National Center for Scientific Research (CNRS))
  • Formaat: PDF+DRM
  • Ilmumisaeg: 25-Oct-2010
  • Kirjastus: Oxford University Press Inc
  • Keel: eng
  • ISBN-13: 9780199780365
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Macroeconomic TheorySuurem pilt
  • Formaat: PDF+DRM
  • Ilmumisaeg: 25-Oct-2010
  • Kirjastus: Oxford University Press Inc
  • Keel: eng
  • ISBN-13: 9780199780365
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This graduate textbook is a "primer" in macroeconomics. It starts with essential undergraduate macroeconomics and develops in a simple and rigorous manner the central topics of modern macroeconomic theory including rational expectations, growth, business cycles, money, unemployment, government policy, and the macroeconomics of nonclearing markets. The emphasis throughout the book is on both foundations and presenting the simplest model for each topic that will deliver the relevant answers.

The first two chapters recall the main workhorses of undergraduate macroeconomics: the Solow-Swan growth model, the Keynesian IS-LM model, and the Phillips curve. The next chapters present four fundamental "building blocks" of modern macroeconomics: rational expectations, intertemporal dynamic models, nonclearing markets and imperfect competition, and uncertainty. Later the book deals with growth, notably the Ramsey model, overlapping generations, and endogenous growth. Chapter 10 moves to the famous "real business cycles" (RBC), which integrate in a unified framework growth and fluctuations. The final chapters look at the issue of stabilization, how best to guard the economy from shocks, and the connections between politics and the macroeconomy. To make the book self contained, a mathematical appendix gives a number of simple technical results that are sufficient to follow the formal developments of the book.

Arvustused

In this new text, designed for first year graduate students, Jean-Pascal Benassy conducts a review of every important development in macroeconomic theory since the 1950s. Each topic is viewed through explicit models, designed to reveal its central issues as simply and directly as possible, but without giving up either rigor or substance. There are 590 references, from Abel to Zabel. An encyclopedic achievement! * Robert E. Lucas, Jr., University of Chicago and 1995 Nobel Laureate in Economics *

Introduction xii
The Object of the Book xii
Organization of the Book xiii
An Overview of the Book xiii
Acknowledgments xviii
1 Growth
3(21)
1.1 Introduction
3(1)
1.2 The Solow-Swan Model
4(2)
1.3 Short-run Equilibrium and Dynamics
6(3)
1.4 The Golden Rule
9(2)
1.5 Technical Progress and Growth
11(1)
1.6 Convergence
12(4)
1.7 A Model with Two Accumulated Factors
16(8)
Appendix 1.1 The CES Production Function
18(2)
Appendix 1.2 Embodied Technical Progress
20(2)
Problems
22(2)
2 Output, Inflation, and Stabilization
24(21)
2.1 Introduction
24(1)
2.2 The Basic Keynesian Models
25(4)
2.3 The Phillips Curve
29(2)
2.4 Phillips Curve Dynamics
31(3)
2.5 Expectations and Policy Effectiveness
34(11)
Appendix 2.1 The Baumol-Tobin Demand for Money
38(1)
Appendix 2.2 Indexation
39(2)
Appendix 2.3 Imperfect Information and the Choice of Economic Instruments
41(2)
Problems
43(2)
3 Rational Expectations
45(20)
3.1 Introduction
45(1)
3.2 Rational Expectations: A Simple Definition
46(1)
3.3 The Muth Model
47(2)
3.4 Rational Expectations and Policy Effectiveness
49(1)
3.5 Expectations and Stability: The Cagan Model
50(4)
3.6 Solutions to a Stochastic Dynamic Equation
54(3)
3.7 Learning and Rational Expectations
57(8)
Appendix 3.1 Signal Extraction and Adaptive Expectations
60(2)
Problems
62(3)
4 Intertemporal Equilibria with Optimizing Agents
65(20)
4.1 Introduction
65(1)
4.2 A Ramsey Model with Exogenous Incomes
66(4)
4.3 An Overlapping Generations Model
70(6)
4.4 Overlapping Generations and Money
76(2)
4.5 A Ramsey-OLG Model
78(7)
Appendix 4.1 A Basic Dynamic Equation
81(2)
Problems
83(2)
5 Nonclearing Markets and Imperfect Competition
85(33)
5.1 Introduction
85(1)
5.2 Walrasian Theory: The Missing Parts
86(1)
5.3 Nonclearing Markets and Imperfect Competition
87(10)
5.4 A Macroeconomic Example
97(11)
5.5 Shocks and Correlations
108(10)
Appendix 5.1 Quantity Signals: An Example
111(2)
Appendix 5.2 Alternative Rigidities
113(1)
Problems
114(4)
6 Uncertainty and Financial Assets
118(27)
6.1 Introduction
118(1)
6.2 Choice under Uncertainty and Risk Aversion
119(2)
6.3 Equilibrium with Complete Markets
121(4)
6.4 Complete versus Incomplete Markets
125(2)
6.5 Asset Pricing: A Benchmark Case
127(2)
6.6 The Risk-free Rate and the Risk Premium
129(3)
6.7 Risk Aversion and Substitutability
132(13)
Appendix 6.1 Incomplete Markets and the Risk-free Rate Puzzle
135(4)
Appendix 6.2 Arrow-Debreu Equilibria with Several Physical Goods
139(3)
Problems
142(3)
7 The Ramsey Model
145(16)
7.1 Introduction
145(1)
7.2 The Ramsey Model
146(1)
7.3 Market Equilibrium
147(4)
7.4 Efficiency
151(1)
7.5 Ricardian Equivalence
152(2)
7.6 Government Spending and Dynamics
154(1)
7.7 Exogenous Technical Progress
155(1)
7.8 The Ramsey Model in Discrete Time
155(6)
Appendix 7.1 Government Spending with Distortionary Taxation
156(3)
Problems
159(2)
8 Overlapping Generations
161(19)
8.1 Introduction
161(1)
8.2 The Diamond Model
162(1)
8.3 Market Equilibrium
163(3)
8.4 Optimality
166(3)
8.5 Pensions
169(5)
8.6 Debt Dynamics
174(6)
Problems
177(3)
9 Endogenous Growth
180(25)
9.1 Introduction
180(1)
9.2 The AK Model
181(2)
9.3 Technical Progress and Endogenous Growth
183(1)
9.4 The Romer Model
184(6)
9.5 Endogenous Productivity Increases
190(4)
9.6 A Model Without Scale Effects
194(11)
Appendix 9.1 Capital and Transitional Dynamics
195(3)
Appendix 9.2 Stochastic Productivity Increases
198(3)
Problems
201(4)
10 Competitive Business Cycles
205(30)
10.1 Introduction
205(2)
10.2 The DSGE Methodology
207(2)
10.3 A Particular Case
209(2)
10.4 Depreciation and Propagation
211(2)
10.5 Intertemporal Substitution and Labor Fluctuations
213(2)
10.6 Asset Pricing
215(2)
10.7 Sunspots
217(3)
10.8 Endogenous Cycles
220(15)
Appendix 10.1 Employment Lotteries
224(3)
Appendix 10.2 Output and Capital in the Cycle
227(4)
Problems
231(4)
11 Money
235(35)
11.1 Introduction
235(1)
11.2 Why Money?
236(4)
11.3 The Fragility of OLG Money
240(2)
11.4 Money in the Utility Function
242(3)
11.5 Cash in Advance
245(2)
11.6 Puzzles and Paradoxes
247(4)
11.7 A Non-Ricardian Solution
251(4)
11.8 A Ramsey-OLG Monetary Model
255(15)
Appendix 11.1 Money as a Medium of Exchange: An Informational Argument
259(3)
Appendix 11.2 Proportional Money Transfers
262(1)
Appendix 11.3 The Weil Model
263(4)
Problems
267(3)
12 Money and Cycles
270(21)
12.1 Introduction
270(1)
12.2 A Simple Monetary Model
271(4)
12.3 Imperfect Competition
275(2)
12.4 Signal Extraction and Nominal Price Stickiness
277(14)
Appendix 12.1 The Full Information Equilibrium
284(1)
Appendix 12.2 The Imperfect Information Equilibrium
285(2)
Problems
287(4)
13 Nominal Rigidities and Fluctuations
291(46)
13.1 Introduction
291(1)
13.2 Early Models
292(6)
13.3 Nominal Rigidities and Correlations
298(3)
13.4 Three Models of Nominal Rigidities
301(7)
13.5 A DSGE Model with Sticky Prices
308(4)
13.6 The DSGE Model: Properties and Extensions
312(25)
Appendix 13.1 Menu Costs
316(2)
Appendix 13.2 Real and Nominal Rigidities
318(2)
Appendix 13.3 Impulse Response Functions and Propagation
320(2)
Appendix 13.4 Disinflation
322(7)
Appendix 13.5 Price Dynamics
329(4)
Problems
333(4)
14 Consumption, Investment, Inventories, and Credit
337(32)
14.1 Introduction
337(1)
14.2 Consumption
338(5)
14.3 Investment
343(6)
14.4 Inventories
349(5)
14.5 Credit
354(15)
Appendix 14.1 An Imperfect Competition Accelerator
359(2)
Appendix 14.2 Inventories
361(4)
Problems
365(4)
15 Unemployment: Basic Models
369(28)
15.1 Introduction
369(1)
15.2 A Simple Framework
370(2)
15.3 Three Classic Trade Union Models
372(5)
15.4 Insiders and Outsiders
377(3)
15.5 Efficiency Wages
380(5)
15.6 Implicit Contracts
385(12)
Appendix 15.1 Centralization and Unemployment
389(5)
Problems
394(3)
16 A Dynamic View of Unemployment
397(16)
16.1 Introduction
397(1)
16.2 A Simple Dynamic Framework
398(1)
16.3 A Few Dynamic Relations
399(2)
16.4 The Shirking Model
401(3)
16.5 Matching in the Labor Market
404(9)
Problems
410(3)
17 Policy: The Public Finance Approach
413(21)
17.1 Introduction
413(1)
17.2 Issues in Policy Design
414(1)
17.3 The Friedman Rule
415(3)
17.4 Tax Smoothing
418(3)
17.5 Optimal Ramsey Taxation
421(2)
17.6 Optimal Seigniorage
423(11)
Appendix 17.1 The Cost of Distortionary Taxation
425(4)
Appendix 17.2 Optimal Seigniorage in an OLG Model
429(2)
Problems
431(3)
18 Stabilization Policies
434(32)
18.1 Introduction
434(2)
18.2 Optimal Monetary and Fiscal Financing
436(3)
18.3 Government Information and the Policy Effectiveness Debate
439(6)
18.4 Interest Rate Rules and Determinacy
445(21)
Appendix 18.1 Model Uncertainty and Stabilization
450(1)
Appendix 18.2 Instrument Instability
451(3)
Appendix 18.3 The Ineffectiveness Argument: A Simple Model
454(2)
Appendix 18.4 Fiscal Policy and Determinacy
456(3)
Appendix 18.5 The Pigou Effect and Global Determinacy
459(4)
Problems
463(3)
19 Dynamic Consistency and Credibility
466(17)
19.1 Introduction
466(1)
19.2 The Dynamic Consistency Intuition
467(1)
19.3 Capital Taxation and Dynamic Consistency
468(2)
19.4 Monetary Policy and Credibility
470(4)
19.5 Solutions to the Credibility Problem
474(9)
Appendix 19.1 Reputation and Credibility
478(3)
Problems
481(2)
20 Political Economy
483(19)
20.1 Introduction
483(1)
20.2 Arrow's Impossibility Theorem
484(2)
20.3 The Median Voter
486(3)
20.4 Voting and Redistribution
489(2)
20.5 The Political Economy of Budget Deficits
491(2)
20.6 Platform Heterogeneity
493(9)
Appendix 20.1 The Political Economy of Deficits
496(4)
Problems
500(2)
A Mathematical Appendix
502(46)
A.1 Matrices
502(4)
A.2 Functions
506(4)
A.3 Static Optimization
510(3)
A.4 Dynamic Optimization
513(3)
A.5 Dynamic Programming
516(2)
A.6 Noncooperative Games
518(6)
A.7 Stochastic Variables
524(5)
A.8 Time Series and Stochastic Processes
529(4)
A.9 Solutions to a Rational Expectations Dynamic Equation
533(3)
A.10 Dynamic Systems
536(4)
A.11 Determinacy
540(4)
A.12 Some Useful Calculations
544(3)
A.13 References
547(1)
Bibliography 548(30)
Index 578
Jean-Pascal Bénassy graduated from Ecole Normale Supérieure in Paris and has a Ph.D. in economics from the University of California at Berkeley. He is currently Director of Research at National Center for Scientific Research (CNRS) and a Research Fellow at Center for Economic Research and its Applications (CEPREMAP).
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