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Macroeconomics: From Short Run to Long Run [Pehme köide]

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  • Formaat: Paperback / softback, 524 pages, kõrgus x laius: 241x184 mm, kaal: 1050 g
  • Ilmumisaeg: 31-Aug-2018
  • Kirjastus: SAGE Publications India Pvt Ltd
  • ISBN-10: 9352806972
  • ISBN-13: 9789352806973
Teised raamatud teemal:
Macroeconomics: From Short Run to Long RunSuurem pilt
  • Formaat: Paperback / softback, 524 pages, kõrgus x laius: 241x184 mm, kaal: 1050 g
  • Ilmumisaeg: 31-Aug-2018
  • Kirjastus: SAGE Publications India Pvt Ltd
  • ISBN-10: 9352806972
  • ISBN-13: 9789352806973
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9789352806973.html
Märksõnad:
Deals with multidimensional aspects of macroeconomics through lucid presentation of concepts and critical comparison of different schools of thoughts

This comprehensive textbook deals with multidimensional aspects of macroeconomics through lucid presentation of concepts and critical comparison of different schools of thoughts.

Macroeconomics: From Short Run to Long Run presents a clear explanation of how the incomes of a country, prices of goods and services, level of employment, interest rates and so on are determined and how an economy progresses. The book attempts to re-establish the existing theories behind the determination of macro variables and the growth process of an economy. In the process, it captures the significance of the debate between the classical orthodox theories and Keynesian modernism and its implications. Besides adhering to traditional aspects, the book also focuses on recent developments such as green macroeconomics. Undergraduate and postgraduate students of economics and business economics will find this book immensely helpful.

Key Features:

• Provides empirical verification of theories where necessary.

• Offers insightful content and critical analysis of environmental factors in the study of macroeconomics.

• Chapters aided by mathematical explanations, quantitative problems and their solutions, and a plethora of objective review questions.



Deals with multidimensional aspects of macroeconomics through lucid presentation of concepts and critical comparison of different schools of thoughts


Foreword xv
Asis Kumar Banerjee
Preface xvii
About the Authors xix
1 Basic Issues of Macroeconomics
1(19)
1.1 Introduction to Macroeconomics
1(2)
1.2 Goals of Macroeconomics
3(7)
1.3 Instruments of Macroeconomic Analysis
10(1)
1.4 Tools Used to Achieve the Targets
11(3)
1.5 Stagflation: Meaning and Way Out
14(2)
1.6 Preview of the Book
16(2)
1.7 Conclusion
18(2)
2 National Income and Its Measurement
20(20)
2.1 Introduction to National Income Accounting
20(1)
2.2 Some Important Concepts Related to National Income Aggregates
21(4)
2.3 Circular Flow of Income
25(3)
2.4 Measurement of National Income
28(6)
2.5 Conclusion
34(6)
Applications
35(5)
3 National Income---Some Related Issues
40(18)
3.1 Introduction
40(1)
3.2 Issues to Be Remembered While Measuring GDP and National Income
41(3)
3.3 Revisiting the Concept of Disposable Income
44(1)
3.4 Saving Investment Identity
44(3)
3.5 Some Related Concepts
47(4)
3.6 Growth of NI of India in Different Plan Periods at a Glance
51(1)
3.7 GDP as an Index of Social Welfare
52(1)
3.8 Conclusion
53(5)
Applications
53(5)
4 Simple Keynesian Model without Government (Model I)
58(14)
4.1 Introduction to the Simple Keynesian Model
58(2)
4.2 Equilibrium Analysis under the SKM
60(3)
4.3 Stability Analysis
63(1)
4.4 Effect of Increase in Autonomous Expenditure---The Concept of Multiplier
64(3)
4.5 Equilibrium with Induced Investment Expenditure
67(1)
4.6 Conclusion
68(4)
5 Simple Keynesian Model with Government (Model II)
72(17)
5.1 Introduction
72(1)
5.2 Equilibrium under the SKM with Government Intervention
73(2)
5.3 The Paradox of Thrift
75(1)
5.4 Theory of Multiplier in the Presence of Government Sector
76(7)
5.5 Impact of Fiscal Policy on Budget Deficit or Budget Surplus
83(1)
5.6 Conclusion
84(5)
Applications
85(4)
6 Commodity Market and the IS Curve (Model III)
89(13)
6.1 Introduction
89(1)
6.2 Investment as a Function of Interest Rate
90(2)
6.3 Commodity Market Equilibrium and IS Curve
92(3)
6.4 Slope of the IS Curve
95(2)
6.5 Shift in the IS Curve
97(1)
6.6 Point Off the IS Curve
98(1)
6.7 Unusual Shapes of IS Curves
99(1)
6.8 Conclusion
99(3)
7 Introduction of Monetary Sector into the Keynesian System (Model IV)
102(11)
7.1 Introduction
102(1)
7.2 Money Market Equilibrium and the LM Curve
103(2)
7.3 Slope of an LM Curve
105(2)
7.4 Shift of the LM Curve
107(3)
7.5 Point Off the LM loo
7.6 Interest Sensitivity of Money Supply and the LM Curve
110(1)
7.7 Conclusion
110(3)
8 Interactions of IS-LM Functions---Fiscal and Monetary Policy (Model V)
113(22)
8.1 Introduction
113(1)
8.2 Short-run Macroeconomic Equilibrium in the IS-LM Model
114(1)
8.3 Comparative Static Analysis---Policy Issues
115(8)
8.4 Balance Budget Multiplier (BBM) under the IS-LM Model
123(1)
8.5 Monetary Policy under IS-LM
124(4)
8.6 Monetary Fiscal Policy Mix
128(2)
8.7 Conclusion
130(5)
Applications
131(4)
9 Aggregate Demand and Supply Analysis
135(18)
9.1 Introduction
135(1)
9.2 Derivation of the Aggregate Demand Curve
136(2)
9.3 Effects of Expansionary Policies and Shift of the AD Curve
138(1)
9.4 The Aggregate Supply
139(8)
9.5 Keynesian Aggregate Supply Curve
147(1)
9.6 Classical Aggregate Supply Curve
148(1)
9.7 Shift of the Aggregate Supply Curve
148(1)
9.8 Determination of Equilibrium Price and Output
149(1)
9.9 Conclusion
149(4)
Applications
150(3)
10 Application of Aggregate Demand, Supply and Phillips Curve
153(19)
10.1 Introduction
153(1)
10.2 Demand and Supply Shocks in the AD-AS Model
154(2)
10.3 Special Cases
156(1)
10.4 The Phillips Curve
157(5)
10.5 Duality Between Aggregate Supply and Phillips Curve
162(2)
10.6 Adaptive Expectation and Inflation Inertia
164(1)
10.7 Sacrifice Ratio and Disinflation
165(1)
10.8 Rational Expectation Hypothesis and Disinflation
166(1)
10.9 Natural Rate Hypothesis and Hysteresis
167(1)
10.10 Conclusion
168(4)
Applications
168(4)
11 Classical Model
172(19)
11.1 Introduction
172(2)
11.2 The Model
174(4)
11.3 Analysis of Long-run Equilibrium Using Loanable Fund Approach
178(2)
11.4 Money Market in the Classical System
180(3)
11.5 Effect of a Shift of the Production Function
183(1)
11.6 Shift of Supply of Labour
184(1)
11.7 Say's Law Revisited
184(1)
11.8 Criticism Against the Classical Theory
185(1)
11.9 Conclusion
185(6)
Applications
186(5)
12 Money and Quantity Theory
191(13)
12.1 Introduction
191(1)
12.2 Money and Its Function
192(2)
12.3 Types of Money
194(1)
12.4 Gresham's Law
194(1)
12.5 Measurement of Quantity of Money
195(1)
12.6 The Quantity Theory of Money
196(5)
12.7 Conclusion
201(3)
13 Theory of Inflation
204(22)
13.1 Introduction
204(1)
13.2 Types and Causes of Inflation
205(1)
13.3 Inflation in Indian Scenario
206(1)
13.4 Consequences of Inflation
207(2)
13.5 Demand-pull Theory of Inflation
209(3)
13.6 Cost-push Inflation
212(3)
13.7 The Social Cost of Inflation
215(2)
13.8 Hyperinflation
217(1)
13.9 Inflation and Interest Rates
218(1)
13.10 Anti-inflationary Policies
219(3)
13.11 Additional Teaching Notes
222(1)
13.12 Conclusion
222(4)
14 Complete Keynesian Model
226(18)
14.1 Introduction
226(1)
14.2 Employment and Output in the Keynesian Model
227(1)
14.3 Aggregate Supply System
228(3)
14.4 Aggregate Demand System
231(1)
14.5 Complete Keynesian Model
232(4)
14.6 The Classical System under Rigidity in Money Wage
236(2)
14.7 Different Sources of Underemployment Equilibrium in Keynes
238(3)
14.8 Conclusion
241(3)
15 Consumption Function
244(22)
15.1 Introduction
244(1)
15.2 Keynes on Absolute Consumption Hypothesis
245(4)
15.3 Duesenberry's Relative Income Hypothesis
249(2)
15.4 Irving Fisher on Optimum Consumption
251(2)
15.5 Friedman's Permanent Income Hypothesis
253(3)
15.6 Ando-Modigliani's Life-cycle Hypothesis
256(4)
15.7 Robert Hall and the Random Walk Hypothesis
260(1)
15.8 Arthur Smithies on the Reconciliation of the Puzzle
261(1)
15.9 Factors Affecting Consumption Expenditure
262(1)
15.10 Conclusion
263(3)
16 Theories of Investment Demand
266(19)
16.1 Introduction
266(1)
16.2 Concepts of Investment
267(2)
16.3 Important Theories of Investment Demand
269(12)
16.4 Supplementary Topics on Investment
281(1)
16.5 Conclusion
282(3)
17 Demand for Money
285(21)
17.1 Introduction
285(2)
17.2 Classical Theory
287(2)
17.3 Keynesian Theory of Liquidity Preference
289(2)
17.4 Regressive Expectation Theory
291(3)
17.5 Portfolio Balance Approach
294(4)
17.6 Inventory Theoretic Approach to Transaction Demand
298(4)
17.7 Consumer and Producer Goods Approaches to Money
302(1)
17.8 Conclusion
303(3)
18 Theory of Money Supply
306(25)
18.1 Introduction
306(1)
18.2 Definitions and Types of Money
307(3)
18.3 Mechanism of Deposit Creation by the Banking System
310(2)
18.4 Determinants of Money Supply
312(1)
18.5 Money Supply and Interest Rate Cohesion
313(8)
18.6 Instruments of Monetary Policy in India
321(4)
18.7 Recent Bombshell of Monetary Policy in India---the Demonetisation
325(2)
18.8 Conclusion
327(4)
19 Schools of Thoughts in Macroeconomics
331(13)
19.1 Introduction
331(2)
19.2 Agreements and Disagreements among Different Schools of Thoughts
333(7)
19.3 Conclusion
340(4)
20 Open Economy Macroeconomics---Concepts and Applications
344(23)
20.1 Introduction
344(4)
20.2 Exchange Rate System
348(13)
20.3 Measures of Openness
361(2)
20.4 Measures of International Competitiveness
363(1)
20.5 Conclusion
364(3)
21 Accounting of International Linkages---The Balance of Payments
367(21)
21.1 Introduction
367(1)
21.2 Components of BOP
368(3)
21.3 India's Current Account Scenario
371(1)
21.4 BOP Imbalance and Exchange Rate Adjustments
372(1)
21.5 Convertibility of Home Currency
372(2)
21.6 Perfect and Imperfect Capital Mobility
374(1)
21.7 Circular Flow in a Simple Four-sector Economy
375(2)
21.8 Determinants of Export and Import
377(1)
21.9 A Simple Keynesian Open Economy Model
377(6)
21.10 Applications
383(1)
21.11 Conclusion
384(4)
22 Interactions among Commodity Market, Money Market and External Market
388(20)
22.1 Introduction
388(1)
22.2 Product Market Equilibrium under Open Economy
389(1)
22.3 Money Market Equilibrium under Open Economy
390(1)
22.4 Revisiting Internal and External Balance
391(2)
22.5 The IS-LM Model under Open Economy---The Mundell-Fleming Model
393(10)
22.6 India's Foreign Currency Reserves and GDP Trends
403(1)
22.7 Pros and Cons of International Linkages
404(1)
22.8 Conclusion
405(3)
23 Theories of Economic Growth---Classical and Harrod-Domar
408(22)
23.1 Introduction---Meaning of Economic Growth
408(1)
23.2 Revisiting Long-run Real Income Determination: Classical Versus Keynesian Thoughts
409(2)
23.3 Forces Behind Growth
411(1)
23.4 Measurement of Technology Effects on Output---The Concept of Growth Accounting
412(1)
23.5 Cross-country Evidence---the Data Says What
413(3)
23.6 Models of Economic Growth---From Classical to Endogenous Systems
416(11)
23.7 Conclusion
427(3)
24 The Neoclassical Growth Model
430(28)
24.1 Introduction
430(1)
24.2 The Descriptive Solow-Swan Model of Growth
431(10)
24.3 Prediction of Solow-Swan Model---The Cross-country Convergence
441(6)
24.4 Sample Study Report I: Convergence Analysis of Households' Consumption Expenditure
447(4)
24.5 Sample Study Report II: Absolute B and Σ Convergence Analysis of Capital Formation across Countries
451(2)
24.6 Some Problems on the Solow Model
453(1)
24.7 Conclusion
454(4)
25 Theories of Endogenous Growth
458(15)
25.1 Introduction
458(1)
25.2 Consumer Optimisation in the Neoclassical Model---the Ramsey Model
459(6)
25.3 Endogenous Technology and Growth Theory
465(1)
25.4 Growth under Endogenous Technological Progress
466(4)
25.5 Conclusion
470(3)
26 Green Macroeconomics
473(1)
26.1 Introduction
473(2)
26.2 Social Cost of Environmental Pollution
475(1)
26.3 Internalisation of Externality
476(3)
26.4 Trade-off Between Pollution and Growth---the Environmental Kuznets Curve
479(1)
26.5 Green Accounting of National Output
480(3)
26.6 Interactions of IS-LM and Environmental Constraint
483(5)
26.7 Sustainable Development
488(2)
26.8 Conclusion
490
Bibliography 1(1)
Index 1
Dibyendu Banerjee is currently Assistant Professor of Economics at Serampore College, West Bengal, India, with 14 years of teaching and research experience in various fields of the subject. He completed his bachelor (Hons) of economics from R. K. Mission, Narendrapur, and masters degree from the University of Calcutta. He obtained his doctoral degree from the same university working under the supervision of Professor Sarbajit Chaudhuri. He started his career as Lecturer in economics at A.K.P.C. Mahavidyalaya, Hooghly. Dr Banerjee, with his specialisation in advance economic theory, has contributed several research papers to many renowned national and international journals such as Research in Economics, Economic Modelling and International Review of Economics and Finance. His current research interest includes labour economics, development economics and applied microeconomics. Ramesh Chandra Das is currently Associate Professor of Economics at Katwa College, West Bengal, India, with 18 years of teaching and research experience in different fields of the subject. He has obtained masters, MPhil and PhD degrees in economics from the University of Calcutta. Dr Das has contributed several research papers to national and international journals with reputations along with completions of three minor research projects sponsored by UGC, India. He has edited Handbook of Research on Globalization, Investment and GrowthImplications of Confidence and Governance; Handbook of Research on Global Indicators of Economic and Political Convergence; Social, Health, and Environmental Infrastructures for Economic Growth; and Handbook of Research on Economic, Financial, and Industrial Impacts on Infrastructure Development. Dr Das has also authored one textbook on microeconomics, the second edition for which was out in the year 2017. He has acted as Guest Editor for the special issue of International Journal of Sustainable Economies Management. He has been acting as the Editor-in-Chief of the Asian Journal of Research in Business Economics and Management and is one of the editorial advisory board members of the Society for the Study on Business and Finance. Dr Das has also been acting as one of the Associate Editors of the International Journal of Research on Social and Natural Sciences, a UGC-listed journal, since its inception in 2015.