This paperback edition is not available in the U.S. and Canada.
Many undergraduate texts treat macroeconomics as a set of distinct
topics rather than as a unified body of theory and empirical
findings. In contrast, this text by Alan Auerbach and Laurence
Kotlikoff uses a single analytic framework--the two-period
life-cycle model--to explore and connect each of the major issues
in contemporary macroeconomics. The model describes the evolution
of the economy over time in terms of the behavior of overlapping
generations of individuals, each of whom lives for two periods:
youth and old age. This versatile framework can encompass most
macroeconomic schools of thought through the alteration of key
assumptions. The use of one basic model also allows the authors to
explore important topics not always addressed adequately in other
texts; these include credit constraints, real business cycles,
generational accounting, and international capital flows
markets.Written in a clear, accessible style, this shortened and
simplified second edition provides a systematic way to interpret
macroeconomic outcomes, to understand various policy proposals, and
to appreciate how individuals and firms fit into the big
picture.Not for sale in U.S. and Canada
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