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Macroeconomic Fluctuations and Policies (Hardcover)
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Macroeconomic Fluctuations and Policies (Hardcover)
Series: The MIT Press
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The basic tools for analyzing macroeconomic fluctuations and
policies, applied to concrete issues and presented within an
integrated New Keynesian framework. This textbook presents the
basic tools for analyzing macroeconomic fluctuations and policies
and applies them to contemporary issues. It employs a unified New
Keynesian framework for understanding business cycles, major
crises, and macroeconomic policies, introducing students to the
approach most often used in academic macroeconomic analysis and by
central banks and international institutions. The book addresses
such topics as how recessions and crises spread; what instruments
central banks and governments have to stimulate activity when
private demand is weak; and what "unconventional" macroeconomic
policies might work when conventional monetary policy loses its
effectiveness (as has happened in many countries in the aftermath
of the Great Recession.). The text introduces the foundations of
modern business cycle theory through the notions of aggregate
demand and aggregate supply, and then applies the theory to the
study of regular business-cycle fluctuations in output, inflation,
and employment. It considers conventional monetary and fiscal
policies aimed at stabilizing the business cycle, and examines
unconventional macroeconomic policies, including forward guidance
and quantitative easing, in situations of "liquidity trap"-deep
crises in which conventional policies are either ineffective or
have very different effects than in normal time. This book is the
first to use the New Keynesian framework at the advanced
undergraduate level, connecting undergraduate learning not only
with the more advanced tools taught at the graduate level but also
with the large body of policy-oriented research in academic
journals. End-of-chapter problems help students master the
materials presented.
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