Since the rational expectations revolution in macroeconomics, the
subject has changed massively, adopting the principles behind the
revolution and building on them in a spectacular way. In this
accessible and informative book, the authors guide the student
through what has become the conceptual and mathematical maze of
modern macroeconomics. It is intended primarily for the
postgraduate student but will also be useful for upper level
undergraduates. It explains the basics of each topic and provides a
solid grounding for the student to tackle more complex and detailed
material in the area. The topics covered include: * an introduction
to the traditional macro-classical macro/adaptive expectations *
how to understand and solve standard macro models with rational
expectations * implications of rational expectations for monetary
and fiscal policy * the open economy * the new models of
representative agents and real business cycles * the political
economy of economic policy (the 'political business cycle') and
independent central banks * the supply-side, unemployment and
growth * empirical testing of the rational expectations hypothesis
* the efficient markets hypothesis with empirical applications
including bond and exchange markets * learning, time series-linear
and nonlinear.
General
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