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Macroeconomic Theory (Hardcover, 1st ed. 2017)
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Macroeconomic Theory (Hardcover, 1st ed. 2017)
Series: Springer Texts in Business and Economics
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This textbook offers a unique approach to macroeconomic theory
built on microeconomic foundations of monetary macroeconomics
within a unified framework of an intertemporal general equilibrium
model extended to a sequential and dynamic analysis. It
investigates the implications of expectations and of stationary
fiscal policies on allocations, on the quantity of money, and on
the dynamic evolution of the economy with and without noise. The
text contrasts and compares the two main competing approaches in
macroeconomics within the same intertemporal model of a closed
monetary economy: the one postulating full price flexibility to
guarantee equilibrium in all markets at all times under perfect
foresight or rational expectations, versus the so called
disequilibrium approach where trading occurs at non-
market-clearing prices and wages when these adjust sluggishly from
period to period in response to market disequilibrium signals.
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