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An advanced treatment of modern macroeconomics, presented through a
sequence of dynamic equilibrium models, with discussion of the
implications for monetary and fiscal policy. This textbook offers
an advanced treatment of modern macroeconomics, presented through a
sequence of dynamic general equilibrium models based on
intertemporal optimization on the part of economic agents. The book
treats macroeconomics as applied and policy-oriented general
equilibrium analysis, examining a number of models, each of which
is suitable for investigating specific issues but may be unsuitable
for others. After presenting a brief survey of the evolution of
macroeconomics and the key facts about long-run economic growth and
aggregate fluctuations, the book introduces the main elements of
the intertemporal approach through a series of two-period
competitive general equilibrium models-the simplest possible
intertemporal models. This sets the stage for the remainder of the
book, which presents models of economic growth, aggregate
fluctuations, and monetary and fiscal policy. The text focuses on a
full analysis of a limited number of key intertemporal models,
which are stripped down to essentials so that students can focus on
the dynamic properties of the models. Exercises encourage students
to try their hands at solving versions of the dynamic models that
define modern macroeconomics. Appendixes review the main
mathematical techniques needed to analyze optimizing dynamic
macroeconomic models. The book is suitable for advanced
undergraduate and graduate students who have some knowledge of
economic theory and mathematics for economists.
This book from the Centre for Economic Policy Research (CEPR) deals
with the implications of the exchange rate regimes and capital
flows of the 1990s for government macroeconomic policy-making and
EC policy co-ordination. Under the fixed exchange rates of the
1950s, economists and policy-makers had a much clearer idea of the
nature of the external constraints. The commitment to defending the
exchange rate is stronger in the 1990s than in the 1970s and 1980s,
but at the same time international capital flows are far greater
and freer than in the 1950s and 1960s, with many countries able to
borrow almost indefinitely and on good terms on the Eurodollar
market in order to finance their balance-of-payments deficits. This
volume, derived from a conference organised jointly by CEPR and the
Bank of Greece, deals with these issues in depth and includes both
cross-country comparisons and case studies of individual countries.
This book from the Centre for Economic Policy Research (CEPR) deals
with the implications of the exchange rate regimes and capital
flows of the 1990s for government macroeconomic policy-making and
EC policy co-ordination. Under the fixed exchange rates of the
1950s, economists and policy-makers had a much clearer idea of the
nature of the external constraints. The commitment to defending the
exchange rate is stronger in the 1990s than in the 1970s and 1980s,
but at the same time international capital flows are far greater
and freer than in the 1950s and 1960s, with many countries able to
borrow almost indefinitely and on good terms on the Eurodollar
market in order to finance their balance-of-payments deficits. This
volume, derived from a conference organised jointly by CEPR and the
Bank of Greece, deals with these issues in depth and includes both
cross-country comparisons and case studies of individual countries.
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