Macroeconomics: Imperfections, Institutions, and Policies

Paperback | June 1, 2006

byWendy Carlin, David Soskice

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The distinctive feature of this book is that it provides a unified framework for the analysis of short- and medium-run macroeconomics. This gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behaviour and policy issues. The authorsintroduce a new graphical model (IS/PC/MR) based on the 3-equation New Keynesian model used in modern macroeconomics. The three equations are * the IS curve * the Phillips curve and * an interest rate-based monetary policy rule. The use of a common framework throughout for closed and open economies helps readers develop the economic intuition with which to address a diversity of macroeconomic problems. Applied chapters show how the models can be used to analyse performance in OECD economies over the past twenty-five years.The chapters on growth present an in-depth coverage of the Solow-Swan, endogenous and Schumpeterian models that allow the reader to understand how these approaches can be used to answer the big questions of growth: why some countries are rich and others, poor; why some catch up and others do not. Since the book is based on the mainstream 3-equation model used at the research frontier, the book gives students the economics background necessary for accessing advanced macroeconomics. It is also designed to appeal to graduate students, non-specialists in macroeconomics, professional economistsand those from related disciplines who want a guide to the complexities of modern macroeconomics and to understand contemporary policy debates. Online Resource Centre For lecturers: password-protected solutions and diagrams from the text. For students: exercises and checklist questions.

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The distinctive feature of this book is that it provides a unified framework for the analysis of short- and medium-run macroeconomics. This gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behaviour and policy issues. The authorsintroduce a new graphical model (IS/PC/MR) based o...

Wendy Carlin is Professor of Economics at University College London and is a Research Fellow of the Centre for Economic Policy Research. She is managing editor of the Economics of Transition and has published widely on macroeconomics, institutions, and transition. David Soskice is Research Professor at Duke University and at the Wis...

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Paperback|Jun 1 1989

$110.61 online$121.95list price(save 9%)
Format:PaperbackDimensions:852 pages, 9.69 × 7.44 × 1.46 inPublished:June 1, 2006Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198776225

ISBN - 13:9780198776222

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Table of Contents

Preface1. Motivation for Macroeconomic ModelsPART 1: THE MACROECONOMIC MODEL2. Aggregate Demand, Aggregate Supply and Business Cycles3. Inflation, Unemployment and Monetary Rules4. Labour Markets and Supply-Side Policies5. Monetary Policy6. Fiscal PolicyPART 2: CONSUMPTION, INVESTMENT AND MONEY7. Consumption and Investment8. Money and FinancePART 3: THE OPEN ECONOMY9. The open economy in the short run10. Inflation and Unemployment in the Open Economy11. Shocks and Policy Responses in the Open Economy12. Interdependent EconomiesPART 4: GROWTH13. Exogenous Growth Theory14. Endogenous and Schumpeterian GrowthPART 5: MICRO-FOUNDATIONS AND POLITICAL ECONOMY15. New Keynesian Micro-foundations16. Political EconomyPART 6: APPLICATIONS17. Performance and Policy in Europe, the USA and Japan18. Unemployment: institutions, shocks and policies

Editorial Reviews

"Macroeconomics needs to be exciting and contemporary. Too often it becomes an area of difficulty and confusion for students. This book is to be welcomed for its very clear vision of what contemporary macroeconomics is about and its careful exposition leading the student to this." Dr MaryGregory, Oxford University