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Macroeconomic Theory

Fluctuations, Inflation and Growth in Closed and Open Economies

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Springer

Pages: 435
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Hardcover - 9783319921310

02 October 2018

$109.99

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Ebook - 9783319921327

20 September 2018

$84.99

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Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical...

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Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.

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Offers a comprehensive and updated approach to macroeconomics studies

Deals with fundamental aspects of sticky and flexible prices models

Covers microfounded and ad hoc models of mainstream macroeconomics

Presents closed and open economies models

Analyzes the main issues of monetary and fiscal policies

Analyzes, with the same framework, the pathologies of external and public debt crises and hyperinflation

Uses dynamical systems, as a mathematical tool, to build models

Uses the same structure to analyze models: specification, dynamical system equilibrium and stability, and comparative dynamics experiments

Includes an appendix that deals with the mathematical tools used in the text

Includes a list of exercises in each chapter



Introduction.- Part I: Models with Flexible Prices.- Chapter 1: Representative Agent Model.- Chapter 2: Open Economy Representative Model.- Chapter 3: Overlapping Generations.- Chapter 4: Solow Growth Model.- Chapter 5: Economic Growth: Endogenous Savings and Growth.- Part II: Models with Sticky Prices.- Chapter 6: Keynesian Models: IS and LM Curves, Taylor Rule and Phillips Curve.- Chapter 7: Fluctuation and Stabilization.- Chapter 8: Open Economy Macroeconomics.- Chapter 9: Open Economy Fluctuation and Stabilization.- Part III: Models of Monetary and Fiscal Policies.- Chapter 10: Government Budget Constraint.- Chapter 11: Monetary Theory and Policy.- Part IV: Mathematical Appendix.- Appendix A: Differential Equations.- Appendix B: Optimal Control Theory.- Appendix C: Finite Difference Equations.
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Fernando de Holanda Barbosa is Professor of Economics at FGV EPGE Brazilian School of Economics and Finance. He has a Ph.D. in economics from the University of Chicago. He is the author of many academic articles in monetary economics and some are collected in the book Exploring the Mechanics of Chronic Inflation and Hyperinflation (Springer, 2017).

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Fernando de Holanda Barbosa is Professor of Economics at FGV EPGE Brazilian School of Economics and Finance. He has a Ph.D. in economics from the University of Chicago. He is the author of many academic articles in monetary economics and some are collected in the book Exploring the Mechanics of Chronic Inflation and Hyperinflation (Springer, 2017).

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