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Macroeconomics

An Open Economy Approach

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Publisher:

Red Globe Press

Pages: 425
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Paperback - 9780333573303

09 May 2000

$83.99

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This new Macroeconomics text deals entirely with Open Economy Macroeconomics, reflecting a concern to understand macroeconomic principles and applications in the context of the open economies of Western Europe and the rest...

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This new Macroeconomics text deals entirely with Open Economy Macroeconomics, reflecting a concern to understand macroeconomic principles and applications in the context of the open economies of Western Europe and the rest of the world. It is also distinctive in providing an exposition and evaluation of the three main macroeconomic models, the income-expenditure model, the IS-LM model and the AD-AS model, in addition to the application to real world issues and policy. Finally the AD-AS framework provides an opportunity for examining recent controversies concerning the supply-side, growth and business cycles. In summary this is a macroeconomics textbook which provides a new framework for understanding contemporary macroeconomic theory, policy and applications.

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Innovative: this course text offers a fresh approach to this compulsory area of study in economics
Focus upon Open Economy Macroeconomics a major concern in understanding economics. (Numerous macroeconomics texts are based around models of a closed economy with limited coverage of open economy economics)
Unique examination and evaluation of the three main macroeconomic models
Use of the ADAS framework to investigate current controversies about the supply-side, growth and business cycles
Allows comparison of the major economic schools of thought

PART 1: BACKGROUND
The Origins and Development of Macroeconomics
The Social Framework for National Income Accounting
Basic Concepts and Methods of Macroeconomics
PART 2: THE INCOME-EXPENDITURE FRAMEWORK
The Income-Expenditure Model and Goods Market Equilibrium
Fiscal Policy and Devaluation Analysis
Consumption
Investment
PART 3: THE IS-LM FRAMEWORK
Financial Assets, Asset Market Equilibrium and Monetary Policy
The Short Run IS-LM Model of Economic Policy
The Government Budget Constraint and the Financing of Fiscal Policy
The Demand for Money
PART 4: THE AGGREGATE DEMAND AND AGGREGATE SUPPLY FRAMEWORK
The Classical Theory of the Labour Market and Aggregate Supply
The Keynesian Theory of Aggregate Supply and Supply Shocks
The AD-AS Model of Economic Policy
The New Keynesian Theories of Sticky Wages and Unemployment
PART 5: MACROECONOMIC POLICY
Economic Growth and Technical Progress
Business Cycles
Inflation
The Dynamic Theory of Macroeconomic Policy.

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ERIC PENTECOST is Reader in the Department of Economics at Loughborough University

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ERIC PENTECOST is Reader in the Department of Economics at Loughborough University

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