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Table Of Contents

Macroeconomic Theory: Basics
The Gross Domestic Product
1.1 Introduction
1.2 How GDP is Calculated
1.2.1 The Income Approach
1.2.2 The Expenditure Approach
1.2.3 The Income-Expenditure Identity
1.3 What GDP Does Not Measure
1.4 Nominal versus Real GDP
1.5 Real GDP Across Time
1.6 Schools of Thought
1.7 Problems
1.8 References
1.A Measured GDP: Some Caveats
Basic Neoclassical Theory
2.1 Introduction
2.2 The Basic Model
2.2.1 The Household Sector
2.2.2 The Business Sector
2.2.3 General Equilibrium
2.3 Real Business Cycles
2.3.1 The Wage Composition Bias
2.4 Policy Implications
2.5. UNCERTAINTY AND RATIONAL EXPECTATIONS 41
2.5 Uncertainty and Rational Expectations
2.6 Animal Spirits
2.6.1 Irrational Expectations
2.6.2 Self-Fulfilling Prophesies
2.7 Summary
2.8 Problems
2.9 References
2.A A Model with Capital and Labor
2.B Schumpeter’s Process of Creative Destruc- tion
Fiscal Policy
3.1 Introduction
3.2 Government Purchases
3.2.1 Lump-Sum Taxes
3.2.2 Distortionary Taxation
3.3 Government and Redistribution
3.4 Problems
Consumption and Saving
4.1 Introduction
4.2 A Two-Period Endowment Economy
4.2.1 Preferences
4.2.2 Constraints
4.2.3 Robinson Crusoe
4.2.4 Introducing a Financial Market
4.2.5 Individual Choice with Access to a Financial Market
4.2.6 Small Open Economy Interpretation
4.3 Experiments
4.3.1 A Transitory Increase in Current GDP
4.3.2 An Anticipated Increase in Future GDP
4.3.3 A Permanent Increase in GDP
4.3.4 A Change in the Interest Rate
4.4 Borrowing Constraints
4.5.2 A Transitory Decline in World GDP
4.5.3 A Persistent Decline in World GDP
4.5.4 Evidence
4.6 Summary
4.7 Problems
4.8 References
4.A Alexander Hamilton on Repaying the U.S War Debt
4.C The Term Structure of Interest Rates
Government Spending and Finance
5.1 Introduction
5.2 The Government Budget Constraint
5.3 The Household Sector
5.4 The Ricardian Equivalence Theorem
5.5 Government Spending
5.5.1 A Transitory Increase in Government Spending
5.6.1 Ricardian Equivalence
5.6.2 Government Spending Shocks
5.6.3 Barro’s Tax-Smoothing Argument
5.7 U.S. Fiscal Policy
5.8 Summary
5.9 Problems
5.10 References
Capital and Investment
6.1 Introduction
6.2 Capital and Intertemporal Production
6.3 Robinson Crusoe
6.4 A Small Open Economy
6.4.1 Stage 1: Maximizing Wealth
6.4.2 Stage 2: Maximizing Utility
6.4.3 A Transitory Productivity Shock
6.4.4 A Persistent Productivity Shock
6.4.5 Evidence
6.5 Determination of the Real Interest Rate
6.6 Summary
6.7 Problems
6.8 References
Labor Market Flows and Unemployment
7.1 Introduction
7.2 Transitions Into and Out of Employment
7.2.1 A Model of Employment Transitions
7.3 Unemployment
7.3.1 A Model of Unemployment
7.3.2 Government Policy
7.4 Summary
7.5 Problems
7.6 References
7.A A Dynamic Model of Unemployment
Macroeconomic Theory: Money
Money, Interest, and Prices
8.1 Introduction
8.2 What is Money?
8.3 Private Money
8.3.1 The Neoclassical Model
8.3.2 Wicksell’s Triangle: Is Evil the Root of All Money?
8.3.3 Government Money
8.4 The Quantity Theory of Money
8.5 The Nominal Interest Rate
8.5.1 The Fisher Equation
8.6 A Rate of Return Dominance Puzzle
8.6.1 The Friedman Rule
8.7 Inflation Uncertainty
8.8 Summary
8.9 Problems
8.10 References
9.3.2 The IS Curve
9.3.3 The LM Curve
9.3.4 Response to a Money Supply Shock: Neoclassical Model
9.4 How Central Bankers View the World
9.4.1 Potential Output
9.4.2 The IS and SRFE Curves
9.4.3 The Phillips Curve
9.4.4 Monetary Policy: The Taylor Rule
9.5 Summary
9.6 References
9.A Are Nominal Prices/Wages Sticky?
10.1 Introduction
10.2 A Simple OLG Model
10.2.1 Pareto Optimal Allocation
10.2.2 Monetary Equilibrium
10.3. GOVERNMENT SPENDING AND MONETARY FINANCE 217
10.3 Government Spending and Monetary Fi- nance
10.3.1 The Inflation Tax and the Limit to Seigniorage
10.3.2 The Inefficiency of Inflationary Finance
10.4 Summary
10.5 References
International Monetary Systems
11.1 Introduction
11.2.1 Understanding Nominal Exchange Rate Indetermi- nacy
11.2.2 A Multilateral Fixed Exchange Rate Regime
11.2.3 Speculative Attacks
11.2.4 Currency Union
11.2.5 Dollarization
11.3 Nominal Exchange Rate Determination: Legal Restrictions
11.3.1 Fixing the Exchange Rate Unilaterally
11.4 Summary
11.5 References
11.B International Currency Traders
11.C The Asian Financial Crisis
Money, Capital and Banking
12.1 Introduction
12.2 A Model with Money and Capital
12.2.1 The Tobin Effect
12.3 Banking
12.3.1 A Simple Model
12.3.2 Interpreting Money Supply Fluctuations
12.4 Summary
12.5 References
13.3.1 The Malthusian Growth Model
13.3.2 Dynamics
13.3.3 Technological Progress in the Malthus Model
13.3.4 An Improvement in Health Conditions
13.3.5 Confronting the Evidence
13.4 Fertility Choice
13.4.1 Policy Implications
13.5 Problems
13.6 References
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Macro Economics

Macro Economics

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Published by Gaurav Shrivastav

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Published by: Gaurav Shrivastav on Sep 28, 2011
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