Námskeið
- V-204-THII Þjóðhagfræði II
Ensk lýsing:
Written in a clear and direct style, this is the ideal core textbook for students who seek a thorough understanding of the applications of macroeconomic theory. The book combines theoretical rigour with numerous illustrative examples and engaging policy discussions. This highly-respected author has developed an innovative new approach to teaching macroeconomics, based on combining microeconomic foundations with Keynesian-style short-run policy analysis to build one unified model.
Gottfries’ critically-acclaimed and highly relevant approach reinforces learning and makes it easier for students to comprehend, providing the ideal preparation either for work or for further postgraduate study. The book is perfect for the higher-level intermediate macroeconomics courses, as well as offering a potential bridge between undergraduate level study and the step up to postgraduate and research level theory and content.
Lýsing:
Written in a clear and direct style, this is the ideal core textbook for students who seek a thorough understanding of the applications of macroeconomic theory. The book combines theoretical rigour with numerous illustrative examples and engaging policy discussions. This highly-respected author has developed an innovative new approach to teaching macroeconomics, based on combining microeconomic foundations with Keynesian-style short-run policy analysis to build one unified model.
Gottfries' critically-acclaimed and highly relevant approach reinforces learning and makes it easier for students to comprehend, providing the ideal preparation either for work or for further postgraduate study. The book is perfect for the higher-level intermediate macroeconomics courses, as well as offering a potential bridge between undergraduate level study and the step up to postgraduate and research level theory and content.
Key features of this book include: - A real-world approach that takes into account the many market imperfections and rigidities that characterize economies in action. - An international approach using examples from a variety of world economies, and the ongoing comparison of US, UK and EU market behaviours. - Theory supported and illustrated by the presentation and analysis of real-world data. - Detailed coverage of both long and short run approaches, and the closed and open economies.
Annað
- Höfundur: Nils Gottfries
- Útgáfa:1
- Útgáfudagur: 2017-09-16
- Blaðsíður: 576
- Hægt að prenta út 2 bls.
- Hægt að afrita 2 bls.
- Format:Page Fidelity
- ISBN 13: 9781137321800
- Print ISBN: 9780230275973
- ISBN 10: 1137321806
Efnisyfirlit
- Brief Contents
- Contents
- LIST OF FIGURES
- LIST OF TABLES
- LIST OF VARIABLES
- ABOUT THE AUTHOR
- PREFACE
- What’s different?
- Level and prerequisites
- The organization of the book
- Introduction (Chapter 1)
- The Long Run (Chapters 2–7)
- The Short Run (Chapters 8–9)
- Economic Policy (Chapters 10–11)
- The Open Economy (Chapters 12–15)
- Business Cycles, Institutions, Financial Markets (Chapters 16–18)
- Additional features
- Companion website
- Alternative course designs
- Acknowledgements
- AUTHOR’S AND PUBLISHER’S ACKNOWLEDGEMENTS
- 1 INTRODUCTION
- What is macroeconomics? Why do we use models? What
- 1.1 The big picture
- A macroeconomic model with microeconomic foundations
- Why use an economic model when we can make the argument intuitively?
- Using a model: an example
- The short and the long run
- 1.2 Organization of this book
- 1.3 Macroeconomic data
- National accounts
- Output, value added, and GDP
- Some important concepts in the national accounts
- Gross and net
- Domestic product and national income
- Income and disposable income
- Many different measures of production and income
- How much do different production sectors contribute to GDP?
- Who gets the income?
- Where do goods and services come from and how are they used?
- Savings, investment, and the current account
- How can we compare incomes between countries?
- How do we measure real growth of production?
- How do we measure inflation?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Functions of several variables
- Differentiation
- The natural logarithm
- Working with exponents
- A practical rule of thumb
- Appendix
- What determines the long-run level of income and itsdistribution
- 2.1 Production
- Production factor
- The production function
- Technological development
- The Cobb–Douglas production function
- The marginal product of labour
- 2.2 Goods markets and price-setting
- Monopolistic competition
- The price elasticity of demand
- The profit maximizing price
- Price-setting in the Cobb–Douglas case
- A simple pricing rule based on unit labour cost
- 2.3 The natural level of production
- 2.4 The real wage and the distribution of income
- The real wage
- The distribution of income
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Isoquants and constant returns to scale
- What factors determine investment?
- 3.1 Nominal and real interest rates, and discounting
- The price of money
- The price of goods today in terms of goods next year
- An approximate measure of the real interest rate
- Nominal and real interest rates in the last 60 years
- 3.2 Investment
- The desired capital stock and investment
- The long-run demand for captial
- The short-run demand for capital
- The investment function
- 3.3 The accelerator effect and the volatility of investment
- 3.4 Inventory and housing investmen
- What have we learned?
- Where do we go from here?
- Exercises
- AppendiX
- Investment of the firm and aggregate investment
- Adjustment costs and investment
- What factors determine consumption and the real interest rate?
- 4.1 Consumption in a two-period mode
- The lifetime budget constraint
- Intertemporal preference
- The interest rate and the planned consumption path
- The effect of the real interest rate on consumption
- 4.2 Consumption in an infinite horizon model
- Sustainable consumption
- The consumption function
- A specific consumption function
- Expectations about future income
- The marginal propensity to consume
- 4.3 Liquidity constraints, demographics, durable good
- Liquidity-constrained consumers
- Demographic effects on consumption and saving
- Durable good
- 4.4 Aggregate demand and the natural rate of interest
- 4.5 The Fisher equation
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- An alternative explanation of the condition for optimalconsumption
- A specific consumption function
- The savings ratio
- Liquidity-constrained consumers
- Why are some countries richer than others?
- 5.1 Long-run adjustment of the capital stock for givenpopulation and technology
- Patience – a virtue?
- 5.2 Convergence
- 5.3 Population growth and technological development
- Explicit solutions for the long-run levels of capital and GDP
- The ratio of capital to production and the savings rate
- 5.4 The Golden Rule
- 5.5 Why are some countries richer than others?
- Differences in physical capital input
- Differences in human capital
- Access to technology
- Natural resources
- ‘Institution'
- 5.6 Are poor countries catching up?
- 5.7 What determines technological development?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Growth accounting
- The Solow growth model
- Why is there always unemployment in a market economy?
- 6.1 Stocks and flows in the labour market
- Employed, unemployed, and outside the labour force
- Unemployment as a percentage of the labour force
- Flows
- 6.2 A model of turnover and the job-finding rate
- 6.3 A model of wage-setting and unemployment
- On-the-job search, turnover of workers, and wage-setting
- The natural rate of unemployment
- The wage-setting equation
- The natural level of employment and the real wage
- 6.4 Matching problems and search incentives
- 6.5 Wage bargaining and unions
- 6.6 Minimum wages and skill-biased technical change
- 6.7 Persistent high unemployment
- Why do unemployment rates differ between countries?
- Why is unemployment so much higher than it wasin the 1960s?
- Do temporary shocks have persistent effects on employment?
- 6.8 Long-term unemployment
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Gross flows in the labour market
- An explicit solution for the optimal wage and the natural rateof unemployment
- What determines the long-run rateof inflation?
- 7.1 The functions of money
- 7.2 Money and inflation in the long run
- 7.3 Alternative definitions of money
- Monetary base
- M1
- Broad money aggregate
- 7.4 Does money growth explain inflation?
- 7.5 Money deman
- The interest rate and money demand
- Inflation and real money holdings
- 7.6 Seignorage
- 7.7 Should we dislike inflation?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Transaction habits, demand for money, and the money multiplier
- What causes short-run fluctuations in productionand employment?
- 8.1 Goods market equilibrium and the multiplier effect
- 8.2 How the interest rate affects demand and production
- The IS curve
- The multiplier and the slope of the IS curve
- The IS curve and the natural rate of interest
- 8.3 The money market and the interest rate
- The LM curv
- 8.4 Equilibrium in the goods and money market
- 8.5 Effects of exogenous shocks and policy in the IS-LM model
- An increase in the money supply
- A shock to aggregate demand with constant money supply
- A shock to aggregate demand with constant interest rate
- 8.6 Does monetary policy really matter?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- The slope of the LM curve
- Is there a choice between low inflation and low unemployment?
- 9.1 Unemployment and wage inflation
- 9.2 Unemployment and price inflation
- 9.3 Inflation and the output gap
- 9.4 Information delays, contracts, and staggered wage
- 9.5 Is there a choice between low inflation and lowunemployment?
- Assumption 1: The price level is expected to remain unchanged
- Assumption 2: Wage setters expect inflation to continue
- Assumption 3: A strict and credible inflation target
- 9.6 What does the data say?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Proof that the rigid wage is equal to the expected wage
- How should the central bank react to news about the economy?
- 10.1 The objectives of monetary policy
- 10.2 How should the central bank react to shocks?
- An exogenous increase in money demand
- A demand shock
- A cost–push shock
- An unexpected and permanent increase in productivity
- An increase in the expected rate of inflation
- 10.3 Using macro data to set the interest rate
- News about production
- News about inflation
- 10.4 The Taylor Rule
- 10.5 Rational expectations
- 10.6 The rise and fall of inflation
- 10.7 The instruments of monetary policy
- The interbank market for overnight borrowing
- How the central bank lends and borrows to control theinterbank rate
- Control over the interest rate and the demand for money
- Reserve requirements
- The interbank rate and other interest rates
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Derivation of a monetary policy rule
- Rational expectations and inflation targeting
- Are government finances sustainable? How does fiscal policyaffect economic activity?
- 11.1 How large is the public sector?
- 11.2 Sustainable government finances
- Are government finances under control?
- 11.3 Fiscal policy in the short run
- Crowding out
- 11.4 Do lower taxes really make us richer?
- Proof of Ricardian equivalence
- Deviations from Ricardian equivalence
- 11.5 Fiscal policy and the business cycle
- Policy lags
- Automatic stabilizers
- The structural budget deficit
- 11.6 Empirical evidence on fiscal policy
- Effects of fiscal policy shocks
- The stabilizing role of the government
- Is there any evidence of active counter-cyclical policy?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Ricardian equivalence in the infinite horizon case
- How do globalized markets for goods, services, and loans affectthe economy?
- 12.1 The small open economy
- 12.2 The real exchange rate
- 12.3 Imports, exports, and aggregate demand
- Goods market equilibrium in the small open economy
- The effect of the real exchange rate on net exports
- A look at the data
- 12.4 Savings, investment, and the current account
- 12.5 The interest parity condition
- The implications of interest parity under fixed and floatingexchange rates
- 12.6 Globalization in the markets for goods and servicesand the financial markets
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- The real exchange rate in terms of prices of productionand consumption
- The Marshall–Lerner condition
- Derivation of the consumption and import functions
- The balance of payments
- What factors determine the current account, the real exchangerate, and the long-run levels of income
- 13.1 Real and nominal interest rates in the open economy
- 13.2 The current account and the real exchange rate
- The relation between the budget deficit and the currentaccount deficit
- Does a current account deficit lead to depreciation ofthe currency?
- 13.3 Investment and growth in the open economy
- 13.4 The current account and the long-run level offoreign debt
- 13.5 How integrated are world financial markets?
- 13.6 Should current account balance be an objectiveof policy?
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- Reasons for long-term trends in real exchange rates
- The Scandinavian model of inflation
- What roles do fiscal and monetary policies play under fixed andfloating exchange rates?
- 14.1 The Mundell–Fleming model
- 14.2 A fixed exchange rate
- How does a central bank fix the exchange rate?
- Macroeconomic equilibrium with a fixed exchange rate
- The effect of the real exchange rate on aggregate demand
- Devaluation and revaluation
- 14.3 Monetary union
- 14.4 A floating exchange rate
- Monetary policy with a floating exchange rate
- Fiscal policy with a constant money supply
- Fiscal policy and the central bank reaction to the shock
- Exchange rate expectations and the importance of the exchangerate channel
- The roles of monetary and fiscal policy under fixed and floatingexchange rates
- 14.5 Long-run adjustment with fixed and floatingexchange rates
- 14.6 Evidence on the exchange rate channel
- What have we learned?
- Where do we go from here?
- Exercises
- Appendix
- The case when the expected future exchange rate is equal to thecurrent exchange rate
- What are the advantages and disadvantages of fixed and floatingexchange rates, and monetary union?
- 15.1 Fixed exchange rate systems
- The gold standard
- The Bretton Woods system
- The EMS, the ERM, currency baskets, and target zones
- Speculation, exchange rate crises, and devaluation cycles
- Deregulation of capital flows and the sustainability of fixedexchange rates
- 15.2 Floating exchange rates and inflation targeting
- 15.3 The pros and cons of monetary union
- Microeconomic aspects: efficiency and trade
- Macroeconomic aspects: stability
- Optimum currency areas
- 15.4 The fiscal framework in EMU
- 15.5 Ten years with the euro
- Trade
- Macroeconomic performance on the union level
- Macroeconomic developments in individual countries
- Fiscal policy
- The response to the debt crisis by the European Union16
- Conclusion
- What have we learned?
- Exercises
- Appendix
- The forward market and covered interest parity
- The no bail out clause and the excessive deficit procedure
- What are business cycles and why do they occur?
- 16.1 The trend and the cycle
- A linear trend
- The Hodrick–Prescott filter
- A stochastic trend
- Comparison of alternative measures
- How long do business cycles last?
- 16.2 Co-movement of macroeconomic variables
- 16.3 What drives the business cycles?
- Shocks
- Amplification mechanisms
- 16.4 Should we care about business cycles?
- What have we learned?
- Exercises
- Appendix
- The Hodrick–Prescott filter
- How do institutions shape economic policy?
- 17.1 Inflation bias
- Solutions to the inflation bias problem
- Reforms of the institutional framework for monetary policy
- 17.2 Deficit bias
- How serious is the problem of high government debt?
- Reasons for deficit bias
- Reforms of the framework for fiscal policymaking
- Myopia and public investments
- Gross debt or net debt?
- Dealing with an ageing population
- What have we learned?
- Exercises
- What roles do financial markets and institutions play?
- 18.1 Debt and equity
- Debt, equity, and risk
- Why debt finance?
- Debt, equity, and incentives to take risk
- 18.2 The financial accelerator
- 18.3 The stock market and Tobin’s q
- The stock market as a predictor of future economicdevelopments
- Tobin’s q theory of investment
- 18.4 Banks and other financial intermediaries
- Banks as managers of credit
- Banks as liquidity providers
- 18.5 Bank runs and banking regulation
- Bank runs
- Contagion and financial crises
- Banking regulation
- 18.6 Recent developments in the financial industry
- Wholesale financing
- Quasi-banks
- Securitization
- 18.7 The financial crisis in 2007–2009
- Short-run crisis management
- Measures to avoid future financial crises
- Conclusion
- 18.8 Macroeconomic management of financial crises
- Increases in margins charged by the banks
- The zero lower bound on the interest rate
- What have we learned?
- Exercises
- Appendix
- Tobin’sqtheory of investment with debt and equity,and monopolistic competition
- Production and prices
- The real interest rate, investment, and consumption
- Long-run growth
- The labour market and the Phillips curve
- Government debt
- The open economy
- Production and the interest rate in the short run
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