Macroeconomics: An Integrated Approach / Edition 2

Macroeconomics: An Integrated Approach / Edition 2

by Alan J. Auerbach, Laurence J. Kotlikoff
     
 

ISBN-10: 0262011700

ISBN-13: 9780262011709

Pub. Date: 08/07/1998

Publisher: MIT Press

Many undergraduate texts treat macroeconomics as a set of distinct topics rather than as a unified body of theory and empirical findings. In contrast, this text by Alan Auerbach and Laurence Kotlikoff uses a single analytic framework--the two-period life-cycle model--to explore and connect each of the major issues in contemporary macroeconomics. The model describes…  See more details below

Overview

Many undergraduate texts treat macroeconomics as a set of distinct topics rather than as a unified body of theory and empirical findings. In contrast, this text by Alan Auerbach and Laurence Kotlikoff uses a single analytic framework--the two-period life-cycle model--to explore and connect each of the major issues in contemporary macroeconomics. The model describes the evolution of the economy over time in terms of the behavior of overlapping generations of individuals, each of whom lives for two periods: youth and old age. This versatile framework can encompass most macroeconomic schools of thought through the alteration of key assumptions. The use of one basic model also allows the authors to explore important topics not always addressed adequately in other texts; these include credit constraints, real business cycles, generational accounting, and international capital flows markets.

Written in a clear, accessible style, this shortened and simplified second edition provides a systematic way to interpret macroeconomic outcomes, to understand various policy proposals, and to appreciate how individuals and firms fit into the big picture.

Not for sale in U.S. and Canada

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Product Details

ISBN-13:
9780262011709
Publisher:
MIT Press
Publication date:
08/07/1998
Edition description:
second edition
Pages:
489
Sales rank:
838,120
Product dimensions:
8.00(w) x 9.00(h) x 1.00(d)
Age Range:
18 Years

Table of Contents

List of Figures
List of Tables
Prologue: The Questions of Macroeconomics
Pt. 1From Micro to Macro: Modeling Income Determination and Growth1
Ch. 1Output, Inputs, and Growth3
Ch. 2The Dynamic Supply of Inputs29
Ch. 3The Dynamic Demand for Inputs and the Evolution of Output53
Ch. 4Economic Fluctuations85
Ch. 5The Measurement of Output and Prices111
Pt. 2Fiscal and Monetary Policy139
Ch. 6Fiscal Policy, Saving, and Growth141
Ch. 7Money and Prices in the Closed Economy169
Pt. 3Economic Fluctuations199
Ch. 8The Keynesian Model of Price and Wage Rigidity201
Ch. 9Understanding Recessions229
Ch. 10The Nature and Costs of Unemployment265
Ch. 11Countercyclical Policy295
Pt. 4The International Economy321
Ch. 12Saving and Growth in the International Economy323
Ch. 13Money, Exchange Rates, and Policy in the Open Economy347
Pt. 5Enriching the Model377
Ch. 14The Banking System, the Federal Reserve, and the Money Supply379
Ch. 15Saving Behavior and Credit Markets411
Ch. 16Financial Markets and the Investment Decision433
Index457

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