Macroeconomics: An Integrated Approach / Edition 2

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This paperback edition is not available in the U.S. and Canada. 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: 9780262511032
  • Publisher: MIT Press
  • Publication date: 9/27/1998
  • Edition description: second edition
  • Edition number: 2
  • Pages: 494
  • Product dimensions: 8.00 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

Laurence J. Kotlikoff, one of the nation's leading experts on fiscal policy,national saving, and personal finance and a columnist for Bloomberg, is Professor of Economics at Boston University. His writings and views appear in Forbes, the Economist, the Financial Times, the Wall Street Journal, the New York Times, and other leading media outlets.

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Table of Contents

List of Figures
List of Tables
Prologue: The Questions of Macroeconomics
Pt. 1 From Micro to Macro: Modeling Income Determination and Growth 1
Ch. 1 Output, Inputs, and Growth 3
Ch. 2 The Dynamic Supply of Inputs 29
Ch. 3 The Dynamic Demand for Inputs and the Evolution of Output 53
Ch. 4 Economic Fluctuations 85
Ch. 5 The Measurement of Output and Prices 111
Pt. 2 Fiscal and Monetary Policy 139
Ch. 6 Fiscal Policy, Saving, and Growth 141
Ch. 7 Money and Prices in the Closed Economy 169
Pt. 3 Economic Fluctuations 199
Ch. 8 The Keynesian Model of Price and Wage Rigidity 201
Ch. 9 Understanding Recessions 229
Ch. 10 The Nature and Costs of Unemployment 265
Ch. 11 Countercyclical Policy 295
Pt. 4 The International Economy 321
Ch. 12 Saving and Growth in the International Economy 323
Ch. 13 Money, Exchange Rates, and Policy in the Open Economy 347
Pt. 5 Enriching the Model 377
Ch. 14 The Banking System, the Federal Reserve, and the Money Supply 379
Ch. 15 Saving Behavior and Credit Markets 411
Ch. 16 Financial Markets and the Investment Decision 433
Index 457
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