Modern Business Cycle Theory / Edition 1

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Overview

The new classical approach to macroeconomics, which assumes that people gather and use economic information efficiently, has been the most important theoretical advance since the Keynesian revolution of the 1930s. This hook surveys the major contributions of the "second generation" of proponents of the new classical approach, emphasizing real business cycle theories and applying them to a variety of phenomena.

The chapters include expositions of growth theory, real models of business fluctuations, the informational role of prices, consumption, fiscal policy, rules versus discretion in monetary policy, time consistency and policy, and monetary models. Although the chapters are aimed at advanced undergraduate- and graduate-level students, they will also be of interest to researchers who are looking for a compact and original exposition of the new classical macroeconomics.

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Editorial Reviews

Journal of Economics

Barro's articles are a nice blend of theory and empiricism. They add rigor and offer many insights.
— Michael R. Edgmand

Journal of Economic Literature

This book contains essays written by distinguished authors, each surveying some recent developments in a particular area of macroeconomics, and all written or revised expressly for this volume. The book emphasizes research that assumes market clearing and rational expectations—what Barro in his introduction calls new classical macroeconomics.
— Kenneth D. West

Southern Economic Journal

The book succeeds admirably. Readers might have different favorites among the essays in the volume, but all of them are substantive and meet Barro's criteria of readability and comprehensiveness. A feature of all the essays is that they contain at least prototype models in the areas covered. Graduate students, who will be the most widespread audience for the book, will see the models solved and results derived, not merely surveyed...Bennett McCallum's survey of real business cycle models...is likely to find its way onto many graduate course reading lists...Sanford Grossman's essay explores required alterations in the Walrasian equilibrium paradigm when information is dispersed among traders...Robert Hall...describes the development of the Euler equation characterization of optimal consumption over time...[Barro offers] a wide-ranging survey of the neoclassical approach to fiscal policy...Kenneth Rogott's essay [covers] reputational considerations in policymaking...The essay by Chari, Kehoe and Prescott also focuses on strategic considerations in policymaking in a repeated game framework...[Neil] Wallace analyzes the effects of open market operations in a variety of models.
— Richard Froyen

Journal of Economics - Michael R. Edgmand
Barro's articles are a nice blend of theory and empiricism. They add rigor and offer many insights.
Journal of Economic Literature - Kenneth D. West
This book contains essays written by distinguished authors, each surveying some recent developments in a particular area of macroeconomics, and all written or revised expressly for this volume. The book emphasizes research that assumes market clearing and rational expectations--what Barro in his introduction calls new classical macroeconomics.
Southern Economic Journal - Richard Froyen
The book succeeds admirably. Readers might have different favorites among the essays in the volume, but all of them are substantive and meet Barro's criteria of readability and comprehensiveness. A feature of all the essays is that they contain at least prototype models in the areas covered. Graduate students, who will be the most widespread audience for the book, will see the models solved and results derived, not merely surveyed...Bennett McCallum's survey of real business cycle models...is likely to find its way onto many graduate course reading lists...Sanford Grossman's essay explores required alterations in the Walrasian equilibrium paradigm when information is dispersed among traders...Robert Hall...describes the development of the Euler equation characterization of optimal consumption over time...[Barro offers] a wide-ranging survey of the neoclassical approach to fiscal policy...Kenneth Rogott's essay [covers] reputational considerations in policymaking...The essay by Chari, Kehoe and Prescott also focuses on strategic considerations in policymaking in a repeated game framework...[Neil] Wallace analyzes the effects of open market operations in a variety of models.
Booknews
Eight contributions survey the "second generation" of the new classical approach, emphasizing business cycle theories, applying them to a variety of phenomena, and addressing: growth theory, business fluctuations, the informational role of prices, consumption, fiscal policy, and monetary models. Annotation c. Book News, Inc., Portland, OR booknews.com
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Product Details

  • ISBN-13: 9780674578609
  • Publisher: Harvard University Press
  • Publication date: 1/28/1989
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 348
  • Product dimensions: 6.40 (w) x 9.57 (h) x 1.16 (d)

Meet the Author

Robert J. Barro is Professor of Economics, Harvard University, and has written widely on macroeconomic and monetary economics. He is the author of Macroeconomics and the editor of Modern Business Cycle Theory.
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Table of Contents

Introduction

Robert J. Burro

Real Business Cycle Models

Bennett T. McCallum

Capital Accumulation in the Theory of Long-Run Growth

Paul M. Romer

Rational Expectations and the Informational Role of Prices

Sanford J. Grossman

Consumption

Robert E. Hall

The Neoclassical Approach to Fiscal Policy

Robert J. Burro

Reputation, Coordination, and Monetary Policy

Kenneth Rogoff

Time Consistency and Policy

V. V. Chari, Patrick J. Kehoe, and Edward C. Prescott

Some Alternative Monetary Models and Their Implications for the Role of Open-Market Policy

Neil Wallace

Contributors

Index

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