Modern Business Cycle Theory / Edition 1

Modern Business Cycle Theory / Edition 1

by Robert Barro
     
 

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

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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.

Product Details

ISBN-13:
9780674578609
Publisher:
Harvard University Press
Publication date:
01/28/1989
Edition description:
New Edition
Pages:
348
Product dimensions:
6.40(w) x 9.57(h) x 1.16(d)

Related Subjects

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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