Topics in Applied Macrodynamic Theory / Edition 1

Topics in Applied Macrodynamic Theory / Edition 1

by Peter Flaschel, Gangolf Groh, Christian Proano, Willi Semmler
     
 

ISBN-10: 3540725415

ISBN-13: 9783540725411

Pub. Date: 09/25/2008

Publisher: Springer Berlin Heidelberg

This book presents topics in applied dynamic macrotheory for closed and open economies. The authors give an advanced treatment of macroeconomic topics such as the Phillips curve, forward and backward looking behavior, open economy macrodynamics, structural macroeconometric model building as well as the empirics of Keynesian oriented macro models. They start from the…  See more details below

Overview

This book presents topics in applied dynamic macrotheory for closed and open economies. The authors give an advanced treatment of macroeconomic topics such as the Phillips curve, forward and backward looking behavior, open economy macrodynamics, structural macroeconometric model building as well as the empirics of Keynesian oriented macro models. They start from the closed economy and consider open economies for fixed and flexible exchange rate systems with free international capital flows later on. The dynamics of open economies in the context of interacting two country models are treated as well. The macrofounded approach extends and integrates non-market-clearing traditions in macrodynamics. It is compared to New Keynesian approaches which are generally rigorously microfounded, but often neglect to study macroeconomic feedback mechanisms (that may be stabilizing or destabilizing). The chapters - though representing a coherent whole - are self-contained and can be used independently of each other.

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Product Details

ISBN-13:
9783540725411
Publisher:
Springer Berlin Heidelberg
Publication date:
09/25/2008
Series:
Dynamic Modeling and Econometrics in Economics and Finance Series, #10
Edition description:
2008
Pages:
512
Product dimensions:
6.30(w) x 9.40(h) x 1.30(d)

Table of Contents

1 Period Models, Continuous Time and Applied Macrodynamics 1

Pt. I The Closed Economy

2 The AS-AD Framework: Origins, Problems and Progress 35

3 Wage-Price Dynamics: Basic Structural Form, Estimation and Analysis 91

4 Estimation and Analysis of an Extended AD-AS Model 137

5 Linking Goods with Labor Markets: Okun's Law and Beyond 213

Pt. II The Open Economy

6 Exchange Rate and Stock Market Dynamics in a Two-Country Model 287

7 Macroeconomic Imbalances and Inflation Dynamics in a Mundell-Fleming-Tobin Framework 321

8 Currency Crises, Credit Rationing and Monetary Policy in Emerging Markets 373

9 Keynesian Dynamics and International Linkages in a Two-Country Model 417

10 Outlook: Supply Constraints in Demand-Driven Macromodels 455

References 501

Mathematical Appendix Some Useful Theorems 503

References 511

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