Macroeconomics: A European Text
This macroeconomics textbook is the first to be written from a European perspective. No previous knowledge is assumed and nearly all topics in macroeconomics are covered, including advanced concepts such as endogenous growth or time inconsistency. It presents the "new" macroeconomics--a synthesis of the older fixed price approach and of the newer microeconomic foundations and intertemporal aspects. The work looks at the open economy and the effect of openness as a source of disturbance, emphasizing the exchange rate and the importance of capital movements and other international linkages. Each chapter includes an overview, summary section, list of key concepts, and many exercises.
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What Is Macroeconomics?
The Real Macroeconomy
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aggregate demand assets balance borrowing capital stock central bank Chapter commercial banks consumption core inflation costs countries Crusoe decline deposits depreciation domestic economic effect equilibrium European example exchange market exogenous expected exports Figure firms fiscal policy fixed exchange rate foreign exchange France function Germany gold growth rate human capital income increase indifference curves inflation rate investment Keynesian labour market LM curve long run macroeconomics marginal productivity ment monetary policy money demand money growth money market money supply nominal exchange rate nominal interest rate nontraded OECD optimal output panel period Phillips curve price level primary current account private sector public debt rate of inflation ratio real exchange rate real GDP real interest rate real money real wage reserves Ricardian equivalence rise savings schedule seigniorage short run Source spending supply curve Table tion trade unemployment union variables wealth workers