Macroeconomic Theory and Stabilisation Policy
Philip Allan, Jun 1, 1988 - Business & Economics - 406 pages
The role and conduct of macroeconomic policy is examined in the light of recent developments in theory. The first Chapter of the book is concerned with the debate about the nature and causes of unemployment and inflation. The second section investigates the theory of monetary and fiscal policy in closed and open economics. The final chapter contains a full analysis of macroeconomic interdependence and policy coordination. For advanced undergraduate and postgraduate students of macroeconomic theory and policy. Contents: Introduction: The Theory of Aggregate Demand; Classical Versus Keynesian Economics: The Debate on Underemployment Equilibrium; Aggregate Supply: Monetarism and New Classical Macroeconomics; Aggregate Supply and Stabilization Policies: The Keynesian Perspective; Money, Financial Markets, and Aggregate Demand; Fiscal Policy and Aggregate Demand; Macroeconomic Policy and the Balance of Payments; Macroeconomic Policy and the Exchange Rate; The Design of Macroeconomic Policy; International Interdependence and Policy Coordination; Bibliography; Author Index; Subject Index.
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The Debate on Underemployment
Monetarism and New Classical Macroeconomics
The Keynesian Perspective
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adjustment aggregate demand aggregate supply aggregate supply curve analysis asset markets assume assumption balance of payments bank bonds capital mobility changes Chapter deficit demand for money depends determined domestic credit domestic interest rate dynamic economic agents equation excess demand exogenous exports Figure firms fiscal expansion fiscal policy fixed exchange rates Fleming-Mundell model flexible exchange rates foreign assets full employment given government expenditure implies increase inflation interest rate IS-LM model Keynes labour market labour supply LM curve long-run equilibrium macroeconomic market equilibrium monetarist monetary approach monetary expansion monetary model monetary policy money illusion money market money stock money supply neoclassical nominal wages optimal policy output Phillips curve policy rule price level private sector problem rate of return rational expectations real income real wage result rise role shift shocks short-run stabilisation policies sterilisation subsection substitutes theory transmission mechanism variables wealth effects workers zero