Monetary and Fiscal Policy in a Growing Economy
This book represents a revision and reconstruction of macroeconomic theory. The model can be used interchangeably as a static model of instantaneous equilibrium and as a monetary growth model.
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PRODUCTION AND GROWTH
THE CONSUMPTION GOODS MARKET
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actual aggregate analysis assume assumption bonds capital stock cc schedule Chapter clear composition consider constant consumption goods market countries curve decrease deficit demand for consumption depends determined disposable income economy effect equal equation excess demand excess supply expected expected rate fall Figure fiscal policy fixed follows function given government debt government expenditures higher hold increase indicated initial instant intersection investment labor levy long-run lower means monetary policy move necessary negative output pair per-capita positive price level price of capital price of money production Proposition raises rate of change rate of inflation rate of interest rate of return ratio of capital reduces remains result rise savings schedule sector shifts short-run shown slope stabilize steady steady-state stock of capital stock of debt stock of government supply tion utility variables wealth wealth owners zero