Macroeconomic Theory and Stabilisation Policy |
Contents
The Debate on Underemployment | 26 |
Monetarism and New Classical Macroeconomics | 57 |
The Keynesian Perspective | 101 |
Copyright | |
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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 determined 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 full employment given government expenditure implies increase inflation interest rate IS-LM model IS₁ 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 open economy optimal policy output P₁ Phillips curve policy rule portfolio 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 theory transmission mechanism variables wealth effects workers y₁