Macroeconomics: Theories and PoliciesThis book traces the history of macroeconomics, the evolution of macroeconomic thought, and the resulting theory and policy. The book places the various macroeconomic theories in the order in which they developed chronologically, and illustrates the similarities and differences of the models. Starting with classical economics and the Keynesian revolution, this book explores the macroeconomic theory after Keynes, open economy macroeconomics, economic policy, and sectoral functions. Financial officers and professionals making pecuniary decisions and analyses. |
Common terms and phrases
aggregate demand aggregate supply analysis assets assumed assumption autonomous balance of payments behavior bonds BP schedule capital changes Chapter classical economists consumption function cost decline demand deposits demand for money demand schedule determined discretionary fiscal policy dollar economic activity effects equilibrium income example expansionary expected expenditures factors federal funds rate Federal Reserve Figure fiscal policy actions fixed exchange rate flexible exchange rate foreign exchange government spending growth rate incomes policies increase in government inflation rate interest rate intermediate targeting Keynes Keynes's Keynesian model labor supply level of income LM curve LM schedule macroeconomic ment monetarists monetary aggregates monetary base monetary policy money demand function money growth money stock target money wage neo-Keynesian output and employment P₁ percent period Phillips curve policymaker price level r₁ rational expectations real wage rise saving short run stabilization supply schedule supply shock t₁ target level tax rate theory tion transactions variables Y₁