Monetary and Fiscal Policy in a Growing EconomyThis 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. |
Contents
Contents | 1 |
PRODUCTION AND GROWTH | 9 |
THE CONSUMPTION GOODS MARKET | 53 |
Copyright | |
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aa schedule aggregate demand aggregate stock ao ao assets markets equilibrium capital accumulation capital to labor cc schedule Chapter clear the consumption consumption function consumption goods market consumption market debt to money decrease deficit demand for capital demand for consumption disposable income economy expected rate fiscal policy given government debt government expenditures higher i₁ interest rate intersection k₁ kk schedule locus lower maintain a constant market clearing markets equilibrium price monetary policy negative open market operation open market purchase optimal path p₁ per-capita stock positive price level price of capital price of money Proposition qc(k rate of change rate of inflation rate of interest rate of return ratio of capital ratio of debt reduces result schedule shifts short-run slope steady-state stock stock of bonds stock of capital stock of debt stock of government variables wealth effect wealth owners π₁ πκ дрк