Macroeconomic theory.
The main chapters of this book developed out of the core material of a graduate course in Macroeconomic Theory which was given at Bielefeld University over several years. At first the objective was to present the microeconomic foundations of macroeconomic analysis for an economy in the short run...
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| Format: | Book |
| Language: | English |
| Published: |
Springer International Publishing
2020
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| Subjects: | |
| Online Access: | http://dspace.uniten.edu.my/jspui/handle/123456789/15300 |
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| Summary: | The main chapters of this book developed out of the core material of a graduate
course in Macroeconomic Theory which was given at Bielefeld University over several
years. At first the objective was to present the microeconomic foundations of
macroeconomic analysis for an economy in the short run deriving prices, wages,
output, and employment for a monetary economy within the framework of temporary
general equilibrium theory emphasizing Keynesian features and contrasting the
results under disequilibrium with those of Classical Macroeconomics. As new results
resolving dynamic issues were obtained for both the disequilibrium as well
as for the equilibrium modeling, comparisons between the two approaches were
possible within the same general model. Emphasis of the course material shifted
gradually from only a comparative statics analysis to a joint presentation of a static
and a dynamic analysis side by side. In the end a synthesis was obtained of extending
the traditional intertemporal sequential modeling to a full dynamic analysis for
the equilibrium and the disequilibrium description of temporary allocations. This allows
an analysis of macroeconomic issues with and without noise, in particular the
consequences of stationary fiscal policies on allocations, on the quantity of money,
as well as on the stability of the evolution of the economy. |
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