Foundations of Modern Macroeconomics 2nd Edition by Ben J Heijdra ISBN 0199210691 9780199210695

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Product details:

ISBN 10: 0199210691 
ISBN 13: 9780199210695
Author: Ben J Heijdra

Highlights of this new edition:

· Chapters substantially revised to reflect current thinking in macroeconomics

· Includes 31 boxed case studies that are easily cross-referenced

· New material added and empirical data updated to better reflect labor market developments during the last three decades

· Streamlined mathematical appendix

Advanced macroeconomics can seem a daunting prospect. Complex and poorly defined, infected with a variety of conflicting approaches, it is difficult for the student to get an overall picture of what there is and how it fits in. Foundations of Modern Macroeconomics is aimed at getting around this fundamental problem: it deals with all the major topics, summarizes the important approaches, and gives students a coherent angle on all aspects of macroeconomic thought. Each chapter deals with a separate area of macroeconomics, and each contains a summary section of key points and a further reading list, enabling the student to check what has been learnt and investigate further in other books.

Foundations of Modern Macroeconomics 2nd Table of contents:

Part I: Intermediate Macroeconomics

• Chapter 1: Who is Who in Macroeconomics?
  • The basic idea
  • Do we really believe the idea?
• Chapter 2: Dynamics in Aggregate Demand and Supply
  • Adaptive expectations and stability
  • A first look at hysteresis
    • Alienation of the unemployed
    • History matters
  • Investment, the capital stock, and stability
    • Adjustment costs and investment
    • Stability
  • Wealth effects and the government budget constraint
    • Short-run macroeconomic equilibrium
    • Money finance
    • Bond finance
  • Punchlines
• Chapter 3: Rational Expectations and Economic Policy
  • What is rational expectations?
  • Applications of REH in macroeconomics
  • Should we take the PIP seriously?
    • One-period nominal wage contracts
    • Overlapping wage contracts
  • Punchlines
• Chapter 4: Anticipation Effects and Economic Policy
  • Dynamic investment theory
    • The basic model
    • Fiscal policy: Investment subsidy
  • A dynamic IS-LM model
  • Punchlines
• Chapter 5: The Government Budget Deficit
  • Ricardian equivalence
    • A simple model
    • Distorting taxes
    • Borrowing restrictions
    • Finite lives
    • Some further reasons for Ricardian non-equivalence
    • Empirical evidence
  • The theory of government debt creation
    • A simple model of tax smoothing
  • Punchlines
• Chapter 6: A Closer Look at the Labour Market
  • Some stylized facts
  • Standard macroeconomic labour market theory
    • Flexible wages and clearing markets
    • The effects of taxation
  • Real wage rigidity
    • Implicit contracts
    • Efficiency wages
  • Punchlines
• Chapter 7: Trade Unions and the Labour Market
• Chapter 8: Search in the Labour Market
• Chapter 9: Macroeconomic Policy, Credibility, and Politics
• Chapter 10: The Open Economy

Part II: Towards Advanced Macroeconomics

• Chapter 11: Money
• Chapter 12: New Keynesian Economics
• Chapter 13: Exogenous Economic Growth
  • Solow-Swan model
  • Ramsey-Cass-Koopmans model
• Chapter 14: Endogenous Economic Growth
• Chapter 15: Real Business Cycles
• Chapter 16: Overlapping Generations in Continuous Time
• Chapter 17: Overlapping Generations in Discrete Time

Part III: Stochastic General Equilibrium Macroeconomics

• Chapter 18: Decision Making in a Stochastic Environment
• Chapter 19: Dynamic Stochastic General Equilibrium – New Classical Models
• Chapter 20: Dynamic Stochastic General Equilibrium – New Keynesian Models

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