Volker Böhm

Macroeconomic Theory (eBook, PDF)

• Format: PDF

Produktbeschreibung

This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis. It investigates the implications of expectations and of stationary fiscal policies on allocations, on the quantity of money, and on the dynamic evolution of the economy with and without noise. The text contrasts and compares the two main competing approaches in macroeconomics within the same intertemporal model of a closed monetary economy: the one postulating full price flexibility to guarantee equilibrium in all markets at all times under perfect foresight or rational expectations, versus the so called disequilibrium approach where trading occurs at non- market-clearing prices and wages when these adjust sluggishly from period to period in response to market disequilibrium signals.

This novel text blends smoothly the behavioral toolsthat underlie modern macro: real and monetary, short and long run, classical and Keynesian, competitive and monopolistic, deterministic and stochastic. It belongs in the reading list of teachers and in the library of every practitioner. Prof. Costas Azariadis, Washington University in St. Louis, USA

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Produktdetails

• Verlag: Springer Nature Switzerland
• Seitenzahl: 423
• Erscheinungstermin: 30. Oktober 2017
• Englisch
• ISBN-13: 9783319601496
• Artikelnr.: 53063494

Autorenporträt

Volker Böhm is a Professor Emeritus at Bielefeld University.

Inhaltsangabe

Introduction.- Microeconomic Foundations.- Models of Monetary Equilibrium.- Dynamics of Monetary Equilibrium Models.- Fiscal Policy and the Dynamics of Monetary Equilibrium.- The Keynesian Model with Money.- Dynamics in Disequilibrium - Endogenous Business Cycles.- Disequilibrium Dynamics with Random Perturbations.- Dynamical Systems in Discrete Time.- Proofs and Further Results.