Macroeconomic Theory

This graduate textbook is a primer in macroeconomics. It starts from essential undergraduate macroeconomics and develops the central topics of modern macroeconomic theory in a simple and rigorous manner. All topics essential for first year graduate students are covered. These include rational expectations, intertemporal dynamic models, exogenous and endogenous growth, nonclearing markets and imperfect competition, uncertainty, and money. The book also covers real business cycles and dynamic stochastic general equilibrium models, integrating growth and fluctuations, sticky wages and prices, consumption and investment, and unemployment. Lastly, it studies government policy, stabilization, credibility, and the connections between politics and the macroeconomy. Each topic is presented in the simplest model possible while still delivering the relevant answers and keeping rigorous foundations throughout the book. To make the book fully self-contained there is a mathematical appendix that gives all necessary mathematical results.

Auteur

Jean-Pascal B?nassy graduated from Ecole Normale Sup?rieure in Paris and has a Ph.D. in economics from the University of California at Berkeley. He is currently Director of Research at National Center for Scientific Research (CNRS) and a Research Fellow at Center for Economic Research and its Applications (CEPREMAP).

Contenu

1 Growth 2 Output, Inflation and Stabilization 3 Rational Expectations 4 Intertemporal Equilibria with Optimizing Agents 5 Nonclearing Markets and Imperfect Competition 6 Uncertainty and Financial Assets 7 The Ramsey Model 8 Overlapping Generations 9 Endogenous Growth 10 Competitive Business Cycles 11 Money 12 Money and Cycles 13 Nominal Rigidities and Fluctuations 14 Consumption, Investment, Inventories and Credit 15 Unemployment: Basic Models 16 A Dynamic View of Unemployment 17 Policy: The Public Finance Approach 18 Stabilization policies 19 Dynamic Consistency and Credibility 20 Political Economy A Mathematical Appendix