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Macroeconomics

Author: Wendy Carlin

Publisher: Oxford University Press

Published: 2024-01-29

Total Pages: 1019

ISBN-13: 0198838662

At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies.Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Key features* Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers* The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints* The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them* Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis* Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession* Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics* Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality* Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods* End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought* Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own paceDigital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources.The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit:www.oxfordtextbooks.co.uk/ebooks/This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book.

Macroeconomics

Author: Wendy Carlin

Publisher: Oxford University Press, USA

Published: 2014-11-20

Total Pages: 679

ISBN-13: 0199655790

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Carlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.

Macroeconomics

Author: Wendy Carlin

Publisher:

Published: 2006

Total Pages: 866

ISBN-13:

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This volume provides a unified framework for the analysis of short- and medium-run macroeconomics. It develops a core New Keynesian macro model based on imperfect competition and nominal rigidities and shows how this compares with alternatives.

Macroeconomic Institutions and Development

Author: Bilin Neyapti

Publisher: Edward Elgar Publishing

Published: 2010-01-01

Total Pages: 189

ISBN-13: 1849807043

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'Bilin Neyapti provides a framework for understanding some of the most important issues confronting the world's economy today. Viewing the government as a social planner charged with the task of delivering sustainable development as a public good, she examines features of global markets such as central bank independence, inflation targeting, monetary unions, and currency boards, in each case evaluating the capacity of the relevant institutions to deliver efficiency, equality, and stability over the long term. Neyapti's broad-ranging and ambitious book should be of value to anyone interested in the development and improvement of the institutions undergirding the world's financial system.' Geoffrey P. Miller, New York University Law School, US 'Poor nations have learned the hard way that there is no greater threat to their economic development than macroeconomic crises. Avoiding macro instability in turn depends on good monetary and fiscal institutions. This book by Bilin Neyapti part textbook, part treatise is a terrific synthesis of the relevant literature and an excellent addition to it.' Dani Rodrik, Harvard University, US The fading explanatory power of earlier development theories in providing a satisfactory account of diverse developmental experiences has necessitated a new framework to understand economic development. Bilin Neyapti presents this new framework, known as New Development Economics (NDE), which combines new institutional economics with collective action theory to explain the dynamic interaction between institutions and economic development. Besides reviewing earlier development theories and the fundamental building blocks of NDE, the author uses the NDE framework to present theoretical underpinnings and panel evidence on the effectiveness of fiscal and monetary institutions. The book incorporates the essential elements of institutional theory and highlights the issues pertaining to the measurement of institutional characteristics and the empirical analyses involving such measurement. It provides the theoretical framework of and empirical evidence on fiscal institutions, covering budgetary rules and procedures as well as fiscal decentralization, and reviews the theoretical framework for monetary institutions such as central bank independence, currency boards, monetary unions and inflation targeting in addition to providing empirical evidence on their effectiveness. The role of bank regulation and supervision is also investigated. This path-breaking and original book will prove a fascinating read for a wide-ranging audience including academics, think tanks, international development agencies and policymakers within the fields of development, economics, heterodox economics and money, banking and finance.

International Macroeconomics in the Wake of the Global Financial Crisis

Author: Laurent Ferrara

Publisher: Springer

Published: 2018-06-13

Total Pages: 298

ISBN-13: 3319790757

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This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Macroeconomics

Author: Jones, Charles I

Publisher: W. W. Norton & Company

Published: 2013-12-13

Total Pages: 8

ISBN-13: 0393923916

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Macroeconomics is the first text to truly reflect today 's macroeconomy. In this teachable, coherent book, the author makes complex topics easily understandable for undergraduates and combines innovative treatment of both the short run and the long run with a strong emphasis on problem solving.

Stabilizing an Unstable Economy

Author: Hyman Minsky

Publisher: McGraw Hill Professional

Published: 2008-05-01

Total Pages: 350

ISBN-13: 0071593004

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“Mr. Minsky long argued markets were crisis prone. His 'moment' has arrived.” -The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance” and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks Henry Kaufman, president, Henry Kaufman & Company, Inc., places Minsky's prescient ideas in the context of today's financial markets and institutions in a fascinating new preface. Two of Minsky's colleagues, Dimitri B. Papadimitriou, Ph.D. and president, The Levy Economics Institute of Bard College, and L. Randall Wray, Ph.D. and a senior scholar at the Institute, also weigh in on Minsky's present relevance in today's economic scene in a new introduction. A surge of interest in and respect for Hyman Minsky's ideas pervades Wall Street, as top economic thinkers and financial writers have started using the phrase “Minsky moment” to describe America's turbulent economy. There has never been a more appropriate time to read this classic of economic theory.

Macroeconomics in Emerging Markets

Author: Peter J. Montiel

Publisher: Cambridge University Press

Published: 2003-04-10

Total Pages: 460

ISBN-13: 9780521785518

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This book is a rigorous, yet nonmathematical analysis of key macroeconomic issues faced by emerging economies. The first part develops an analytical framework that can be used as a workhorse model to study short-run macroeconomic issues of stabilization and adjustment in such economies, comparable to the IS-LM framework widely used in intermediate-level macroeconomics textbooks for industrial countries. The rest of the book considers fiscal issues, financial sector issues, and issues concerning exchange rate regimes and policies. In the fiscal area, the focus is on the formulation of intertemporal policies, i.e. fiscal sustainability, seigniorage, and the roles of central bank independence and privatization of public enterprises in achieving fiscal credibility. The analysis of the financial sector examines its role in promoting welfare and growth. Finally, the book explores recent developments in the theory of appropriate exchange rate regimes and management, and provides an overview of currency crises.

Systemic Risk

Author: Prasanna Gai

Publisher: Oxford University Press

Published: 2013-03-28

Total Pages: 147

ISBN-13: 0199544492

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This book applies some of the lessons from network disciplines - such as ecology, epidemiology, and engineering - to study and measure how small probability events can lead to contagion and banking crises on a global scale.

The Production of Money

Author: Ann Pettifor

Publisher: Verso Books

Published: 2017-03-28

Total Pages: 192

ISBN-13: 1786631377

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What is money, where does it come from, and who controls it? In this accessible, brilliantly argued book, leading political economist Ann Pettifor explains in straightforward terms history’s most misunderstood invention: the money system. Pettifor argues that democracies can, and indeed must, reclaim control over money production and restrain the out-of-control finance sector so that it serves the interests of society, as well as the needs of the ecosystem. The Production of Money examines and assesses popular alternative debates on, and innovations in, money, such as “green QE” and “helicopter money.” She sets out the possibility of linking the money in our pockets (or on our smartphones) to the improvements we want to see in the world around us.