Evolution of Macroeconomic Theory and Policy

ISBN-10: 3540770070
ISBN-13: 9783540770077
Edition: 2009
Authors: Kamran Dadkhah
List price: $64.99 Buy it from $1.89
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Description: The Great Depression of the 1930s gave birth to a branch of economics that in 1933 Ragnar Frisch christened macroeconomics. Over the decades that followed up to the present, the interactions of economic events, economic policy, and macroeconomic  More...

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Book details

List price: $64.99
Copyright year: 2009
Publisher: Springer London, Limited
Publication date: 8/4/2009
Binding: Hardcover
Pages: 269
Size: 6.25" wide x 9.25" long x 1.00" tall
Weight: 1.210

The Great Depression of the 1930s gave birth to a branch of economics that in 1933 Ragnar Frisch christened macroeconomics. Over the decades that followed up to the present, the interactions of economic events, economic policy, and macroeconomic theory have created a fascinating story integral to the life and politics of national economies around the world. This book recounts that story. It brings together three strands of activities and trends: the economic events of the twentieth and twenty-first centuries that defined the economic problems facing the nation, policymakers, and economists; the responses of economists who brought the accumulated knowledge of the profession to bear on these problems; and the successes and failures of these policies as they reshaped the economic landscape and defined new sets of problems to be analyzed by macroeconomic theory. This highly readable book presents an unconventional perspective on macroeconomics – the interplay of theory and policy in a historical context.

The Great Depression and Mr. Keynes
The Crash of 1929
The Great Depression
Depression Around the World
FDR and the New Deal
"We Must Act and Act Quickly"
The New Deal Policies
Irving Fisher's Theory of Debt-Deflation
Money and the Great Depression
The Keynesian Vision of the Economy
John Hicks and the IS-LM Model
Keynes and FDR
The Fundamental Question
Paternalistic Economic Policy
The Post-War Economic Order
The G.I. Bill
The Employment Act of 1946
The Council of Economic Advisers
The Birth of the Welfare State
The Bretton Woods Agreement
The International Monetary Fund (IMF)
The Bank for Reconstruction and Development (the World Bank)
General Agreement on Tariffs and Trade (GATT)
The Marshall Plan
The Point Four
The Brave New Post War World
Laying the Foundations of Keynesian Economics
Aggregate Supply and Aggregate Demand
National Income Accounting
The Rise of Econometrics
Simultaneity and Identification
Errors in Variables
Adaptive Expectations Model
Partial Adjustment Model
Discounting and Present Value
The Consumption Function
Permanent Income Hypothesis
Cross Section Estimate of Propensity of Consume
Life Cycle Hypothesis
The Investment Function
Tobin's q
Demand for Money
The Growth Model of Harrod and Domar
Solow's Model
Solow Residual
The Golden Age of Macroeconomics
Keynesian Economics in Action
Okun's Law
The Phillips Curve
Stagflation
The Nature Rate of Unemployment
Rational Expectations
The Augmented Phillips Curve
Income Distribution
Macroeconomics of an Open Economy
Equilibrium in an Open Economy
Fixed Exchange Rates with Capital and Foreign Exchange Controls
Monetary and Fiscal Policies Under Capital Mobility
Monetary Policy Under Fixed Exchange Rates
Fiscal Policy Under Fixed Exchange Rates
Monetary Policy Under Flexible Exchange Rates
Fiscal Policy Under Flexible Exchange Rates
The Preeminence of Monetary Policy in the 21st Century
The Collapse of Post-War International Economic Order
A New Economic Policy
The Aftermath
The End of Bretton Woods
Milton Friedman and Flexible Exchange Rates
The Oil Shocks
OPEC
The Sources of Oil Shocks
The New Classical Revolt Against Activist Economic Policy
Microfoundations
Coordination Mechanism
Empirical Validity of the Keynesian Model
The Identification Problem
The New Classical Criticism of Keynesian Policies
Policy Ineffectiveness
The Lucas Critique
Time Series Analysis
Stationary Series and ARIMA Models
Wold's Theorem
Spurious Regression
Causality
VAR Modeling
Deterministic vs. Stochastic Trend
Cointegration and Error Correction
Business Cycles: Evidence, Theory, and Policy
Forecasting Recessions and Recovery
Frisch's Theory of Cycles
Samuelson's Model of Interaction Between Multiplier and Acceleration
Hicks's Model of Two Limits
A Critique of Keynesian Models of Business Cycles
Real Business Cycles Theory
A Simple Stochastic General Equilibrium Models
Dynamic Stochastic General Equilibrium Models
Calibration
A Bayesian Interpretation of Calibration
New Keynesian Models with Nominal and Real Rigidities
Convergence in Macroeconomics: DSGE Models with New Keynesian Features
Business Cycles and Economic Policy
Economic Model as a Means of Communication
An Anti Empirical Trait Among Economists
Money, Monetary Policy, and Monetarism
The Quantity Theory of Money
The Money Supply Process
The Federal Funds Market
Open Market Operation and FOMC
Targeting Money Supply vs. the Federal Funds Rate
Central Bank's Credibility
Central Bank's Independence
Inflation Targeting
Monetarism Program for Monetary Stability
Rules vs. Discretion
Time Inconsistency of Optimal Plans
The Term Structure of Interest Rates
The Market Segmentation Hypothesis
The Expectations Hypothesis
Liquidity Preference Hypothesis
Government Budget and Fiscal Policy
An Overview of Revenues and Expenditures of the US Government
Government Budget Constraint
The Ricardian Equivalence
The Crowding Out Effect
Taxes and Incentives to Work and Save
Flat Tax and Negative Income Tax
Consumption Tax
Political Economy of Budgets and Reforms
The Illusion of Populist Economic Programs
The Reagan-Thatcher Revolution: The Age of Hayek and Schumpeter
Hayek's Vision
Schumpeter's Theory of Business Cycles and Growth
Supply Side Economics
The Laffer Curve
A Change of Emphasis from Stabilization to Growth
The Ramsey Problem
The Overlapping Generations Model
Endogenous Growth Theory
In Search of the Elements of Growth
The Reagan Years
The Great Moderation
Macroeconomics of Globalized Economies
World Trade Organization (WTO)
The North American Free Trade Agreement (NAFTA)
The European Union
Other Aspects of Globalization
The International Monetary System
Sovereign Debt
Sovereign Funds
International Economic Policy Coordination
The Financial and Economic Crisis of 2007-2009
Enough Blame to Go Around
The American Dream of Homeownership
Fannie Mae and Freddie Mac
Subprime Mortgage
The Housing Crisis
The Function of Finance and Financial Institutions
Assets, Risk, and Diversification
Long, Short, and Neutral
Hedging, Arbitrage, and Speculation
Financial Innovations
Derivatives
Asset-Backed Securities, Collateralized Debt Obligations (CDOs), and Credit Default Swaps (CDSs)
Fraud in Financial Markets
The Financial Crisis
The Stock Market
The Effects on the Real Economy
Government Response to the Crisis
Back to the Future
References
Index

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