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Advanced Modern Macroeconomics : Analysis and Application.

by Gillman, Max.
Material type: materialTypeLabelBookEdition: 1st ed.Description: 1 online resource (625 pages).ISBN: 9780273726531; .Subject(s): Macroeconomics | Electronic booksOnline resources: Click to View
Contents:
Cover -- Advanced Modern Macroeconomics -- Brief Contents -- Contents -- Custom Publishing -- Preface -- Acknowledgements -- Part 1 Microfoundations of Macroeconomics -- Overview of the book -- Introduction -- Learning objective -- Who made it happen? -- The microfoundations approach -- Building macro from micro: new elements -- Microeconomic foundations of macroeconomics -- Static versus dynamic general equilibrium -- Dynamic AS-AD -- General equilibrium output and input dimensions -- Consumption smoothing -- Taxes, regulations and inefficiencies -- Comparative statics and business cycles -- A focus on productivity changes -- Basic puzzle of too much smoothing -- Human capital -- Banking in general equilibrium -- Private and public finance -- Explaining business cycles and growth -- Content by margins -- Consumption, permanent income and wealth -- A methodological outline -- Closed economy methodology -- Open economy methodology -- Suggested ways to use the text -- Possible course usage of text -- A summary -- Questions -- References -- Part 2 Labour and goods Markets -- Labour, leisure and productivity -- Introduction -- Building on the last chapter -- Learning objective -- Who made it happen? -- Representative agent goods-leisure choice -- Utility and production elements -- Time and goods constraints -- Equilibrium with capital fixed -- Example 2.1: Baseline model -- Smoothing consumption -- Goods productivity increase -- Example 2.2 -- Substitution and income effects -- Example 2.3: An eight-hour day -- Example 2.4: Linear indifference curves -- Consumer and firm problems -- Consumer: demand for goods, supply of labour -- Firm: supply of goods, demand for labour -- Aggregate demand and supply -- Example 2.5 -- The goods markets:AS and AD -- Aggregate labour market -- Market equilibrium: the real wage rate -- General equilibrium representation.
Labour productivity increase -- Example 2.6 -- General equilibrium -- Application: productivity and growth -- Growth policy -- US legislation -- Modern economic views on stabilisation vs growth -- Questions -- References -- Appendix A2: Optimisation -- General representative agent problem -- Simpler one-step method of maximisation -- Separate decentralised problems -- Cobb-Douglas profit -- Employment cycles and taxes -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Business cycles and employment -- Internal versus external labour margins -- Time endowment increase -- Example 3.1 -- Economic expansion and contraction -- Example 3.2: Expansion -- Example 3.3: Contraction -- Unemployed labour -- Example 3.4: A fixed wage during a contraction -- Excess labour supply and goods demand -- A goods tax -- Example 3.5: Goods tax and transfer -- Labour market -- After tax wage rate and tax wedge -- General equilibrium tax wedge -- Zero government transfer -- c+g=y -- Example 3.6 -- Goods market -- Labour market -- Labour tax -- Example 3.7 -- Comparison of taxes -- Regulation and implicit taxes -- Rents and corruption -- Economics of regulation -- Applications -- Moral hazard -- Unemployment benefits as insurance -- Taxes and employment policy -- Regulation of airlines, oil and pollution -- Questions -- References -- Trade in labour and goods markets -- Introduction and summary -- Building on the last chapters -- Learning objective -- Who made it happen? -- Two-agent model -- Example 4.1: Autarky -- Decentralised problems -- Example 4.2: Autarky -- Example 4.3: Trade -- Market for goods -- Market for labour -- General equilibrium representation -- Trade flows -- Marginal productivity theory of income distribution -- Multiple heterogeneous agents -- Example 4.4: More B then A -- Trade flows.
Changes in the distribution of income -- Example 4.5: Education increase -- Example 4.6: Immigration restrictions -- Taxes and two classes of agents -- Example 4.7: Tax both and transfer to A -- As an unemployment/welfare system -- Applications -- UK's Magna Carta 1297, Australia's ASEAN FTA 2009 and globalisation -- Immigration waves and rural-urban migration -- Questions -- References -- Part 3 Capital and goods Markets -- Savings and investment -- Introduction -- Summary -- Building on the last chapters -- Learning objective -- Who made it happen? -- Representative agent intertemporal economy -- Log utility and Cobb-Douglas production -- Example 5.1 -- Growth and welfare -- Graphically -- Productivity change -- Example 5.2 -- Substitution and income effects -- Consumer and firm problems -- Example 5.3 -- Capital market -- Goods market -- General equilibrium -- Growth rate implications -- Capital productivity -- Example 5.4 -- Graphically -- Current period income endowment -- Example 5.5 -- Decentralised problem -- Applications -- Savings rate, permanent income and debt crisis -- Questions -- References -- Appendix A5: Alternative two-period formulations -- Capital policy and business cycles -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Business cycles and investment -- Economic expansions and contractions -- Example 6.1: Expansion -- Example 6.2: Contraction -- Unemployed capital -- Example 6.3: Fixed price -- Excess capital supply and goods demand -- A tax on capital income -- Budget constraints -- Example 6.4 -- Capital policy alternatives -- Applications -- Capital market regulation, usury and economic science -- Questions -- References -- Trade in physical capital markets -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen?.
Two-period 'small open' endowment economy -- Wealth constraint -- Example 7.1: Lender -- Example 7.2: Interest rate increase -- Consumption smoothing and time preference -- Example 7.3: Borrower -- Example 7.4: Borrower with interest increase -- Two-agent general equilibrium -- Example 7.5: Decentralised autarky -- Capital market -- Goods market -- General equilibrium -- Trade -- Example 7.6 -- Capital market -- Goods market -- Applications -- Small open economies -- Fostering capital market trade -- Keynes, his revision, and the Marshall Plan -- Soros, the Soviet Union and China -- War versus globalisation -- Questions -- References -- Part 4 Modern AS-AD -- Dynamic analysis and AS-AD -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- The recursive problem -- General equilibrium representative agent problem -- Consumer and firm problems -- Consumer -- Goods producer -- Aggregate demand: -- Zero growth -- Consumption demand as a fraction of permanent income -- Permanent income and wealth -- Adding capital maintenance and getting AD -- Aggregate supply: AS -- Marginal cost of output -- Marginal cost in terms of relative price of output -- Baseline calibration -- Example 8.1 -- C+I=Y -- Calibration of the AS curve -- Graphical AS-AD equilibrium -- Equilibrium wage rate -- Consumption and output -- General equilibrium -- Productivity increase -- Example 8.2 -- Graphically -- Equilibrium wage -- Consumption and output -- General equilibrium -- Time endowment increase -- Example 8.3 -- Graphically -- Equilibrium wage -- Consumption and output -- General equilibrium -- Applications -- Aggregate supply and demand shifts -- A view of supply side economics -- Say's law -- Supply side and growth -- Questions -- References -- Employment -- Summary/introduction -- Building on the last chapters -- Learning objective.
Who made it happen? -- Aggregate labour supply and demand -- Example 9.1: Labour market equilibrium -- Equilibrium wage -- Productivity increase -- Example 9.2 -- Equilibrium wage -- Time endowment increase -- Example 9.3 -- Equilibrium wage -- Business cycle explanation -- Example 9.4 -- Example 9.5: Contraction -- Fixed wage unemployment and depressions -- Marginal productivity -- Example 9.6 -- Taxes and employment -- Example 9.7 -- Equilibrium wage -- Consumption and output -- Labour market -- General equilibrium -- Applications -- Hours per week, taxes and regulations -- Questions -- References -- Dynamic AS-AD solution methodology -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Full model solution -- Capital stock state variable -- AS-AD solution approach -- Alternative solution approach -- All other variables -- Baseline calibration of the solution -- Target values -- Baseline Examples 8.1 and 9.1 -- Consistency of the solution -- Calibration of the full solution -- Comparative statics of AS-AD analysis -- Productivity change: Examples 8.2 and 9.2 -- Time endowment change: Examples 8.3 and 9.3 -- Business cycle explanation -- Example 9.4 -- Example 9.5 -- Other comparative statics and K -- Depreciation rate change -- Leisure preference change -- Time preference change -- Labour share change -- Unemployment with a fixed wage -- Example 9.6 -- Taxes and employment -- General solution -- Example 9.7 -- Application: capital derived graphically -- Baseline dynamic model -- Example of comparative statics -- Questions -- References -- Part 5 Growth, Human Capital and business Cycles -- Exogenous growth -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Causes of sustained growth -- Principle of sustained growth -- Exogenous technological progress.
Stylised facts.
Summary: Modern Macroeconomics, by Max Gillman, takes a new and modern approach to macroeconomic theory using microeconomic foundations. Building from the standard neo-classical models, Gillman has developed a new dynamic model which works to explain business cycles and unemployment, why you can have a banking lead recession as well as fiscal and monetary policy. Although strong in mathematical rigour all calculations in this text are fully derived and graphs provide a direct representation making it accessible. This text is suitable for undergraduate students studying Advanced Macroeconomics courses.
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Cover -- Advanced Modern Macroeconomics -- Brief Contents -- Contents -- Custom Publishing -- Preface -- Acknowledgements -- Part 1 Microfoundations of Macroeconomics -- Overview of the book -- Introduction -- Learning objective -- Who made it happen? -- The microfoundations approach -- Building macro from micro: new elements -- Microeconomic foundations of macroeconomics -- Static versus dynamic general equilibrium -- Dynamic AS-AD -- General equilibrium output and input dimensions -- Consumption smoothing -- Taxes, regulations and inefficiencies -- Comparative statics and business cycles -- A focus on productivity changes -- Basic puzzle of too much smoothing -- Human capital -- Banking in general equilibrium -- Private and public finance -- Explaining business cycles and growth -- Content by margins -- Consumption, permanent income and wealth -- A methodological outline -- Closed economy methodology -- Open economy methodology -- Suggested ways to use the text -- Possible course usage of text -- A summary -- Questions -- References -- Part 2 Labour and goods Markets -- Labour, leisure and productivity -- Introduction -- Building on the last chapter -- Learning objective -- Who made it happen? -- Representative agent goods-leisure choice -- Utility and production elements -- Time and goods constraints -- Equilibrium with capital fixed -- Example 2.1: Baseline model -- Smoothing consumption -- Goods productivity increase -- Example 2.2 -- Substitution and income effects -- Example 2.3: An eight-hour day -- Example 2.4: Linear indifference curves -- Consumer and firm problems -- Consumer: demand for goods, supply of labour -- Firm: supply of goods, demand for labour -- Aggregate demand and supply -- Example 2.5 -- The goods markets:AS and AD -- Aggregate labour market -- Market equilibrium: the real wage rate -- General equilibrium representation.

Labour productivity increase -- Example 2.6 -- General equilibrium -- Application: productivity and growth -- Growth policy -- US legislation -- Modern economic views on stabilisation vs growth -- Questions -- References -- Appendix A2: Optimisation -- General representative agent problem -- Simpler one-step method of maximisation -- Separate decentralised problems -- Cobb-Douglas profit -- Employment cycles and taxes -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Business cycles and employment -- Internal versus external labour margins -- Time endowment increase -- Example 3.1 -- Economic expansion and contraction -- Example 3.2: Expansion -- Example 3.3: Contraction -- Unemployed labour -- Example 3.4: A fixed wage during a contraction -- Excess labour supply and goods demand -- A goods tax -- Example 3.5: Goods tax and transfer -- Labour market -- After tax wage rate and tax wedge -- General equilibrium tax wedge -- Zero government transfer -- c+g=y -- Example 3.6 -- Goods market -- Labour market -- Labour tax -- Example 3.7 -- Comparison of taxes -- Regulation and implicit taxes -- Rents and corruption -- Economics of regulation -- Applications -- Moral hazard -- Unemployment benefits as insurance -- Taxes and employment policy -- Regulation of airlines, oil and pollution -- Questions -- References -- Trade in labour and goods markets -- Introduction and summary -- Building on the last chapters -- Learning objective -- Who made it happen? -- Two-agent model -- Example 4.1: Autarky -- Decentralised problems -- Example 4.2: Autarky -- Example 4.3: Trade -- Market for goods -- Market for labour -- General equilibrium representation -- Trade flows -- Marginal productivity theory of income distribution -- Multiple heterogeneous agents -- Example 4.4: More B then A -- Trade flows.

Changes in the distribution of income -- Example 4.5: Education increase -- Example 4.6: Immigration restrictions -- Taxes and two classes of agents -- Example 4.7: Tax both and transfer to A -- As an unemployment/welfare system -- Applications -- UK's Magna Carta 1297, Australia's ASEAN FTA 2009 and globalisation -- Immigration waves and rural-urban migration -- Questions -- References -- Part 3 Capital and goods Markets -- Savings and investment -- Introduction -- Summary -- Building on the last chapters -- Learning objective -- Who made it happen? -- Representative agent intertemporal economy -- Log utility and Cobb-Douglas production -- Example 5.1 -- Growth and welfare -- Graphically -- Productivity change -- Example 5.2 -- Substitution and income effects -- Consumer and firm problems -- Example 5.3 -- Capital market -- Goods market -- General equilibrium -- Growth rate implications -- Capital productivity -- Example 5.4 -- Graphically -- Current period income endowment -- Example 5.5 -- Decentralised problem -- Applications -- Savings rate, permanent income and debt crisis -- Questions -- References -- Appendix A5: Alternative two-period formulations -- Capital policy and business cycles -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Business cycles and investment -- Economic expansions and contractions -- Example 6.1: Expansion -- Example 6.2: Contraction -- Unemployed capital -- Example 6.3: Fixed price -- Excess capital supply and goods demand -- A tax on capital income -- Budget constraints -- Example 6.4 -- Capital policy alternatives -- Applications -- Capital market regulation, usury and economic science -- Questions -- References -- Trade in physical capital markets -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen?.

Two-period 'small open' endowment economy -- Wealth constraint -- Example 7.1: Lender -- Example 7.2: Interest rate increase -- Consumption smoothing and time preference -- Example 7.3: Borrower -- Example 7.4: Borrower with interest increase -- Two-agent general equilibrium -- Example 7.5: Decentralised autarky -- Capital market -- Goods market -- General equilibrium -- Trade -- Example 7.6 -- Capital market -- Goods market -- Applications -- Small open economies -- Fostering capital market trade -- Keynes, his revision, and the Marshall Plan -- Soros, the Soviet Union and China -- War versus globalisation -- Questions -- References -- Part 4 Modern AS-AD -- Dynamic analysis and AS-AD -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- The recursive problem -- General equilibrium representative agent problem -- Consumer and firm problems -- Consumer -- Goods producer -- Aggregate demand: -- Zero growth -- Consumption demand as a fraction of permanent income -- Permanent income and wealth -- Adding capital maintenance and getting AD -- Aggregate supply: AS -- Marginal cost of output -- Marginal cost in terms of relative price of output -- Baseline calibration -- Example 8.1 -- C+I=Y -- Calibration of the AS curve -- Graphical AS-AD equilibrium -- Equilibrium wage rate -- Consumption and output -- General equilibrium -- Productivity increase -- Example 8.2 -- Graphically -- Equilibrium wage -- Consumption and output -- General equilibrium -- Time endowment increase -- Example 8.3 -- Graphically -- Equilibrium wage -- Consumption and output -- General equilibrium -- Applications -- Aggregate supply and demand shifts -- A view of supply side economics -- Say's law -- Supply side and growth -- Questions -- References -- Employment -- Summary/introduction -- Building on the last chapters -- Learning objective.

Who made it happen? -- Aggregate labour supply and demand -- Example 9.1: Labour market equilibrium -- Equilibrium wage -- Productivity increase -- Example 9.2 -- Equilibrium wage -- Time endowment increase -- Example 9.3 -- Equilibrium wage -- Business cycle explanation -- Example 9.4 -- Example 9.5: Contraction -- Fixed wage unemployment and depressions -- Marginal productivity -- Example 9.6 -- Taxes and employment -- Example 9.7 -- Equilibrium wage -- Consumption and output -- Labour market -- General equilibrium -- Applications -- Hours per week, taxes and regulations -- Questions -- References -- Dynamic AS-AD solution methodology -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Full model solution -- Capital stock state variable -- AS-AD solution approach -- Alternative solution approach -- All other variables -- Baseline calibration of the solution -- Target values -- Baseline Examples 8.1 and 9.1 -- Consistency of the solution -- Calibration of the full solution -- Comparative statics of AS-AD analysis -- Productivity change: Examples 8.2 and 9.2 -- Time endowment change: Examples 8.3 and 9.3 -- Business cycle explanation -- Example 9.4 -- Example 9.5 -- Other comparative statics and K -- Depreciation rate change -- Leisure preference change -- Time preference change -- Labour share change -- Unemployment with a fixed wage -- Example 9.6 -- Taxes and employment -- General solution -- Example 9.7 -- Application: capital derived graphically -- Baseline dynamic model -- Example of comparative statics -- Questions -- References -- Part 5 Growth, Human Capital and business Cycles -- Exogenous growth -- Introduction -- Building on the last chapters -- Learning objective -- Who made it happen? -- Causes of sustained growth -- Principle of sustained growth -- Exogenous technological progress.

Stylised facts.

Modern Macroeconomics, by Max Gillman, takes a new and modern approach to macroeconomic theory using microeconomic foundations. Building from the standard neo-classical models, Gillman has developed a new dynamic model which works to explain business cycles and unemployment, why you can have a banking lead recession as well as fiscal and monetary policy. Although strong in mathematical rigour all calculations in this text are fully derived and graphs provide a direct representation making it accessible. This text is suitable for undergraduate students studying Advanced Macroeconomics courses.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2019. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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