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Advanced Modern Macroeconomics

Advanced Modern Macroeconomics

Analysis and Application

Max Gillman

Dec 2010, Paperback, 624 pages
ISBN13: 9780273726524
ISBN10: 0273726528
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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.

Preface
Acknowledgements

Part 1
MICROFOUNDATIONS OF MACROECONOMICS

1 Overview of the book

Part 2
LABOUR AND GOODS MARKETS

2 Labour, leisure and productivity
3 Employment cycles and taxes
4 Trade in labour and goods markets

Part 3
CAPITAL AND GOODS MARKETS

5 Savings and investment
6 Capital policy and business cycles
7 Trade in physical capital markets

Part 4
MODERN AS–AD

8 Dynamic analysis and AS–AD
9 Employment
10 Dynamic AS–AD solution methodology

Part 5
GROWTH, HUMAN CAPITAL AND BUSINESS CYCLES

11 Exogenous growth
12 Human capital and endogenous growth
13 Explaining cycles and trends
14 International trade

Part 6
RISK, BANKING AND ASSETS

15 Incomplete markets and banking
16 Investment and banking productivity
17 Asset prices and finance

Part 7
FISCAL AND MONETARY POLICY

18 Public finance
19 Taxes and growth
20 Monetary theory and policy

Index

  • Applications in each chapter explore policy and how economics explains the real world.
  • All mathematical equations used to develop the theory are derived within the text or in appendices.

Max Gilman is a highly respected Professor of Macroeconomics at Cardiff University and Director of PG studies. He was educated at Chicago University, where Barro and Lucas, the founders of a micro foundation approach to macroeconomics were his PHD supervisors. He has written many research articles on micro foundation approaches to macroeconomics and is well known in research circles such as MMFRG (Money, Macro and Finance Research Group). He is also Research Associate at the Institute of Economics, Hungarian Academy of Sciences.

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