Advanced Modern MacroeconomicsAnalysis and Application
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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.
MICROFOUNDATIONS OF MACROECONOMICS
1 Overview of the book
LABOUR AND GOODS MARKETS
2 Labour, leisure and productivity
3 Employment cycles and taxes
4 Trade in labour and goods markets
CAPITAL AND GOODS MARKETS
5 Savings and investment
6 Capital policy and business cycles
7 Trade in physical capital markets
8 Dynamic analysis and ASAD
10 Dynamic ASAD solution methodology
GROWTH, HUMAN CAPITAL AND BUSINESS CYCLES
11 Exogenous growth
12 Human capital and endogenous growth
13 Explaining cycles and trends
14 International trade
RISK, BANKING AND ASSETS
15 Incomplete markets and banking
16 Investment and banking productivity
17 Asset prices and finance
FISCAL AND MONETARY POLICY
18 Public finance
19 Taxes and growth
20 Monetary theory and policy
- 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.