This textbook offers a unique approach to macroeconomic theory built
on microeconomic foundations of monetary macroeconomics within a
unified framework of an intertemporal general equilibrium model
extended to a sequential and dynamic analysis. It investigates the
implications of expectations and of stationary fiscal policies on
allocations, on the quantity of money, and on the dynamic evolution of
the economy with and without noise. The text contrasts and compares
the two main competing approaches in macroeconomics within the same
intertemporal model of a closed monetary economy: the one postulating
full price flexibility to guarantee equilibrium in all markets at all
times under perfect foresight or rational expectations, versus the so
called disequilibrium approach where trading occurs at non-
market-clearing prices and wages when these adjust sluggishly from
period to period in response to market disequilibrium signals.
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Produktdetaljer
ISBN
9783319601496
Publisert
2018
Utgiver
Vendor
Springer
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter