The Friedman Lucas Transition in Macroeconomics

The Friedman Lucas Transition in Macroeconomics
Author: Peter Galbács
Publsiher: Academic Press
Total Pages: 396
Release: 2020-02-20
ISBN 10: 0128165537
ISBN 13: 9780128165539
Language: EN, FR, DE, ES & NL

The Friedman Lucas Transition in Macroeconomics Book Review:

The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle’s causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling. Offers a wide selection of Robert Lucas’s unpublished works Discusses the history of business-cycle theories in the context of methodological advancements Suggests effective arguments for emphasizing the key role of representative agents and their assumed properties in macro-modeling

The Friedman Lucas Transition in Macroeconomics

The Friedman Lucas Transition in Macroeconomics
Author: Peter Galbács
Publsiher: Academic Press
Total Pages: 402
Release: 2020-02-19
ISBN 10: 0128165650
ISBN 13: 9780128165652
Language: EN, FR, DE, ES & NL

The Friedman Lucas Transition in Macroeconomics Book Review:

The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

Milton Friedman

Milton Friedman
Author: James Forder
Publsiher: Springer
Total Pages: 495
Release: 2019-07-05
ISBN 10: 113738784X
ISBN 13: 9781137387844
Language: EN, FR, DE, ES & NL

Milton Friedman Book Review:

This book examines the work of Milton Friedman, which is amongst the most significant in modern economics and, equally, amongst the most contentious. Although Friedman became most famous for his views on money and monetary policy as well as his public writings, a large and important part of his work concerned other aspects of economics. All parts of Friedman’s work are considered here, as is his account of his own life. By focussing on what Friedman wrote rather than what later authors have written about him, this volume seeks to analyse the character, qualities and development of the arguments he made. This text is important for anyone interested in this both celebrated and reviled figure in economics. James Forder clarifies messages in Friedman’s writing that have otherwise so often been obscured by academic and public controversy.

A History of Macroeconomics from Keynes to Lucas and Beyond

A History of Macroeconomics from Keynes to Lucas and Beyond
Author: Michel De Vroey
Publsiher: Cambridge University Press
Total Pages: 448
Release: 2016-01-08
ISBN 10: 0521898439
ISBN 13: 9780521898430
Language: EN, FR, DE, ES & NL

A History of Macroeconomics from Keynes to Lucas and Beyond Book Review:

This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.

Lectures on Economic Growth

Lectures on Economic Growth
Author: Robert E. Lucas
Publsiher: Harvard University Press
Total Pages: 204
Release: 2002
ISBN 10: 9780674016019
ISBN 13: 0674016017
Language: EN, FR, DE, ES & NL

Lectures on Economic Growth Book Review:

In this book, Robert Lucas brings together several of his seminal papers on the subject, together with the Kuznets Lectures that he gave at Yale University, to present a coherent view of economic growth."--BOOK JACKET.

Intermediate Macroeconomics

Intermediate Macroeconomics
Author: Robert J. Barro,Angus Chu,Guido Cozzi
Publsiher: Unknown
Total Pages: 135
Release: 2017-03-22
ISBN 10: 9781473725096
ISBN 13: 1473725097
Language: EN, FR, DE, ES & NL

Intermediate Macroeconomics Book Review:

This brand new EMEA edition of Robert Barro's popular text brings an EMEA perspective whilst also being fully updated to reflect the macroeconomics of a post-financial crisis world. Starting with long-run macroeconomics, this text explores some of the key theories and models in macroeconomics such as the Keynesian model and the business-cycle model, finishing with extending the equilibrium model to the open economy. This exciting new edition provides an accurate and unified presentation of current macroeconomic thought whilst maintaining Professor Barro's original vision for his textbook.This edition also comes with the optional extra of Aplia, a comprehensive online learning assessment tool with auto-graded randomised questions to test students' understanding.

The General Theory of Employment Interest and Money

The General Theory of Employment  Interest  and Money
Author: John Maynard Keynes,General Press
Publsiher: GENERAL PRESS
Total Pages: 380
Release: 2019-10-05
ISBN 10: 9389440629
ISBN 13: 9789389440621
Language: EN, FR, DE, ES & NL

The General Theory of Employment Interest and Money Book Review:

The General Theory of Employment, Interest, and Money, written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This masterpiece was published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the ‘Keynesian Revolution’, in the way economists thought—especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. ‘The General Theory of Employment, Interest, and Money’ transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned.

Crisis in Economics

Crisis in Economics
Author: László Csaba
Publsiher: Unknown
Total Pages: 223
Release: 2009
ISBN 10: 1928374650XXX
ISBN 13: STANFORD:36105131263233
Language: EN, FR, DE, ES & NL

Crisis in Economics Book Review:

The Theory of New Classical Macroeconomics

The Theory of New Classical Macroeconomics
Author: Peter Galbács
Publsiher: Springer
Total Pages: 368
Release: 2015-04-23
ISBN 10: 3319175785
ISBN 13: 9783319175782
Language: EN, FR, DE, ES & NL

The Theory of New Classical Macroeconomics Book Review:

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed ignoring the parallelism and discrepancies with the theory of Keynes, Friedman or Phelps. Radicalism of new classical macroeconomics has brought fundamental changes in economic thought, but the doctrines got vulgarized and distorted thanks to the mass of followers. Nowadays, economic theory and policy, trying to find their ways, have a less clear relationship than ever. Therefore, this volume is aimed at mapping and reconsidering the policy instruments and transmission mechanisms offered by the new classicals. Its central question points to the real nature of new classical macroeconomics: what consequences are grounded by the assumptions new classicals used. Moreover, issues raised by automatic fiscal stabilizers and fiscal reforms are analyzed as well, even if they were out of the range of classical texts. The book draws a picture of new classical macroeconomics stressing the analogies with Keynesian countercyclical policies, instead of the discrepancies commonly held.

The Age of Fragmentation

The Age of Fragmentation
Author: Alessandro Roncaglia
Publsiher: Cambridge University Press
Total Pages: 228
Release: 2019-12-05
ISBN 10: 1108478441
ISBN 13: 9781108478441
Language: EN, FR, DE, ES & NL

The Age of Fragmentation Book Review:

A wide-ranging historical account and critical analysis of the global development of economics from 1940 to the present day.

Recursive Macroeconomic Theory

Recursive Macroeconomic Theory
Author: Lars Ljungqvist,Thomas J. Sargent
Publsiher: MIT Press
Total Pages: 1360
Release: 2012-08-31
ISBN 10: 0262312026
ISBN 13: 9780262312028
Language: EN, FR, DE, ES & NL

Recursive Macroeconomic Theory Book Review:

A substantially revised new edition of a widely used text, offering both an introduction to recursive methods and advanced material. Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. Only experience in solving practical problems fully conveys the power of the recursive approach, and the book provides many applications. This third edition offers substantial new material, with three entirely new chapters and significant revisions to others. The new content reflects recent developments in the field, further illustrating the power and pervasiveness of recursive methods. New chapters cover asset pricing empirics with possible resolutions to puzzles; analysis of credible government policy that entails state variables other than reputation; and foundations of aggregate labor supply with time averaging replacing employment lotteries. Other new material includes a multi-country analysis of taxation in a growth model, elaborations of the fiscal theory of the price level, and age externalities in a matching model. The book is suitable for both first- and second-year graduate courses in macroeconomics and monetary economics. Most chapters conclude with exercises. Many exercises and examples use Matlab programs, which are cited in a special index at the end of the book.

Microfoundations Reconsidered

Microfoundations Reconsidered
Author: Pedro Garcia Duarte,Gilberto Tadeu Lima
Publsiher: Edward Elgar Publishing
Total Pages: 256
Release: 2012-01-01
ISBN 10: 1781004102
ISBN 13: 9781781004104
Language: EN, FR, DE, ES & NL

Microfoundations Reconsidered Book Review:

Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

Foundations of Economics

Foundations of Economics
Author: Yanis Varoufakis
Publsiher: Routledge
Total Pages: 424
Release: 2002-01-08
ISBN 10: 1134682603
ISBN 13: 9781134682607
Language: EN, FR, DE, ES & NL

Foundations of Economics Book Review:

Foundations of Economics breathes life into the discipline by linking key economic concepts with wider debates and issues. By bringing to light delightful mind-teasers, philosophical questions and intriguing politics in mainstream economics, it promises to enliven an otherwise dry course whilst inspiring students to do well. The book covers all the main economic concepts and addresses in detail three main areas: * consumption and choice * production and markets * government and the State. Each is discussed in terms of what the conventional textbook says, how these ideas developed in historical and philosophical terms and whether or not they make sense. Assumptions about economics as a discipline are challenged, and several pertinent students' anxieties ('Should I be studying economics?') are discussed.

Banks and Finance in Modern Macroeconomics

Banks and Finance in Modern Macroeconomics
Author: Bruna Ingrao,Claudio Sardoni
Publsiher: Edward Elgar Publishing
Total Pages: 296
Release: 2019
ISBN 10: 178643153X
ISBN 13: 9781786431530
Language: EN, FR, DE, ES & NL

Banks and Finance in Modern Macroeconomics Book Review:

The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.

Macroeconomics

Macroeconomics
Author: Stephen D. Williamson
Publsiher: Addison-Wesley
Total Pages: 692
Release: 2007
ISBN 10: 1928374650XXX
ISBN 13: UOM:39015070709772
Language: EN, FR, DE, ES & NL

Macroeconomics Book Review:

Williamson's Macroeconomicsuses a thoroughly modern approach that is consistent with the way that macroeconomic research is conducted today. Introduction and Measurement Issues:Introduction; Measurement: National Income Accounting, Prices, Saving, and Labor Markets; Business Cycle Measurement. A One-Period Model of the Macroeconomy:Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization; A Closed-Economy One-Period Macroeconomic Model. Economic Growth:Economic Growth: Malthus and Solow; Income Disparity Among Countries and Endogenous Growth. Savings, Investment, and Government Deficits:A Two-Period Model: The Consumption Savings Decision and Credit Markets; A Real Intemporal Model with Investment. Money and Business Cycles:A Monetary Intertemporal Model: Money, Prices, and Monetary Policy; Market-Clearing Models of the Business Cyc≤ Keynesian Business Cycle Theory: Sticky Wages and Prices. International Macroeconomics:International Trade in Goods and Assets; Money in the Open Economy. Topics in Macroeconomics:Money, Inflation, and Banking; Unemployment: Search and Efficiency Wages; Inflation, the Phillips Curve, and Central Bank Commitment. Mathematical Appendix. For all readers interested in macroeconomics.

Macroeconomics and the Phillips Curve Myth

Macroeconomics and the Phillips Curve Myth
Author: James Forder
Publsiher: OUP Oxford
Total Pages: 320
Release: 2014-10-09
ISBN 10: 0191506567
ISBN 13: 9780191506567
Language: EN, FR, DE, ES & NL

Macroeconomics and the Phillips Curve Myth Book Review:

This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.

Modernism and the Social Sciences

Modernism and the Social Sciences
Author: Mark Bevir
Publsiher: Cambridge University Press
Total Pages: 256
Release: 2017-09-28
ISBN 10: 1107173965
ISBN 13: 9781107173965
Language: EN, FR, DE, ES & NL

Modernism and the Social Sciences Book Review:

This study explores the rise and nature of modernist approaches to economics, sociology, international relations, administration, language, history and anthropology.

Debunking Economics Digital Edition Revised Expanded and Integrated

Debunking Economics  Digital Edition   Revised  Expanded and Integrated
Author: Professor Steve Keen
Publsiher: Zed Books Ltd.
Total Pages: 496
Release: 2011-09-22
ISBN 10: 1780322194
ISBN 13: 9781780322193
Language: EN, FR, DE, ES & NL

Debunking Economics Digital Edition Revised Expanded and Integrated Book Review:

Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking was published back in 2001, the market economy seemed invincible, and conventional 'neoclassical' economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and that 'the false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits'. That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this radically updated and greatly expanded new edition - this version of which includes fully integrated graphs and diagrams - Keen builds on his scathing critique of conventional economic theory whilst explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics provides a signpost to a better future.

Macroeconomics

Macroeconomics
Author: N. Gregory Mankiw
Publsiher: Worth
Total Pages: 688
Release: 2019-03-05
ISBN 10: 9781319243586
ISBN 13: 1319243584
Language: EN, FR, DE, ES & NL

Macroeconomics Book Review:

The number one textbook for intermediate macroeconomics courses since its first edition, this title is known for conveying the cutting edge in macroeconomics theory, research, and policy to the classroom, explaining complex concepts with exceptional clarity. This new edition is no exception, with Greg Mankiw streamlining his hallmark approach and adding powerful new digital learning options while improving the book's already exemplary focus on teaching students to apply the analytical tools of macroeconomics to current events and policies. This comprehensive text is the ideal accompaniment to undergraduate courses in Macroeconomics.

The IS LM Model

The IS LM Model
Author: Michel de Vroey,Kevin D. Hoover
Publsiher: History of Political Economy A
Total Pages: 341
Release: 2004
ISBN 10: 1928374650XXX
ISBN 13: UCSC:32106017732063
Language: EN, FR, DE, ES & NL

The IS LM Model Book Review:

For some twenty-five years after the end of the Second World War, the IS-LM model dominated macroeconomics. Inspired by the work of John Maynard Keynes, this model demonstrates the relationship among savings, income, investments, and interest rates, showing the point at which the interaction of these elements produces "equilibrium" in an economy. With the advent of the new classical macroeconomics in the early 1970s, the dominance of the IS-LM model was effectively challenged. While no longer central to the graduate training of most macroeconomists or to cutting-edge macroeconomic research, the IS-LM model continues to be a mainstay of undergraduate textbooks, to find wide use in applied macroeconomics, and to lie at the conceptual core of most government and commercial macroeconometric models. This volume, the annual supplement to History of Political Economy, explores the rise, the fall, and the persistence of the IS-LM model. In addition to presenting papers from the History of Political Economy conference held at Duke University in April 2003, the volume includes the text of an address delivered at the conference by Nobel laureate Robert E. Lucas Jr., one of the central players in the intellectual movement that dethroned the IS-LM model. Contributors. Roger E. Backhouse, Mauro Boianovsky, Michael Bordo, David Colander, William Darity Jr., Michel De Vroey, Robert W. Dimand, Kevin D. Hoover, David Laidler, Robert E. Lucas Jr., Edward Nelson, Goulven Rubin, Anna Schwartz, Scott Sumner, Warren Young