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This book traces the history of macroeconomics, the evolution of macroeconomic thought, and the resulting theory and policy. The book places the various macroeconomic theories in the order in which they developed chronologically, and illustrates the similarities and differences of the models. Starting with classical economics and the Keynesian revolution, this book explores the macroeconomic theory after Keynes, open economy macroeconomics, economic policy, and sectoral functions. Financial officers and professionals making pecuniary decisions and analyses.
Table of Contents
Part I: Introduction and Measurement
Measurement of Macroeconomic Variables
Part II: Macroeconomic Models
Classical Macroeconomics (I): Equilibrium Output and Employment
Classical Macroeconomics (II): Money, Prices, and Interest
The Keynesian System (I): The Role of Aggregate Demand
The Keynesian System (II): Money, Interest, and Income
The Keynesian System (III): Policy Effects in the IS-LM Model
The Keynesian System (IV): Aggregate Supply and Demand
The Monetarist Counterrevolution
Output, Inflation, and Unemployment: Alternative Views
New Classical Economics
Real Business Cycles and New Keynesian Economics
Macroeconomic Models: A Summary
Part III: Open Economy Macroeconomics
Exchange Rates and the International Monetary System