[宏观经济指标] ModernMacroeconomicsIts Origins, Development and Current State [推广有奖]

Brian Snowdon
Principal Lecturer in Economics in the Newcastle Business
School, Northumbria University, Newcastle upon Tyne, UK
Howard R. Vane
Professor of Economics in the School of Accounting, Finance
and Economics, Liverpool John Moores University, Liverpool,
UK



Contents
List of figures x
List of tables xiii
Preface xiv
Acknowledgements xvii
1 Understanding modern macroeconomics 1
1.1 Macroeconomic issues and ideas 1
1.2 The role of economic theory and controversy 3
1.3 Objectives, instruments and the role of government 7
1.4 The Great Depression 9
1.5 Keynes and the birth of macroeconomics 13
1.6 The rise and fall of the Keynesian consensus 15
1.7 Theoretical schizophrenia and the neoclassical synthesis 21
1.8 Schools of thought in macroeconomics after Keynes 24
1.9 The new political macroeconomics 29
1.10 The renaissance of economic growth research 32
2 Keynes v. the ‘old’ classical model 36
2.1 Introduction 36
2.2 Classical macroeconomics 37
2.3 Employment and output determination 38
2.4 Say’s Law 45
2.5 The quantity theory of money 50
2.6 Keynes’s General Theory 54
2.7 Interpreting the General Theory 57
2.8 Keynes’s main propositions 58
2.9 Keynes’s analysis of the labour market 65
2.10 Keynes’s rejection of Say’s Law 69
2.11 Keynes and the quantity theory of money 69
2.12 Three important interpretations of Keynes 70
2.13 The ‘new’ Keynes scholarship 75
2.14 Causes and consequences of the Great Depression 76
2.15 How to pay for the war 82
2.16 Keynes and international macroeconomics 83
2.17 Keynes’s legacy and the classical revival 85
Interview with Robert Skidelsky 91
3 The orthodox Keynesian school 101
3.1 Introduction 101
3.2 The orthodox Keynesian school 102
3.3 The IS–LM model for a closed economy 102
3.4 Underemployment equilibrium in the Keynesian model 114
3.5 The IS–LM model for an open economy 123
3.6 The Phillips curve and orthodox Keynesian economics 135
3.7 The central propositions of orthodox Keynesian economics 144
Interview with James Tobin 148
4 The orthodox monetarist school 163
4.1 Introduction 163
4.2 The quantity theory of money approach 165
4.3 The expectations-augmented Phillips curve analysis 174
4.4 The monetary approach to balance of payments theory and
exchange rate determination 187
4.5 The orthodox monetarist school and stabilization policy 192
Interview with Milton Friedman 198
5 The new classical school 219
5.1 Introduction 219
5.2 The influence of Robert E. Lucas Jr 220
5.3 The structure of new classical models 223
5.4 Equilibrium business cycle theory 236
5.5 The policy implications of the new classical approach 242
5.6 An assessment 267
Interview with Robert E. Lucas Jr 272
6 The real business cycle school 294
6.1 Introduction: the demise of new classical macroeconomics
mark I 294
6.2 The transition from monetary to real equilibrium business
cycle theory 295
6.3 Real business cycle theory in historical perspective 297
6.4 Cycles versus random walks 300
6.5 Supply-side shocks 303
6.6 Business cycles: main features and stylized facts 304
6.7 Real business cycle theory 307
6.8 The structure of a real business cycle model 309
6.9 Technology shocks 313
6.10 A real business cycle aggregate demand and supply model 315
6.11 Calibrating the model 320
6.12 Real business cycle theory and the neutrality of money 322
6.13 Measuring technology shocks: the Solow residual 325
6.14 Real business cycle theory and the stylized facts 326
6.15 The policy implications of real business cycle theory 330
6.16 Criticisms of real business cycle theory 332
6.17 Great Depressions: a real business cycle view 336
6.18 An assessment 338
Interview with Edward C. Prescott 344
7 The new Keynesian school 357
7.1 The fall and rise of Keynesian economics 357
7.2 A Keynesian resurgence 358
7.3 New Keynesian economics 361
7.4 Core propositions and features of new Keynesian economics 363
7.5 Nominal rigidities 366
7.6 Dornbusch’s overshooting model 376
7.7 Real rigidities 378
7.8 New Keynesian business cycle theory 396
7.9 Hysteresis and the NAIRU 401
7.10 New Keynesian economics and the stylized facts 408
7.11 Policy implications 409
7.12 Keynesian economics without the LM curve 423
7.13 Criticisms of new Keynesian economics 428
7.14 An assessment of new Keynesian economics 431
Interview with N. Gregory Mankiw 433
8 The Post Keynesian school 451
Paul Davidson
8.1 Introduction 451
8.2 The significance of the principle of effective demand 453
8.3 Taxonomy 454
8.4 Keynes’s taxonomic attack on Say’s Law 455
8.5 Can relative price changes induce D2 to fill the gap? 457
8.6 Investment spending, liquidity, and the non-neutrality of
money axiom 459
8.7 What type of an economic system is ‘irrational’ enough to use
money contracts? 461
8.8 Information, decisions and uncertainty 463
8.9 Classifying decision-making environments 464