Macroeconomic Theory
Springer Texts in Business and Economics Series

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Language: Anglais
Cover of the book Macroeconomic Theory

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423 p. · Hardback
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
Volker Böhm is a Professor Emeritus at Bielefeld University.
Presents a unique approach to macroeconomic theory based on microeconomic foundations, general equilibrium theory, and dynamic analysis of fiscal and monetary policies - Provides a synthesis of equilibrium and disequilibrium macro models with money unifying the features of microfounded temporary equilibrium and Keynesian models - Analyzes the dynamics of business cycles in deterministic and stochastic environments using bifurcation theory - Exhibits the power of numerical methods to investigate time series of explicit nonlinear dynamic stochastic monetary models