Description
Macroeconomic Theory, Softcover reprint of the original 1st ed. 2017
Springer Texts in Business and Economics Series
Author: Böhm Volker
Language: EnglishSubjects for Macroeconomic Theory:
Approximative price 68.56 €
In Print (Delivery period: 15 days).
Add to cart the print on demand of Böhm VolkerPublication date: 05-2018
Support: Print on demand
Approximative price 94.94 €
In Print (Delivery period: 15 days).
Add to cart the book of Böhm VolkerPublication date: 11-2017
423 p. · 15.5x23.5 cm · Hardback
Description
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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.
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
Includes supplementary material: sn.pub/extras
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