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The main purpose of "Lectures on Macroeconomics" is to characterize and explain fluctuations in output, unemployment, and movement in prices. The most important fact of modern economic history is persistent long-term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.
Topics include consumption and investment; the implications of finite horizons; multiple equilibria, bubbles, and stability; the role of nominal rigidities; and labor and goods markets. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.
Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, "Lectures on Macroeconomics" also presents topics in a self-contained way that makes it a suitable reference for professional economists.
|Publication Date||March 21, 1989|