Macroeconomics. A European Text OXFORD UNIVERSITY PRESS SIXTH EDITION. Michael Burda and Charles Wyplosz

Transcription

1 Macroeconomics A European Text SIXTH EDITION Michael Burda and Charles Wyplosz OXFORD UNIVERSITY PRESS

2 Detailed Contents List of Tables xiii List of Figures xv List of Boxes xix 1 PART I Introduction to Macroeconomics 1 1 What is Macroeconomics? Overview of Macroeconomics Macroeconomics in the Long Run: Economic Growth Macroeconomics in the Short Run: Business Cycles Macroeconomics as a Science The Methodology of Macroeconomics Preview of the Book 22 2 Macroeconomic Accounts Overview Gross Domestic Product Flows of Incomes and Expenditures Balance of Payments 47 Summary 46 PART II The Macroeconomy in the Long Run 57 3 The Fundamentals of Economic Growth Overview Thinking about Economic Growth: Facts and Stylized Facts Capital Accumulation and Economic Growth Population Growth and Economic Growth Technological Progress and Economic Growth Growth Accounting 74 Summary 78 4 Explaining Economic Growth in the Long Run 8i 4.1 Overview The Convergence Hypothesis Conditional Convergence and Missing Inputs Possibility of Endogenous Growth Growth Policy 98 Summary Labour Markets and Unemployment we 5.1 Overview Demand and Supply in the Labour Market A Static Interpretation of Unemployment 7 78

3 5.4 A Dynamic Interpretation of Unemployment The Equilibrium Rate of Unemployment 730 ^ Summary Money, Prices, and Exchange Rates in the Long Run Overview Money and the Neutrality Principle Nominal and Real Exchange Rates The Exchange Rate in the Long Run: Purchasing Power Parity 749 Summary 750 ' PART III The Macroeconomy in the Short Run Borrowing, Lending, and Budget Constraints Overview Thinking About the Future The Household's Intertemporal Budget Constraint The Firm and the Private Sector's Intertemporal Budget Constraint Public and Private Budget Constraints The Current Account and the Budget Constraint of the Nation 773 Summary Private Sector Demand: Consumption and Investment Overview Consumption Investment 789 Summary Money and Monetary Policy Overview Money: What is it? Who Makes it? Short-run Equilibrium in the Money Market Monetary Policy in Practice Financial Institutions and Monetary Control 226 Summary Macroeconomic Equilibrium in the Short Run Overview Aggregate Demand and the Goods Market The Goods Market and the IS Curve The Money Market, Monetary Policy, and the 77? Curve Macroeconomic Equilibrium 255 Summary International Capital Flows and Macroeconomic Equilibrium Overview The Implications of Being Small International Financial Flows Output and Interest Rate Determination under Fixed Exchange Rates Output and Interest Rate Determination under Flexible Exchange Rates Fixed or Flexible Rates? 280 Summary 283

4 XI 12 Output, Employment, and Inflation Overview General Equilibrium with Flexible Prices: The Neoclassical Case The Phillips Curve: Chimera or a Stylized Fact? Accounting for Inflation: The Battle of the Mark-ups Inflation, Unemployment, and Output 305 Summary Aggregate Demand and Aggregate Supply Overview Aggregate Demand and Supply under Fixed Exchange Rates Aggregate Demand and Supply under Flexible Exchange Rates How to Use the AS-AD Framework 333 Summary Asset Markets Overview How Asset Markets Work Functions of Asset Markets Asset Prices and Yields Information and Market Efficiency Asset Markets and Macroeconomics 367 Summary The Exchange Rate Overview The Foreign Exchange Markets The Interest Parity Conditions Exchange Rate Determination in the Short Run The Exchange Rate in the Long Run From the Long to the Short Run Exchange Rate Volatility and Currency Crises 394 Summary 396 PART IV Macroeconomic Policy in a Global Economy Demand Management Policies Overview Demand Management: What are the Issues? Feasible Demand Management Policy Sources of Business Cycle Fluctuations and the Future of Demand Management Policies 422 Summary Fiscal Policy, Debt, and Seigniorage Overview Fiscal Policy and Economic Welfare Macroeconomic Stabilization Deficit Finance: Public Debt and Seigniorage How to Stabilize the Public Debt 457 Summary Policies for the Long Run Overview 467

5 XII 18.2 Market Efficiency and the Theory of Supply-Side Policy Product Market Policies Taxation as the Price of Intervention 472~ 18.5 Labour Market Policy Supply-Side Policy in Practice 483 Summary The Architecture of the International Monetary System Overview History of Monetary Arrangements The International Monetary Fund Currency Crises The Choice of an Exchange Rate Regime 576 Summary Epilogue The Keynesian Revolution The Monetarist Revolution The Rational Expectations Revolution The Microfoundations of Macroeconomics New Keynesian Macroeconomics: The Latest Synthesis Institutional and Political Economics Labour Markets Search and Matching Growth and Development Conclusions 542 References 544 Glossary 546 Index 565