Macroeconomic Theory and Macroeconomic Pedagogy
Giuseppe Fontana, Mark Setterfield
Palgrave Macmillan, Jun 30, 2009 - Business & Economics - 341 pages
In recent years, there has been much debate over the extent to which undergraduate textbook macroeconomic models are theoretically well grounded and whether they adequately reflect the latest developments in the field. The aim of Macroeconomic Theory and Macroeconomic Pedagogy is to encourage and advance this debate, with a specific view to improving macroeconomics education. The book contains sixteen essays from internationally renowned scholars working in the field of macroeconomics. Contributions examine teaching models in light of recent developments in theory, with an eye to promoting a better understanding of real world issues. Topics include the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance.
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The 3Equation New Consensus
the role of the slope of the IS curve
Bringing Undergraduate Macroeconomics Teaching Up to Date
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activity actual aggregate demand analysis approach argued assets assume capital central bank changes chapter Consensus cost course depends determined developed discussion distribution economic effects employment endogenous money equal equation equilibrium example existence exogenous expectations fall federal funds rate Figure firms framework function funds given growth growth rate hence higher important income increase inflation rate inflation target institutions investment issues Journal Keynesian labour loans lower macro macroeconomics means monetary policy move natural rate nominal Note outcome output period Phillips curve positive Post Keynesian presented problem production profits raise rate of interest real interest rate reduce reference relationship represents reserves response result rise risk role rule sector shift shock short shows simple stability supply Taylor rule teaching term theory tion undergraduate University utilization variables wage