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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3-Equation aggregate demand analysis approach Arestis argued asset prices bank's behaviour Cambridge capital Carlin and Soskice central bank changes chapter commercial banks Consensus model demand for money determined economic activity effects endogenous money equation exchange rate exogenous federal funds rate Figure firms framework hence income increase inflation rate inflation target institutions investment IS-LM Journal of Economic labour market Lavoie level of output LM curve loans long-run macro mark-up Minsky monetary policy money supply MR-AD NAIRU natural rate neoclassical nominal interest rate optimal outcome output and inflation output gap period Phillips curve policy-makers Post Keynesian Economics price level problem rate of inflation rate of interest rate of unemployment rational expectations reaction function real interest rate real rate real wage rise risk premium role sector shift supply shock Taylor rule teaching term textbook theory tion undergraduate unexpected inflation variables Wicksellian Y₁ zero