Macroeconomic Theory and Macroeconomic Pedagogy
G. Fontana, M. Setterfield
Springer, Apr 30, 2016 - Business & Economics - 341 pages
This book aims to showcase and advance recent debates over the extent to which undergraduate macroeconomics teaching models adequately reflect the latest developments in the field. It contains 16 essays on topics including the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance.
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Part I The 3Equation New Consensus Macroeconomic Model
Part II An EndogenousMoney Theory Amendment of the New Consensus Macroeconomic Model
Part III Financial Fragility Liquidity Preference Unemployment Hysteresis and Other Amendments
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3-Equation aggregate demand analysis approach Arestis argued asset prices bank’s behaviour capital Carlin and Soskice central bank changes chapter Consensus model credit crunch 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 Minsky’s monetary policy money supply NAIRU natural rate neoclassical nominal interest rate optimal outcome output and inflation output gap period Phillips curve policy rate 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 zero