Introduction to Advanced Macroeconomics: Economic Cycles (Vol. II) – Peter B. Sorensen, Hans J. Whitta–Jacobsen – 1st Edition


Introducing Advanced Macroeconomics: Growth and Business Cycles, provides students with a thorough understanding of fundamental models in macroeconomics and introduces them to methods of formal macroeconomic analysis. Split into two sections, the first half of the book focuses on macroeconomics for the long run, introducing and developing basic models of growth and structural unemployment.

The second half of the book deals with the economy in the short run, focusing on the explanation of business fluctuations. This new edition retains the popular pitch and level established in the 1st edition and continues to bridge the gap between intermediate macroeconomics texts and more advanced textbooks.

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  • Preface
    About the authorsMacroeconomics for the long run and for the short run

    Book One: The Long Run
    Some Facts about Prosperity and Growth

    Part 1: Basic Theory and Empirics about Prosperity and Growth
    Capital Accumulation and Growth: The Basic Solow Model
    Wealth Accumulation and Capital Mobility: The Solow Model for a Small Open Economy

    Part 2: Exogenous Growth
    Technological Progress and Growth: The General Solow Model
    Education and Growth: The Solow Model with Human Capital
    Limits to Growth? The Solow Model with Scarce Natural Resources

    Part 3: Endogenous Growth
    Productive Externalities and Endogenous Growth
    R&D-Based Endogenous Growth

    Part 4: Structural Unemployment
    Some Facts and Introductory Theory about Unemployment
    Efficiency Wages and Unemployment
    Trade Unions and Unemployment
    Appendix: Table A: Some growth relevant country data

    Book Two: The Short Run
    Some Facts about Business Cycles

    Part 5: The Building Blocks for the Short-run Model
    Investment and Asset Prices
    Consumption, Income and Wealth
    Monetary Policy and Aggregate Demand
    Inflation, Unemployment and Aggregate Supply

    Part 6: The Short-run Model for the Closed Economy
    Explaining Business Cycles: Aggregate Supply and Aggregate Demand in Action
    Stabilization Policy: Why
    Stabilization Policy: How?
    Stabilization Policy with Rational Expectations
    The Limits to Stabilization Policy: Credibility and Uncertainty

    Part 7: The Short-run Model for the Open Economy
    Aggregate Demand and Aggregate Supply in the Open Economy
    Chapter 24 The Open Economy with Fixed Exchange Rates
    Chapter 25 The Open Economy with Flexible Exchange Rates
    Appendix: Basic regression analysis
  • Citation

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