Macroeconomic Theory

By M. Wickens. 2012

305 citations recorded by the source corpus.

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists.

Subfields: Economics and Econometrics

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Citations in the corpus

Episodes of Exuberance in Housing Markets: In Search of the Smoking Gun (2016, background): “…absence of this condition, there exist in nite forward solutions to the di¤erence equation for the price of housing which are of the form (see, e.g., Sargent (1987); Diba and Grossman (1988); LeRoy (2004)) Pt = P t +Bt; (8) where P t is the fundamental-based price of housing determined in (7) and…”
An empirical retrospect of the impacts of government expenditures on economic growth: new evidence from the Nigerian economy (2020, unknown): “According to Jhingan (1997), fiscal policy aims at ensuring long-run economic stability by the adjustments of short-run economic fluctuations in such a way that a government uses its expenditure and revenue programs to generate desirable effects while avoiding those effects that are undesirable on a”