Description

Book Synopsis
Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors'' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way.


Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.



Table of Contents
Preface.

1. Introduction.

2. Perfectly Flexible Wages.

3. Imperfect Wage Flexibility.

4. Imperfect Competition.

5. The Labor Market.

6. Macroeconomics.

7. Conclusions.

Notes.

References.

Index.

A Critical Essay on Modern Macroeconomic Theory

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    A Paperback / softback by Frank H. Hahn, Robert Solow

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      Book details

      Publisher John Wiley and Sons Ltd
      Published 19 March 1998
      ISBN-13 9780631209898
      978-0631209898
      ISBN-10 0631209891
      Also in:
      Economics Macroeconomics

      Description

      Book Synopsis
      Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors'' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way.


      Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.



      Table of Contents
      Preface.

      1. Introduction.

      2. Perfectly Flexible Wages.

      3. Imperfect Wage Flexibility.

      4. Imperfect Competition.

      5. The Labor Market.

      6. Macroeconomics.

      7. Conclusions.

      Notes.

      References.

      Index.

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