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Item specifics
| Condition: | Very Good
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A book that does not look new and has been read but is in excellent condition. No obvious damage to the cover, with the dust jacket (if applicable) included for hard covers. No missing or damaged pages, no creases or tears, and no underlining/highlighting of text or writing in the margins. May be very minimal identifying marks on the inside cover. Very minimal wear and tear. See the seller’s listing for full details and description of any imperfections.
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| Seller Notes: | “Great condition for a used book! Minimal wear. 100% Money Back Guarantee. Shipped to over one million happy customers.” |
| Format: | Hardcover | Language: | English |
| Publication Year: | 2008 | ISBN: |
9780691116402 |
| EAN: |
9780691116402 |
About this product
| Product Information | |
| Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This book truly offers something new by emphasizing the general equilibrium character of macroeconomics to explain effects across the whole economy, not just part. It is also the perfect resource for economists who need to brush up on the latest developments. 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, exchange-rate determination, and 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. While the mathematics needed for this book is rigorous, the author describes fundamental concepts in a way that helps make the book self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory will become the standard text for students and is ideal for economists, particularly those in government, central and commercial banking, and financial investment. The most up-to-date macroeconomics textbook available today Web-based exercises with answers (June 2008) Emphasis on general equilibrium macroeconomics addresses the whole economy Latest advances in macroeconomics covered fully and completely Gives up-to-date account of monetary policy Covers modern finance Extensive mathematical appendix for at-a-glance easy reference | |
| Product Identifiers | |
| Publisher | Princeton University Press |
| ISBN-10 | 0691116407 |
| ISBN-13 | 9780691116402 |
| eBay Product ID (ePID) | 63849131 |
| Product Key Features | |
| Format | Hardcover |
| Publication Year | 2008 |
| Language | English |
| Dimensions | |
| Weight | 33.1 Oz |
| Width | 7in. |
| Height | 1.3in. |
| Length | 10in. |
| Additional Product Features | |
| Dewey Edition | 22 |
| Table of Content | Preface xiii Chapter 1: Introduction 1 1.1 Dynamic General Equilibrium versus Traditional Macroeconomics 1 1.2 Traditional Macroeconomics 3 1.3 Dynamic General Equilibrium Macroeconomics 4 1.4 The Structure of This Book 7 Chapter 2: The Centralized Economy 12 2.1 Introduction 12 2.2 The Basic Dynamic General Equilibrium Closed Economy 12 2.3 Golden Rule Solution 14 2.3.1 The Steady State 14 2.3.2 The Dynamics of the Golden Rule 17 2.4 Optimal Solution 17 2.4.1 Derivation of the Fundamental Euler Equation 17 2.4.2 Interpretation of the Euler Equation 19 2.4.3 Intertemporal Production Possibility Frontier 20 2.4.4 Graphical Representation of the Solution 21 2.4.5 Static Equilibrium Solution 21 2.4.6 Dynamics of the Optimal Solution 23 2.4.7 Algebraic Analysis of the Saddlepath Dynamics 25 2.5 Real-Business-Cycle Dynamics 27 2.5.1 The Business Cycle 27 2.5.2 Permanent Technology Shocks 28 2.5.3 Temporary Technology Shocks 29 2.5.4 The Stability and Dynamics of the Golden Rule Revisited 29 2.6 Labor in the Basic Model 30 2.7 Investment 32 2.7.1 q-Theory 33 2.7.2 Time to Build 36 2.8 Conclusions 37 Chapter 3: Economic Growth 39 3.1 Introduction 39 3.2 Modeling Economic Growth 40 3.3 The Solow-Swan Model of Growth 42 3.3.1 Theory 42 3.3.2 Growth and Economic Development 44 3.3.3 Balanced Growth 44 3.4 The Theory of Optimal Growth 45 3.4.1 Theory 45 3.4.2 Additional Remarks on Optimal Growth 49 3.5 Endogenous Growth 50 3.5.1 The AK Model of Endogenous Growth 51 3.5.2 The Human Capital Model of Endogenous Growth 51 3.6 Conclusions 53 Chapter 4: The Decentralized Economy 54 4.1 Introduction 54 4.2 Consumption 55 4.2.1 The Consumption Decision 55 4.2.2 The Intertemporal Budget Constraint 56 4.2.3 Interpreting the Euler Equation 57 4.2.4 The Consumption Function 59 4.2.5 Permanent and Temporary Shocks 61 4.3 Savings 64 4.4 Life-Cycle Theory 65 4.4.1 Implications of Life-Cycle Theory 65 4.4.2 Model of Perpetual Youth 67 4.5 Nondurable and Durable Consumption 68 4.6 Labor Supply 70 4.7 Firms 73 4.7.1 Labor Demand without Adjustment Costs 73 4.7.2 Labor Demand with Adjustment Costs 75 4.8 General Equilibrium in a Decentralized Economy 77 4.8.1 Consolidating the Household and Firm Budget Constraints 77 4.8.2 The Labor Market 79 4.8.3 The Goods Market 80 4.9 Comparison with the Centralized Model 81 4.10 Conclusions 83 Chapter 5: Government: Expenditures and Public Finances 84 5.1 Introduction 84 5.2 The Government Budget Constraint 86 5.2.1 The Nominal Government Budget Constraint 86 5.2.2 The Real Government Budget Constraint 88 5.2.3 An Alternative Representation of the GBC 88 5.3 Financing Government Expenditures 89 5.3.1 Tax Finance 89 5.3.2 Bond Finance 91 5.3.3 Intertemporal Fiscal Policy 93 5.3.4 The Ricardian Equivalence Theorem 93 5.4 The Sustainability of the Fiscal Stance 96 5.4.1 Case 1 (Stable Case) 98 5.4.2 Implications 99 5.4.3 Case 2: (Unstable Case) 100 5.4.4 Implications 101 5.4.5 The Optimal Level of Debt 102 5.5 The Stability and Growth Pact 103 5.6 The Fiscal Theory of the Price Level 104 5.7 Optimizing Public Finances 105 5.7.1 Optimal Government Expenditures 106 5.7.2 Optimal Tax Rates 109 5.8 Conclusions 119 Chapter 6: Fiscal Policy: Further Issues 121 6.1 Introduction 121 6.2 Time-Consistent and Time-Inconsistent Fiscal Policy 121 6.2.1 Lump-Sum Taxation 123 6.2.2 Taxes on Labor and Capital 126 6.2.3 Conclusions 131 6.3 The Overlapping-Generations Model 131 6.3.1 Introduction 131 |
| Illustrated | Yes |
| Dewey Decimal | 339 |
| Age Level | Scholarly & Professional |
| Copyright Date | 2008 |
| Author | Michael Wickens |
| Lc Classification Number | Hb172.5 |
| Reviews | "A most welcome graduate (or advanced undergraduate) textbook in macroeconomics. The book is well-written and the text is effectively organized and progresses in a natural and easy-to-follow way. The text offers a mathematical approach that is easily accessible to the students. The technical level is sufficiently detailed to allow students to understand the role of the underlying assumptions and how the models work, and yet it avoids unnecessary technicalities and sidetracks. As an extra bonus, it offers a treatment of financial aspects which are often neglected in macro textbooks." --Torben M. Andersen, University of Aarhus, Denmark, "Wickens's text provides a tremendous introduction to modern macroeconomics. The coverage of material is thorough. The writing is clear and lively. The mathematics is sufficiently detailed without being overly technical, and the mathematical appendix helps keep the text largely self-contained. Intuition behind key results is provided beautifully throughout. Having worked through the text, students will be well-equipped for a journey toward the macroeconomics frontier." --David N. DeJong, University of Pittsburg, "This is a first-rate book that definitely helps fill a surprising lacuna in graduate macro teaching." --Andrew Scott, London Business School, "This is an innovative graduate textbook that develops much of modern macroeconomics in the framework of stochastic general equilibrium models. The book is especially good for its integration of macro and finance." --Christopher Pissarides, London School of Economics and Political Science, "his book provides an integrated, self-contained, and accessible exposition of modern macroeconomic theory. Particular strengths include coverage of macroeconomic approaches to asset pricing and the analysis of monetary and fiscal policies. It is an excellent textbook for students in masters and PhD courses and an excellent reference for professional economists." --Philip Lane, Trinity College Dublin, "There are very few good textbooks on the dynamic general equilibrium approach to macroeconomics; Macroeconomic Theory fills a big void and provides a comprehensive and integrated approach to the subject that covers both real and monetary models. Professor Wickens develops a series of topics, beginning with real models of the economy and proceeding through growth, fiscal policy, financial models, and the modern approach to monetary economies. Each topic begins with theoretical background and proceeds to practical applications. The level is appropriate for masters or advanced undergraduate students and is a welcome addition to the field that is likely to be widely adopted." --Roger E. A. Farmer, University of California, Los Angeles |
| Lccn | 2007-939554 |
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