Advanced macroeconomics : a primer

Since the rational expectations revolution in macroeconomics, the subject has changed massively, adopting the principles behind the revolution and building on them in a spectacular way. In this accessible and informative book, the authors guide the student through what has become the conceptual and mathematical maze of modern macroeconomics. It is intended primarily for the postgraduate student but will also be useful for upper level undergraduates. It explains the basics of each topic and provides a solid grounding for the student to tackle more complex and detailed material in the area.The topics covered include:• an introduction to the traditional macro-classical macro/adaptive expectations• how to understand and solve standard macro models with rational expectations• implications of rational expectations for monetary and fiscal policy• the open economy• the new models of representative agents and real business cycles• the political economy of economic policy (the ‘political business cycle’) and independent central banks• the supply-side, unemployment and growth • empirical testing of the rational expectations hypothesis• the efficient markets hypothesis with empirical applications including bond and exchange markets• learning, time series-linear and nonlinear. Since the rational expectations revolution in macroeconomics, the subject has changed greatly, adopting the principles behind the revolution and building on them in a spectacular way. This text guides students through what has become the conceptual and mathematical maze of modern macroeconomics. chap01 1 chap02 42 chap03 87 chap04 105 chap05 132 chap06 163 chap07 180 chap08 210 chap09 230 chap10 249 chap11 268 chap12 302 chap13 317 chap14 328 chap15 416 chap16 427 chap17 437 chap18 440 bibliography 484 err 520 corr 521 This advanced macroeconomics primer is aimed at both undergraduate and postgraduate students