Foundations of Modern Macroeconomics 3rd Edition by Ben Heijdra, Laurie Reijnders, Ward Romp 0198784135 9780198784135

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ISBN 10: 0198784135 

ISBN 13: 9780198784135

Author: Ben J. Heijdra, Laurie Reijnders, Ward Romp 

The study of macroeconomics can seem a daunting project. The field is complex and sometimes poorly defined and there are a variety of competing approaches. It is easy for the senior bachelor and starting master student to get lost in the forest of macroeconomics and the mathematics it uses extensively. Foundations of Modern Macroeconomics is a guide book for the interested and ambitious student. Non-partisan in its approach, it deals with all the major topics, summarising the important approaches and providing the reader with a coherent angle on all aspects of macroeconomic thought. Each chapter deals with a separate area of macroeconomics, and each contains a summary section of key points and a further reading list. Using nothing more than undergraduate mathematical skills, it takes the student from basic IS-LM style macro models to the state of the art literature on Dynamic Stochastic General Equilibrium, explaining the mathematical tricks used where they are first introduced. Fully updated and substantially revised, this third edition of Foundations of Modern Macroeconomics now includes brand new chapters covering highly topical subjects such as dynamic programming, competitive risk sharing equilibria and the New Keynesian DSGE approach.

Foundations of Modern Macroeconomics 3rd table of contents: 

I Intermediate macroeconomics
1 Review of the AD-AS model
1.1 The aggregate labour market
1.2 Aggregate demand: Review of the IS-LM model
1.3 Schools in macroeconomics
1.4 Punchlines
Further reading
2 The open economy
2.1 Some international bookkeeping
2.2 The IS-LM model for a small open economy
2.3 Aggregate supply considerations
2.4 Transmission of shocks in a two-country world
2.5 Punchlines
Further reading
A.1 Symmetric case
A.2 Asymmetric case
3 Dynamics in aggregate demand and supply
3.1 What is stability?
3.2 Adaptive expectations and stability
3.3 Investment, the capital stock, and stability
3.4 Wealth effects and the government budget constraint
3.5 A first look at hysteresis⋆
3.6 Punchlines
Further reading
4 Perfect foresight and economic policy
4.1 Dynamic investment theory
4.2 A dynamic IS-LM model
4.3 Exchange rate expectations and fiscal and monetary policy
4.4 Punchlines
Further reading
5 Rational expectations and economic policy
5.1 What are rational expectations?
5.2 Applications of the REH in macroeconomics
5.3 Should we take the PIP seriously?
5.4 Rational expectations in a small open economy⋆
5.5 Punchlines
Further reading
6 The government budget deficit
6.1 Ricardian equivalence
6.2 The theory of government debt creation
6.3 Punchlines
Further reading
7 A closer look at the labour market
7.1 Some stylized facts
7.2 Standard macroeconomic labour market theory
7.3 Trade unions and the labour market
7.4 Efficiency wages and the labour market
7.5 Punchlines
Further reading
8 Search in the labour market
8.1 Search in the labour market
8.2 Applications of the canonical search model
8.3 Endogenous job destruction⋆
8.4 Punchlines
Further reading
9 Dynamic inconsistency in public and private decision making
9.1 Dynamic inconsistency
9.2 The voting approach to optimal inflation
9.3 Dynamic consistency and capital taxation
9.4 Are consumers dynamically inconsistent?
9.5 Punchlines
Further reading
II Towards advanced macroeconomics
10 Money
10.1 Functions of money
10.2 Modelling money as a medium of exchange
10.3 Money as a store of value
10.4 The optimal quantity of money
10.5 Punchlines
Further reading
11 New Keynesian economics
11.1 Reconstructing the “Keynesian” multiplier
11.2 Monopolistic competition and money
11.3 Sticky prices and the non-neutrality of money
11.4 Punchlines
Further reading
12 Exogenous economic growth—Solow-Swan
12.1 Stylized facts of economic growth
12.2 The Solow-Swan model
12.3 Properties of the Solow-Swan model
12.4 Macroeconomic applications of the Solow-Swan model
12.5 Two-sector model
12.6 Punchlines
Further reading
13 Exogenous economic growth—Ramsey-Cass-Koopmans
13.1 The Ramsey-Cass-Koopmans model
13.2 Properties of the Ramsey-Cass-Koopmans model
13.3 Macroeconomic applications of the Ramsey-Cass-Koopmans model
13.4 An open-economy RCK model
13.5 The RCK model with endogenous labour supply
13.6 The RCK model with search unemployment
13.7 A monetary RCK model
13.8 Punchlines
Further reading
Employment as a function of the state variables
Capital stock equilibrium
Consumption equilibrium
14 Endogenous economic growth
14.1 Introduction
14.2 “Capital-fundamentalist” models
14.3 Human capital formation
14.4 Endogenous technology
14.5 Punchlines
Further reading
15 Overlapping generations in continuous time
15.1 Introduction
15.2 Individual behaviour under lifetime uncertainty
15.3 Macroeconomic consequences of lifetime uncertainty
15.4 Basic model properties
15.5 Endogenous labour supply
15.6 Punchlines
Further reading
Consumption flow equilibrium
Uniqueness
16 Overlapping generations in discrete time
16.1 The Diamond-Samuelson model
16.2 Social security and the macroeconomy
16.3 The tragedy of annuitization
16.4 Further applications of the DS model
16.5 Punchlines
Further reading
III Stochastic general equilibrium macroeconomics
17 Decision making in a stochastic environment
17.1 Introduction
17.2 Dynamic programming in a deterministic world
17.3 Dynamic programming in a stochastic world
17.4 Complete markets and Arrow-Debreu securities
17.5 Constructing the representative agent
17.6 Punchlines
Further reading
18 Dynamic Stochastic General Equilibrium—New Classical models
18.1 The Lucas research programme
18.2 Building the unit-elastic RBC model
18.3 Model analysis
18.4 Extending the model
18.5 Punchlines

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