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Advanced Macroeconomics,9780072877304
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Advanced Macroeconomics

by
Edition:
3rd
ISBN13:

9780072877304

ISBN10:
0072877308
Format:
Hardcover
Pub. Date:
8/17/2005
Publisher(s):
McGraw-Hill/Irwin
List Price: $73.91
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Summary

David Romer's Advanced Macroeconomics, 3e is the standard text and the starting point for graduate macro courses and helps lay the groundwork for students to begin doing research in macroeconomics and monetary economics. A series of formal models are used to present and analyze important macroeconomic theories. The theories are supplemented by examples of relevant empirical work, which illustrate the ways that theories can be applied and tested. This well-respected and well-known text is unique in the marketplace.

Table of Contents

Preface to the Third Edition xvii
Introduction 1(4)
Chapter 1 THE SOLOW GROWTH MODEL 5(43)
1.1 Some Basic Facts about Economic Growth
5(4)
1.2 Assumptions
9(5)
1.3 The Dynamics of the Model
14(3)
1.4 The Impact of a Change in the Saving Rate
17(5)
1.5 Quantitative Implications
22(4)
1.6 The Solow Model and the Central Questions of Growth Theory
26(3)
1.7 Empirical Applications
29(8)
1.8 The Environment and Economic Growth
37(7)
Problems
44(4)
Chapter 2 INFINITE-HORIZON AND OVERLAPPING-GENERATIONS MODELS 48(52)
Part A THE RAMSEY-CASS-KOOPMANS MODEL
48(28)
2.1 Assumptions
48(2)
2.2 The Behavior of Households and Firms
50(6)
2.3 The Dynamics of the Economy
56(6)
2.4 Welfare
62(1)
2.5 The Balanced Growth Path
63(2)
2.6 The Effects of a Fall in the Discount Rate
65(5)
2.7 The Effects of Government Purchases
70(6)
Part B THE DIAMOND MODEL
76(16)
2.8 Assumptions
76(1)
2.9 Household Behavior
77(3)
2.10 The Dynamics of the Economy
80(7)
2.11 The Possibility of Dynamic Inefficiency
87(4)
2.12 Government in the Diamond Model
91(1)
Problems
92(8)
Chapter 3 NEW GROWTH THEORY 100(74)
Part A RESEARCH AND DEVELOPMENT MODELS
101(31)
3.1 Framework and Assumptions
101(2)
3.2 The Model without Capital
103(5)
3.3 The General Case
108(7)
3.4 The Nature of Knowledge and the Determinants of the Allocation of Resources to R&D
115(7)
3.5 Endogenous Saving in Models of Knowledge Accumulation: An Example
122(3)
3.6 Models of Knowledge Accumulation and the Central Questions of Growth Theory
125(2)
3.7 Empirical Application: Population Growth and Technological Change since 1 Million B.C.
127(5)
Part B CROSS-COUNTRY INCOME DIFFERENCES
132(34)
3.8 Extending the Solow Model to Include Human Capital
133(5)
3.9 Empirical Application: Accounting for Cross-Country Income Differences
138(6)
3.10 Social Infrastructure
144(10)
3.11 A Model of Production, Protection, and Predation
154(7)
3.12 Differences in Growth Rates
161(5)
Problems
166(8)
Chapter 4 REAL-BUSINESS-CYCLE THEORY 174(48)
4.1 Introduction: Some Facts about Economic Fluctuations
174(4)
4.2 Theories of Fluctuations
178(2)
4.3 A Baseline Real-Business-Cycle Model
180(3)
4.4 Household Behavior
183(4)
4.5 A Special Case of the Model
187(5)
4.6 Solving the Model in the General Case
192(5)
4.7 Implications
197(6)
4.8 Empirical Application: The Persistence of Output Fluctuations
203(5)
4.9 Empirical Application: Calibrating a Real-Business-Cycle Model
208(2)
4.10 Extensions and Limitations
210(6)
Problems
216(6)
Chapter 5 TRADITIONAL KEYNESIAN THEORIES OF FLUCTUATIONS 222(49)
5.1 Aggregate Demand
223(8)
5.2 The Open Economy
231(11)
5.3 Alternative Assumptions about Wage and Price Rigidity
242(9)
5.4 Output-Inflation Tradeoffs
251(7)
5.5 Empirical Application: Money and Output
258(6)
5.6 Empirical Application: The Cyclical Behavior of the Real Wage
264(2)
Problems
266(5)
Chapter 6 MICROECONOMIC FOUNDATIONS OF INCOMPLETE NOMINAL ADJUSTMENT 271(75)
Part A THE LUCAS IMPERFECT-INFORMATION MODEL
272(13)
6.1 The Case of Perfect Information
273(3)
6.2 The Case of Imperfect Information
276(4)
6.3 Implications and Limitations
280(5)
Part B NEW KEYNESIAN ECONOMICS
285(24)
6.4 A Model of Imperfect Competition and Price-Setting
286(4)
6.5 Are Small Frictions Enough?
290(4)
6.6 Real Rigidity
294(9)
6.7 Coordination-Failure Models and Real Non-Walrasian Theories
303(6)
Part C DYNAMIC NEW KEYNESIAN MODELS AND STAGGERED PRICE ADJUSTMENT
309(30)
6.8 Building Blocks of Dynamic New Keynesian Models
310(6)
6.9 Predetermined Prices
316(3)
6.10 Fixed Prices
319(7)
6.11 The Caplin-Spulber Model
326(2)
6.12 Empirical Applications
328(5)
6.13 The Mankiw-Reis Model
333(6)
Problems
339(7)
Chapter 7 CONSUMPTION 346(40)
7.1 Consumption under Certainty: The Permanent-Income Hypothesis
347(6)
7.2 Consumption under Uncertainty: The Random-Walk Hypothesis
353(3)
7.3 Empirical Application: Two Tests of the Random-Walk Hypothesis
356(5)
7.4 The Interest Rate and Saving
361(5)
7.5 Consumption and Risky Assets
366(4)
7.6 Beyond the Permanent-Income Hypothesis
370(10)
Problems
380(6)
Chapter 8 INVESTMENT 386(51)
8.1 Investment and the Cost of Capital
386(3)
8.2 A Model of Investment with Adjustment Costs
389(6)
8.3 Tobin's q
395(1)
8.4 Analyzing the Model
396(4)
8.5 Implications
400(6)
8.6 Empirical Application: q and Investment
406(3)
8.7 The Effects of Uncertainty
409(4)
8.8 Kinked and Fixed Adjustment Costs
413(4)
8.9 Financial-Market Imperfections
417(11)
8.10 Empirical Application: Cash Flow and Investment
428(5)
Problems
433(4)
Chapter 9 UNEMPLOYMENT 437(59)
9.1 Introduction: Theories of Unemployment
437(2)
9.2 A Generic Efficiency-Wage Model
439(5)
9.3 A More General Version
444(4)
9.4 The Shapiro-Stiglitz Model
448(12)
9.5 Implicit Contracts
460(4)
9.6 Insider-Outsider Models
464(3)
9.7 Hysteresis
467(5)
9.8 Search and Matching Models
472(9)
9.9 Empirical Applications
481(8)
Problems
489(7)
Chapter 10 INFLATION AND MONETARY POLICY 496(63)
10.1 Inflation, Money Growth, and Interest Rates
497(4)
10.2 Monetary Policy and the Term Structure of Interest Rates
501(5)
10.3 The Dynamic Inconsistency of Low-Inflation Monetary Policy
506(4)
10.4 Addressing the Dynamic-Inconsistency Problem
510(10)
10.5 What Can Policy Accomplish?
520(5)
10.6 Interest-Rate Rules and the Conduct of Policy
525(8)
10.7 A Model for Analyzing Interest-Rate Rules
533(5)
10.8 Seignorage and Inflation
538(9)
10.9 The Costs of Inflation
547(5)
Problems
552(7)
Chapter 11 BUDGET DEFICITS AND FISCAL POLICY 559(60)
11.1 The Government Budget Constraint
560(7)
11.2 The Ricardian Equivalence Result
567(2)
11.3 Ricardian Equivalence in Practice
569(4)
11.4 Tax-Smoothing
573(6)
11.5 Political-Economy Theories of Budget Deficits
579(3)
11.6 Strategic Debt Accumulation
582(10)
11.7 Delayed Stabilization
592(6)
11.8 Empirical Application: Politics and Deficits in Industrialized Countries
598(5)
11.9 The Costs of Deficits
603(4)
11.10 A Model of Debt Crises
607(6)
Problems
613(6)
References 619(37)
Author Index 656(7)
Subject Index 663


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