Macroeconomic Theory and Macroeconomic Pedagogy

by Fontana, Giuseppe; Setterfield, Mark

• ISBN13: 9780230202030
• ISBN10: 0230202039
• Format: Hardcover
• Copyright: 2009-08-15
• Publisher: Palgrave Macmillan

Summary

This book aims to showcase and advance recent debates over the extent to which undergraduate macroeconomics teaching models adequately reflect the latest developments in the field. It contains 16 essays on topics including the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance.

Author Biography

MARK SETTERFIELD is Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut. He is an Associate Member of the Cambridge Centre for Economic and Public Policy (Cambridge University, UK), a Senior Research Associate at the International Economic Policy Institute (Laurentian University, Canada), and serves on the editorial board of the Journal of Economic Education.
GUISEPPE FONTANA is an expert on Endogenous Money theory and the New Consensus macroeconomics theory. He has recently been awarded the first G.L.S. Shackle Prize, St. Edmund’s College (University of Cambridge, UK). He is a Visiting Research Professor at the Centre for Full Employment and Price Stability (University of Missouri Kansas City), and the Cambridge Centre for Economic and Public Policy (University of Cambridge, UK).

Table of Contents

List of Figures	p. vii
List of Appendices	p. x
Notes on the Contributors	p. xi
Foreword	p. xix
Macroeconomic Theory and Macroeconomic Pedagogy: An Introduction	p. 1
The 3-Equation New Consensus Macroeconomic Model
Teaching Intermediate Macroeconomics using the 3-Equation Model	p. 13
Bringing Undergraduate Macroeconomics Teaching Up to Date	p. 36
Monetary Policy Analysis: An Undergraduate Toolkit	p. 55
Rescuing the LM Curve (and the Money Market) in a Modern Macro Course	p. 76
The New Consensus in Macroeconomics: A Critical Appraisal	p. 100
Complexity and Macro Pedagogy: The Complexity Vision as a Bridge between Graduate and Undergraduate Macro	p. 118
An Endogenous-Money Theory Amendment of the New Consensus Macroeconomic Model
Teaching Macroeconomics When the Endogeneity of Money is Taken Seriously	p. 131
A Simple (and Teachable) Macroeconomic Model with Endogenous Money	p. 144
Money and Banking in a Realistic Macro Model	p. 169
Financial Fragility, Liquidity Preference, Unemployment Hysteresis and Other Amendments
Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendments	p. 191
Minsky Meet Wicksell: Using the Wicksellian Model to Understand the Twenty-First Century Business Cycle	p. 214
Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment	p. 234
The Real Interest Rate, Income Distribution, and Alternative Views of Stablization Policies
Teaching the New Consensus Model of 'Modern Monetary Economics' from a Critical Perspective: Pedagogical Issues	p. 255
A Post Keynesian Alternative to the New Consensus Model	p. 273
The Central Banker as 'Regulator of Conflict': A 'Reversed' Reading of the Solow and New Consensus Models	p. 295
Institutions, Expectations and Aggregate Demand	p. 309
Author/Name Index	p. 323
Subject Index	p. 326
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