EAN: 9780262043472

MACROECONOMIC ANALYSIS - DIRK NIEPELT GEBUNDEN

A concise but rigorous and thorough introduction to modern macroeconomic theory. This book
offers an introduction to modern macroeconomic theory. It is concise but rigorous and broad 
covering all major areas in mainstream macroeconomics today and showing how macroeconomic
models build on and relate to each other. The self-contained text begins with models of
individual decision makers  proceeds to models of general equilibrium without and with friction
and  finally  presents positive and normative theories of economic policy. After a review of
the microeconomic foundations of macroeconomics  the book analyzes the household optimization
problem  the representative household model  and the overlapping generations model. It examines
risk and the implications for household choices and macroeconomic outcomes  equilibrium asset
returns  prices  and bubbles  labor supply  growth  and business cycles  and open economy
issues. It introduces frictions and analyzes their consequences in the labor market  financial
markets  and for investment  studies money as a unit of account  store of value  and medium of
exchange  and analyzes price setting in general equilibrium. Turning to government and economic
policy  the book covers taxation  debt  social security  and monetary policy  optimal fiscal
and monetary policies  and sequential policy choice  with applications in capital income
taxation  sovereign debt and default  politically motivated redistribution  and monetary policy
biases. Macroeconomic Analysis can be used by first-year graduate students in economics and
students in master's programs  and as a supplemental text for advanced courses.

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