A Critical Essay on Modern Macroeconomic Theory - Couverture rigide

Hahn, F.H.; Solow, Robert M.

Couverture rigide

ISBN 10 : 0631134832 ISBN 13 : 9780631134831

Editeur : Blackwell Publishers, 1996

Synopsis

In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing macroeconomics the right way.Hahn and Solow argue that what was originally offered as a normative model based on perfect foresight and universal perfect competition has been almost casually transformed into a model for interpreting real macroeconomic behavior. After explaining microeconomic foundations, the authors introduce a better macro model, one that can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.

A propos du livre

Présentation de l'éditeur

Macroeconomics began as the study of large–scale economicpathologies such as prolonged depression, mass unemployment andpersistent inflation. In the early 1980s rational expectations andnew classical economics dominated macroeconomic theory, with theresult that such pathologies can hardly be discussed within thevocabulary of the theory. This book evolved from the authors′profound disagreement with that trend. It demonstrates not only howthe new classical view got macroeconomics wrong, but how to goabout doing macroeconomics the right way.

Following an explanation of microeconomic foundations, chaptersintroduce the basic elements for a better macro–model. The model issimple, but combined with the appropriate model of the labor marketit can say useful things about the fluctuation of employment, thecorrelation between wages and employment, and the role forcorrective monetary policy.

Quatrième de couverture

In the early 1980s, rational expectations and new classicaleconomics dominated macroeconomic theory. This essay evolved fromthe authors′ profound disagreement with that trend. It demonstratesnot only how the new classical view got macroeconomics wrong, butalso how to go about doing macroeconomics the right way.

Hahn and Solow argue that what was originally offered as anormative model based on perfect foresight and universal perfectcompetition has been almost casually transformed into a model forinterpreting real macroeconomic behavior. After explainingmicroeconomic foundations, the authors introduce a better macromodel, one that can say useful things about the fluctuation ofemployment, the correlation between wages and employment, and therole for corrective monetary policy.

Détails de l'édition

• Éditeur: Blackwell Publishers
• Date d'édition: 1996
• Langue: anglais
• ISBN 10: 0631134832
• ISBN 13: 9780631134831
• Reliure: Relié
• Nombre de pages: 168
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible