04198nam a22004695i 4500001001800000003000900018005001700027007001500044008004100059020001800100024003500118050001200153072001600165072002300181072001500204100009100219245015000310250001800460264006900478300004500547336002600592337002600618338003600644347002400680490005700704505085300761520166801614650002003282650002103302650002603323650001503349650004303364650002103407650002103428650004403449710003403493773002603527776003603553776003603589830005703625856004603682978-3-031-70177-1DE-He21320251030114639.0cr nn 008mamaa241225s2024    sz |    s    |||| 0|eng d  a97830317017717 a10.1007/978-3-031-70177-12doi 4aHB172.5 7aKCB2bicssc 7aBUS0390002bisacsh 7aKCB2thema1 aBarbosa, Fernando de Holanda.eauthor.4aut4http://id.loc.gov/vocabulary/relators/aut10aMacroeconomic Theoryh[electronic resource] :bFluctuations, Inflation and Growth in Closed and Open Economies /cby Fernando de Holanda Barbosa.  a2nd ed. 2024. 1aCham :bSpringer Nature Switzerland :bImprint: Springer,c2024.  aXXI, 487 p. 170 illus.bonline resource.  atextbtxt2rdacontent  acomputerbc2rdamedia  aonline resourcebcr2rdacarrier  atext filebPDF2rda1 aSpringer Texts in Business and Economics,x2192-43410 a -- INTRODUCTION.  -- PART I: GROWTH.  -- Chapter 1: Representative Agent Model.  -- Chapter 2: Open Economy Representative Agent Model.  -- Chapter 3: Overlapping Generations.  -- Chapter 4: Solow Model.  -- Chapter 5: Endogenous Savings and Growth.  -- PART II: FLUCTUATION AND INFLATION.  -- Chapter 6: Keynesian Models: IS and LM Curves, The Taylor Rule, and the Phillips Curve.  -- Chapter 7: Fluctuation, Inflation and Stabilization.  -- Chapter 8: Open Economy Macroeconomics.  -- Chapter 9: Open Economy Fluctuation, Inflation and Stabilization.  -- PART III: MONETARY AND FISCAL POLICIES.  -- Chapter 10: Government Budget Constraint.  -- Chapter 11: Monetary Theory and Policy.  -- PART IV: MATHEMATICAL APPENDIX.  -- Appendix A: Differential Equations.  -- Appendix B: Optimal Control Theory.  -- Appendix C: Finite Difference Equations.  aMacroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity.This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy. The most important change in the second edition is Chapter 7, which presents six models of fluctuation, three from the Keynesian agenda and three from the Lucas agenda. The models of Lucas agenda have micro foundations but do not square with the facts. The models of the Keynesian agenda are consistent with data but do not endure Lucas’s critique. This chapter sketches a model that can solve this puzzle. There are also changes in the rest of the book: social security (Ch. 3); a Malthusian model (Ch. 4); increasing returns in growth models (Ch. 5); a natural rate of unemployment model ( Ch. 6); natural rates, for interest rate and exchange rate, in a small open economy (ch.8); tax smoothing model (Ch.10) and optimal monetary rules for the Keynesian and new Keynesian models (Ch. 11). 0aMacroeconomics. 0aEconomic policy. 0aEconomic development. 0aEconomics.14aMacroeconomics and Monetary Economics.24aEconomic Policy.24aEconomic Growth.24aPolitical Economy and Economic Systems.2 aSpringerLink (Online service)0 tSpringer Nature eBook08iPrinted edition:z978303170176408iPrinted edition:z9783031701788 0aSpringer Texts in Business and Economics,x2192-434140uhttps://doi.org/10.1007/978-3-031-70177-1