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CONTENTS ABBREVIATIONS 1 Motivation for Macroeconomic Models 1 Output, unemployment, and inflation 2 Economic growth PART ONE The Macroeconomic Model 2 Aggregate Demand, Aggregate Supply, and Business Cycles 1 Aggregate demand 2 The goods market: the IS curve 3 The money market: the LM curve 4 Putting together the IS and the LM 5 Aggregate supply 6 Supply side in the imperfect competition model 7 Aggregate demand and aggregate supply 8 Conclusions 3 Inflation, Unemployment, and Monetary Rules 1 Inflation and Phillips curves 2 Monetary rules and the 3-equation IS-PC-MR model 3 Inflation at the medium-run equilibrium 4 Inflation in the IS/LM model 5 Conclusions 4 Labour Markets and Supply-Side Policies 1 Supply-side structures, policies, and shocks 2 Factors that shift the WS and PS curves 3 Unions, wage-setting arrangements, and the ERU 4 Introduction to hysteresis: actual U affects the ERU 5 The Beveridge curve approach to unemployment 6 Conclusions 5 Monetary Policy 1 Inflation, disinflation, and de.ation 2 Monetary policy paradigms 3 The monetary policy rule in the 3-equation model 4 A Taylor Rule in the IS-PC-MR model 5 Problems withusing an interest rate rule 6 Credibility, time inconsistency, and rules versus discretion 7 Conclusions 6 Fiscal Policy 1 The automatic stabilizers 2 Discretionary fiscal policy 3 Deficits and debt 4 Monetizing the debt: seignorage and hyperinflation 5 Fiscal policy rules 6 Conclusions PART TWO Consumption, Investment, and Money 7 Consumption and Investment 1 Consumption 2 Investment 3 Conclusions on consumption and investment 8 Money and Finance 1 Assets 2 Institutions 3 Information problems 4 Money supply and demand 5 Monetary transmission mechanisms and the role of.nance in propagating 6 Conclusions PART THREE The Open Economy 9 The Open Economy in the Short Run 1 Opening the goods market 2 Opening financial markets 3 Fixed and flexible exchange rate regimes 4 Trade balance and balance of payments 5 Mundell¿Fleming model for the short run 6 Extensions 7 Conclusions 10 Inflation and Unemployment in the Open Economy 1 Inflation and unemployment in the open economy 2 Supply side in the open economy 3 Demand side and trade balance 4 The open economy model 5 Long-run equilibrium 6 Conclusions 11 Shocks and Policy Responses in the Open Economy 1 Fiscal, monetary, exchange rate, and supply-side policies 2 Aggregate demand shocks 3 Domestic supply shocks 4 External trade and supply shocks 5 Real wages in open and closed economies 6 Introduction to the economics of currency unions 7 Monetary rules in the open economy 8 Conclusions 12 Interdependent Economies 1 The 2-Bloc Model 2 International spillovers in the medium run 3 Interdependence in the Short and Medium Run: a simple model 4 EMU: a common currency area 5 Conclusions PART FOUR Growth 13 Exogenous Growth Theory 1 Growthand the growth rate 2 The Solow¿Swan Model 3 Solow growth accounting: measuring the impact of technology 4 Technological progress in the Solow¿Swan model 5 Economic convergence 6 Welfare and the Golden Rule 7 *Extensions 8 Conclusions 14 Endogenous and Schumpeterian Growth 1 Endogenous growth theory 2 Schumpeterian growth models 3 Conclusions PART FIVE Microfoundations and Political Economy 15 New Keynesian Microfoundations 1 Summary of the argument 2 The neoclassical benchmark model (NCBM) 3 Equilibrium output and involuntary unemployment 4 Disequilibrium (1): demand shocks and output response 5 Disequilibrium (2): Amplification and the dampening of demand shocks 6 Disequilibrium (3): Sustained disequilibrium and microfoundations of Phillips curves 7 Multiple equilibria 8 Hysteresis 9 Fairness and a range of equilibria 10 Conclusions 16 Political Economy 1 Monetary policy and time inconsistency: the problem of overambitious governments 2 Fiscal and monetary policy conflicts 3 *Reputation: Introduction to games of incomplete information 4 Voters 5 Games between interdependent economies 6 Conclusions PART SIX Applications 17 Performance and Policy in Europe, the USA, and Japan 1 German unification, the collapse of ERM, and its aftermath 2 Macroeconomic policy within EMU 3 USA: the new economy boom and its aftermath 4 Japan: more than a decade of stagnation 5 Conclusions 18 Unemployment: Institutions, Shocks, and Policies 1 Labour market outcomes 2 Trends and cross-country variation in European unemployment 3 Trade, technology, and unemployment 4 Unemployment and EMU 5 Why is reform so difficult? 6 Conclusions REFERENCES
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