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Macroeconomics: An Integrated Approach 2ed

by Alan J Auerbach and Laurence J Kotlikoff The MIT Press
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Pb+ 494 pages
AU$116.00 NZ$116.52
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Many undergraduate texts treat macroeconomics as a set of distinct topics rather than as a unified body of theory and empirical findings. In contrast, this text by Alan Auerbach and Laurence Kotlikoff uses a single analytic framework--the two-period life-cycle model--to explore and connect each of the major issues in contemporary macroeconomics. The model describes the evolution of the economy over time in terms of the behavior of overlapping generations of individuals, each of whom lives for two periods: youth and old age. This versatile framework can encompass most macroeconomic schools of thought through the alteration of key assumptions.

The use of one basic model also allows the authors to explore important topics not always addressed adequately in other texts: these include credit constraints, real business cycles, generational accounting, and international capital flows markets. Written in a clear, accessible style, this shortened & simplified 2nd edition provides a systematic way to interpret macroeconomic outcomes, to understand various policy proposals, & appreciate how individuals and firms fit into the big picture. CONTENTS Prologue: The Questions of Macroeconomics PART ONE From Micro to Macro: Modeling Income Determination and Growth 1 Output, Inputs, and Growth 2 The Dynamic Supply of Inputs 3 The Dynamic Demand for Inputs and the Evolution of Output 4 Economic Fluctuations 5 The Measurement of Output and Prices PART TWO Fiscal and Monetary Policy 6 Fiscal Policy, Saving, Growth 7 Money and Prices in the Closed Economy PART THREE Economic Fluctuations 8 The Keynesian Model of Price and Wage Rigidity 9 Understanding Recessions 10 The Nature and Costs of Unemployment 11 Countercyclical Policy PART FOUR The International Economy 12 Saving and Growth in the International Economy 13 Money, Exchange Rates, and Policy in the Open Economy PART FIVE Enriching the Model 14 The Banking System, the Federal Reserve, and the Money Supply 15 Saving Behavior and Credit Markets 16 Financial Markets and the Investment Decision Index
Laurence J. Kotlikoff is Professor of Economics at Boston University. One of the nation's leading experts on fiscal policy, national saving, and personal finance, Kotlikoff is the author of Essays on Savings, Bequests, Altruism, and Life-Cycle Planning (2001), Generational Policy (2003), The Coming Generational Storm (2004), all published by The MIT Press, and other books.