Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits.
The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include:
* a full introduction to the microfoundations of consumption and investment
* a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply
* an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply
Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.
Robert J. Rossana is Professor of Economics, Department of Economics, Wayne State University, Detroit, USA.
Part One: Preliminary Concepts and Measurement 1. An Introduction to Macroeconomics 2. Measuring Macroeconomic Data 3. Business Cycle Measurement Part Two: Microfoundations 4. Consumption 5. Investment 6. Government 7. Money 8. The Labor Market Part Three: Long Run Models of the Economy 9. A Classical Model of the Aggregate Economy 10. Economic Growth Part Four: Short Run Models of the Economy 11. Aggregate Demand 12. Models of Cyclical Fluctuations 13. The Phillips Curve and Expectation Formation 14. Macroeconomic Policy 15. Macroeconomics in an Open Economy