Macroeconomics and Monetary Theory,9780202308654

Macroeconomics and Monetary Theory

by
ISBN13: 9780202308654
ISBN10: 0202308650
Format: Nonspecific Binding
Pub. Date: 2006-07-15
Publisher(s): Routledge
List Price: $48.95

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Summary

Macroeconomics is an outgrowth from the mainstream of classical monetary theory following Keynes. Keynes changed the emphasis from the determination of the level of money prices to the determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level, to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory.

Table of Contents

Preface v
PART I MACROECONOMICS
Introduction: Macroeconomics and Monetary Theory
1(4)
The Keynesian income-expenditure model
5(10)
Applications of the Keynesian model to economic policy
15(8)
The consumption function
23(14)
Investment, business cycles and growth
37(18)
PART II THE DEMAND FOR MONEY
Major issues in monetary economics
55(4)
Classical quantity theory
59(4)
Keynesian monetary theory: fundamentals of the portfolio approach
63(12)
Integration of the transactions demand for cash and portfolio approaches to the demand for money
75(6)
Liquidity preference and risk aversion
81(5)
The term structure of interest rates
86(7)
Financial intermediaries
93(1)
Friedman's restatement of the Quantity theory
94(5)
PART III INTEGRATION OF MONETARY AND VALUE THEORY
The real balance effect
99(9)
Appendix: An aside on counting variables and equations in systems of simultaneous equations (from Carl F. Christ's lectures at Chicago, 1959)
105(3)
The real balance effect: further development
108(13)
PART IV EMPIRICAL WORK IN MONETARY ECONOMICS
The demand for money: estimation of structural equations
121(8)
Keynesian theory versus the Quantity theory: reduced form estimation
129(6)
PART V SOME MAJOR POLICY ISSUES
Theory of the supply of money
135(13)
Appendix: Stylised `liquidity ratio' model of the determination of the British money supply
145(3)
The theory of inflation
148(16)
Appendix: The Phillips curve and price expectations (based on J. Tobin in Inflation: its causes and consequences, New York University, 1968, pp, 48-54)
162(2)
Money in growth models
164(12)
International monetary theory
176
APPENDIX
Aggregate Demand and Supply relationships in a simple Keynesian model
185(13)
Marcus H. Miller
Reading list
198(13)
Review problems
211

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