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The text provides the first comprehensive description and evaluation of macroeconomic theory in many years. The main purpose of the book is to characterize and explain fluctuations in output, unemployment, and movement in prices. Topics include consumption and investment, the implications of finite horizons, goals of economic policy, fiscal policy, and dynamic inconsistency. Written as a text for postgraduate students, the book also presents topics in a self-contained way that makes it a suitable reference for professional economists. A background in macroeconomics, statistics and econometrics is the prerequisite for studying the text.
KEY FEATURES :
• Complete discussions on various models appropriate to each topic
• A special chapter analyses the goals of economic policy, monetary policy, fiscal policy, and dynamic in consistency
• Basic models are described and extended to take into account the presence of uncertainty and stochastic fluctuations
• Two exclusive chapters cover what-may-be called new Keynesian economics.ISBN 9788120310421
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