Introducing Advanced Macroeconomics: Growth and Business Cycles, 2nd edition provides students with a thorough understanding of fundamental models in macroeconomics and introduces them to methods of formal macroeconomic analysis. Split into two sections, the first half of the book focuses on macroeconomics for the long run, introducing and developing basic models of growth and structural unemployment. The second half of the book deals with the economy in the short run, focusing on the explanation of business fluctuations. This new edition retains the popular pitch and level established in the 1st edition and continues to bridge the gap between intermediate macroeconomics texts and more advanced textbooks.
Peter Birch Sorensen is Professor of Economics at the University of Copenhagen and Chairman of the Danish Productivity Committee. He is a former Director of the university's Economic Policy Research Unit. He is a former Chairman of the Danish Economic Council, and he has served as a consultant on tax policy for the OECD, the European Commission, the International Monetary Fund and several national governments. Hans Jorgen Whitta-Jacobsen is Professor of Economics at the University of Copenhagen and Chairman of the Danish Economic Council. He has served as a consultant for the Danish government on tax reform and as a reporter on economic issues for the main Danish public service TV channel.
Preface Acknowledgements About the authors Macroeconomics for the long run and for the short run Book One: The Long Run Some Facts about Prosperity and Growth Part 1: Basic Theory and Empirics about Prosperity and Growth Capital Accumulation and Growth: The Basic Solow Model Wealth Accumulation and Capital Mobility: The Solow Model for a Small Open Economy Part 2: Exogenous Growth Technological Progress and Growth: The General Solow Model Education and Growth: The Solow Model with Human Capital Limits to Growth? The Solow Model with Scarce Natural Resources Part 3: Endogenous Growth Productive Externalities and Endogenous Growth R&D-Based Endogenous Growth Part 4: Structural Unemployment Some Facts and Introductory Theory about Unemployment Efficiency Wages and Unemployment Trade Unions and Unemployment Appendix: Table A: Some growth relevant country data Book Two: The Short Run Some Facts about Business Cycles Part 5: The Building Blocks for the Short-run Model Investment and Asset Prices Consumption, Income and Wealth Monetary Policy and Aggregate Demand Inflation, Unemployment and Aggregate Supply Part 6: The Short-run Model for the Closed Economy Explaining Business Cycles: Aggregate Supply and Aggregate Demand in Action Stabilization Policy: Why Stabilization Policy: How? Stabilization Policy with Rational Expectations The Limits to Stabilization Policy: Credibility and Uncertainty Part 7: The Short-run Model for the Open Economy Aggregate Demand and Aggregate Supply in the Open Economy Chapter 24 The Open Economy with Fixed Exchange Rates Chapter 25 The Open Economy with Flexible Exchange Rates Appendix: Basic regression analysis
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