Advanced Macroeconomics


Advanced Macroeconomics

A Primer, Second Edition

2nd edition

9781788970976 Edward Elgar Publishing
Patrick Minford, Professor of Applied Economics, Cardiff Business School, Cardiff University and David Peel, Professor of Economics, Lancaster University Management School, University of Lancaster, UK
Publication Date: 2019 ISBN: 978 1 78897 097 6 Extent: 520 pp
This is a newly revised second edition of a key macroeconomic textbook. After explaining the historical development of the subject, the authors show how rational expectations are handled in macro models. The importance of structural micro-founded models is explained, with key examples of such structural models examined in detail and with extensions to the open economy; policy implications are highlighted throughout. Methods for testing these models against macro data behaviour are explained, detailing the latest evidence on these models'' success.

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Since the rational expectations revolution in macroeconomics, the subject has evolved in a major way, adopting the principles behind the revolution and building on them in spectacular fashion. In this thoroughly revised and updated second edition, the authors provide a complete and up-to-date textbook designed to guide students through the mathematical and conceptual maze of modern macroeconomics.

The updated second edition includes:

• Explanation of the historical development of the subject

• Introduction to traditional macro-classical/adaptive expectations

• Demonstration of how rational expectations are handled in macro models and in finance

• An explanation of the importance of structural, micro-founded models

• Key examples of structural models examined in detail, and with extension to the open economy

• Discussion of policy implications throughout

• Methodology for testing models against macro data behaviour, complete with the latest evidence on these models’ success

• Coverage of key topics, including the supply-side, unemployment, growth and the open economy.

By explaining the basics of each topic, and providing the solid grounding for students to tackle more complex and detailed material, this textbook will be an invaluable resource for both postgraduate and upper level undergraduate students of macroeconomics alike.
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