Introduction |
| |
Chapter 1 | THE SOLOW GROWTH MODEL |
1.1 | Some Basic Facts about Economic Growth |
1.2 | Assumptions |
1.3 | The Dynamics of the Model |
1.4 | The Impact of a Change in the Saving Rate |
1.5 | Quantitative Implication |
1.6 | The Solow Model and the Central Questions of Growth Theory |
1.7 | Empirical Applications |
1.8 | The Environment and Economic Growth |
| |
Chapter 2 | INFINITE-HORIZON AND OVERLAPPING-GENERATIONS MODELS |
Part A | THE RAMSEY-CASS-KOOPMANS MODEL |
2.1 | Assumptions |
2.2 | The Behavior of Households and Firms |
2.3 | The Dynamics of the Economy |
2.4 | Welfare |
2.5 | The Balanced Growth Path |
2.6 | The Effects of a Fall in the Discount Rate |
2.7 | The Effects of Government Purchases |
| |
Part B | THE DIAMOND MODEL |
2.8 | Assumptions |
2.9 | Household Behavior |
2.10 | The Dynamics of the Economy |
2.11 | The Possibility of Dynamic Inefficiency |
2.12 | Government in the Diamond Model |
| |
Chapter 3 | ENDOGENOUS GROWTH |
3.1 | Framework and Assumptions |
3.2 | The Model without Capital |
3.3 | The General Case |
3.4 | The Nature of Knowledge and the Determinants of the Allocation of Resources to R&D |
3.5 | The Romer Model |
3.6 | Empirical Application: Time-Series Tests of Endogenous Growth Models |
3.7 | Empirical Application: Population Growth and Technological Change since 1 Million B.C. |
3.8 | Models of Knowledge Accumulation and the Central Questions of Growth Theory |
| |
Chapter 4 | CROSS-COUNTRY INCOME DIFFERENCES |
4.1 | Extending the Solow Model to Include Human Capital |
4.2 | Empirical Application: Accounting for Cross-Country Income Differences |
4.3 | Social Infrastructure |
4.4 | Empirical Application: Social Infrastructure and Cross-Country Income Differences |
4.5 | Beyond Social Infrastructure |
4.6 | Differences in Growth Rates |
| |
Chapter 5 | REAL-BUSINESS-CYCLE-THEORY |
5.1 | Introduction: Some Facts about Economic Fluctuations |
5.2 | An Overview of Business-Cycle Research |
5.3 | A Baseline Real-Business-Cycle Model |
5.4 | Household Behavior |
5.5 | A Special Case of the Model |
5.6 | Solving the Model in the General Case |
5.7 | Implications |
5.8 | Empirical Application: Calibrating a Real-Business-Cycle Model |
5.9 | Empirical Application: Money and Output |
5.10 | Assessing the Baseline Real-Business-Cycle Model |
| |
Chapter 6 | NOMINAL RIGIDITY |
Part A | EXOGENOUS NOMINAL RIGIDITY |
6.1 | A Baseline Case: Fixed Prices |
6.2 | Price Rigidity, Wage Rigidity, and Departures from Perfect Competition in the Goods and Labor Markets |
6.3 | Empirical Application: The Cyclical Behavior of the Real Wage |
6.4 | Toward a Usable Model with Exogenous Nominal Rigidity |
| |
Part B | MICROECONOMIC FOUNDATIONS OF INCOMPLETE NOMINAL ADJUSTMENT |
6.5 | A Model of Imperfect Competition and Price-Setting |
6.6 | Are Small Frictions Enough? |
6.7 | Real Rigidity |
6.8 | Coordination-Failure Models and Real Non-Walrasian Theories |
6.9 | The Lucas Imperfect-Information Model |
6.10 | Empirical Application: International Evidence on the Output-Inflation Tradeoff |
| |
Chapter 7 | DYNAMIC STOCHASTIC GENERAL-EQUILIBRIUM MODELS OF FLUCTUATIONS |
7.1 | Building Blocks of Dynamic New Keynesian Models |
7.2 | Predetermined Prices: The Fischer Model |
7.3 | Fixed Prices: The Taylor Model |
7.4 | The Calvo Model and the New Keynesian Phillips Curve |
7.5 | State-Dependent Pricing |
7.6 | Empirical Applications |
7.7 | Models of Staggered Price Adjustment with Inflation Inertia |
7.8 | The Canonical New Keynesian Model |
7.9 | Other Elements of Modern New Keynesian DSGE Models of Fluctuations |
| |
Chapter 8 | CONSUMPTION |
8.1 | Consumption under Certainty: The Permanent-Income Hypothesis |
8.2 | Consumption under Uncertainty: The Random-Walk Hypothesis |
8.3 | Empirical Application: Two Tests of the Random-Walk Hypothesis |
8.4 | The Interest Rate and Saving |
8.5 | Consumption and Risky Assets |
8.6 | Beyond the Permanent-Income Hypothesis |
| |
Chapter 9 | INVESTMENT |
9.1 | Investment and the Cost of Capital |
9.2 | A Model of Investment with Adjustment Costs |
9.3 | Tobin's q |
9.4 | Analyzing the Model |
9.5 | Implications |
9.6 | Empirical Application: q and Investment |
9.7 | The Effects of Uncertainty |
9.8 | Kinked and Fixed Adjustment Costs |
9.9 | Financial-Market Imperfections |
9.10 | Empirical Application: Cash Flow and Investment |
| |
Chapter 10 | UNEMPLOYMENT |
10.1 | Introduction: Theories of Unemployment |
10.2 | A Generic Efficiency-Wage Model |
10.3 | A More General Version |
10.4 | The Shapiro-Stiglitz Model |
10.5 | Contracting Models |
10.6 | Search and Matching Models |
10.7 | Implications |
10.8 | Empirical Applications |
| |
Chapter 11 | INFLATION AND MONETARY POLICY |
11.1 | Inflation, Money Growth, and Interest Rates |
11.2 | Monetary Policy and the Term Structure of Interest Rates |
11.3 | The Microeconomic Foundations of Stabilization Policy |
11.4 | Optimal Monetary Policy in a Simple Backward-Looking Model |
11.5 | Optimal Monetary Policy in a Simple Forward-Looking Model |
11.6 | Additional Issues in the Conduct of Monetary Policy |
11.7 | The Dynamic Inconsistency of Low-Inflation Monetary Policy |
11.8 | Empirical Applications |
11.9 | Seignorage and Inflation |
| |
Chapter 12 | BUDGET DEFICITS AND FISCAL POLICY |
12.1 | The Government Budget Constraint |
12.2 | The Ricardian Equivalence Result |
12.3 | Ricardian Equivalence in Practice |
12.4 | Tax-Smoothing |
12.5 | Political-Economy Theories of Budget Deficits |
12.6 | Strategic Debt Accumulation |
12.7 | Delayed Stabilization |
12.8 | Empirical Application: Politics and Deficits in Industrialized Countries |
12.9 | The Costs of Deficits |
12.10 | A Model of Debt Crises |
| |
Epilogue | THE FINANCIAL AND MACROECONOMIC CRISIS OF 2008 AND BEYOND |
2012 McGraw-Hill Higher Education