Macroeconomics of Self-Fulfilling Prophecies - 2nd Edition

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9780262062039: Macroeconomics of Self-Fulfilling Prophecies - 2nd Edition
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"The idea that changes in the beliefs of economic agents may play animportant role in business cycle fluctuations has made great strides duringthe last decade. Roger Farmer is a leader in this rapidly growing field ofresearch and this book is important reading for anyone interested in modernmacroeconomics." Sergio Rebelo , Tokai Bank Distinguished Professor of InternationalFinance, Kellogg Graduate School of Management, Northwestern University

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For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject.In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose.Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition.

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Descripción MIT Press Ltd, United States, 1999. Hardback. Estado de conservación: New. 2nd Revised edition. 231 x 155 mm. Language: English . Brand New Book. For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition. Nº de ref. de la librería AAH9780262062039

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Descripción MIT Press Ltd, United States, 1999. Hardback. Estado de conservación: New. 2nd Revised edition. 231 x 155 mm. Language: English . Brand New Book. For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition. Nº de ref. de la librería AAH9780262062039

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Descripción The MIT Press, 1999. Hardcover. Estado de conservación: New. book. Nº de ref. de la librería 0262062038

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Descripción The MIT Press, 1999. Hardcover. Estado de conservación: New. second edition. Nº de ref. de la librería DADAX0262062038

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Descripción The MIT Press, 1999. Hardcover. Estado de conservación: New. Nº de ref. de la librería P110262062038

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Descripción 1999. Hardcover. Estado de conservación: New. 2nd. 161mm x 26mm x 236mm. Hardcover. This work argues for the future of macroeconomics as a branch of applied general equilibrium theory. The main theme is that macroeconomics is best viewed as the study of equilibrium enviro.Shipping may be from multiple locations in the US or from the UK, depending on stock availability. 318 pages. 0.653. Nº de ref. de la librería 9780262062039

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Descripción 1999. Hardcover. Estado de conservación: New. 2nd. 161mm x 26mm x 236mm. Hardcover. This work argues for the future of macroeconomics as a branch of applied general equilibrium theory. The main theme is that macroeconomics is best viewed as the study of equil.Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. 318 pages. 0.653. Nº de ref. de la librería 9780262062039

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