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Tables of Contents for Macroeconomics
Chapter/Section Title
Page #
Page Count
List of Figures
ix
4
List of Tables
xiii
1
Preface to the Third Edition
xiv
1
Preface to the Second Edition
xv
1
Preface to the First Edition
xvi
1 The Nature of Macroeconomics
1
16
Methodology
4
2
Principal Macroeconomic Schools in the UK
6
4
The Evolution of Ideas
10
6
Concluding Comments
16
1
Further Reading
16
1
PART I MACROECONOMIC SECTORS
17
120
2 Aggregate Consumption Expenditure
18
22
Current Income Theories
18
6
Normal Income Theories
24
10
Endogenous Income Theories
34
3
Some Empirical Evidence
37
1
Concluding Comments
38
1
Further Reading
39
1
3 Aggregate Investment Expenditure
40
21
Approaches to Investment Theory
41
1
The Cost of Capital and Investment
42
9
Dynamic Theories of Investment Behaviour
51
2
The Neo-classical Analysis of Investment
53
4
The Importance of Profit and Retained Earnings
57
1
Some Policy Implications
58
1
Concluding Comments
59
1
Further Reading
60
1
4 The Government Sector
61
14
The Composition of Government Expenditure and Revenue
62
1
The Changing Status of Fiscal Policy
63
1
The Balanced Budget Multiplier
64
7
The Composition of the Tax Mix
71
2
Concluding Comments
73
1
Further Reading
74
1
5 The Demand for Money
75
22
The Functions of Money
76
1
Classical Monetary Theory - the Traditional Quantity Theory
77
1
The Keynesian Analysis of the Demand for Money
78
8
Post-Keynesian Modifications to the Demand for Money
86
3
The Revival of the Quantity Theory
89
3
Some Empirical Evidence
92
3
Concluding Comments
95
1
Further Reading
95
2
6 The Supply of Money
97
18
The Money Supply Process
97
7
Delineating the Money Stock
104
1
Money Supply Definitions in the UK
105
2
Monetary Control in the UK
107
4
Concluding Comments
111
1
Appendix: The Aggregate Demand Curve
111
3
Further Reading
114
1
7 The Labour Market
115
22
The Supply of Labour
115
3
The Demand for Labour
118
2
Employment and Aggregate Supply
120
6
Expectations Formation and Market Clearing
126
4
Institutional Arrangements and Market Clearing
130
5
Concluding Comments
135
1
Further Reading
135
2
PART II MACROECONOMIC SYSTEMS
137
154
8 The Classical Economic System
139
14
The Essential Features of Classical Macroeconomic Systems
139
2
The Classical Model
141
2
Say's Law and the Monetary Sector
143
6
The Role of Money
149
1
Aggregate Supply and Demand Analysis
150
1
Concluding Comments
151
1
Further Reading
151
2
9 The Economics of Keynes
153
13
The Context and Scope of the General Theory
153
6
The Unstable Expectations Thesis
156
1
The General Equilibrium Model
157
5
The Hicksian Income-Expenditure Approach
162
2
Concluding Comments
164
1
Further Reading
164
2
10 The Hicksian IS/LM Analysis
166
19
Essential Features of the IS/LM Framework
166
1
Derivation of the IS Curve
167
3
Derivation of the LM Curve
170
2
Equilibrium
172
2
Characteristics of the IS/LM Analysis
174
7
The Policy Framework
181
2
Concluding Comments
183
1
Further Reading
184
1
11 Comparative Statics of the Classical, Keynesian and Monetarist Models
185
20
The Policy Dispute
185
8
Extending the Hicksian Framework
193
2
The Flex Price Model
195
6
The Monetarist Contention
201
3
Concluding Comments
204
1
Further Reading
204
1
12 The Government Sector, the Budget Constraint and the Crowding Out Controversy
205
18
The Government Budget Constraint in the IS/LM Model
206
5
The Nature of the Budget Constraint
211
6
The Crowding Out Controversy
217
3
The Budget Constraint and Inflation
220
2
Concluding Comments
222
1
Further Reading
222
1
13 Output, Employment, Expectations and the Price Level
223
26
Inflation and its Causes
223
6
The Phillips Curve Relation
229
3
Expectations in Macroeconomics
232
3
The Role of Inflationary Expectations
235
3
Output, Inflation and Adaptive Expectations
238
2
Output, Inflation and Rational Expectations
240
3
Doubts Regarding the Rational Expectations Hypothesis
243
3
Empirical Evidence on Expectations
246
1
Concluding Comments
247
1
Further Reading
248
1
14 Internal and External Balance
249
24
The Foreign Exchange Market
249
2
The Balance of Payments
251
2
The Foreign Trade Sector and the Income Multiplier
253
4
Internal and External (Current Account) Balance
257
3
Internal and External (Current and Capital Account) Balance
260
7
IS/LM Analysis with a Floating Exchange Rate
267
1
Stabilization Policy under Fixed and Flexible Exchange Rates
268
3
Concluding Comments
271
1
Further Reading
271
2
15 Monetary Disturbances, Expectations and Exchange Rate Dynamics
273
18
The Absorption Approach to the Balance of Payments
273
4
The Monetary Approach to the Balance of Payments
277
4
Monetary Disturbances, Expectations and the Exchange Rate
281
5
Exchange Rate Overshooting
286
2
Concluding Comments
288
1
Further Reading
288
3
PART III MACROECONOMIC POLICY
291
102
16 The Macroeconomic Policy Debate
293
15
The Policy Debate
294
2
The Expectations Revolution and Macro-policy
296
2
The New Keynesian Response
298
8
Conclusion
306
1
Further Reading
306
2
17 Approaches to Macroeconomic Policy
308
12
The Optimizing Approach
308
1
The Fixed Targets Approach
309
2
The Problem of Time Inconsistency
311
2
Macroeconomic Policy and Uncertainty
313
1
The Principle of Certainty Equivalence
314
2
Concluding Comments
316
1
Appendix: The Principle of Certainty Equivalence
317
1
The Problem of Time Inconsistency
317
1
Further Reading
318
2
18 Macroeconomic Policy: Objectives, Instruments and Constraints
320
15
Policy Objectives
321
3
Policy Instruments
324
8
Constraints on Macroeconomic Policy
332
1
Concluding Comments
333
1
Further Reading
334
1
19 Inflation and Counter-inflation Policy in the UK
335
16
Why Should Governments Control Inflation?
336
3
Instruments of Anti-inflation Policy
339
1
Inflationary Control in the UK, 1950-1979
339
4
Policy since 1979
343
6
Concluding Comments
349
1
Further Reading
350
1
20 Unemployment in the UK
351
13
Types of Unemployment
352
2
Patterns of Unemployment in the UK
354
2
Employment Policy in the UK
356
2
Unemployment since the 1970s
358
4
Policy Implications of Present Unemployment
362
1
Concluding Comments
363
1
Further Reading
363
1
21 Balance of Payments and Exchange Rate Policies in the UK
364
15
The Meaning of External Balance
364
2
An Overview of the UK Balance of Payments
366
6
Balance of Payments Policy, 1950-1995
372
5
Concluding Comments
377
1
Further Reading
377
2
22 Policies for Economic Growth in the UK
379
14
The Sources of Economic Growth
379
2
Some Growth Theory
381
3
The Solow Growth Formula
384
1
Recent Policy and Experience in the UK
385
5
Explaining Britain's Relative Growth Performance
390
1
Concluding Comments
391
1
Further Reading
392
1
Bibliography
393
19
Index
412