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Gärtner Manfred. Macroeconomics

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Gärtner Manfred. Macroeconomics
2nd edition. — Gosport: Prentice Hall, 2006. — 531 с.
The first half of the book: Essential macroeconomic concepts are introduced in the context of the circular-flow-of-income model. Then students are led via the Keynesian cross, the IS-LM, the Mundell-Fleming and the aggregate demand-aggregate supply model to a fully dynamic aggregate demand-aggregate supply framework for analysing shortand medium-run macroeconomic issues. Chapters on the supply-side topics of unemployment and growth round out this conventional set of tools.
Chapters 10 and 11 extend the tool-box into areas that most intermediate macroeconomics textbooks barely mention in passing. The first refines and extends the Solow growth model (introduced in Chapter 9) for a discussionof human capital and poverty traps, and concludes with a first glimpse at endogenous growth. Under the heading ‘Endogenous economic policy’
Chapter 11 then shows that politicians may steer the economy along courses not considered desirable from society’s point of view, and how institutions should be shaped to reduce this risk.
Chapters 12–15 explore issues from the heart of European and global monetary and economic integration. All major topics are addressed in chapters on inflation, monetary unions, budget deficits and the public debt, and unemployment.
Chapter 16 offers a sneak preview of what students might expect in macroeconomics courses on the masters level. And it makes a serious effort to motivate and explain why current macroeconomic research has moved beyond the workhorse models of intermediate macroeconomics to study the potential of macroeconomics models with explicit microfoundations
– of the real-business-cycle mould, or with sticky prices. To this end, students learn about the co-movement of macroeconomic variables, and why sticky prices may perform better than sticky wages in explaining empirically observed patterns. They also grasp the intuition behind real-businesscycle dynamics, without the elaborate formal apparatus that usually comes with it.
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