Macroeconomics : an open economy approach

Includes index

PART 1: BACKGROUND.- The Origins and Development of Macroeconomics.- The Social Framework for National Income Accounting.- Basic Concepts and Methods of Macroeconomics.- PART 2: THE INCOME-EXPENDITURE FRAMEWORK.- The Income-Expenditure Model and Goods Market Equilibrium.- Fiscal Policy and Devaluation Analysis.- Consumption.- Investment.- PART 3: THE IS-LM FRAMEWORK.- Financial Assets, Asset Market Equilibrium and Monetary Policy.- The Short Run IS-LM Model of Economic Policy.- The Government Budget Constraint and the Financing of Fiscal Policy.- The Demand for Money.- PART 4: THE AGGREGATE DEMAND AND AGGREGATE SUPPLY FRAMEWORK.- The Classical Theory of the Labour Market and Aggregate Supply.- The Keynesian Theory of Aggregate Supply and Supply Shocks.- The AD-AS Model of Economic Policy.- The New Keynesian Theories of Sticky Wages and Unemployment.- PART 5: MACROECONOMIC POLICY.- Economic Growth and Technical Progress.- Business Cycles.- Inflation .- The Dynamic Theory of Macroeconomic Policy.

This text reflects a concern to understand macroeconomic principles and applications in the context of the open economies of Western Europe and the rest of the world, providing an exposition of the three main macroeconomic models.