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Critical Essay on Modern Macroeconomic Theory

F Hahn
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      Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.
      Format: CONTRIBUTORS: F Hahn EAN: 9780631209898 COUNTRY: United States PAGES: WEIGHT: 255 g HEIGHT: 228 cm
      PUBLISHED BY: John Wiley and Sons Ltd DATE PUBLISHED: 1998-03-19 CITY: GENRE: BUSINESS & ECONOMICS / Economics / Theory WIDTH: 154 cm SPINE:

      Book Themes:

      Economic theory and philosophy, Macroeconomics

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      Frank Hahn is Professor Ordinario, University of Siena, Professor Emeritus of Cambridge University, and Fellow of Churchill College. Robert Solow is Institute Professor of Economics at the Massachusetts Institute of Technology. He received the Nobel Prize in economics in 1987 for his macroeconomic research linking technology and growth.
      Macroeconomics began as the study of large-scale economic pathologies such as prolonged depression, mass unemployment and persistent inflation. In the early 1980s rational expectations and new classical economics dominated macroeconomic theory, with the result that such pathologies can hardly be discussed within the vocabulary of the theory. This book evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but how to go about doing macroeconomics the right way. Following an explanation of microeconomic foundations, chapters introduce the basic elements for a better macro-model. The model is simple, but combined with the appropriate model of the labor market it can say useful things about the fluctuation of employment, the correlation between wages and employment, and the role for corrective monetary policy.
      Format: CONTRIBUTORS: F Hahn EAN: 9780631209898 COUNTRY: United States PAGES: WEIGHT: 255 g HEIGHT: 228 cm
      PUBLISHED BY: John Wiley and Sons Ltd DATE PUBLISHED: 1998-03-19 CITY: GENRE: BUSINESS & ECONOMICS / Economics / Theory WIDTH: 154 cm SPINE:

      Book Themes:

      Economic theory and philosophy, Macroeconomics

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      Frank Hahn is Professor Ordinario, University of Siena, Professor Emeritus of Cambridge University, and Fellow of Churchill College. Robert Solow is Institute Professor of Economics at the Massachusetts Institute of Technology. He received the Nobel Prize in economics in 1987 for his macroeconomic research linking technology and growth.

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