Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.
Author(s): Fernando de Holanda Barbosa
Edition: 1st
Publisher: Springer
Year: 2018
Language: English
Pages: 448
City: Cham
Front Matter ....Pages i-xxiv
Front Matter ....Pages 1-1
The Representative Agent Model (Fernando de Holanda Barbosa)....Pages 3-32
The Open-Economy Representative Agent Model (Fernando de Holanda Barbosa)....Pages 33-61
Overlapping Generations (Fernando de Holanda Barbosa)....Pages 63-87
The Solow Growth Model (Fernando de Holanda Barbosa)....Pages 89-118
Economic Growth: Endogenous Savings and Growth (Fernando de Holanda Barbosa)....Pages 119-151
Front Matter ....Pages 153-153
Keynesian Models: The IS and LM Curves, the Taylor Rule, and the Phillips Curve (Fernando de Holanda Barbosa)....Pages 155-195
Economic Fluctuation and Stabilization (Fernando de Holanda Barbosa)....Pages 197-238
Open Economy Macroeconomics (Fernando de Holanda Barbosa)....Pages 239-265
Economic Fluctuation and Stabilization in an Open Economy (Fernando de Holanda Barbosa)....Pages 267-304
Front Matter ....Pages 305-305
Government Budget Constraint (Fernando de Holanda Barbosa)....Pages 307-338
Monetary Theory and Policy (Fernando de Holanda Barbosa)....Pages 339-369
Back Matter ....Pages 371-456
