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An Encyclopedia of Macroeconomics
The Encyclopedia of Macroeconomics is an authoritative and invaluable reference source on macroeconomics, which embraces definitions of terms and concepts, conflicting ideological approaches and the contributions of major thinkers. Comprehensive in scope, it contains over 300 short entries and more than 100 specially commissioned main entries from an internationally renowned group of scholars.
Awarded Choice Outstanding Academic Title for 2003
More Information
Critical Acclaim
Contributors
Contents
More Information
The Encyclopedia of Macroeconomics is an authoritative and invaluable reference source on macroeconomics, which embraces definitions of terms and concepts, conflicting ideological approaches and the contributions of major thinkers. Comprehensive in scope, it contains over 300 short entries and more than 100 specially commissioned main entries from an internationally renowned group of scholars.
The alphabetically ordered entries will be useful both as a basic reference source and a provocative stimulus for further reading. The Encyclopedia will soon be established as a leading reference source on macroeconomics that will both enlighten students and be highly valued by scholars and teachers of economics.
The alphabetically ordered entries will be useful both as a basic reference source and a provocative stimulus for further reading. The Encyclopedia will soon be established as a leading reference source on macroeconomics that will both enlighten students and be highly valued by scholars and teachers of economics.
Critical Acclaim
‘The key impact that the book has is the clarity and readability of the con tributions. All the pieces are highly informative and a pleasure to read.’
– K. Lawler, Economic Issues
‘It was Woody Allen who said “economics is about money and why it is good”. Dipping into this book will let you see why it is good!’
– Christine D. Reid, University of Strathclyde, UK
‘Although this excellent encyclopedia is focused toward intermediate undergraduates, postgraduates, and lecturers in macroeconomics, it is easy for any reader to use. Highly recommended.’
– J.C. Tucker, Choice
‘. . . truly a valuable addition to the materials on the area of study . . . this work will be useful in college and university reference collections.’
– Shannon Graff Hysell, American Reference Books Annual 2003
‘Brian Snowdon and Howard Vane are the premier travel writers of modern macroeconomics. In a series of interviews, anthologies, and surveys, they have explored the range of macroeconomic thinking and brought back edifying and entertaining tales of their travels. Now, in the Encyclopedia of Macroeconomics they have assembled a superlative detailed guidebook to the macroeconomic landscape. A useful reference book for all economists – broad in scope, and well written by distinguished contributors.’
– Kevin D. Hoover, University of California, Davis, US
‘Teachers of macroeconomics are already obliged to Snowdon and Vane (and Wynarczyk) for their success in persuading our students that this is a subject where they will find a lively ongoing debate on vital issues and not just a compilation of exam exercises. Their new Encyclopedia will be a splendid supplement not only to their own but to anybody’s textbook. Many of the short essays are little gems. It will be a rare teacher who does not himself (herself) find a lot to learn from browsing in it.’
– Axel Leijonhufvud, University of Trento, Italy
‘The editors of this volume already have a number of innovative and useful texts and essay collections (1994, 1997, 1999) to their credit. Their Encyclopedia of Macroeconomics is comparably valuable as a basic reference book for 21st Century students and teachers.’
– Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK and University of California, Los Angeles, US
– K. Lawler, Economic Issues
‘It was Woody Allen who said “economics is about money and why it is good”. Dipping into this book will let you see why it is good!’
– Christine D. Reid, University of Strathclyde, UK
‘Although this excellent encyclopedia is focused toward intermediate undergraduates, postgraduates, and lecturers in macroeconomics, it is easy for any reader to use. Highly recommended.’
– J.C. Tucker, Choice
‘. . . truly a valuable addition to the materials on the area of study . . . this work will be useful in college and university reference collections.’
– Shannon Graff Hysell, American Reference Books Annual 2003
‘Brian Snowdon and Howard Vane are the premier travel writers of modern macroeconomics. In a series of interviews, anthologies, and surveys, they have explored the range of macroeconomic thinking and brought back edifying and entertaining tales of their travels. Now, in the Encyclopedia of Macroeconomics they have assembled a superlative detailed guidebook to the macroeconomic landscape. A useful reference book for all economists – broad in scope, and well written by distinguished contributors.’
– Kevin D. Hoover, University of California, Davis, US
‘Teachers of macroeconomics are already obliged to Snowdon and Vane (and Wynarczyk) for their success in persuading our students that this is a subject where they will find a lively ongoing debate on vital issues and not just a compilation of exam exercises. Their new Encyclopedia will be a splendid supplement not only to their own but to anybody’s textbook. Many of the short essays are little gems. It will be a rare teacher who does not himself (herself) find a lot to learn from browsing in it.’
– Axel Leijonhufvud, University of Trento, Italy
‘The editors of this volume already have a number of innovative and useful texts and essay collections (1994, 1997, 1999) to their credit. Their Encyclopedia of Macroeconomics is comparably valuable as a basic reference book for 21st Century students and teachers.’
– Robert W. Clower, University of South Carolina, US, Brasenose College, Oxford, UK and University of California, Los Angeles, US
Contributors
Contributors: S. Ahmad, R.E. Backhouse, M. Baddeley, A.D. Bain, M. Benz, M. Blaug, M. Bleaney, M. Boumans, E. Burmeister, D.C. Colander, J.L. Cornwall, W. Cornwall, R.B. Cross, P. Davidson, G.J.A. Dawson, D. Demirbas, X. De Vanssay, M. De Vroey, R.W. Dimand, H.D. Dixon, M.H.I. Dore, S.C. Dow, K. Dowd, S.C.W. Eijffinger, R. Falvey, J. Fender, G. Fletcher, W. Frazer, B.S. Frey, R.W. Garrison, R. Gausden, B. Gerrard, J. Grieve Smith, J.D. Hammond, O.F. Hamouda, S.P. Hargreaves Heap, R.L. Harrington, N.M. Healey, K. Holden, P. Howitt, T.M. Humphrey, A. Hunt, P.M. Jackson, P.N.R. Junankar, D.E.W. Laidler, R. Leeson, T. Mayer, J. McCombie, R. Middleton, A.P.L. Minford, F.S. Mishkin, P. Mizen, C.J. Mulhearn, D.P. O’Brien, M. Peston, G. Reuten, C. Ryan, R.J. Sandilands, M. Setterfield, G.K. Shaw, S.M. Sheffrin, R. Shone, S.P. Simkins, J. Smithin, B. Snowdon, R.M. Solow, Z.A. Spindler, A. Stevenson, J.L. Thompson, H.-M. Trautwein, A.B. Trigg, H.R. Vane, H. Visser, R. Went, L.R. Wray
Contents
Contents:
Preface
Absolute Income Hypothesis
Adaptive Expectations
AD–AS Model
Balance of Payments-constrained Economic Growth
Balance of Payments: Keynesian Approach
Balance of Payments: Monetary Approach
Balanced Budget Multiplier
Bretton Woods
Budget Deficits: Cyclical and Structural
Business Cycles: Austrian Approach
Business Cycles: Keynesian Approach
Business Cycles: Marxian Approach
Business Cycles: Monetarist Approach
Business Cycles: New Classical Approach
Business Cycles: Political Business Cycle Approach
Business Cycles: Real Business Cycle Approach
Business Cycles: Stylized Facts
Calibration
Catching Up and Convergence
Central Bank Accountability and Transparency
Central Bank Independence
Classical Dichotomy
Classical Economics
Comparative Advantage
Coordination Failures
Credibility and Reputation
Credit Channels
Credit Views in Macroeconomic Theory
Crowding Out
Demand for Money: Buffer Stocks
Demand for Money: Friedman’s Approach
Demand for Money: Keynesian Approach
Ecological Macroeconomics
Economic Growth and the Role of Institutions
Endogenous Growth Theory
Evolutionary Macroeconomics
Exchange Rate Determination: Monetary Approach
Expectations-augmented Phillips Curve
Expenditure Reducing Policy
Expenditure Switching Policy
Financial Instability
Fiscal Policy: Role of
Fixed Exchange Rate System
Flexible Exchange Rate System
Forecasting
Friedman, Milton
Globalization
Gold Standard
Great Depression
Growth Accounting
Harrod–Domar Growth Model
Hicks, John Richard
Hysteresis
Incomes Policy
Inflation: Alternative Theories of
Inflation: Costs of
Inflation: Costs of Reducing
Inflation Targeting
Investment: Accelerator Theory of
Investment: Neoclassical Theories of
Involuntary Unemployment in Keynes’s General Theory
Involuntary Unemployment in Keynesian Economics
IS–LM Model: Closed Economy
IS–LM Model: Open Economy
Keynes, John Maynard
Keynes’s General Theory
Keynesian Cross
Keynesian Economics
Keynesian Economics: Reappraisals of
Laffer Curve
Lucas Critique
Lucas, Robert E. Jr.
Macroeconometric Models
Marshall–Lerner Condition
Marxian Macroeconomics: An Overview
Marxian Macroeconomics: Some Key Relationships
Menu Costs
Modigliani, Franco
Monetarism
Monetary Policy: Role of
Money Supply: Endogenous or Exogenous?
Multiplier
Mundell, Robert A.
Natural Rate of Unemployment
Neoclassical Growth Model
Neoclassical Synthesis
Neutrality of Money
New Classical Economics
New Keynesian Economics
New Political Macroeconomics
Nominal Rigidity
Optimum Currency Area
Permanent Income Hypothesis
Phillips Curve
Post Keynesian Economics
Purchasing Power Parity Theory
Quantity Theory of Money
Rational Expectations
Real Balance Effect
Real Rigidity
Representative Agent Model
Ricardian Equivalence
Rules versus Discretion
Samuelson, Paul A.
Say’s Law
Schools of Thought in Macroeconomics
Solow, Robert M.
Speculative Bubbles
Supply-side Economics
Theory and Measurement in Macroeconomics: Role of
Time Inconsistency
Tobin, James
Vector Autogressions
Preface
Absolute Income Hypothesis
Adaptive Expectations
AD–AS Model
Balance of Payments-constrained Economic Growth
Balance of Payments: Keynesian Approach
Balance of Payments: Monetary Approach
Balanced Budget Multiplier
Bretton Woods
Budget Deficits: Cyclical and Structural
Business Cycles: Austrian Approach
Business Cycles: Keynesian Approach
Business Cycles: Marxian Approach
Business Cycles: Monetarist Approach
Business Cycles: New Classical Approach
Business Cycles: Political Business Cycle Approach
Business Cycles: Real Business Cycle Approach
Business Cycles: Stylized Facts
Calibration
Catching Up and Convergence
Central Bank Accountability and Transparency
Central Bank Independence
Classical Dichotomy
Classical Economics
Comparative Advantage
Coordination Failures
Credibility and Reputation
Credit Channels
Credit Views in Macroeconomic Theory
Crowding Out
Demand for Money: Buffer Stocks
Demand for Money: Friedman’s Approach
Demand for Money: Keynesian Approach
Ecological Macroeconomics
Economic Growth and the Role of Institutions
Endogenous Growth Theory
Evolutionary Macroeconomics
Exchange Rate Determination: Monetary Approach
Expectations-augmented Phillips Curve
Expenditure Reducing Policy
Expenditure Switching Policy
Financial Instability
Fiscal Policy: Role of
Fixed Exchange Rate System
Flexible Exchange Rate System
Forecasting
Friedman, Milton
Globalization
Gold Standard
Great Depression
Growth Accounting
Harrod–Domar Growth Model
Hicks, John Richard
Hysteresis
Incomes Policy
Inflation: Alternative Theories of
Inflation: Costs of
Inflation: Costs of Reducing
Inflation Targeting
Investment: Accelerator Theory of
Investment: Neoclassical Theories of
Involuntary Unemployment in Keynes’s General Theory
Involuntary Unemployment in Keynesian Economics
IS–LM Model: Closed Economy
IS–LM Model: Open Economy
Keynes, John Maynard
Keynes’s General Theory
Keynesian Cross
Keynesian Economics
Keynesian Economics: Reappraisals of
Laffer Curve
Lucas Critique
Lucas, Robert E. Jr.
Macroeconometric Models
Marshall–Lerner Condition
Marxian Macroeconomics: An Overview
Marxian Macroeconomics: Some Key Relationships
Menu Costs
Modigliani, Franco
Monetarism
Monetary Policy: Role of
Money Supply: Endogenous or Exogenous?
Multiplier
Mundell, Robert A.
Natural Rate of Unemployment
Neoclassical Growth Model
Neoclassical Synthesis
Neutrality of Money
New Classical Economics
New Keynesian Economics
New Political Macroeconomics
Nominal Rigidity
Optimum Currency Area
Permanent Income Hypothesis
Phillips Curve
Post Keynesian Economics
Purchasing Power Parity Theory
Quantity Theory of Money
Rational Expectations
Real Balance Effect
Real Rigidity
Representative Agent Model
Ricardian Equivalence
Rules versus Discretion
Samuelson, Paul A.
Say’s Law
Schools of Thought in Macroeconomics
Solow, Robert M.
Speculative Bubbles
Supply-side Economics
Theory and Measurement in Macroeconomics: Role of
Time Inconsistency
Tobin, James
Vector Autogressions