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Cover Macroeconomics


book € 50,00
series "Manuali"
pp. 448, Brossura, 978-88-15-38307-5
publication year 2023



I Key variables and institutions
1. Gross domestic product and related variables
1.1 Introduction
1.2 Gross Domestic Product
1.3 Consumption, investment, government purchases
1.4 Italian GDP using the three approaches
1.5 National income identities
1.6 Is GDP really that important?
1.6.1. GDP per capita
1.6.2. Self-production and the underground economy
1.6.3. GDP, Human Development Index and Gross Domestic Happiness
1.7 Per capita income and inequality
1.8 Summary
2. Four ‘rates’
2.1 Introduction
2.2 The unemployment rate
2.2.1. Definitions
2.2.2. Consequences of unemployment
2.3 Price level and inflation rate
2.3.1. Inflation, deflation and hyperinflation
2.3.2. The consumer price index
2.4 The GDP growth rate
2.4.1. Nominal GDP and real GDP
2.4.2. Per capita real GDP growth
2.5 The interest rate
2.5.1. The nominal interest rate
2.5.2. The real interest rate
2.5.3. Short- and long-term interest rates
2.6 Summary
Appendix. Properties and uses of logarithms
3. Balance of payments and exchange rate
3.1 Introduction
3.2 The Balance of Payments
3.3 What is an open economy?
3.4 The balance of payments and national income accounts
3.5 The exchange rate
3.5.1. The nominal exchange rate
3.5.2. The real exchange rate
3.6 GDP and the purchasing power parity
3.7 The uncovered interest rate parity
3.8 Summary
4. Money and the government budget
4.1 Introduction
4.2 The nature and functions of money
4.3 Money supply and the role of banks
4.3.1. Monetary aggregates
4.3.2. The role of ordinary banks
4.4 The quantity equation
4.5 The government budget
4.6 Government debt
4.6.1. Deficit and debt
4.6.2. The arithmetic of three rates and the monetary union
4.7 Summary
5 Fluctuations and growth
5.1 Introduction
5.2 The stylised facts of economic growth
5.3 Fluctuations, trends and potential GDP
5.3.1. Fluctuations and growth
5.3.2. De-trending the data
5.3.3. Potential GDP and output gap
5.4 The business cycle
5.5 Importance of growth and cycle
5.6 Periods in Macroeconomics
5.6.1. The very long run
5.6.2. The long run
5.6.3. The short run
5.6.4. The medium run
5.7 Summary
II The long run
6 Aggregate demand and supply in the long run
6.1 Introduction
6.2 Aggregate demand (AD)
6.3 The price determined real wage
6.4 Trade unions and the bargained real wage
6.5 Competing claims equilibrium
6.6 Money neutrality
6.7 Policies to increase employment and GDP in the long run
6.7.1. More powerful antitrust authorities
6.7.2. Lower entry costs and deregulation
6.7.3. Reducing the tax wedge
6.8 Labour and goods markets: interactions*
6.9 Summary
Appendix. Cournot’s oligopoly
7 Saving and investment
7.1 Introduction
7.2 From national accounting to economic theory
7.3 Saving
7.4 Investment
7.5 Coordination of saving and investment
7.6 Summary
Appendix. Choice between present and future consumption
8 Inflation and its costs
8.1 Introduction
8.2 Inflation and the quantity theory equation
8.3 Costs of inflation
8.3.1. Transaction costs and distributional e↵ects
8.3.2. Fiscal drag, seigniorage and inflation tax
8.4 Supply of and demand for inflation
8.4.1. Public deficit and demand for inflation
8.4.2. The supply of inflation and central bank independence
8.5 Sector inflation and average inflation
8.6 Summary
9 The open economy in the long run
9.1 Introduction
9.2 Net foreign investment and net exports
9.3 Equilibrium in the open economy
9.4 Exogenous shocks and changes in equilibrium
9.5 Equilibrium with the two parities
9.6 Inflation, exchange rates and international competitiveness
9.7 Summary
III The short run
10 Income, expenditure and fiscal policies
10.1 Introduction
10.2 Constant wages and prices: a horizontal AS
10.3 Consumption function and the multiplier
10.3.1. The multiplier principle
10.3.2. A paradox of thrift
IN DEEP A crucial hypothesis
10.4 Fiscal policy
10.4.1. The government budget and the multiplier
10.4.2. Budget deficit, public spending and other ‘automatic stabilisers’*
10.4.3. The balanced budget theorem
10.5 The Covid pandemic and the multiplier
10.6 Summary
Appendix. Market power, income distribution and multipliers
10.A.1 The baseline model
10.A.2 Introducing the government
11 The role of money and the interest rate
11.1 Introduction
11.2 The IS and the goods market
11.3 Monetary and fiscal policy: the IS-IT model
11.4 The money market
11.4.1. Interest rate steering
11.5 Summary
Appendix 1. The derivation of the money demand function
Appendix 2. The IS LM model
12 The open economy in the short run
12.1 Introduction
12.2 The balanced balance of payments (BoP) curve
12.3 The IS curve in an open economy
12.4 Monetary and fiscal policies under flexible exchange rates
12.5 Monetary and fiscal policies under fixed exchange rates
12.6 Spillover e↵ects in a monetary union*
12.7 Summary
Appendix. Marshall-Lerner conditions
13 Financial and economic crisis
13.1 Introduction
13.2 The Great Recession
13.3 Real estate bubbles and ‘subprime’ mortgages
13.4 The appeal of debt
13.4.1. Moral hazard
13.4.2. The power of leverage
13.5 Explanatory models
13.5.1. Households spending and mortgage pattern
13.5.2. Financial hierarchy and bank leverage*
13.6 The sovereign debt crisis in the eurozone
13.6.1. Chronicle of a collapse foretold
13.6.2. A Europe not up to scratch
13.6.3. Self-defeating fiscal consolidation?
13.7 Summary
IV The medium run
14 The Phillips curve and the medium run AS
14.1 Introduction
14.2 Wage adjustment and the Phillips curve
14.3 The NAIRU and the inflationary process
14.4 A non-inflationary wage dynamics
14.5 From the Phillips curve to the medium run AS
14.6 Hysteresis and persistence in the unemployment rate*
14.7 Summary
15 Fluctuations, inflation and monetary policy rule
15.1 Introduction
15.2 IS and IT in the medium run
15.2.1. IS and the output gap
15.2.2. Inflation targeting
15.2.3. Taylor’s rule
15.3 The AD curve
15.4 Monetary policy and expectations
15.4.1. An inflation shock
15.4.2. A temporary negative demand shock
15.4.3. A permanent inflationary shock
15.5 The economy at the zero lower bound
15.5.1. Introduction
15.5.2. The kinked AD curve
15.5.3. Towards unconventional policies
15.5.4. Structural reforms at the zero lower bound
15.6 Post-Covid inflation and the Ukraine invasion
15.7 Summary
V Economic growth
16 Endogenous economic growth
16.1 Introduction
16.2 An endogenous explanation for growth
16.3 The continuous time model
16.4 Production of technology and economic growth
16.5 Growth and the environment*
16.6 Growth accounting
16.7 Summary
17 Economic growth and convergence*
17.1 Introduction
17.2 The Solow model
17.2.1. The production function and income shares
17.2.2. The model solution
17.3 Technical progress and growth
IN DEEP Growth and unemployment
17.4 Convergence and conditional convergence
17.5 Endogenous growth and decreasing marginal product
17.6 Summary
Appendix. The Solow residual

See also

copertina Donne medievali
copertina The Plural West and Modernity
copertina Three
copertina Italia 1943