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Macroeconomics: Institutions, Instability, and Inequality de Wendy Carlin

Macroeconomics: Institutions, Instability, and Inequality

Autor Wendy Carlin, David Soskice
en Limba Engleză Paperback – 29 ian 2024

Ceea ce diferențiază Macroeconomics de manualele standard este curajul de a abandona modelele abstracte în favoarea unui cadru analitic utilizat de cercetătorii și factorii de decizie de astăzi. Găsim în această carte o metodologie care nu mai tratează sistemul financiar ca pe o anexă, ci ca pe un element central al instabilității macroeconomice. Notăm cu interes cum Wendy Carlin și David Soskice reușesc să distileze complexitatea ciclurilor economice într-un model accesibil cu trei ecuații, oferind studenților un instrumentar robust pentru a decoda realitățile post-criză.

Cititorul care a aplicat ideile din Keynesian Macroeconomics Beyond the IS-LM Model de Chandana Ghosh va găsi aici acea punte necesară între teoria tradițională și mecanismele moderne de generare a creditului și veniturilor, însă cu o rigoare matematică adaptată secolului XXI. Structura volumului este una progresivă: după stabilirea modelului de bază în prima parte, autorii extind analiza către economia deschisă și teoriile creșterii, culminând cu aplicații practice pe economiile SUA, Europei și Japoniei.

Această lucrare reprezintă o evoluție firească față de Macroeconomics and the Wage Bargain, unde autorii au explorat piețele imperfecte. Aici, viziunea se extinde radical, integrând inegalitatea nu doar ca o temă socială, ci ca o componentă endogenă a modelării macroeconomice. Este, în esență, un manual care pregătește noua generație de economiști să înțeleagă nu doar cum funcționează piețele, ci și de ce eșuează acestea în contextul șocurilor climatice sau al revoluției tehnologice.

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Specificații

ISBN-13: 9780198838661
ISBN-10: 0198838662
Pagini: 1024
Dimensiuni: 190 x 245 x 40 mm
Greutate: 1.93 kg
Ediția:2
Editura: OUP OXFORD
Colecția OUP Oxford
Locul publicării:Oxford, United Kingdom

De ce să citești această carte

Recomandăm această carte studenților și profesioniștilor care doresc să treacă dincolo de simplificările teoretice. Veți câștiga o înțelegere profundă a modului în care inegalitatea și sistemul financiar influențează politicile monetare și fiscale. Este o resursă esențială pentru a înțelege dinamica datoriilor și provocările viitoare ale muncii într-o economie dominată de inovația digitală.

Despre autor

Wendy Carlin și David Soskice sunt figuri proeminente în gândirea economică contemporană, recunoscuți pentru capacitatea lor de a aduce realismul instituțional în centrul macroeconomiei. Wendy Carlin este profesor de economie la University College London și cercetător la CEPR, fiind implicată activ în reformarea curriculumului economic global prin proiectul CORE. David Soskice, profesor la London School of Economics, este celebru pentru contribuțiile sale în economia politică comparată. Împreună, aceștia au redefinit modul în care piețele muncii și sistemele financiare sunt predate la nivel universitar.

Descriere

At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies.Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession.Key features• Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers• The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints• The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them• Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis• Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession• Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics• Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality• Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods• End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought• Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own paceDigital formats and resourcesThis title is available for students and institutions to purchase in a variety of formats and is supported by online resources.The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit:www.oxfordtextbooks.co.uk/ebooks/This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book.

Recenzii

This enlightening book is a wonderful guide to the key topics of macroeconomics: inflation, monetary policy, including at the zero lower bound, growth and innovation, inequality, exchange rates and more. Very closely connected to the real world, Carlin and Soskice's book brings a wealth of data and historical examples into the discussion in a very pedagogical way. It covers extremely well the links between risk taking, financial cycles and crises which are at the heart of our modern economies. It has also an essential and very timely chapter on commodity price shocks. This is what macroeconomics is about: first order questions, affecting the lives of billions of people, clear modelling and rigorous thinking informed by data and history. Very exciting!
This wonderful textbook achieves a rare feat: the material is consistent with work at the current research frontier but nevertheless remains highly accessible. I first learned macroeconomics from an earlier volume of this textbook, when I was an undergraduate student twenty years ago. Now as then the core of the book is its simple 3-equation model for studying business cycles and stabilization policy. But this latest volume also takes on board many of the key developments over the last two decades. Specifically, this is the first textbook to integrate the lessons of the exploding literature on heterogeneous-agent macroeconomics and of the new HANK models. As Carlin and Soskice write: "it's time for 'inequality' to have a place in the title of a macroeconomics textbook" - I couldn't agree more!
Beautifully written and rich in data and historical examples, 'Macroeconomics' sets out the building blocks of macroeconomic modelling and guides readers to the frontier of the discipline. The book underscores the crucial role played by institutions, inequality and innovation in contemporary economies. Once you start reading it, you cannot stop it!
Carlin and Soskice have written a masterful treatise on modern macroeconomics. The authors bring to life the fundamental importance of balance for the healthy functioning of an economy - not only the balance between supply and demand, but also in terms of equitable distribution of income. They carefully walk us through when finance is useful, and when its excesses can be harmful for the economy. Most importantly, the authors explain why institutions, i.e. the manner in which a society chooses to govern itself, are central to how far an economy prospers.
Wendy Carlin and David Soskice have once more achieved a pedagogical tour de force, bringing frontier research to the undergraduate level. The increased focus on inequality, its sources and its implications, is a particularly welcome addition.
This remarkable new macroeconomics text brings upper-level undergraduates to the frontier of research and policy. The exposition is at the same time accessible, engaging, and relevant to current concerns about the broad consequences of policies -- intended and unintended. The book's attention to historical and institutional context, as well as its treatment of innovation and technical change, set it apart from other textbooks at this level.
Austerity, financial crises, quantitative easing, artificial intelligence: this book has it all. A macroeconomics text that explains the data and logic that policymakers really do use. Read this book and understand the world.
This is the only undergraduate macroeconomics textbook that weaves a serious treatment of inequality into a core three-equation model, and, at the same time, it also includes an unparalleled introduction to incorporating the financial system in this framework. As such, it marks a serious departure from most macroeconomics textbooks, which tend to relegate distribution and finance to the secondary status of extensions or special topics. The accompanying simulation tool also makes the book exceptionally classroom friendly, not only by providing instructors a visual way to summarize comparative statics, but also by giving students a tool with which they can independently explore extensions of classroom discussions.
Economics students want to understand the world we live in, and no other macroeconomics textbook satisfies this desire to engage with the world's most significant issues quite like Carlin and Soskice. With its intuitive, tractable, and realistic approach, their textbook equips students to easily comprehend even the most complex macroeconomic concepts and their relationship to real-world problems like inequality and economic shocks. The 3-equation model helps students grasp how economic shocks affect the economy, while the new book's analysis of inequality gives a more thorough understanding of how policy responses can impact people's lives. The book equips the next generation of economics graduates to make a meaningful impact in the world. The new book also links to the CORE Econ Project, enabling programme leaders to create a more integrated curriculum in macroeconomics across years.
The coverage on environmental and social sustainability of production is much appreciated.
Employers value graduates comfortable to deal with real world issues, using appropriate theory and data skills. Using this textbook will be an ideal way to foster such a graduate.
Carlin and Soskice offer a clear, balanced, engaging, and forward-looking perspective on a wide range of topics, from short-term monetary policy to growth & innovation. Students will appreciate the authors' crystal-clear exposition, along with the careful balance of technical detail and intuitive real-world examples presented.
The book's development and applications of the 3-equation model make it easy to introduce students to more advanced theoretical ideas and current policy issues. It is straightforward to pick chunks of the book and incorporate other material. Resources provided to instructors and students are very helpful.

Notă biografică

Wendy Carlin is Professor of Economics at University College London, Fellow of the CEPR, Fellow of the British Academy, and External Professor at the Santa Fe Institute. She directs the CORE Econ project - www.core-econ.org - and is Co-Director of the James M. and Cathleen D. Centre on Wealth Concentration, Inequality, and the Economy at University College London.David Soskice FBA is Emeritus Professor at The London School of Economics and Political Science.

Cuprins

  • Preface
  • 1: Motivation for Macroeconomic Models
  • PART 1: THE MACROECONOMIC MODEL
  • 2: Aggregate Demand, Aggregate Supply and Business Cycles
  • 3: Inflation, Unemployment and Monetary Rules
  • 4: Labour Markets and Supply-Side Policies
  • 5: Monetary Policy
  • 6: Fiscal Policy
  • PART 2: CONSUMPTION, INVESTMENT AND MONEY
  • 7: Consumption and Investment
  • 8: Money and Finance
  • PART 3: THE OPEN ECONOMY
  • 9: The open economy in the short run
  • 10: Inflation and Unemployment in the Open Economy
  • 11: Shocks and Policy Responses in the Open Economy
  • 12: Interdependent Economies
  • PART 4: GROWTH
  • 13: Exogenous Growth Theory
  • 14: Endogenous and Schumpeterian Growth
  • PART 5: MICRO-FOUNDATIONS AND POLITICAL ECONOMY
  • 15: New Keynesian Micro-foundations
  • 16: Political Economy
  • PART 6: APPLICATIONS
  • 17: Performance and Policy in Europe, the USA and Japan
  • 18: Unemployment: institutions, shocks and policies