The past two decades witnessed a substantial change in the field of macroeconomics. The fall of the Keynesian approach after the inflationary episode of the 1970s was followed by the rise of the New Classical approach, which itself was overtaken by the Real Business Cycle and New Keynesian approaches. The driving force behind the change is a desire for a sound microeconomic foundation for macroeconomic theroy. This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a ...
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The past two decades witnessed a substantial change in the field of macroeconomics. The fall of the Keynesian approach after the inflationary episode of the 1970s was followed by the rise of the New Classical approach, which itself was overtaken by the Real Business Cycle and New Keynesian approaches. The driving force behind the change is a desire for a sound microeconomic foundation for macroeconomic theroy. This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behavior and is in line with the New Keynesian approach in its emphasis on the importance of imperfect competition in explaining macroeconomic phenomena. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework.
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Seller's Description:
This is an ex-library book and may have the usual library/used-book markings inside. This book has soft covers. In good all round condition. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 500grams, ISBN: 019829039X.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
This is an ex-library book and may have the usual library/used-book markings inside. This book has hardback covers. Clean from markings. In good all round condition. No dust jacket. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 600grams, ISBN: 0198286171.
