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题名/责任者:

A study in monetary macroeconomics / Stefan Homburg.

版本说明:

First edition.

出版发行项:

Oxford, United Kingdom : Oxford University Press, c2017.

ISBN:

9780198807537 :

ISBN:

0198807538

载体形态项:

x, 205 pages : color illustrations ; 24 cm

个人责任者:

Homburg, Stefan, 1961- author.

论题主题:

Macroeconomics-Mathematical models.

论题主题:

Money supply.

论题主题:

Monetary policy.

中图法分类号:

F015

书目附注:

Includes bibliographical references (pages 189-200) and index.

摘要附注:

The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle that super-expansive monetary policies failed to produce high inflation. Approaches that focus on steady states, rational expectations, and individuals planning over infinite horizons, are not suitable for analysing such abnormal situations. 'A Study in Monetary Macroeconomics' refines and improves mainstream approaches to resolve these puzzles and to contribute to a better understanding of monetary and fiscal policies. Using a rich institutional structure that includes features such as credit money, external finance, borrowing constraints, net worth, real estate and commercial banks, this timely study reduces rationality requirements to cope with its complex setting. It starts with a simple baseline model, deriving results from mathematical reasoning and simulations whilst adhering to the method of dynamic general equilibrium (DGE) with optimizing agents and fully specified models. Highly topical, 'A Study in Monetary Macroeconomics' uses a unified theoretical framework to demonstrate that a DGE approach makes it possible to develop clean models that work outside steady states and are appropriate for answering macroeconomic questions of actual interest.

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