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This book introduces the concept of public sector rationing in asset markets and provides a modern non-Walrasian approach to macroeconomic policy analysis. The detailed treatment of credit rationing regimes makes this work particularly relevant to economies where the interest rate is regulated. Other topics covered include the disaggregation of the government into the treasury and the central bank, the specification behavior of households, firms, and the central bank as intertemporal optimizers. The book provides models that can be easily extended to take into account both institutional and economic structures of all economies and the particular needs of the policy analysts before empirical implementation.
Reviews & endorsements
"This book is a gem, and should have a large impact on the profession. I myself have been returning to an old interest of mine--incorporating financial and macroeconomic considerations into computable general equilibrium models. After an exhaustive survey of the relevant literature, I find the framework proposed in this book the most useful." Irma Adelman, University of California, Berkeley
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- Date Published: July 2009
- format: Paperback
- isbn: 9780521115742
- length: 84 pages
- dimensions: 229 x 152 x 5 mm
- weight: 0.14kg
- availability: Available
Table of Contents
List of tables
2. Firms rationed in the credit market
3. Household rationed in the credit market
4. Households and firms rationed in the credit market
5. Central-bank portfolio selection and stabilization policies
Appendix: Monetary and fiscal policies with a flexible interest rate
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