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The New Macroeconomics

The New Macroeconomics
Imperfect Markets and Policy Effectiveness

$60.00

Jean-Pascal Bénassy, Huw Dixon, Neil Rankin, Richard Startz, Russell Cooper, Claude d'Aspremont, Rodolphe Dos Santos Ferreira, Louis-André Gérard-Varet, Andrew John, Omar Licandro, Gilles Saint-Paul, Christian Schultz, Jon Strand, Jeff Frank, Brian Hillier, Tim Worrall, Daron Acemoglu, Torben Andersen, Morten Hviid, George Evans, Garey Ramey, Alan Sutherland
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  • Date Published: October 1995
  • availability: Available
  • format: Paperback
  • isbn: 9780521479479

$60.00
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About the Authors
  • This book focuses on the rapidly growing research field of imperfect competition, asymmetric information, and other market imperfections in a macroeconomic context. It brings together leading researchers from the U.S. and Europe to examine the implications for macroeconomic policy of market imperfections in output, labor and financial markets. All the contributions are original, and include several general surveys and expository chapters that synthesize the larger literature, along with some state-of-the-art research at the frontier of the discipline. This is the first volume to focus exclusively on this literature. It should be a valuable resource for graduate students and researchers in macroeconomics.

    • Latest research by leading authors from both sides of the Atlantic (including many young 'rising stars')
    • Over 1/3 of the book includes specially written 'handbook style' chapters that expound and synthesize recent research in specific areas
    • Will be invaluable reading for advanced students in macroeconomics
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    Product details

    • Date Published: October 1995
    • format: Paperback
    • isbn: 9780521479479
    • length: 404 pages
    • dimensions: 229 x 152 x 23 mm
    • weight: 0.59kg
    • contains: 54 b/w illus. 8 tables
    • availability: Available
  • Table of Contents

    Introduction Huw Dixon and Neil Rankin
    Part I. Overviews and Perspectives:
    1. Classical and Keynesian features in macroeconomic models with imperfect competition Jean-Pascal Bénassy
    2. Imperfect competition and macroeconomics: a survey Huw Dixon and Neil Rankin
    3. Notes on imperfect competition and new Keynesian economics Richard Startz
    Part II. Goods Market Imperfections:
    4. Optimal labour contracts and imperfect competition: a framework for analysis Russell Cooper
    5. Market power, coordination failures and endogenous fluctuations Claude d'Aspremont, Rodolphe Dos Santos Ferreira, and Louis-André Gérard-Varet
    6. Macroeconomic externalities Andrew John
    Part III. Labour Market Imperfections:
    7. Demand uncertainty and unemployment in a monopoly union model Omar Licandro
    8. Efficiency wages as a persistence mechanism Gilles Saint-Paul
    9. Efficiency, enforceability and acyclical wages Christian Schultz
    10. Business fluctuations, worker moral hazard and optimal environment policy Jon Strand
    Part IV. Financial Market Imperfections:
    11. The stock market and equilibrium recessions Jeff Frank
    12. Asymmetric information, investment finance and real business cycles Brian Hillier and Tim Worrall
    Part V. Nominal Rigidities and Bounded Rationality:
    13. Hedging, multiple equilibria and nominal contracts Daron Acemoglu
    14. Information acquisition and nominal price adjustment Torben M. Andersen and Morten Hviid
    15. Expectation calculation, hyperinflation and currency collapse George W. Evans and Garey Ramey
    16. Menu costs and aggregate price dynamics Alan Sutherland
    Bibliography.

  • Authors

    Huw David Dixon, University of York
    fm.author_biographical_note1

    Neil Rankin, University of Warwick
    fm.author_biographical_note2

    Contributors

    Jean-Pascal Bénassy, Huw Dixon, Neil Rankin, Richard Startz, Russell Cooper, Claude d'Aspremont, Rodolphe Dos Santos Ferreira, Louis-André Gérard-Varet, Andrew John, Omar Licandro, Gilles Saint-Paul, Christian Schultz, Jon Strand, Jeff Frank, Brian Hillier, Tim Worrall, Daron Acemoglu, Torben Andersen, Morten Hviid, George Evans, Garey Ramey, Alan Sutherland

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