Titlebook: Macroeconomic Theory and Macroeconomic Pedagogy; Giuseppe Fontana,Mark Setterfield Book 2009 Palgrave Macmillan, a division of Macmillan P

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Monetary Policy Analysis: An Undergraduate Toolkiteptual idea of how setting interest rates may (or may not) act to stabilize an economy comprising many households, firms, financial institutions and a significant government sector. Secondly, there are a host of institutional details to convey such as the framework for monetary policy, the relations

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The New Consensus in Macroeconomics: A Critical Appraisalconomics?’, and a book emerged from that conference (Arestis, 2007a). The conference concluded that there is now a new macroeconomic consensus in the sense that there is today a level of agreement among economists on macro issues not seen since the late 1960s/early 1970s.. This does not imply, of co

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Complexity and Macro Pedagogy: The Complexity Vision as a Bridge between Graduate and Undergraduate teaching and describing the complex macro economy is something we know much less well. Currently, in teaching macro to both graduate and undergraduate students, we don’t stress just how complex the economy really is. The argument in this chapter is that we should emphasize that complexity to frame t

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Teaching Macroeconomics When the Endogeneity of Money is Taken Seriouslyraditional use of the assumption of exogenous money (that is money created by an external agency such as the central bank) for the teaching of macroeconomic analysis and how that teaching could be approached. The underlying view on which this chapter is based is that macroeconomic analysis based on

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A Simple (and Teachable) Macroeconomic Model with Endogenous Moneynomic fluctuations. This is because central banks no longer use monetary aggregates as the instrument of monetary policy (as per the assumptions of the . model), but instead conduct policy by manipulating interest rates (see also Blinder 1997; Taylor 1997; Walsh 2002). Romer’s solution to this probl

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Money and Banking in a Realistic Macro Modelous. In the real world, the money supply is not exogenously determined by administrative decisions of central banks and monetary ‘shocks’ do not take the form of a disequilibrium between supply and demand working their way out through real balance effects. In practice, central banks set a nominal ra

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Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendmentsf base money. The New Consensus among central bankers and economists active in the field of monetary economics is now that central banks ought to set target nominal interest rates, thus controlling real interest rates and influencing output and inflation rates. Still, in the 1960s and 1970s, those a

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Minsky Meets Wicksell: Using the Wicksellian Model to Understand the Twenty-First Century Business C exciting and important real world events. Speculative excess and panic in financial markets, vulnerability of the banking system, widening credit spreads, the Fed’s difficulty in managing long-term risky interest rates, and its use of unconventional open market operations are topics that have been

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