The macroeconomics of self-fulfilling prophecies
著者
書誌事項
The macroeconomics of self-fulfilling prophecies
MIT Press, c1993
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注記
Includes bibliographical references and indexes
内容説明・目次
内容説明
Graduate macroeconomics courses are becoming increasingly technical. Students must learn the tools of dynamic analysis and they must be able to apply these tools to the wide range of different models that constitute the body of macroeconomic theory. This text presents a unified treatment of these approaches by showing how all of the models are related to the microeconomic paradigm of general equilibrium theory. It particularly complements Blanchard and Fisher's "Lectures on Macroeconomics" by filling out the technical material omitted in that text. Farmer proposes that the general equilibrium model most appropriate as a basis for macroeconomics is very different from the microeconomic paradigm. In the context of macroeconomic models, he observes, it is often the case that the welfare theorems that capture the idea of "the invisible hand" will fail to hold. Farmer explains the consequences of this failure for the properties of dynamic economic models. Farmer argues throughout that the model of macroeconomics that is the best tool for understanding the facts is one in which the self-fulfilling expectations of individual agents can have important effects on economic activity.
Several chapters present new research showing how the ideas presented in the first part of the book can be used to provide new insights into old problems.
目次
- Part 1 Introduction: Equilibrium Theory as an Approach to Macroeconomics
- A Preview of the Argument
- An Example
- Concluding Remarks. Part 2 Linear Difference Equations - Part 1 - Linearizing Nonlinear Models
- Solving First-Order Linear Models
- Solving Higher-Order Linear Models
- Concluding Remarks. Part 3 Linear Difference Equations - Part 2 - Linear Rational Expectations Models
- Solving Linear Rational Expectations Models
- Cross-Equation Restrictions and the Lucas Critique
- Concluding Remarks. Part 4 General Equilibrium Theory under Certainty: The Idea of Equilibrium
- The Theory of Consumer Choice
- Excess Demand Functions
- Equilibria and Their Properties
- General Equilibrium Theory and Efficient Allocations of Resources
- Concluding Remarks. Part 5 Infinite Horizon Economies and Representative Agents: The Representative Agent Economy
- Competitive Equilibrium and the Planner's Problem
- Using the Representative Agent Model to Explain Time Series Data
- Concluding Remarks. Part 6 Horizon Economies and Overlapping Generations: The Structure of the Overlapping Generations Economy
- The Consumer's Problem
- An Example of a Pareto Inferior Equilibrium
- Institutions That May Improve Allocations
- The Set of Equilibria in the Overlapping Generations Model
- Some Questions about the Model
- More General Examples of Overlapping Generations Economies
- Concluding Remarks. Part 7 Infinite Horizon Economies with Nonconvexities: A Growth Model with Increasing Returns
- Empirical Evidence for Increasing Returns
- Equilibria in the Increasing Returns Economy
- Comparing the Theoretical Properties of RA and IR Models
- Comparing Some Empirical Predictions of RA and IR Models
- Concluding Remarks. Part 8 General Equilibrium Theory and Uncertainty: Debreu's Formulation of the Problem
- Arrow's Formulation of the Problem
- Infinite Horizon Economies with Uncertainty
- Concluding Remarks. Part 9 Sunspots: Do Sunspots Matter?
- An Example of a Macroeconomic Model in Which Sunspots Matter
- Concluding Remarks. Part 10 Macroeconomic Models of Money: Models of Money
- The Dynamics of a Cash-in-Advance Model
- Equilibrium under Interest Rate Control
- Equilibrium under a Fixed Money Growth Rate Rule
- Concluding Remarks. Part 11 Applied Monetary Theory: The Monetary Facts - What There Is to Explain
- A Simple Monetary Model - Using Equilibrium Theory to Explain the Facts
- How Do Equilibria Behave?.
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