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Imperfectly Flexible Prices, from Macroeconomic Theory: A Dynamic General Equilibrium Approach

In: Macroeconomic Theory: A Dynamic General Equilibrium Approach

Author

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  • Michael Wickens

    (University of York)

Abstract

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This book truly offers something new by emphasizing the general equilibrium character of macroeconomics to explain effects across the whole economy, not just part. It is also the perfect resource for economists who need to brush up on the latest developments. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, exchange-rate determination, and an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. While the mathematics needed for this book is rigorous, the author describes fundamental concepts in a way that helps make the book self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory will become the standard text for students and is ideal for economists, particularly those in government, central and commercial banking, and financial investment.

Suggested Citation

  • Michael Wickens, 2008. "Imperfectly Flexible Prices, from Macroeconomic Theory: A Dynamic General Equilibrium Approach," Introductory Chapters,in: Macroeconomic Theory: A Dynamic General Equilibrium Approach Princeton University Press.
  • Handle: RePEc:pup:chapts:8595-9
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    File URL: http://press.princeton.edu/chapters/s09_8595.pdf
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    References listed on IDEAS

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    Cited by:

    1. Luis Eduardo Arango & Nataly Obando & Carlos Esteban Posada, 2011. "Los salarios reales a lo largo del ciclo económico en Colombia," Borradores de Economia 666, Banco de la Republica de Colombia.
    2. Pesenti, Amos, 2016. "The meaning of monetary stability," FSES Working Papers 475, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    3. J.E. King, 2011. "Four Theses on the Global Financial Crisis," Chapters,in: The Global Financial Crisis, chapter 7 Edward Elgar Publishing.
    4. repec:nea:journl:y:2017i:35:p:53-69 is not listed on IDEAS
    5. Elena Sinelnikova-Muryleva, 2011. "Innovations in the sphere of payments and the money demand in Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 157P.
    6. Matthew Canzoneri & Robert Cumby, 2008. " Macroeconomic Implications of a Key Currency," CDMA Conference Paper Series 0807, Centre for Dynamic Macroeconomic Analysis.
    7. Shafik Hebous, 2011. "The Effects Of Discretionary Fiscal Policy On Macroeconomic Aggregates: A Reappraisal," Journal of Economic Surveys, Wiley Blackwell, pages 674-707.
    8. Pedro Garcia Duarte, 2015. "From real business cycle and new Keynesian to DSGE Macroeconomics: facts and models in the emergence of a consensus," Working Papers, Department of Economics 2015_05, University of São Paulo (FEA-USP).
    9. Hebous, Shafik, 2009. "The Effects of Discretionary Fiscal Policy on Macroeconomic Aggregates: A Reappraisal," MPRA Paper 23300, University Library of Munich, Germany, revised Jun 2010.

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