Modern Macroeconomics¶
Snowdon, & Vane. (2005). Modern Macroeconomics: Its Origins, Development and Current State. Edward Elgar Publishing.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Domain-specific¶
- Aggregate Demand
- AD-AS equilibrium analysis — the home turf; aggregate demand is matched against aggregate supply to determine short-run output and the price level, with the movement-along-versus-shift-of discipline separating a price-level slide from a genuine demand stimulus. Fiscal-policy analysis — government purchases (G) and tax-induced consumption (C) are the labeled handles through which fiscal stance shifts the curve, scaled by the expenditure multiplier. Monetary-policy and monetary-transmission analysis — the policy interest rate reaches output through interest-sensitive investment (I) and consumption (C), the Keynes interest-rate channel that also helps slope the curve. IS-LM and multiplier-accelerator modelling — aggregate demand is the object these frameworks manipulate, with the respending multiplier converting an autonomous expenditure change into a larger output change. Business-cycle and stabilization theory across schools — Keynesian, monetarist, and New Keynesian traditions dispute the slopes, rigidities, and policy verdicts but share the same AD object and its component decomposition
This sourceComparative history of macroeconomic thought surveying the Keynesian, monetarist and New Keynesian traditions and their disputes over nominal and real rigidities.
Supported in partVerified against the work's full text
“Keynesian economics Nominal [rigidities] Dornbusch’s overshooting model Real [rigidities] New Keynesian business”
- AD-AS equilibrium analysis — the home turf; aggregate demand is matched against aggregate supply to determine short-run output and the price level, with the movement-along-versus-shift-of discipline separating a price-level slide from a genuine demand stimulus. Fiscal-policy analysis — government purchases (G) and tax-induced consumption (C) are the labeled handles through which fiscal stance shifts the curve, scaled by the expenditure multiplier. Monetary-policy and monetary-transmission analysis — the policy interest rate reaches output through interest-sensitive investment (I) and consumption (C), the Keynes interest-rate channel that also helps slope the curve. IS-LM and multiplier-accelerator modelling — aggregate demand is the object these frameworks manipulate, with the respending multiplier converting an autonomous expenditure change into a larger output change. Business-cycle and stabilization theory across schools — Keynesian, monetarist, and New Keynesian traditions dispute the slopes, rigidities, and policy verdicts but share the same AD object and its component decomposition
- Aggregate Supply
- AD-AS equilibrium analysis — the home turf; aggregate supply is matched against aggregate demand to set short-run output and the price level, with the binding constraint migrating from nominal rigidity to capacity as the horizon lengthens. Supply-shock and stagflation analysis — a cost shock (oil-price spike, wage push) is read as a leftward shift of short-run AS that raises prices and cuts output together, a joint move a demand-only account cannot produce. Expectations-augmented Phillips-curve theory — anticipated inflation enters wage- and price-setting, so a credible signal of looser future policy relocates the curve before any shock lands. Potential-output and growth accounting — the vertical long-run curve is fixed by capital, labour, and technology, tying AS to the economy's productive capacity and its long-run growth path. Slack-versus-capacity policy debate across schools — Keynesian, monetarist, and New Keynesian traditions dispute wage stickiness and the speed of expectations adjustment
This sourceA survey of modern macroeconomics that documents the Keynesian, monetarist and New-Keynesian traditions and their disputes over expectations.
Supported in partVerified against the work's full text
“rational [expectations] and a lot of [monetarist] ideas ? Yes, they accept rational [expectations]. Moreover”
- AD-AS equilibrium analysis — the home turf; aggregate supply is matched against aggregate demand to set short-run output and the price level, with the binding constraint migrating from nominal rigidity to capacity as the horizon lengthens. Supply-shock and stagflation analysis — a cost shock (oil-price spike, wage push) is read as a leftward shift of short-run AS that raises prices and cuts output together, a joint move a demand-only account cannot produce. Expectations-augmented Phillips-curve theory — anticipated inflation enters wage- and price-setting, so a credible signal of looser future policy relocates the curve before any shock lands. Potential-output and growth accounting — the vertical long-run curve is fixed by capital, labour, and technology, tying AS to the economy's productive capacity and its long-run growth path. Slack-versus-capacity policy debate across schools — Keynesian, monetarist, and New Keynesian traditions dispute wage stickiness and the speed of expectations adjustment
Verification¶
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