Macroeconomics: Theory and Policy (5th Edition)

Description

It gives us immense pleasure to present the fifth edition of  Macroeconomics. This edition meets the curriculum requirements to broaden each student’s perspective and provides macroeconomic analysis its greatest breadth. It continues to offer a comprehensive explanation of various theories formulated at different stages of the growth of macroeconomics—classical, Keynesian and post-Keynesian. A succinct methodology is applied throughout to present the subject matter of macroeconomics.

• Up-to-date text with simplified interpretations, examples and latest economic data
• Step-by-step illustrations of macroeconomic theories using graphical and algebraic methods
• Enriched pedagogy with revised ‘Review’ questions, and new ‘Objective’ questions

Table of Contents

1. Part I Introduction
   1. Introduction to Macroeconomics
   2. Circular Flow Model of the Economy
   3. National Income Accounting
2. Part II Product Market Analysis: Theory of National Income Determination
   1. The Classical Theory of Output and Employment
   2. Keynesian Theory of Income Determination: Simple Economy Model
   3. Change in Aggregate Demand and Investment Multiplier
   4. Theory of Income Determination in Closed Economy Model: A Model with Government Sector
   5. Income Determination in Open Economy: the Four-Sector Model
3. Part III Theories of Consumption and Investment
   1. Theories of Aggregate Consumption
   2. Theory of Investment and Capital Accumulation
4. Part IV Money Market Analysis
   1. Money: Definition, Functions and Importance
   2. The Supply of Money
   3. The Classical Theory of Money Demand and Interest Determination
   4. The Keynesian Theory of Money Demand and Interest
   5. The Post-Keynesian Theories of Money Demand
5. Part V Integration of Product and Money Markets: The IS-LM Model
   1. The IS-LM Model: The Simple Economy Model
   2. The IS-LM Model with Government Sector: The Three-Sector Model
   3. IS-LM Model with Foreign Sector
   4. Synthesis of Classical and Keynesian Approach to General Economic Equilibrium
   5. Post-Keynesian Macroeconomics
6. Part VI Economic Growth and Business Cycles
   1. Theories of Economic Growth
   2. Business Cycle Theories and Global Recession
7. Part VII Dynamics of Inflation and Unemployment
   1. Inflation: Meaning, Measure and Effects
   2. Theories of Inflation and Control Measures
   3. Inflation and Unemployment
8. Part VIII International Aspects of Macroeconomics
   1. Foreign Exchange Rate
   2. Balance of Payments: Meaning and Assessment
   3. Balance of Payments Disequilibrium and Adjustments
9. Part IX Macroeconomic policies: Monetary and Fiscal Policies
   1. Macroeconomic Policies: Meaning, Objectives and Formulation
   2. Monetary Policy
   3. Fiscal Policy
   4. Demonetisation and Implementation of Goods and Services Tax (GST)