A Study In Monetary Macroeconomics.

A Study In Monetary Macroeconomics

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ISBN details

  • ISBN 10: 0198807538
  • ISBN 13: 9780198807537


The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle that super-expansive monetary policies failed to produce high inflation. Approachesthat focus on steady states, rational expectations, and individuals planning over infinite horizons, are not suitable for analysing such abnormal situations. A Study in Monetary Macroeconomics refines and improves mainstream approaches to resolve these puzzles and to contribute to a betterunderstanding of monetary and fiscal policies.Using a rich institutional structure that includes features such as credit money, external finance, borrowing constraints, net worth, real estate and commercial banks, this timely study reduces rationality requirements to cope with its complex setting. It starts with a simple baseline model,deriving results from mathematical reasoning and simulations whilst adhering to the method of dynamic general equilibrium (DGE) with optimizing agents and fully specified models. Highly topical, A Study in Monetary Macroeconomics uses a unified theoretical framework to demonstrate that a DGEapproach makes it possible to develop clean models that work outside steady states and are appropriate for answering macroeconomic questions of actual interest.

Other Details

  • Publisher: Oxford University Press
  • Edition: 1
  • Pages: 224
  • Date Published: 2017-09-13
  • Authors: Stefan Homburg