Macroeconomics of Self-Fulfilling Prophecies
2nd Revised edition
By (author) Roger E. A. Farmer
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Macroeconomics of Self-Fulfilling Prophecies by Roger E. A. Farmer
Book DescriptionFor many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition.
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Book DetailsISBN: 9780262062039
(229mm x 159mm x 25mm)
Imprint: MIT Press
Publisher: MIT Press Ltd
Publish Date: 30-Jul-1999
Country of Publication: United States
Books By Author Roger E. A. Farmer
How the Economy Works, Paperback (May 2014)» View all books by Roger E. A. Farmer
By explaining, comparing, and finally combining classical and Keynesian economics, Roger Farmer shows how to design ways of correcting the excesses of free market economies that preserve the best features of capitalism without stifling entrepreneurship.
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Author Biography - Roger E. A. Farmer
Roger Farmer is Assistant Professor of Economics at the University of Pennsylvania.
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