The second thing to note from Figure 2 is that the positive money-multiplier shock--which means an unexpected increase in inside money--also leads to responses consistent with standard macroeconomic theory
Friedman and Schwartz began their monetary project not by reading monetary theory or macroeconomic theory
, but by building data and reading banking history.
In the 1970s, when macroeconomic theory
was ruled by 'competing schools of thought', it would have been commonplace to link different macroeconomic models with ideological and political positions.
This project analyzed course outcomes for students enrolled in intermediate microeconomic or macroeconomic theory
between spring 1996 and fall 1998.
The intellectual job now is to incorporate the idea of animal spirits back into macroeconomic theory
in the way that Keynes advocated.
For those who may express reservations about the rise in subsidies increasing indebtedness, the Punjab Finance Minister revealed that dependence on international loans will be minimized to 23 billion rupees and Punjab would try to finance development expenditure from its own resources - again a worthy goal rooted in sound macroeconomic theory
The fixtures of the macroeconomics conference circuit all started later: the Carnegie-Rochester series in 1973; the National Bureau of Economic Research's economic fluctuations program and its International Seminar on Macroeconomics and Summer Institute in 1978; the NBER Macroeconomics Annual in 1986 (a self-conscious copy of the Brookings Papers, I can say from firsthand knowledge); and the Minnesota Workshop in Macroeconomic Theory
The point is that all of these terms--"bad equilibrium," "autarkic allocations," "unstable steady states," and so on--have very specific meanings when used in the context of a formal study in macroeconomic theory
like Antinolfi, Azariadis, and Bullard's.
The originality of this study may not be immediately apparent to historians, unless they have a decided taste for macroeconomic theory
This is the most recent incarnation of Sargent's (1987) Dynamic Macroeconomic Theory
text which revolutionized the curriculum of macroeconomic coursework, at the graduate level, by placing DSGM firmly at its core.
Although the author scores some valid points in suggesting different emphases for economists, much of the criticism falls flat, suggesting lacunae in his understanding of some of the concepts and logic of macroeconomic theory
This case would be appropriate for a money and banking class, a monetary economics class, a financial economics class, an intermediate or an advance macroeconomic theory
The Economics Challenge tests student knowledge of microeconomic and macroeconomic theory
, international economics, and current economic events and data.
The awareness creation effort was initially based on conceptual developments in the macroeconomic theory
of growth ("endogenous growth models"), and subsequently on the empirical process of documenting the magnitude and impact of intangibles.
Modern academic standards explicitly acknowledge the dynamic nature of economic decisions--that macroeconomic variables interact with each other in such a way that the relevant economic relations must be considered simultaneously--and the importance of microeconomic theory as a sound foundation for macroeconomic theory