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Dynamic Macroeconomics
An advanced treatment of modern macroeconomics, presented through a sequence of dynamic equilibrium models, with discussion of the implications for monetary and fiscal policy. This textbook offers an advanced treatment of modern macroeconomics, presented through a sequence of dynamic general equilibrium models based on intertemporal optimization on the part of economic agents. The book treats macroeconomics as applied and policy-oriented general equilibrium analysis, examining a number of models, each of which is suitable for investigating specific issues but may be unsuitable for others. After presenting a brief survey of the evolution of macroeconomics and the key facts about long-run econ...
External Constraints on Macroeconomic Policy
This book from the Centre for Economic Policy Research deals with the implications of the exchange rate regimes and capital flows of the 1990s for government macroeconomic policy-making and EC policy co-ordination.
Capital Accumulation and Economic Growth in a Small Open Economy
An investigation of the process of economic growth in a small open economy by one of the world's leading economists.
Contemporary Greece and Europe
This title was first published in 2000: Contemporary Greek society is characterized by an all-embracing trend for reform. This task, however, is constrained by problems of Greek polity rooted in the historical and political culture. This text explores the important facets of divergence between Greece and the EU, examining the process through which they affect the relative performance of the country in the economic, social, political and international relations fronts, together with significant attempts to modernize and rationalize internal and external policies and structures. The book is in five parts. In the first, introductory, section, Greece's Alternate Minister of Foreign Affairs, the ...
OECD Fiscal Policies and the Relative Prices of Primary Commodities
Here is evidence that macroeconomic policies in the OECD countries have been responsible for at least part of the little-understood decline in primary commodity prices over the past decade. Higher fiscal deficits seem to be associated with lower commodity prices.
Current Issues in Labour Economics
This volume of essays attempts to examine and analyze recent developments in economic analysis. The essays cover implicit contract theory, job search model, bargaining theory, profit sharing models, institutionalist perspectives and other relevant issues.
Expectations' Anchoring and Inflation Persistence
Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the response of consumer prices to terms-of-trade shocks for countries with flexible exchange rates. We find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.
