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A Guided Tour through Euro Area Economics

Basics – Methods – Applications

A Guided Tour through Euro Area Economics
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ISBN: 978-87-403-1180-8
1 edition
Pages : 201
  • Price: 129.00 kr
  • Price: €13.99
  • Price: £13.99
  • Price: ₹250
  • Price: $13.99
  • Price: 129.00 kr
  • Price: 129.00 kr

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About the book

  1. Description
  2. Preface
  3. Content
  4. About the Author

Description

This book provides a very didactical and easy-to-read introduction to contemporary macroeconomics. The text covers the basic concepts and methods used in this field in an integrated manner . Theoretical considerations are consistently supported by real-world examples, various exercises and multiple choice equations. Special focus is given to various key aspects of the euro area economy.

Preface

This book is meant to represent a companion publication to the earlier and more basic book entitled “Fundamentals of monetary policy in the euro area” insofar as it covers topics that are more of a macroeconomic nature. Given the strong empirical focus that macroeconomics has witnessed over the last decades, the book aims at supplementing the basic concepts with a number of real-world examples conducted with adequate econometric tools.

Part I is meant to provide the reader with the basics. The key concepts are defined and some simple analysis is carried out in verbal and graphical form.

Part II takes some selected issues up and makes an attempt to dig deeper into the relevant issues. In particular, the institutional foundations of the European Economic and Monetary Union (EMU) are summarised and the process of European monetary integration is described in more detail. Additional topics are price indices and inflation, measures of real economic activity and unemployment.

Content

  1. Introduction and motivation
  2. Understanding Economics
    1. Learning Objectives
    2. Basic Concepts
    3. Microeconomics and Macroeconomics
    4. Ex Ante and Ex Post Analysis
    5. A Short History of Economics
    6. Some Key Macroeconomic Variables
    7. Some Key Macroeconomic Issues
    8. Summary
  3. A Look into the Tool Box
    1. Learning Objectives
    2. Models
    3. Types of Analysis
    4. Analysis of Supply and Demand
    5. Complementary and Substitute Goods
    6. Slope and Elasticity
    7. Summary
  4. National Income Accounting
    1. Learning Objectives
    2. Accounting Conventions
    3. Nominal and Real GDP
    4. GDP and Welfare
    5. A Circular Flow Analysis
    6. Summary
  5. The Market for Goods
    1. Learning Objectives
    2. Basic Considerations
    3. The Consumption Function
    4. The Investment Function
    5. Equilibrium in the Market for Goods
    6. The Investment Multiplier
    7. The Government Multiplier
    8. The IS Curve
    9. Unravelling the Secrets of the Twin Deficits
    10. Summary
  6. The Money Market
    1. Learning Objectives
    2. Basic Considerations
    3. Institutional Background of Euro Area Monetary Policy
    4. Money Supply
    5. Money Demand
    6. Equilibrium in the Money Market
    7. Equilibrium in the Money Market with Constant Income
    8. Equilibrium in the Money Market with Variable Income
    9. Summary
  7. The IS-LM-Model
    1. Learning Objectives
    2. Equilibrium in the Goods and the Money Market
    3. Disequilibria
    4. Some Comparative-Static Analysis
    5. Summary
  8. The Labor Market
    1. Learning Objectives
    2. Basic Considerations
    3. The Labor Market – the Classical View
    4. The Labor Market – the Keynesian View
    5. Summary
  9. Aggregate Supply and Demand
    1. Learning Objectives
    2. Aggregate Demand
    3. Aggregate Supply
    4. Equilibrium in the Short Run
    5. Equilibrium in the Long Run
    6. Summary
  10. The European Union and the European Monetary Union
    1. Learning Objectives
    2. The European Union
    3. The European Central Bank
    4. The roadmap to EMU
    5. Key Characteristics of the Euro Area Economy
    6. Convergence Criteria
    7. Nominal and Real Convergence
    8. The Future of EMU
    9. Summary
  11. Business Cycle Fluctuations
    1. Learning Objectives
    2. Fluctuations in Real GDP
    3. Various Types of Cycles
    4. Business Cycle Indicators
    5. Output Gaps
    6. A First Look at the Data
    7. A Second Look at the Data
    8. Summary
  12. Unemployment
    1. Learning Objectives
    2. Basic considerations
    3. Types of Unemployment
    4. Summary
  13. Prices and Inflation
    1. Learning Objectives
    2. Goods and Baskets
    3. Inflation and the Price Level
    4. Effects of Inflation
    5. Inflation Indices
    6. The Harmonised Index of Consumer Prices
    7. Core and Non-Core Inflation
    8. Measurement Problems
    9. Hyperinflation
    10. Sacrifice Ratios
    11. A First Look at the Data
    12. A Second Look at the Data
    13. A Third Look at the Data
    14. Summary
  14. Growth Theory
    1. Learning Objectives
    2. Some Basic Considerations
    3. Growth of Capital Per Person
    4. Growth in the Autonomous Factor
    5. A First Look at the Data
    6. Summary
  15. Multiple Choice Test
  16. List of Symbols and Abbreviataions
  17. Glossary
  18. References

About the Author

Dieter Gerdesmeier wuchs in Efringen-Kirchen im südlichen Markgräflerland auf. Nach dem Studium der Wirtschaftswissenschaften und anschließender Promotion an der Universität Basel (CH) war er von 1993 bis 1998 in der Abteilung Geld, Kredit und Kapitalmärkte sowie in der Abteilung „Geldpolitische Grundsatzfragen“ in der Hauptabteilung Volkswirtschaft der Deutschen Bundesbank beschäftigt. Von 1998 bis 2005 arbeitete er in der Abteilung „Geldpolitische Strategie“, anschließend in der Abteilung „Geldpolitischer Kurs“ der Direktion Geldpolitik der Europäischen Zentralbank. Von März 2007 bis September 2008 und erneut ab Januar 2011 agiert Dieter Gerdesmeier als Sekretär des geldpolitischen Komitees der Europäischen Zentralbank:

Neben seiner hauptberuflichen Tätigkeit in der EZB ist er auch an der Frankfurt School of Finance & Management in Frankfurt am Main im Rahmen einer Honorarprofessur tätig.

Er ist Autor mehrerer Fachbücher und hat in einer Reihe von hochrangigen Zeitschriften veröffentlicht. Seine Interessensgebiete umfassen vor allem die Gebiete der Geldtheorie und Geldpolitik, der internationalen Finanzmärkte sowie angewandte empirische Fragestellungen.

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