A Guided Tour through Euro Area Economics
Basics – Methods – Applications
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 Price: 129.00 kr
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About the book
Description
This book provides a very didactical and easytoread 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 realworld 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 realworld 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
 Introduction and Motivation
 Understanding Economics
 Learning Objectives
 Basic Concepts
 Microeconomics and Macroeconomics
 Ex Ante and Ex Post Analysis
 A Short History of Economics
 Some Key Macroeconomic Variables
 Some Key Macroeconomic Issues
 Summary
 A Look into the Tool Box
 Learning Objectives
 Models
 Types of Analysis
 Analysis of Supply and Demand
 Complementary and Substitute Goods
 Slope and Elasticity
 Summary
 National Income Accounting
 Learning Objectives
 Accounting Conventions
 Nominal and Real GDP
 GDP and Welfare
 A Circular Flow Analysis
 Summary
 The Market for Goods
 Learning Objectives
 Basic Considerations
 The Consumption Function
 The Investment Function
 Equilibrium in the Market for Goods
 The Investment Multiplier
 The Government Multiplier
 The IS Curve
 Unravelling the Secrets of the Twin Deficits
 Summary
 The Money Market
 Learning Objectives
 Basic Considerations
 Institutional Background of Euro Area Monetary Policy
 Money Supply
 Money Demand
 Equilibrium in the Money Market
 Summary
 The ISLMModel
 Learning Objectives
 Equilibrium in the Goods and the Money Market
 Disequilibria
 Some ComparativeStatic Analysis
 Summary
 The Labour Market
 Learning Objectives
 Basic Considerations
 The Labour Market – the Classical View
 The Labour Market – the Keynesian View
 Summary
 Aggregate Supply and Demand
 Learning Objectives
 Aggregate Demand
 Aggregate Supply
 Equilibrium in the Short Run
 Equilibrium in the Long Run
 Summary
 The European Union and the Euro Area
 Learning Objectives
 The European Union
 The European Central Bank
 The Roadmap to EMU
 Key Characteristics of the Euro Area Economy
 Convergence Criteria
 Nominal and Real Convergence
 The Future of EMU
 Summary
 Business Cycle Fluctuations
 Learning Objectives
 Fluctuations in Real GDP
 Various Types of Cycles
 Business Cycle Indicators
 Output Gaps
 A First Look at the Data
 A Second Look at the Data
 Summary
 Unemployment
 Learning Objectives
 Basic considerations
 Summary
 Prices and Inflation
 Learning Objectives
 Goods and Baskets
 Inflation and the Price Level
 Effects of Inflation
 Inflation Indices
 The Harmonised Index of Consumer Prices
 Core and NonCore Inflation
 Measurement Problems
 Hyperinflation
 A First Look at the Data
 A Second Look at the Data
 A Third Look at the Data
 Summary
 Exchange Rates
 Learning Objectives
 Basic Concepts
 Exchange Rates Regimes
 Exchange Rates in the Long Run
 Exchange Rates in the Short to Medium Run
 ERM II
 A First Look at the Data
 Summary
 Monetary Theory
 Learning Objectives
 The Quantity Theory of Money
 The Phillips Curve
 The Scandinavian Model of Inflation
 The PStar Approach
 The TwoPillar Phillips Curve
 The Role of Expectations
 A First Look at the Data
 A Second Look at the Data
 A Third Look at the Data
 Summary
 Monetary Policy
 Learning Objectives
 Money – History, Forms and Functions
 The Monetary Policy Transmission Process
 TimeLags of Monetary Policy
 Rules and Discretion in Monetary Policy
 The Conduct of Monetary Policy
 Monetary Policy Strategies
 Instabilities in Money Demand
 A First Look at the Data
 A Second Look at the Data
 Summary
 Fiscal Policy
 Learning Objectives
 Automatic Stabilizers
 Cyclical and Structural Deficits
 The Laffer Curve
 Ricardian Equivalence
 Summary
 Conventional and Unconventioanl Monetary Policy
 Learning Objectives
 The Money Multiplier
 Taylor Rules
 Shadow Rates
 Monetary policy and the zero lower bound
 The ECB´s monetary policy in times of financial crisis
 A First Look at the Data
 A Second Look at the Data
 Summary
 Open Economy Issues
 Learning Objectives
 The Balance of Payments
 Some International Monetary Organisations
 Some International Currency Regimes
 A First Look at the Data
 Summary
 Growth Theory
 Learning Objectives
 Some Basic Considerations
 Growth of Capital Per Person
 Growth in the Autonomous Factor
 A First Look at the Data
 Summary
 Multiple Choice Test
 List of Symbols and Abbreviataions
 Glossary
 Annexes
 Stocks and Flows
 Some Large Numbers
 Levels and Growth Rates
 Some Useful Graphical Measures
 Some Useful Statistical Measures
 The Correlation Coefficient
 Linear Regression