This authoritative new textbook integrates the modern monetary framework based on the 3-equation model of the demand side the supply side & the policy maker with a model of the financial system As a result the authors comprehensively address the limitations of the mainstream macroeconomic model exposed by the financial crisis & the Eurozone crisis The book guides the reader through the three principal steps required to integrate the financial system within the macroeconomic model Firstly the authors examine how the margin of the lending rate over the policy rate is set in the commercial banking sector how money is created in a modern banking system & how the central bank can take account of the working of the banking system in order to achieve its desired policy outcome Secondly the authors explore the characteristics of the financial system that result in vulnerability to a financial crisis with implications for fiscal balance The economy depends on the continuity of core banking services & governments cannot afford to let them fail This means that important banks do not bear the full cost of their lending decisions As a result they may have an incentive to take on excessive risk Thirdly a simple model is developed of the behaviour of highly-leveraged financial institutions as the basis for a leverage or financial cycle in the economy In addition the book extends the 3-equation model to the open economy & uses a simple 2-bloc version of the 3-equation model to introduce global imbalances The case of a common currency area is handled within the core model
- both at the Eurozone level & at the level of member countries Every chapter emphasises how the different actors in the economy behave & interact what are they trying to achieve & what limits their ability to put their intentions into practice? This is extended to the modelling of growth where the role of innovation rents in the Schumpeterian model is highlighted It is essential that students understand previous periods of growth stability & crisis in preparing for future shocks With this in mind the book enables the reader to interpret long run historical data & to compare institutional detail in different eras & across the world Consequently this text not only develops the critical thinking skills required for academic success but ensures the reader can analyse data trends & policy debates with the confidence necessary for a career in economics or finance As a result it is essential reading for all those interested in learning more about the current macroeconomic system & the role played by financial institutions Online Resource Centre For students Conduct a range of exercises with the closed & open economy versions of the model using the Excel-based macroeconomic simulator Develop your understanding with additional technical material available in the accompanying web appendices For registered lecturers Access the solutions to end of chapter questions from the book
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Helps you take a policy-based approach to teaching introductory economics In this title significant updates reflect the most recent economic events & policy developments which the authors skillfully relate to the book's concepts & principles using the right level of rigor & detail 464 pages Baumol William J ...

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