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Cover -- Half-Title -- Title -- Copyright -- Description -- Contents -- Preface -- Acknowledgement -- Part I: The Equilibrium Principle:A Natural Dynamic State -- Chapter 1: What Happens There Matters Here -- Chapter 2: It's the Global Economy -- Chapter 3: Politics and the Economy -- Part II: GDP and Consumption -- Chapter 4: GDP: The Perfectly Imperfect Measurement -- Chapter 5: Consumers and Consumption: Follow the Money -- Chapter 6: Shifting Sands: Consumers Prefer Services -- Chapter 7: Great Expectations -- Chapter 8: Saving and Investing: Equilibrium at Work -- Chapter 9: Real Estate: Is It Still Location, Location, Location? -- Chapter 10: Lighten Up: Capital Expenditure and Intellectual Property -- Chapter 11: Inventories: The Buffer Between Production and Consumption -- Chapter 12: State and Local Governments: Where Spending Gets Done -- Chapter 13: Stabilization and Procyclicality: How Governments Balance Spending With Taxes -- Chapter 14: Federal Spending: Budgets and Deficit Spending -- Chapter 15: Jimmy Stewart, Oz, and the Road to a Federal Reserve -- Chapter 16: The Stop Sign (or Toll Booth) at the Border: Trade and Tariffs -- Chapter 17: The Compensation Principle: Should We Pay the Losers? -- Chapter 18: Domestic Imbalance: A Role for Trade Balances -- Chapter 19: As the World Turns -- Part III: The Economy and You -- Chapter 20: COVID-19: How the Pandemic Changed Business -- Chapter 21: Climate Change: "Is It Hot in Here or Is It Me?" (Joan of Arc) -- Chapter 22: Health Care Costs: A Steady Climb -- Chapter 23: First Fridays: Monthly Job Reports -- Chapter 24: A Shrinking Workforce: Jobs and Work in the Twenty-First Century -- Chapter 25: Wages: Minimum and More -- Chapter 26: Measuring Prices: How Much Is a Dollar? -- Chapter 27: Productivity and Wages: What We Make for What We Earn.

Dynamic stochastic general equilibrium (DSGE) models have begun to dominate the field of macroeconomic theory and policy-making. These models describe the evolution of macroeconomic activity as a recursive sequence of outcomes based upon the optimal decision rules of rational households, firms and policy-makers. Whilst posing a micro-founded dynamic optimisation problem for agents under uncertainty, such models have been shown to be both analytically tractable and sufficiently rich for meaningful policy analysis in a wide class of macroeconomic problems, for example, monetary and fiscal policy, economic cycles and growth and capital flows. This volume collects specially commissioned papers from leading researchers, which pull together some of the key results in diverse areas. This book will promote research using optimising models and inform researchers, post-graduate students and economists in policy-oriented organisations of some of the key findings and policy implications.

Tanzania's real effective exchange rate (REER) has depreciated sharply since end-2000, reversing the appreciation that took place in the second half of the 1990s. Single-country and panel data estimates, and the external sustainability approach, suggest that Tanzania's REER is currently modestly undervalued relative to its estimated equilibrium level. Looking forward, a modest trend appreciation of the equilibrium REER is expected, consistent with continued high GDP growth and an expected recovery in terms of trade. In addition, capital inflows to Tanzania could be significantly higher than cu

2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory - one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory.This book brings contributions from the likes of Kenn.

Building from the micro-foundations of economic behaviour to a full survey of macroeconomics, the book examines growth theory and equilibrium and disequilibrium approaches to provide a comprehensive survey of all the rival theoretical approaches that underlie central policy debates. A survey of pre-Keynesian theories of growth, fluctuations and the various short and long cycles and crises is followed by an exposition of Keynesian theory and its subsequent development and of the neo-classical revival. Topics covered include: * Non-clearing markets * Involuntary unemployment * Persi

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a var

Two variables are said to be cointegrated when they move closely together over time, after proper scaling. Cointegration was taken to be the statistical expression of the notion of equilibrium in economics. But is it still possible to talk of cointegration when 'disequilibrium' economics prevail? We argue that it is, and that the duality is strongest between cointegration theory and economic theories of non‐clearing markets. By setting up a simple generic non‐parametric model, it is shown that Clower's dual decision hypothesis is a more direct and natural expression of the notion of cointegration than long‐run equilibrium is. With sticky prices, quantities (e.g. consumption and income) move together more closely than they would otherwise. As a by‐product, the model gives rise to (and justifies from an economics standpoint) a recent statistical approach to modelling economic time series. An observational equivalence between two econometric models is also presented.