Advances In Macroeconomic Theory: International Economic Association (international Economic Association Series)

Leading world scholars analyze a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies. Jacques Drèze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro-policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises. Front Matter....Pages i-xiii Introduction: Advances and Challenges in Macroeconomics....Pages 1-16 Front Matter....Pages 17-17 From Neoclassical Growth Theory to New Classical Macroeconomics....Pages 19-29 On the Macroeconomics of Uncertainty and Incomplete Markets....Pages 30-55 Macroeconomic Frictions: What Have We Learned from the Real Business Cycle Research Programme?....Pages 56-75 Front Matter....Pages 77-77 How the Rational Expectations Revolution has Changed Macroeconomic Policy Research....Pages 79-96 Monetary Policy in an Imperfect Information World....Pages 97-112 Understanding Inflation: Implications for Monetary Policy....Pages 113-135 Front Matter....Pages 137-137 Single-Peaked versus Diversified Capitalism: The Relation between Economic Institutions and Outcomes....Pages 139-170 Institutions, Restructuring and Macroeconomic Performance....Pages 171-193 Rigid Wages: What Have We Learnt from Microeconometric Studies?....Pages 194-216 Front Matter....Pages 217-217 The Getting of Macroeconomic Wisdom....Pages 219-235 Front Matter....Pages 237-237 Learning Dynamics: Complete and Incomplete Learning....Pages 239-254 Standard-of-Living Aspirations and Economic Cycles*....Pages 255-282 Front Matter....Pages 283-283 Development Policies Beyond Export-led Growth....Pages 285-309 Macroeconomic Policies: Can We Transfer Lessons Across LDCs?....Pages 310-331 Cross-Country Growth Comparison: Theory to Empirics....Pages 332-351 Volatility and Macroeconomic Paradigms for Rich and Poor....Pages 352-372 Leading world scholars analyse a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies." "Jacques Dreze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro-policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises. -- Publisher description "Leading world scholars analyse a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies." "Jacques Dreze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro-policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises."--Jacket