Advances in Macroeconomic Theory International Economic Association [Paperback]

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 Dr?ze 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.The International Economic Association Acknowledgements List of Contributors List of Abbreviations and Acronyms Introduction: Advances and Challenges in Macroeconomics; D.Dr?ze PART I: THE GENERAL FRAMEWORK From Neoclassical Growth Theory to New Classical Macroeconomics; R.H.Solow On the Macroeconomics of Uncertainty and Incomplete Markets (Presidential Address); J.Dr?ze Macroeconomic Frictions: What Have We Learnt from the Real Business Cycle Research Programme?; J-P.Danthine & J.B.Donaldson PART II: MONEY AND FINANCE How the Rational Expectations Revolution has Changed Macroeconomic Policy Research; J.Taylor Monetary Policy in an Imperfect Information World; B.Greenwald Understanding Inflation: Implications for Monetary Policy; S.G.Cecchetti & E.L.Groshen PART III: WAGES AND EMPLOYMENT Single-peaked versus Diversified Capitalism: The Relation between Economic Institutions and Outcomes; R.Freeman Institutions, Restructuring and Macroeconomic Performance; R.Caballero & M.Hammour Rigid Wages: What Have We Learnt from Microeconomic Studies?; F.Kramarz PART IV: ECONOMETRICS The Getting of Macroeconomic Wisdom; A.Pagan PART V: DYNAMICS Learning Dynamics: Complete and Incomplete Learning; S.Honkapohja Standard-of-Living Aspirations and Economic Cycles; D.de la Croix PART VI: DEVELOPMENT Development Policies Beyond Export-led Growth; V.Corbo Macroeconomic Policies: Can We Transfer Lessons Acrl³­