Description
Advanced Macroeconomics covers selected topics in advanced macroeconomics at undergraduate level and bridges the gap between intermediate macroeconomics for undergraduates and advanced macroeconomics for postgraduates. By building on materials in intermediate macroeconomics textbooks and covering the mathematics of some classic dynamic general-equilibrium models, this book will give undergraduate students a firm appreciation of modern developments in macroeconomics. This book examines the implications of government policies (such as fiscal policy, monetary policy and innovation policy) and devotes several chapters to economic growth, covering the ideas for which Paul Romer was awarded the Nobel Memorial Prize in Economic Sciences in 2018.Dynamic general equilibrium is the foundation of modern macroeconomics. Chapter 1 begins with a simple static model to demonstrate the concept of general equilibrium. Chapters 2 to 4 cover the neoclassical growth model, exploring the effects of exogenous changes in technology: an important source of business cycle fluctuations. Chapters 5 to 7 use the neoclassical growth model to explore the effects of fiscal policy instruments such as government spending, labour income tax and capital income tax. Chapter 8 develops a simple New Keynesian model to analyse the effects of monetary policy. Chapter 9 begins the analysis of economic growth by reviewing the Solow growth model. Chapters 10 to 12 present the Ramsey model and introduce different market structures to the model to lay down the foundation of the Romer model. Chapter 13 incorporates an R&D sector into the Ramsey model with a monopolistically competitive market structure to develop the Romer model of endogenous technological change. Chapters 14 to 15 examine the implications of the Romer model. Chapter 16 concludes this book by presenting the Schumpeterian growth model and examining its different implications from the Romer model.
About the Author
Angus Chu was born in Hong Kong and studied at Simon Fraser University and the University of British Columbia in Canada. He obtained his PhD degree in Economics from the University of Michigan in the US. He is currently Chair in Macroeconomics at the University of Liverpool in the UK and was previously Professor of Economics at Fudan University in China. Angus's research focuses on macroeconomics, monetary economics, economic growth, innovation and intellectual property rights. His research appears in journals, such as the European Economic Review, International Economic Review, Journal of Development Economics, Journal of Economic Growth, Journal of International Economics, Journal of Money, Credit and Banking, and the Review of Economic Dynamics. His textbook Intermediate Macroeconomics with Robert J Barro and Guido Cozzi was published by Cengage Learning in 2017. According to IDEAS/RePEc Rankings, he is among the top 10% economists in the world. He also serves as a Co-Editor-in-Chief for Economic Modelling.
Reviews
"Angus Chu's book superbly manages to teach undergraduate students the intertemporal macroeconomic methods needed to fully understand the research going on in this field. Hence it fills an important gap in the current didactic literature, which badly misses it and leaves Bachelor students unable to write, for example, a theoretical thesis ... I strongly recommend this book in any good economics curriculum."; Professor Guido Cozzi; University of St. Gallen, Switzerland; "Angus Chu's text is an excellent exposition of modern macroeconomics for advanced undergraduates, filling a gap between intermediate and advanced graduate material. It is distinctive as it systematically develops models from first principles using dynamic optimisation techniques."; Professor Aditya Goenka; University of Birmingham, UK; "Fills the gap between the standard undergraduate textbook with very little or no calculus and the graduate textbook with too much mathematics for an undergraduate course. The presentation of modern growth theory is excellent, allowing readers to access frontier tools and research topics at a fairly low technical cost."; Professor Giammario Impullitti; University of Nottingham, UK; "Provides an excellent overview of the key macroeconomic models with relevance for government policy. In doing so, it addresses not only the traditional models, but it also gives insights from recent research in this field."; Professor Jozef Konings; University of Liverpool, UK; "This advanced textbook offers an interesting blend of analytical, quantitative and policy insights about the best means to model and assess different mechanisms of economic growth and macroeconomic policy questions."; Professor Sushanta Mallick; Queen Mary University of London, UK; "This book covers a range of policy issues, such as fiscal policy, monetary policy, and innovation policy, in a coherent analytical framework, which has the advantage of helping students understand how different topics in macroeconomics relate to each other."; Professor Pietro Peretto; Duke University, USA; "An excellent textbook that covers a substantial number of advanced macroeconomic topics. This is a wonderful learning and reference guide designed for undergraduate students who want to explore advanced macroeconomics and can be easily adopted at postgraduate level ... This stimulating book provides students with solid grounding and rigorous analysis of mathematical modelling. I particularly like the easy-to-follow structure and comprehensive language which are unique features possessed by this must-have book."; Professor Oleksandr Talavera; University of Birmingham, UK; "This well written textbook expertly bridges the gap between the two levels of study ... In this way, students get well acquainted with the basic toolkit of modern macroeconomics, and the rigorous policy analysis shows them how and when the government can improve upon market outcomes."; Professor Akos Valentinyi; University of Manchester, UK;
Book Information
ISBN 9781786349125
Author Angus Chi Ho Chu
Format Hardback
Page Count 172
Imprint World Scientific Europe Ltd
Publisher World Scientific Europe Ltd
About the Author
Angus Chu was born in Hong Kong and studied at Simon Fraser University and the University of British Columbia in Canada. He obtained his PhD degree in Economics from the University of Michigan in the US. He is currently Chair in Macroeconomics at the University of Liverpool in the UK and was previously Professor of Economics at Fudan University in China. Angus's research focuses on macroeconomics, monetary economics, economic growth, innovation and intellectual property rights. His research appears in journals, such as the European Economic Review, International Economic Review, Journal of Development Economics, Journal of Economic Growth, Journal of International Economics, Journal of Money, Credit and Banking, and the Review of Economic Dynamics. His textbook Intermediate Macroeconomics with Robert J Barro and Guido Cozzi was published by Cengage Learning in 2017. According to IDEAS/RePEc Rankings, he is among the top 10% economists in the world. He also serves as a Co-Editor-in-Chief for Economic Modelling.
Reviews
"Angus Chu's book superbly manages to teach undergraduate students the intertemporal macroeconomic methods needed to fully understand the research going on in this field. Hence it fills an important gap in the current didactic literature, which badly misses it and leaves Bachelor students unable to write, for example, a theoretical thesis ... I strongly recommend this book in any good economics curriculum."; Professor Guido Cozzi; University of St. Gallen, Switzerland; "Angus Chu's text is an excellent exposition of modern macroeconomics for advanced undergraduates, filling a gap between intermediate and advanced graduate material. It is distinctive as it systematically develops models from first principles using dynamic optimisation techniques."; Professor Aditya Goenka; University of Birmingham, UK; "Fills the gap between the standard undergraduate textbook with very little or no calculus and the graduate textbook with too much mathematics for an undergraduate course. The presentation of modern growth theory is excellent, allowing readers to access frontier tools and research topics at a fairly low technical cost."; Professor Giammario Impullitti; University of Nottingham, UK; "Provides an excellent overview of the key macroeconomic models with relevance for government policy. In doing so, it addresses not only the traditional models, but it also gives insights from recent research in this field."; Professor Jozef Konings; University of Liverpool, UK; "This advanced textbook offers an interesting blend of analytical, quantitative and policy insights about the best means to model and assess different mechanisms of economic growth and macroeconomic policy questions."; Professor Sushanta Mallick; Queen Mary University of London, UK; "This book covers a range of policy issues, such as fiscal policy, monetary policy, and innovation policy, in a coherent analytical framework, which has the advantage of helping students understand how different topics in macroeconomics relate to each other."; Professor Pietro Peretto; Duke University, USA; "An excellent textbook that covers a substantial number of advanced macroeconomic topics. This is a wonderful learning and reference guide designed for undergraduate students who want to explore advanced macroeconomics and can be easily adopted at postgraduate level ... This stimulating book provides students with solid grounding and rigorous analysis of mathematical modelling. I particularly like the easy-to-follow structure and comprehensive language which are unique features possessed by this must-have book."; Professor Oleksandr Talavera; University of Birmingham, UK; "This well written textbook expertly bridges the gap between the two levels of study ... In this way, students get well acquainted with the basic toolkit of modern macroeconomics, and the rigorous policy analysis shows them how and when the government can improve upon market outcomes."; Professor Akos Valentinyi; University of Manchester, UK;
Book Information
ISBN 9781786349125
Author Angus Chi Ho Chu
Format Hardback
Page Count 172
Imprint World Scientific Europe Ltd
Publisher World Scientific Europe Ltd
