The Development of Microfoundations of Macroeconomics

Mark Baimbridge and Philip Whyman

Chapter 2 in Crisis in the Eurozone, 2015, pp 23-39 from Palgrave Macmillan

Abstract: Abstract In this part of the book we briefly highlight the development of macroeconomics, since this is a key tool and a foundation used for analysing/forecasting aspects of economic performance, such as output, inflation and unemployment. Therefore, macroeconomics is crucial to policymakers in terms of designing/implementing an appropriate economic policy that can respond to the needs of the economy at the aggregate level. The purpose of this book is to evaluate, from the macroeconomic perspective, the sustainability of the eurozone. Hence, an overview of relevant macroeconomic models is a necessary initial step that helps us gain a basic understanding of the theoretical foundation that determines the eurozone’s economic operations.

Keywords: Monetary Policy; Fiscal Policy; Real Wage; Money Supply; Rational Expectation (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32903-5_2

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DOI: 10.1057/9781137329035_2

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