Macroeconomic Policy and Public Choice

- A Historical Introduction: The Keynesian revolution and the evolution of government`s role.
- Keynesian orthodoxy.
- The political consequences of depression proofing.
- The economic consequences of depression proofing.
- Schools of thought.
- Ideology and politics.
- The market failure rationale for government intervention.
- Public choice.
- Conclusion.
- Microeconomic Foundations: Introduction.
- Consumers.
- Producers.
- General equilibrium.
- Pareto efficiency.
- Social welfare functions.
- Unemployment and inflation.
- The government budget and economic policy.
- Conclusion.
- Social Choice: Introduction.
- The theoretical superiority of majority rule.
- The impossibility of asking for move.
- Median voter model.
- Two-dimensional social choice.
- Probabilistic voting.
- Political information and party ideology.
- Conclusion.
- Short-Run Macro Models: Introduction.
- Classical macro from microfoundations.
- Rationed equilibrium and rigid prices.
- Non-Walrasian equilibria.
- A Cobb-Douglas example.
- Unemployment equilibrium with imperfect competition.
- Conclusion.
- The Phillips Curve and Expectations: Introduction.
- The natural rate hypothesis.
- Unemployment and output gaps.
- Expectations about inflation in the future.
- Econometric uncertainty.
- One model of supply: producer uncertainty.
- Another model: predetermined wages.
- New classical macroeconomics.
- Conclusion.
- Fiscal and Monetary Policy: Introduction.
- Accounting peculiarities in the US budget.
- Built-in stabilizers.
- Balanced and unbalanced budgets.
- Doubts about fiscal policy effectiveness.
- The Federal Reserve and the president.
- Describing the money stock.
- Causality tests.
- Spurious regression.
- Conclusion.
- Keynesian Business Cycles: Introduction.
- Cycles in a Keynesian model.
- A linear econometric model.
- Linear versus nonlinear models.
- Specification uncertainty.
- Dynamic behavior.
- Conclusion.
- Citizen