Sanjay Rode Advanced Macroeconomics Download free books at Download free eBooks at bookboon.com 2 Sanjay Rode Advanced Macroeconomics Download free eBooks at bookboon.com 3 Advanced Macroeconomics © 2012 Sanjay Rode & bookboon.com ISBN 978-87-403-0278-3 Download free eBooks at bookboon.com Click on the ad to read more Advanced Macroeconomics 4 Contents Contents Preface 9 Acknowledgement 11 List of Figures 12 List of Tables 18 List of Graphs 19 1 Introduction to Macroeconomics 20 1.1 From a closed to an open economy 20 1.2 e IS-LM Framework 33 1.3 Aggregate demand and supply 43 2 e Consumption Function 52 2.1 Introduction 52 www.sylvania.com We do not reinvent the wheel we reinvent light. Fascinating lighting offers an infinite spectrum of possibilities: Innovative technologies and new markets provide both opportunities and challenges. An environment in which your expertise is in high demand. Enjoy the supportive working atmosphere within our global group and benefit from international career paths. Implement sustainable ideas in close cooperation with other specialists and contribute to influencing our future. Come and join us in reinventing light every day. Light is OSRAM Download free eBooks at bookboon.com Click on the ad to read more Advanced Macroeconomics 5 Contents 2.2 e Ando-Modigliani Approach: e life cycle hypothesis 55 2.3 e Friedman approach: Permanent income 60 2.4 Friedman’s consumption function: Cyclical movement 64 2.5 e Duesenberry Approach: Relative income 65 2.6 Money: Denition and function 68 3 Aggregate supply, wages, prices and employment 83 3.1 e Philips Curve 83 3.2 e dynamic aggregate supply curve 87 3.3 e production function 87 3.4 e properties of the aggregate supply curve 91 3.5 Ination expectations and the aggregate supply curve 94 3.6 e aggregate supply curve (ASC) 96 3.7 e modied Philips Curve 99 3.8 e expected augmented Philips Curve 99 3.9 Criticism 101 4 e open economy: Macroeconomy 103 4.1 Introduction 103 4.2 e open economy and the goods market 105 360° thinking . © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers