This intermediate-level text concentrates on new macroeconomic analysis and is one of the first to focus on labor markets. Presenting a neo-Keynesian treatment of macroeconomics, whose use of wage bargaining and price setting under imperfect conditions make product and labor assumptions closer to the real world, the authors look at important applied work on unemployment, inflation, and external balances. They make available for the first time to undergraduates and non-specialists current literature on major questions of economic policy and performance, especially in Western Europe.

Macroeconomics and the Wage Bargain: A Modern Approach to Employment, Inflation, and the Exchange Rate

Business & Money

Carlin, Wendy

Soskice, David

Economics

Oxford University Press

The distinctive feature of this book is that it provides a unified framework for the analysis of short- and medium-run macroeconomics. This gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behavior and policy issues. The authors introduce a new graphical model (IS/PC/MR) based on the 3-equation New Keynesian model used in modern macroeconomics. The three equations are the IS curve, the Phillips curve, and an interest rate-based monetary policy rule. The use of a common framework throughout for closed and open economies helps students develop the economic intuition with which to address a diversity of macroeconomic problems. Applied chapters show how models can be used to analyze performance in OECD economies over the past 25 years. The chapters on growth present in-depth coverage of the Solow-Swan, endogenous, and Schumpeterian models that allow students to understand how these approaches can be used to anser the big questions of growth: why some countries are rich and other are poor; why some catch up and others do not. Because the book is based on the mainstream 3-equation model used at the research frontier, the book gives students the economics background necessary for accessing advanced macroeconomics. It is also designed to appeal to graduate students, non-specialists in maacroeconomics, professional economists, and those from related disciplines who want a guide to the complexities of modern macroecnomics and to understand contemporary policy debates. Online Resource Center: The companion website will provide exercises and checklist questions for students as well as password-protected solutions and diagrams from the text for instructors.

Macroeconomics: Imperfections, Institutions and Policies

At the cutting edge of the subject area, the authors bring the macroeconomics that researchers and policymakers use today into focus. By developing a coherent set of tractable models, the book enables students to explore and make sense of the pressing questions facing global economies. Carlin and Soskice connect students with contemporary research and policy in macroeconomics. The authors' 3-equation model - extended to include the financial system and with an integrated treatment of inequality - equips students with a method they can apply to the enduring challenges stirred by the financial crisis and the Great Recession. Key features * Engaged with the latest developments in macroeconomic research, policy, and debate, the authors make the cutting edge accessible to undergraduate readers * The theme of inequality is integrated throughout in modelling and applications, with incomplete contracts in labour and credit markets underpinning the presence of involuntary unemployment and credit constraints * The content distils business cycles into a 3-equation model of the demand side, the supply side, and the policy maker, providing a realistic and transparent model which students can deploy to address the questions that interest them * Open economy modelling for both flexible and fixed exchange rate regimes builds on the same foundations and handles oil and climate shocks, as well as the Eurozone crisis * Features thorough treatment of the financial system and how to integrate the financial and business cycles, including coverage on policy design and implementation for financial stability in the wake of the 2008-9 financial crisis and an exploration of hysteresis in the context of the Great Recession * Comprehensive coverage of monetary policy including the ample reserves regime and of fiscal policy and debt dynamics * Unified treatment of exogenous and endogenous growth models emphasizing the different mechanisms through which diminishing returns to capital can be offset, while Chapter 17 on the ICT revolution examines the implications of innovation and technological change on the future of work and inequality * Contains a chapter considering contemporary quantitative macroeconomics research - including the Heterogeneous Agent New Keynesian (HANK) model - exposing students to the tools that researchers currently use, as well as the benefits and limitations of these methods * End-of-chapter 'Checklist questions' enable students to assess their comprehension, while 'Problems' prompt students to apply independent critical thought * Also available as an e-book enhanced with access to The Macroeconomic Simulator, Animated Analytical Diagrams, and self-assessment activities enabling students to recap content and investigate how models work at their own pace Digital formats and resources This title is available for students and institutions to purchase in a variety of formats and is supported by online resources. The e-book offers a mobile experience and convenient access along with self-assessment activities, multi-media content, and links that offer extra learning support. For more information visit: www.oxfordtextbooks.co.uk/ebooks/ This title is supported by a range of online resource for students including multiple-choice-questions with instant feedback, interactive Animated Analytical Diagrams, access to The Macroeconomic Simulator, web appendices which develop chapters 1, 4, 7, and 18, In addition, lecturers can access PowerPoint slides to accompany each chapter and answers to the problems and questions set in the book.

Macroeconomics: Institutions, Instability, and Inequality

Macroeconomics: Institutions, Instability, and the Financial System

A groundbreaking new historical analysis of how global capitalism and advanced democracies mutually support each other
It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world’s leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial.
For all the chaos and upheaval over the past century―major wars, economic crises, massive social change, and technological revolutions―Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state.
Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.

Democracy and Prosperity: Reinventing Capitalism through a Turbulent Century

Iversen, Torben

Reference

Princeton University Press

Review\n"Many on the right argue that democracy subverts capitalism. Many on the left argue that capitalism undermines democracy. In this brilliant book, Iversen and Soskice argue compellingly that both views are wrong."―Martin Wolf, Financial Times\n"A unique and provocative analytical framework."―M. Kerem Coban, LSE Review of Books\n"Impressive."―Robert Boyer, Journal of Economics\n"This is an impressive, bracing, and agenda-setting book. Democracy and Prosperity is a landmark work in comparative political economy."―Paul Pierson, coauthor of American Amnesia: How the War on Government Led Us to Forget What Made America Prosper\n"In this magisterial account, Iversen and Soskice demonstrate that contemporary advanced capitalism is based on the presence of skilled and educated workers and geographically rooted ecologies of organizations, people, and institutions. They show us why populism is currently challenging advanced capitalist democracies, but also why we have many reasons to be optimistic about the future."―Michael Storper, author of Keys to the City: How Economics, Institutions, Social Interaction, and Politics Shape Development\nA groundbreaking historical analysis of how global capitalism and advanced democracies mutually support each other\nIt is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism. Torben Iversen and David Soskice argue that this view is wrong. In fact, advanced democracies are resilient and their enduring relationship with capitalism has been mutually beneficial. Iversen and Soskice show how democratic states continuously reinvent their economies through public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of advanced sectors of the economy. Challenging the prevailing wisdom on globalization, Democracy and Prosperity reveals how advanced capitalism is neither footloose nor unconstrained―and how it thrives under democracy precisely because it cannot subvert it.

Who can be happy and free in Russia?

History

Nekrasov, Nikolaĭ Alekseevich

Soskice, Juliet M. Hueffer

Russia

Nabu Press

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