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ix | (4) |
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xiii | (1) |
| Preface to the Third Edition |
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xiv | (1) |
| Preface to the Second Edition |
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xv | (1) |
| Preface to the First Edition |
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xvi | |
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1 The Nature of Macroeconomics |
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1 | (16) |
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4 | (2) |
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Principal Macroeconomic Schools in the UK |
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6 | (4) |
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10 | (6) |
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16 | (1) |
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16 | (1) |
| PART I MACROECONOMIC SECTORS |
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17 | (120) |
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2 Aggregate Consumption Expenditure |
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18 | (22) |
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18 | (6) |
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24 | (10) |
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Endogenous Income Theories |
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34 | (3) |
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37 | (1) |
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38 | (1) |
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39 | (1) |
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3 Aggregate Investment Expenditure |
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40 | (21) |
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Approaches to Investment Theory |
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41 | (1) |
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The Cost of Capital and Investment |
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42 | (9) |
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Dynamic Theories of Investment Behaviour |
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51 | (2) |
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The Neo-classical Analysis of Investment |
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53 | (4) |
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The Importance of Profit and Retained Earnings |
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57 | (1) |
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58 | (1) |
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59 | (1) |
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60 | (1) |
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61 | (14) |
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The Composition of Government Expenditure and Revenue |
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62 | (1) |
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The Changing Status of Fiscal Policy |
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63 | (1) |
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The Balanced Budget Multiplier |
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64 | (7) |
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The Composition of the Tax Mix |
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71 | (2) |
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73 | (1) |
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74 | (1) |
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75 | (22) |
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76 | (1) |
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Classical Monetary Theory - the Traditional Quantity Theory |
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77 | (1) |
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The Keynesian Analysis of the Demand for Money |
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78 | (8) |
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Post-Keynesian Modifications to the Demand for Money |
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86 | (3) |
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The Revival of the Quantity Theory |
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89 | (3) |
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92 | (3) |
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95 | (1) |
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95 | (2) |
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97 | (18) |
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97 | (7) |
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Delineating the Money Stock |
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104 | (1) |
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Money Supply Definitions in the UK |
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105 | (2) |
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Monetary Control in the UK |
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107 | (4) |
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111 | (1) |
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Appendix: The Aggregate Demand Curve |
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111 | (3) |
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114 | (1) |
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115 | (22) |
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115 | (3) |
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118 | (2) |
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Employment and Aggregate Supply |
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120 | (6) |
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Expectations Formation and Market Clearing |
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126 | (4) |
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Institutional Arrangements and Market Clearing |
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130 | (5) |
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135 | (1) |
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135 | (2) |
| PART II MACROECONOMIC SYSTEMS |
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137 | (154) |
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8 The Classical Economic System |
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139 | (14) |
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The Essential Features of Classical Macroeconomic Systems |
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139 | (2) |
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141 | (2) |
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Say's Law and the Monetary Sector |
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143 | (6) |
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149 | (1) |
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Aggregate Supply and Demand Analysis |
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150 | (1) |
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151 | (1) |
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151 | (2) |
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9 The Economics of Keynes |
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153 | (13) |
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The Context and Scope of the General Theory |
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153 | (6) |
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The Unstable Expectations Thesis |
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156 | (1) |
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The General Equilibrium Model |
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157 | (5) |
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The Hicksian Income-Expenditure Approach |
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162 | (2) |
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164 | (1) |
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164 | (2) |
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10 The Hicksian IS/LM Analysis |
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166 | (19) |
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Essential Features of the IS/LM Framework |
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166 | (1) |
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Derivation of the IS Curve |
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167 | (3) |
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Derivation of the LM Curve |
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170 | (2) |
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172 | (2) |
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Characteristics of the IS/LM Analysis |
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174 | (7) |
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181 | (2) |
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183 | (1) |
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184 | (1) |
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11 Comparative Statics of the Classical, Keynesian and Monetarist Models |
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185 | (20) |
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185 | (8) |
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Extending the Hicksian Framework |
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193 | (2) |
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195 | (6) |
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The Monetarist Contention |
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201 | (3) |
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204 | (1) |
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204 | (1) |
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12 The Government Sector, the Budget Constraint and the Crowding Out Controversy |
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205 | (18) |
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The Government Budget Constraint in the IS/LM Model |
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206 | (5) |
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The Nature of the Budget Constraint |
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211 | (6) |
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The Crowding Out Controversy |
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217 | (3) |
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The Budget Constraint and Inflation |
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220 | (2) |
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222 | (1) |
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222 | (1) |
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13 Output, Employment, Expectations and the Price Level |
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223 | (26) |
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223 | (6) |
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The Phillips Curve Relation |
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229 | (3) |
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Expectations in Macroeconomics |
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232 | (3) |
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The Role of Inflationary Expectations |
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235 | (3) |
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Output, Inflation and Adaptive Expectations |
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238 | (2) |
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Output, Inflation and Rational Expectations |
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240 | (3) |
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Doubts Regarding the Rational Expectations Hypothesis |
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243 | (3) |
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Empirical Evidence on Expectations |
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246 | (1) |
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247 | (1) |
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248 | (1) |
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14 Internal and External Balance |
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249 | (24) |
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The Foreign Exchange Market |
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249 | (2) |
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251 | (2) |
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The Foreign Trade Sector and the Income Multiplier |
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253 | (4) |
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Internal and External (Current Account) Balance |
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257 | (3) |
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Internal and External (Current and Capital Account) Balance |
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260 | (7) |
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IS/LM Analysis with a Floating Exchange Rate |
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267 | (1) |
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Stabilization Policy under Fixed and Flexible Exchange Rates |
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268 | (3) |
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271 | (1) |
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271 | (2) |
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15 Monetary Disturbances, Expectations and Exchange Rate Dynamics |
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273 | (18) |
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The Absorption Approach to the Balance of Payments |
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273 | (4) |
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The Monetary Approach to the Balance of Payments |
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277 | (4) |
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Monetary Disturbances, Expectations and the Exchange Rate |
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281 | (5) |
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Exchange Rate Overshooting |
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286 | (2) |
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288 | (1) |
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288 | (3) |
| PART III MACROECONOMIC POLICY |
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291 | (102) |
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16 The Macroeconomic Policy Debate |
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293 | (15) |
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294 | (2) |
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The Expectations Revolution and Macro-policy |
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296 | (2) |
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The New Keynesian Response |
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298 | (8) |
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306 | (1) |
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306 | (2) |
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17 Approaches to Macroeconomic Policy |
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308 | (12) |
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308 | (1) |
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The Fixed Targets Approach |
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309 | (2) |
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The Problem of Time Inconsistency |
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311 | (2) |
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Macroeconomic Policy and Uncertainty |
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313 | (1) |
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The Principle of Certainty Equivalence |
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314 | (2) |
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316 | (1) |
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Appendix: The Principle of Certainty Equivalence |
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317 | (1) |
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The Problem of Time Inconsistency |
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317 | (1) |
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318 | (2) |
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18 Macroeconomic Policy: Objectives, Instruments and Constraints |
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320 | (15) |
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321 | (3) |
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324 | (8) |
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Constraints on Macroeconomic Policy |
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332 | (1) |
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333 | (1) |
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334 | (1) |
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19 Inflation and Counter-inflation Policy in the UK |
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335 | (16) |
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Why Should Governments Control Inflation? |
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336 | (3) |
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Instruments of Anti-inflation Policy |
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339 | (1) |
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Inflationary Control in the UK, 1950-1979 |
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339 | (4) |
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343 | (6) |
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349 | (1) |
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350 | (1) |
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20 Unemployment in the UK |
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351 | (13) |
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352 | (2) |
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Patterns of Unemployment in the UK |
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354 | (2) |
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Employment Policy in the UK |
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356 | (2) |
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Unemployment since the 1970s |
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358 | (4) |
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Policy Implications of Present Unemployment |
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362 | (1) |
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363 | (1) |
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363 | (1) |
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21 Balance of Payments and Exchange Rate Policies in the UK |
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364 | (15) |
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The Meaning of External Balance |
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364 | (2) |
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An Overview of the UK Balance of Payments |
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366 | (6) |
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Balance of Payments Policy, 1950-1995 |
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372 | (5) |
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377 | (1) |
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377 | (2) |
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22 Policies for Economic Growth in the UK |
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379 | (14) |
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The Sources of Economic Growth |
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379 | (2) |
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381 | (3) |
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384 | (1) |
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Recent Policy and Experience in the UK |
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385 | (5) |
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Explaining Britain's Relative Growth Performance |
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390 | (1) |
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391 | (1) |
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392 | (1) |
| Bibliography |
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393 | (19) |
| Index |
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412 | |
Other versions by this Author