Liburu berria (2) – Heterodoxia

Albistea (2): In June 2016, a full version of the book – Macroeconomics in the 21st Century: A Modern Monetary Theory text

Macroeconomics for the 21st Century – Table of Contents

Part A: Introduction to Macroeconomics

Chapter 1: Introduction

1.0 What is Economics? Two Views
- A. Orthodox, Neoclassical Approach
- B. Heterodox; Keynesian-Institutionalist-Marxist
- C. Implications for research and policy
1.1 What is macroeconomics?
1.2 Macro and the public purpose

Chapter 2: Overview of the History of Economic Thought

2.1 History of Neoclassical Theory
2.2 History of Heterodox Thought
2.3 Modern Schools of Thought

Chapter 3: National Income Accounting

3.0 Measuring National Output
3.1 Components of GDP
3.2 GDP Versus GNP
3.3 Measuring National Income
3.4 Measuring National Inequality
3.5 Prices and Inflation
3.6 Measuring Inflation of Consumer and Producer Prices
3.7 Using the NIPA Framework to Model the Macro Economy

Chapter 4: How to think and do macroeconomics

4.1 Thinking in a macroeconomic way
4.2 What should a macroeconomic theory be able to explain?

Chapter 5 Flow of Funds and Sectoral Accounting

5.0 Basics of Stocks and Flows
- i. Flows: income, consumption, investment, government spending and taxing, imports and exports, saving
- ii. Stocks: wealth, financial and real, domestic and external, private and public
- iii. Basics of sectoral accounting, relations to stock and flow concepts
5.1 Integrating NIPA, Stocks, Flows and the Flow of Funds Accounts
5.2 The Flow of Funds Matrix
5.3 The Sectoral Balances View of the National Accounts
5.4 A Graphical Framework for Understanding the Sectoral Balances
5.5 The Flow of Funds and Modern Monetary Macroeconomics

Part B: Introduction to Modern Monetary Theory

Chapter 6: Introduction to Sovereign Currency

6.1 Introducing money
6.2 The National Currency (unit of account); denomination of stocks and flows
6.3 Floating versus fixed exchange rate regimes
6.4 IOUs denominated in national currency: government and nongovernment
6.5 Use of the term “money” confusion and precision

Chapter 7: A Brief Overview of Economic History and the Rise of Capitalism

7.1 Monetary Capitalism
7.2 Tribal Society
7.3 Slavery
7.4 Feudalism
7.5 Revolts and the transition to capitalism
7.6 Capitalism
7.7 Monetary Capitalism
7.8 Global Capitalism
7.9 Economic Systems of the Future?

Chapter 8: The Origins and Nature of Money

8.1 The Barter Story
8.2 Wergild and Tribal Society
8.3 Wergild liabilities are transformed to debt to authority
8.4 Standardisation of liabilities
8.5 Credits, Debits, and Markets
8.6 What about coins? Are they Debts, too?
8.7 The nature of money
8.8 Taxes drive the money of account
8.9 Conclusion

Chapter 9: Introduction to Monetary and Fiscal Policy Operations

9.1: The Central Bank
9.2: The Treasury
9.3: Coordination of Monetary and Fiscal Operations
9.4: Sterilisation of Capital Flows
9.5: Currency Sovereignty and Policy Independence

Chapter 10: Non-sovereign Currencies: Gold Standards, Fixed Exchange Rates and the Special Case of the European Monetary Union

10.1: The Gold Standard, in Theory and Practice
10.2: Fixed Exchange Rates and Policy Constraints
10.3: Currency Boards
10.4: The European Monetary Union

Part C: Introduction to Macroeconomic Models

Chapter 11: Introduction to Effective Demand: The D-Z Model

Section detail to come – mid-August 2013.

Chapter 12: The Real Expenditure Model

12.1 Introduction
12.2 Aggregate Supply
12.3 Aggregate Demand
12.4 Private Consumption Expenditure
12.5 Introducing Private Investment
12.6 Introducing Government Spending
12.7 Introducing Net Exports
12.8 Total Aggregate Expenditure
12.9 Equilibrium National Income
12.10 The Expenditure Multiplier

Chapter 13: Introduction to Aggregate Supply

13.1 Some Introductory Concepts
13.2 Keynes’ Aggregate Supply Price (Z) Function
13.3 Price Determination
13.4 The General Aggregate Supply Function
13.5 Some Properties of the General Aggregate Supply Function (AS)
13.6 The Mark-up, the Real Wage, Conflict and Inflation
13.7 Factors Affecting Aggregate Output per Hour

Chapter 14: Introduction to Labour Market Analysis

14.1 Introduction
14.2 Markets and Capitalism
14.3 Measurement
14.4 Flow Measures of Unemployment
14.5 Duration Measures of Unemployment
14.6 Duration of Unemployment
14.7 Broad Measures of Labour Underutilisation
14.8 Hysteresis

Chapter 15: Keynes and the Classics

15.1 Categories of Unemployment
15.2 Why Does Mass Unemployment Arise?
15.3 What is Full Employment?
15.4 Involuntary Unemployment
15.5 The Classical Theory of Employment
15.6 Unemployment in The Classical Labour Market
15.7 What is The Equilibrium Output Level?
15.8 The Loanable Funds Market – Classical Interest Rate Determination
15.9 Classical Price Level Determination
15.10 Summary of The Classical System
15.11 Pre-Keynesian Criticisms of The Classical Denial of Involuntary Unemployment
15.12 The Existence of Mass Unemployment as an Equilibrium Phenomenon
15.13 Keynes Critique of Classical Employment Theory
15.14 Understanding Labour Supply
15.15 Keynes Rejection of Say’s Law – The Possibility of General Overproduction
15.16 The Macroeconomic Demand for Labour Curve
15.17 The Determination of Employment and the Existence of Involuntary Unemployment
15.18 A Classical Resurgence Thwarted

Chapter 16: IS-LM Analysis

16.1 Introduction to concept of General Equilibrium
16.2 The Money Market – Demand, Supply and Equilibrium
16.3 Derivation of LM curve
16.4 The Product Market – Equilibrium output
16.5 Derivation of IS curve
16.6 Policy Analysis in IS-LM Framework
16.7 Limitations of IS-LM analysis

Chapter 17: Unemployment and Inflation

17.1 What is Inflation?
17.2 Inflation in Practice
17.3 Early Historical Views About Inflation and Unemployment
17.4 The Quantity Theory of Money
17.5 The Phillips Curve
17.6 The Accelerationist Hypothesis and the Expectations-Augmented Phillips Curve
17.7 Hysteresis and The Phillips Curve Trade-Off
17.8 Underemployment and The Phillips Curve
17.9 Demand-Pull and Cost-Push Inflation
17.10 The Conflict Theory of Inflation
17.11 Incomes Policies
17.12 Raw Material Price Rises

Chapter 18: Buffer Stocks and Price Stability

18.1 Introduction
18.2 Unemployment Buffer Stocks and Price Stability
18.3 Measuring the Costs of Unemployment Buffer Stocks
18.4 Employment Buffer Stocks and Price Stability

Part D: Macroeconomic Policy

Chapter 19: Fiscal Policy in Sovereign Nations

19.1: Functional Finance versus Sound Finance
19.2: Debate about Debt Sustainability
19.3: Full Employment as a Policy Goal
19.4: Fiscal Policy and Inflation

Chapter 20: Monetary Policy in Sovereign Nations

20.1: Monetary Targets versus Interest Rate Targets
20.2: Horizontalism
20.3: Inflation Targets
20.4: Central Bank Independence
20.5: Regulation and Supervision of Financial Institutions

Chapter 21: Policy in an Open Economy: Exchange Rates, Balance of Payments, and Competitiveness

21.1 Introduction
21.2 The Balance of Payments – Essential Concepts
21.3 Aggregate Demand and the External Sector – Revisited
21.4 Trade in Goods and Services, Product Market Equilibrium and the Trade Balance

Chapter 22: Investment in a Capitalist Economy

22.1 Investment in a Capitalist Monetary Economy
22.2 The Accelerator Model of Investment
22.3 The Flexible Accelerator Model
22.4 Expectations and Interest Rate Impacts on Investment Demand
22.5 Cyclical Asymmetries in Investment Spending
22.6 Investment and Profits
22.7 Kalecki’s Simplified Model
22.8 Kalecki’s Generalised Model of Profits
22.9 Business Cycles – Fluctuations in Economic Activity
22.10 Introduction to Cash Flow Discounting and Present Value
22.11 Investment and the Rate of Interest
22.12 Keynes and the Marginal Efficiency of Investment

Chapter 23: Stabilising the Unstable Economy

23.0: Business Cycles and Financial Instability
23.1: Is Instability Endogenous or Due to Shocks?
23.2: Financial Instability Hypothesis
23.3: Sectoral Balances and Instability
23.4: Longer-term Evolution of the Financial Structure
23.5: Policy to Enhance Stability

Part E: Recent Controversies in Macroeconomic Theory and Policy

Chapter 24: Modern Schools of Thought

24.1: New Classical
24.2: Real Business Cycle
24.3: New Keynesian
24.4: New Monetary Consensus Macro (and DSGE Models)
24.5: Heterodox: Post Keynesian, Institutionalist, Marxist, and MMT

Chapter 25: Recent Policy Debates

25.1: Ageing, Social Security, and the Intergenerational Debate
25.2: Twin Deficits and Sustainability Of Budget Deficits
25.3: Fixed Versus Flexible Exchange Rates: Optimal Currency Areas, the Bancor, or Floating Rates?
25.4: Economic Growth: Demand or Supply Constrained?
25.5: Environmental Sustainability and Economic Growth

Chapter 26: Macroeconomics in the light of the Global Financial Crisis