Macroeconomic Theory

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The textbook presents a distinctive framework for macroeconomic theory, emphasizing microeconomic foundations within an intertemporal general equilibrium model. It explores how expectations and stationary fiscal policies influence economic allocations, money supply, and dynamic growth, both with and without market noise. By juxtaposing two primary macroeconomic approaches—one advocating for full price flexibility and the other focusing on disequilibrium with sluggish price adjustments—the text provides a comprehensive analysis of a closed monetary economy.