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Keynes v. the ‘old’ classical model 39short-run production function. In general terms at the micro level a productionfunction expresses the maximum amount of output that a firm can producefrom any given amounts of factor inputs. The more inputs of labour (L) andcapital (K) that a firm uses, the greater will be the output produced (providingthe inputs are used effectively). However, in the short run, it is assumed thatthe only variable input is labour. The amount of capital input and the state oftechnology are taken as constant. When we consider the economy as a wholethe quantity of aggregate output (GDP = Y) will also depend on the amount ofinputs used and how efficiently they are used. This relationship, known as theshort-run aggregate production function, can be written in the followingform:Y= AF( K, L) (2.1)where (1) Y = real output per period,(2) K = the quantity of capital inputs used per period,(3) L = the quantity of labour inputs used per period,(4) A = an index of total factor productivity, and(5) F = a function which relates real output to the inputs of K and L.The symbol A represents an autonomous growth factor which captures theimpact of improvements in technology and any other influences which raisethe overall effectiveness of an economy’s use of its factors of production.Equation (2.1) simply tells us that aggregate output will depend on theamount of labour employed, given the existing capital stock, technology andorganization of inputs. This relationship is expressed graphically in panel (a)of Figure 2.1.The short-run aggregate production function displays certain properties.Three points are worth noting. First, for given values of A and K there is apositive relationship between employment (L) and output (Y), shown as amovement along the production function from, for example, point a to b.Second, the production function exhibits diminishing returns to the variableinput, labour. This is indicated by the slope of the production function (∆Y/∆L)which declines as employment increases. Successive increases in the amountof labour employed yield less and less additional output. Since ∆Y/∆L measuresthe marginal product of labour (MPL), we can see by the slope of theproduction function that an increase in employment is associated with adeclining marginal product of labour. This is illustrated in panel (b) of Figure2.1, where D L shows the MPL to be both positive and diminishing (MPLdeclines as employment expands from L 0 to L 1 ; that is, MPL a > MPL b ). Third,the production function will shift upwards if the capital input is increasedand/or there is an increase in the productivity of the inputs represented by anincrease in the value of A (for example, a technological improvement). Such
40 <strong>Modern</strong> macroeconomicsFigure 2.1The aggregate production function (a) and the marginal productof labour (b)
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Modern Macroeconomics
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ModernMacroeconomicsIts Origins, De
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ContentsList of figuresList of tabl
Page 8 and 9: Contentsvii6.9 Technology shocks 31
Page 10 and 11: Contentsix10.19 Conclusion 565Inter
Page 12 and 13: Figuresxi3.18 The link between the
Page 14 and 15: Tables1.1 The Great Depression 121.
Page 16 and 17: Prefacexvmarked with an asterisk th
Page 18 and 19: AcknowledgementsThe authors would l
Page 20 and 21: 1. Understanding modernmacroeconomi
Page 22 and 23: Understanding modern macroeconomics
Page 28 and 29: 1.4 The Great DepressionUnderstandi
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Page 83 and 84: 64 Modern macroeconomicsFigure 2.5T
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Page 97 and 98: 78 Modern macroeconomicsTable 2.1 U
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90 Modern macroeconomicsAlthough we
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92 Modern macroeconomicsof the Grea
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94 Modern macroeconomicsstuff, it w
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96 Modern macroeconomicsoriginal ve
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98 Modern macroeconomicsIt is hard
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100 Modern macroeconomicslag system
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102 Modern macroeconomicsinterventi
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104 Modern macroeconomicsequal to t
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106 Modern macroeconomicsthe smalle
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108 Modern macroeconomicsFigure 3.4
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110 Modern macroeconomicsthe autono
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112 Modern macroeconomicsliability
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114 Modern macroeconomicsWe now tur
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116 Modern macroeconomicsAgain supp
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118 Modern macroeconomicstive balan
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120 Modern macroeconomicscome to re
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122 Modern macroeconomicsrealize th
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124 Modern macroeconomicsdomestic i
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126 Modern macroeconomicshence the
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130 Modern macroeconomicsWith adver
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132 Modern macroeconomicswould resu
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140 Modern macroeconomicsX v uL =
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142 Modern macroeconomicstextbook i
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144 Modern macroeconomicswages was
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146 Modern macroeconomicsshort run.
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148 Modern macroeconomicsJAMES TOBI
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150 Modern macroeconomicsSkidelsky
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152 Modern macroeconomicsspend from
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154 Modern macroeconomicsequations.
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156 Modern macroeconomicsextreme. B
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158 Modern macroeconomicsEconomic P
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160 Modern macroeconomicsdone what
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162 Modern macroeconomicsanything i
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164 Modern macroeconomicsmoney stre
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166 Modern macroeconomicstion) as t
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168 Modern macroeconomicsKeynesian
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170 Modern macroeconomicsfrequently
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174 Modern macroeconomicsThe Keynes
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176 Modern macroeconomicstrade-off
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178 Modern macroeconomicsFriedman
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180 Modern macroeconomicsuncertaint
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182 Modern macroeconomicsoccur. Whe
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184 Modern macroeconomicsnew short-
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186 Modern macroeconomicsaffect the
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188 Modern macroeconomicsmodels is
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190 Modern macroeconomicsthat opera
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192 Modern macroeconomicsthe world
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194 Modern macroeconomicsThe moneta
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196 Modern macroeconomicsing the im
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198 Modern macroeconomicsMILTON FRI
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200 Modern macroeconomicsKeynes’s
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202 Modern macroeconomicson Probabi
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204 Modern macroeconomicstime of mi
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206 Modern macroeconomicsRational e
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208 Modern macroeconomicscontradict
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210 Modern macroeconomicseconomics.
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212 Modern macroeconomicssaid about
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214 Modern macroeconomicsReserve Ba
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216 Modern macroeconomicsMacroecono
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218 Modern macroeconomicsempty they
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220 Modern macroeconomicsThe assump
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222 Modern macroeconomicstions hypo
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224 Modern macroeconomicsaggregate
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226 Modern macroeconomicsexpectatio
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228 Modern macroeconomicspublicly a
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230 Modern macroeconomicsver, 1992)
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232 Modern macroeconomicsformed exp
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234 Modern macroeconomicsprice chan
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236 Modern macroeconomics5.4 Equili
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238 Modern macroeconomicsfor an equ
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240 Modern macroeconomicsan increas
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242 Modern macroeconomicsThus, in t
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244 Modern macroeconomicsexpectatio
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246 Modern macroeconomicsFinally su
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248 Modern macroeconomicsdisinflati
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250 Modern macroeconomicscase is ba
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252 Modern macroeconomicsP˙ E( P˙
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254 Modern macroeconomicsSuppose th
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256 Modern macroeconomicsStackelber
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258 Modern macroeconomicsthe long r
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264 Modern macroeconomicsthat the g
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266 Modern macroeconomicsmodels do
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268 Modern macroeconomicsnew classi
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270 Modern macroeconomicsFirst, it
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272 Modern macroeconomicsROBERT E.
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274 Modern macroeconomicsmaths, but
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276 Modern macroeconomicslengths to
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278 Modern macroeconomicsWe know fr
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280 Modern macroeconomicsare being
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282 Modern macroeconomicsI’m not
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284 Modern macroeconomicsYes, but i
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286 Modern macroeconomicsYes, that
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288 Modern macroeconomicsIn what ar
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290 Modern macroeconomicsthat gover
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292 Modern macroeconomicsPersonal I
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6. The real business cycle schoolIf
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296 Modern macroeconomicscriticizin
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298 Modern macroeconomicsThe idea t
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300 Modern macroeconomicsmodels sho
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304 Modern macroeconomicscurve, as
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306 Modern macroeconomicsBusiness c
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308 Modern macroeconomicsthe second
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310 Modern macroeconomics(Robinson
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312 Modern macroeconomicsperiod, wo
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318 Modern macroeconomics(b)YY* = A
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322 Modern macroeconomicsthat a com
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324 Modern macroeconomicsperspectiv
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326 Modern macroeconomicsrewritten
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328 Modern macroeconomicsReferring
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330 Modern macroeconomicsgiven mone
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332 Modern macroeconomicsis already
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334 Modern macroeconomicsEquation (
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336 Modern macroeconomicscal change
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338 Modern macroeconomicsaggregate
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340 Modern macroeconomicstheory is
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342 Modern macroeconomicsexample, c
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344 Modern macroeconomicsEDWARD C.
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346 Modern macroeconomicsFor over 2
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348 Modern macroeconomicsWere you s
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350 Modern macroeconomicsIn your 19
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352 Modern macroeconomicsrich class
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354 Modern macroeconomicstative emp
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356 Modern macroeconomicsWhat issue
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358 Modern macroeconomicsBlinder (1
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360 Modern macroeconomicsmacroecono
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362 Modern macroeconomicsThe reader
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364 Modern macroeconomics(1992b) ha
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366 Modern macroeconomicsto another
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368 Modern macroeconomicsW˙ E( P˙
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370 Modern macroeconomicsAccording
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372 Modern macroeconomicscertainly
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376 Modern macroeconomicssive heter
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378 Modern macroeconomicsrequires a
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380 Modern macroeconomics1P=MC1+1/
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382 Modern macroeconomicsflexibilit
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384 Modern macroeconomicsImplicit c
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390 Modern macroeconomicsa firm pay
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392 Modern macroeconomicsMany econo
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394 Modern macroeconomicsfamous Mod
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396 Modern macroeconomics‘effect
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398 Modern macroeconomicsbut they h
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402 Modern macroeconomics% 12111098
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404 Modern macroeconomicsUnemployme
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406 Modern macroeconomicsUnemployme
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408 Modern macroeconomicsIn the Phe
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410 Modern macroeconomicsmacroecono
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412 Modern macroeconomicsimpossible
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414 Modern macroeconomics3. an ‘i
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416 Modern macroeconomicsthe natura
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420 Modern macroeconomicsHere r t*
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422 Modern macroeconomicsunderstood
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424 Modern macroeconomicsy=− ar+
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426 Modern macroeconomicsFor simpli
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428 Modern macroeconomics7.13 Criti
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430 Modern macroeconomicsA third li
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434 Modern macroeconomicsEmpirics o
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436 Modern macroeconomicstion that
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438 Modern macroeconomicsups and do
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440 Modern macroeconomicsThe reason
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442 Modern macroeconomicsIn your re
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444 Modern macroeconomicsprocyclica
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446 Modern macroeconomicsthe rule b
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448 Modern macroeconomicsgive us ne
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450 Modern macroeconomicsyour asses
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452 Modern macroeconomicsthe ‘new
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454 Modern macroeconomicsTo throw o
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456 Modern macroeconomicsf d (N) =
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458 Modern macroeconomicstheories n
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460 Modern macroeconomicsleisure an
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462 Modern macroeconomicsto the inp
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464 Modern macroeconomics8.9 Classi
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466 Modern macroeconomicshomogeneou
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468 Modern macroeconomicsBy making
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470 Modern macroeconomicsIn the fir
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472 Modern macroeconomicsKreps’s
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9. The Austrian schoolRoger W. Garr
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476 Modern macroeconomicsLatestages
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478 Modern macroeconomicsHere, line
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480 Modern macroeconomicsConsumable
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482 Modern macroeconomicseconomy -
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484 Modern macroeconomicsreal outpu
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486 Modern macroeconomicsIn the Key
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488 Modern macroeconomicsThe derive
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490 Modern macroeconomicsInterestra
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492 Modern macroeconomicsrightward
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494 Modern macroeconomicsing. Capit
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496 Modern macroeconomicsThree dist
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498 Modern macroeconomicsinterest a
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500 Modern macroeconomicspeople’s
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502 Modern macroeconomicsCStages of
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504 Modern macroeconomicsties - no
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506 Modern macroeconomicsmuch as sh
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508 Modern macroeconomicsDuring the
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510 Modern macroeconomicsinvestment
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512 Modern macroeconomicsmoney (tha
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514 Modern macroeconomicsmay be see
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516 Modern macroeconomicsAlthough c
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518 Modern macroeconomics10.2 Polit
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520 Modern macroeconomicsEconomistA
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522 Modern macroeconomicsthe labour
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524 Modern macroeconomicsSource: Ad
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526 Modern macroeconomicsTable 10.1
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528 Modern macroeconomicswin electi
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530 Modern macroeconomicsthan is op
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532 Modern macroeconomics1947-72 an
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534 Modern macroeconomicsAccording
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536 Modern macroeconomicsReserve, 1
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538 Modern macroeconomicsIn the rat
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540 Modern macroeconomicsThe ‘ecl
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542 Modern macroeconomicsthere are
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544 Modern macroeconomicstude’ an
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546 Modern macroeconomicsof UK gove
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548 Modern macroeconomicspolicies a
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550 Modern macroeconomicsmakers hav
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552 Modern macroeconomicseconomic i
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554 Modern macroeconomicsbeen the s
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556 Modern macroeconomicsriod despi
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558 Modern macroeconomicseducation,
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560 Modern macroeconomicspoor make
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562 Modern macroeconomicsin order t
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564 Modern macroeconomicsethno-ling
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566 Modern macroeconomicssupporting
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568 Modern macroeconomicsCredit, an
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570 Modern macroeconomicsThe idea t
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572 Modern macroeconomicslarge, and
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574 Modern macroeconomicsgovernment
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576 Modern macroeconomicsGeneral Ma
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578 Modern macroeconomicspapers wit
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580 Modern macroeconomicsminants of
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582 Modern macroeconomicsstandards
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584 Modern macroeconomics11.3 In Pr
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586 Modern macroeconomicspessimism
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588 Modern macroeconomicscially in
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590 Modern macroeconomicst∗ = log
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592 Modern macroeconomicsregions an
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594 Modern macroeconomicsseveral ce
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596 Modern macroeconomicsrespect to
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598 Modern macroeconomicsneglected
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600 Modern macroeconomicsDividing t
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602 Modern macroeconomicscountries
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604 Modern macroeconomicsThe produc
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606 Modern macroeconomicsThe consum
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608 Modern macroeconomicsgraphs a w
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610 Modern macroeconomicsy = Y/LA(t
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612 Modern macroeconomics7. the Sol
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614 Modern macroeconomicspoints. In
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616 Modern macroeconomicsinvestment
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618 Modern macroeconomicsy= kα (11
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620 Modern macroeconomicsIn Lucas
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622 Modern macroeconomicsquality of
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624 Modern macroeconomics(α), coun
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626 Modern macroeconomicsaccumulati
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628 Modern macroeconomicsa neo-Schu
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630 Modern macroeconomicsaccess to.
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632 Modern macroeconomics6. therefo
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634 Modern macroeconomicsGDP = YtEn
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636 Modern macroeconomicswill not b
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638 Modern macroeconomicswhich econ
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640 Modern macroeconomicsTable 11.5
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642 Modern macroeconomicsthat absol
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644 Modern macroeconomics1993; Maur
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646 Modern macroeconomicsand expend
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648 Modern macroeconomicsbeneficial
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650 Modern macroeconomicsof change
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652 Modern macroeconomicseconomic p
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654 Modern macroeconomicsit is upon
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656 Modern macroeconomicsThe popula
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658 Modern macroeconomics8. providi
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660 Modern macroeconomicsROBERT M.
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662 Modern macroeconomicshim very w
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664 Modern macroeconomicseconomists
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666 Modern macroeconomicswith Edwar
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668 Modern macroeconomicsmystery st
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670 Modern macroeconomicscan ask: a
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672 Modern macroeconomicsa standard
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674 Modern macroeconomicsWe intervi
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676 Modern macroeconomicsoped by th
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678 Modern macroeconomicsEconomic G
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680 Modern macroeconomicstalked mat
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682 Modern macroeconomicsdisagree w
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684 Modern macroeconomicsWhen we ta
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686 Modern macroeconomicsWell, we w
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688 Modern macroeconomicsResearch i
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690 Modern macroeconomicsthe role o
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692 Modern macroeconomicspounds or
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694 Modern macroeconomicsother adva
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696 Modern macroeconomics12.2 Twent
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698 Modern macroeconomicstraces the
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700 Modern macroeconomicsunanticipa
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Table 12.1 Some areas of agreement
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704 Modern macroeconomicsare driven
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706 Modern macroeconomicsnumber of
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BibliographyTitles marked with an a
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710 Modern macroeconomicsAkerlof, G
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712 Modern macroeconomicsMacroecono
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714 Modern macroeconomicsBackus, D.
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716 Modern macroeconomics*Barro, R.
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718 Modern macroeconomicsBernanke,
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720 Modern macroeconomicsBlanchard,
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722 Modern macroeconomicsBlinder, A
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724 Modern macroeconomicsCagan, P.
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726 Modern macroeconomicsA New Keyn
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728 Modern macroeconomicsand J.E. S
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730 Modern macroeconomicsDeane, P.
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732 Modern macroeconomics*Dimand, R
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734 Modern macroeconomicsEasterly,
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736 Modern macroeconomicsFama, E. (
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738 Modern macroeconomicsEconomic I
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740 Modern macroeconomicsgregate Ou
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742 Modern macroeconomics*Goodhart,
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744 Modern macroeconomicsHahn, F.H.
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746 Modern macroeconomicsHayek, F.A
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748 Modern macroeconomicsHowitt, P.
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750 Modern macroeconomics*Jorgenson
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752 Modern macroeconomicsKeynes, J.
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754 Modern macroeconomics*Krueger,
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756 Modern macroeconomicsLandman, T
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758 Modern macroeconomicsRate of Ch
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760 Modern macroeconomicsLundberg,
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762 Modern macroeconomicsin B. Snow
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764 Modern macroeconomics*Mishkin,
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766 Modern macroeconomicsMuth, J.F.
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768 Modern macroeconomicsO’Rourke
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770 Modern macroeconomicsPhelps, E.
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772 Modern macroeconomicsRobbins, L
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774 Modern macroeconomicsRomer, C.D
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776 Modern macroeconomicsSala-i-Mar
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778 Modern macroeconomicsSheffrin,
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780 Modern macroeconomicsEvolution
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782 Modern macroeconomicsStiglitz,
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784 Modern macroeconomicsTaylor, J.
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786 Modern macroeconomics*Tobin, J.
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788 Modern macroeconomicsWalsh, C.E
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790 Modern macroeconomics*Zarnowitz
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792 Modern macroeconomicsBenson Dur
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794 Modern macroeconomicsEkelund, R
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796 Modern macroeconomicsKalecki, M
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798 Modern macroeconomicsMorgenster
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800 Modern macroeconomicsSargent, T
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802 Modern macroeconomicsWeinstein,
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804 Modern macroeconomicseconomic h
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806 Modern macroeconomicsnew politi
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