Macroeconomics: a European Text

Abstract

XV 4.2.3Labour Market Equilibrium 4.2.4The Interpretation of Unemployment 4.3 A Static Interpretation of Unemployment 4.3.1 Involuntary Unemployment and Real Wage Adjustment 4.3.2Collective Bargaining and Real Wage Rigidity 4.3.3Social Minima and Real Wage Rigidity 4.3.4Efficiency Wages and Real Wage Rigidity 4.4 A Dynamic Interpretation of Unemployment 4.4.1 Labour Market States and Transitions 4.4.2Stocks, Flows, and Frictional Unemployment 4.4.3Job Finding and the Duration of Unemployment 4.5 The Equilibrium Rate of Unemployment 4.5.1 The Concept 4.5.2The European Experience 4.5.3Actual and Equilibrium Unemployment Summary Appendix Intertemporal Budget Constraints 5.1 Overview 5.2 Thinking about the Future 5.2.1 The Future Has a Price 5.2.2The Rational Expectations Hypothesis 5.2.3The Parable of Robinson Crusoe 5.3 The Household's Intertemporal Budget Constraint 5.3.1 Consumption and Intertemporal Trade 5.3.2The Real Interest Rate 5.3.3Wealth and Present Discounted Values 5.4 The Firm and the Private Sector's Intertemporal Budget Constraint 5.4.1 Firms and the Investment Decision 5.4.2The Production Function 5.4.3The Cost of Investment 5.4.4The Intertemporal Budget Constraint of the Consolidated Private Sector 5.5 Public and Private Budget Constraints 5.5.1 The Public Budget Constraint 5.5.2The Consolidated Public and Private Budget Constraint 5.5.3Ricardian Equivalence: The Benchmark Case 5.5.4Where Ricardian Equivalence Can Fail 5.6 The Current Account and the Budget Constraint of the Nation 5.6.1 The Primary Current Account 5.6.2Enforcement of Credit Contracts and Sovereign Borrowing Summary Appendix xvi Detailed Contents Private Sector Demand: Consumption and Investment 6.1 Overview 6.2 Consumption 6.2.1 Optimal Consumption 6.2.2 Implications 6.2.3 Wealth or Income?*~ 6.2.4The Consumption Function 6.3 Investment 6.3.1 The Optimal Capital Stock 6.3.2Investment and the Real Interest Rate 6.3.3The Accelerator Principle 6.3.4Investment and Tobin's q 6.3.5The Microeconomic Foundations of Tobin's q 6.3.6The Investment Function

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