Author Description

<i>Market Behaviour and Macroeconomic Modelling</i> discusses several state-of-the-art developments in the modeling approach to market behavior in macroeconomic modeling. Leading experts in this field deal with the implications of market imperfections in commodity markets, capital markets and labor markets for macroeconomic modeling and stabilization policy. They demonstrate that incorporating market imperfections leads to very different policy recommendations than those derived from the standard perfect competition model.<br>