Macroeconomic Policy Analysis

Public sector rationing in asset markets is the central idea here, approached through a contemporary non-Walrasian framework for analysing macroeconomic policy. Credit rationing regimes receive thorough coverage, which will interest readers working in economies where interest rates are set by regulation.

The author separates government into its treasury and central bank, then models households, firms and the central bank as agents who optimise across time. The resulting models are built to be adapted to the institutional and economic features of different countries, and to the specific questions of policy analysts, before any empirical estimation begins.