Macroeconomic Research

Author: Zou Hengfu
Publisher:
Publish Date: 2006-09-01
Features: This book involves many theoretical and practical research on macroeconomics and finance. The first chapter attempts to unify capital accumulation, product innovation, international trade, and economic growth within a simple framework. The second chapter proves that money superneutrality (sLiperneutrality) no longer holds in the model of capitalist spirit. The third chapter explains the equity premium puzzle in financial markets using the model of capitalist spirit. Chapters 4, 5, and 6 discuss issues of income distribution. The seventh chapter examines the relationship between government spending fluctuations and economic growth. Chapters 8, 9, 10, and 11 establish a dynamic analytical model of taxation, transfer payments, government spending, and economic growth under multi-level government conditions. Chapters 12, 13, and 14 analyze the impact of fiscal soft constraints imposed by the central government on local governments on fiscal decentralization and government size, as well as the relationship between fiscal soft constraints, central government fiscal deficits, and macroeconomic instability (such as inflation). The fifteenth chapter studies the relationship between military spending and economic growth. Chapters 16 and 17 prove that foreign aid reduces savings and investment in developing countries, increases reliance on foreign loans, hinders economic growth and capital accumulation.