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 | | Coordination Games : Complementarities and Macroeconomics by Russell Cooper ISBN-10: 9780521570176 ISBN-10: 0-521-57017-4 ISBN-13: 9780521570176 ISBN-13: 978-0-521-57017-6 Hardcover 1999-02-28 Cambridge University Press Find Lowest Price |
Editorials | ||
Product Description This book studies the implications of macroeconomic complementarities for aggregate behavior. The presentation is intended to introduce Ph.D. students into this sub-field of macroeconomics and to serve as a reference for more advanced scholars. The initial sections of the book cover the basic framework of complementarities and provide a discussion of the experimental evidence on the outcome of coordination games. The subsequent sections of the book investigate applications of these ideas for macroeconomics. The topics Professor Cooper explores include: economies with production complementarities, search models, imperfectly competitive product markets, models of timing and delay and the role of government in resolving and creating coordination problems. | ||
Book Description This book covers a branch of macroeconomics in which inefficiencies arise from the interaction of agents. Its main purpose is to synthesize the main findings in this field of research. The presentation of style is to present a detailed model in its entirety and then to present related economic models within the structure. The discussion includes both theory and quantitative analysis. In particular, the book presents experimental evidence on coordination games, a general discussion of supermodular games and applications of interest to macroeconomists. | ||
Reviews | ||
Essential Reading on Macroeconomic and Financial Instability This is an essential book for anyone who wants a deeper understanding of macroeconomic and financial instability: recessions, depressions, financial panics, currency crises, bank runs, the Russian and Asian crises, and similar events. It also presents fundamental analysis critical to the understanding of monetary and fiscal policy coordination; for example in the European Union, and in dealing with the Asian macroeconomic and financial crisis. In addition, it is essential reading for students and enthusiasts of game theory. The book is very well organized, has an unerring eye in its coverage of topics, and is almost astonishingly well written. While parts of the book are technically demanding for the lay reader, the rest can be read with profit by the non-specialist and non-student. Indeed, the technical parts can still profitably be skimmed, and the gist of the ideas are clear to the patient non-specialist. Hence, exactly as advertised, the book is essential for graduate courses, but also useful as a reference for the specialist, and is required reading for the informed public. Unlike what is suggested in the advertising, however, I and my colleagues also feel the book can be taught and assigned to advanced undergraduate students, and to the more motivated of the intermediate students as well. I will do so. In short, if you haven't read this book you are simply out of date. Excellent brief summaries of this material can be found in David Romer's graduate text Advanced Macroeconomics, McGraw Hill, pp. 294-299, in Jansen, DeLorme and Ekelund's undergraduate text Intermediate Macroeconomics, West Publishing, pp. 412-419, and in John Taylor's introductory undergraduate text Principles of Macroeconomics, Houghton Mifflin, in the "New Keynesian School" subsection. Background readings appear in N. Mankiw and D. Romer (eds.) New Keynesian Economics, vol. 2, Coordination Failures and Real Rigidities, M.I.T. Press Readings in Econommics (Benjamin Friedman and Lawrence Summers, eds.). But the very best place to learn this essential material is in this elegant volume by Russell Cooper. | ||