Macroeconomics

The book has been re-written almost from scratch after a thorough re-think of how macroeconomics should be taught after the financial crisis. Among the new features:

• The text recognizes that modern central banks set interest rates, not the quantity of money: this gets rid of the LM curve greatly simplifying the discussion of financial markets.
• Ii presents the Medium Run starting directly from the Phillips curve, thus avoiding the intermediate AS-AD step which was clunky, and, for good reasons, undergraduates find it difficult to understand. Output above potential, or unemployment below the natural rate put upward pressure on inflation. The nature of the pressure depends on the formation of expectations, an issue central to current developments.
• The yield curve now incorporates a risk premium, whose fluctuations have been central to the crisis, especially since Quantitative Easing policies have shown that monetary policy can affect this premium.

1. A Tour of the World

2. A Tour of the Book

THE CORE

The Short Run

3. The Goods Market

4. Financial Markets I

5. Financial Markets: The IS-LM Model

6. Financial Markets IIThe Medium Run

7. The Labour Market

8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation

9. Putting All Markets Together: From the Short to the Medium RunThe Long Run

10. The Facts of Growth 

11. Saving, Capital Accumulation, and Output

12. Technological Progress and Growth

13. Technological Progress: The Short, the Medium, and the Long Runs

EXPECTATIONS

14. Financial Markets and Expectations 

15. Expectations, Consumption, and Investment 

16. Expectations, Output, and Policy

EXTENSIONS

17. Openness in Goods and Financial Markets

18. The Goods Market in an Open Economy

19. Output, the Interest Rate, and the Exchange Rate

20. Exchange Rate Regimes

BACK TO POLICY

21. Should Policy Makers Be Restrained?

22. Fiscal Policy: A Summing Up

3. Monetary Policy: A Summing UpEpilogue

24. The Story of Macroeconomics

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Macroeconomics IMW

Blanchard, Amighini & Giavazzi

ISBN: 9781292085708

 

Macroeconomics PPW, 3/E

Blanchard, Amighini & Giavazzi

ISBN: 9781292085746