A complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy.
Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.
This book covers the typical material of an intermediate macroeconomics course at the undergraduate level. The approach is both theoretical and statistical, with the theory being limited to algebraic expressions and the statistics to simple and multiple regression and correlation. The coverage is traditional for the course (being IS-LM in its focus), and the tests are of the consumption function, investment function, demand for money, Phillips curve, etc. Every effort is made to explain the statistics, with some explicit statistical material embedded in the text and several ?how to? sections in the Appendix geared to the popular programs Eviews and Excel. There is also a set of Internet links that instructors can readily access in order to supplement and update the data and to use to provide the data for the students to work the exercises.The book is intended as a text for an intermediate economics course and has been used as such at North Carolina State University. There are full sets of review questions, discussion questions, problems, and computer exercises attached to each chapter, all of which have been classroom-tested. In addition to undergraduates (especially advanced undergraduates), graduate instructors will benefit from the book; and both the professional and the graduate student will find the explanations and applications useful in their work.
This brand new EMEA edition of Robert Barro's popular text brings an EMEA perspective whilst also being fully updated to reflect the macroeconomics of a post-financial crisis world. Starting with long-run macroeconomics, this text explores some of the key theories and models in macroeconomics such as the Keynesian model and the business-cycle model, finishing with extending the equilibrium model to the open economy. This exciting new edition provides an accurate and unified presentation of current macroeconomic thought whilst maintaining Professor Barro's original vision for his textbook.This edition also comes with the optional extra of Aplia, a comprehensive online learning assessment tool with auto-graded randomised questions to test students' understanding.
A textbook that approaches modern macroeconomics through its microeconomic foundations, with an emphasis on financial market connections and policy applications. The modern study and analysis of macroeconomics begins by considering how microeconomic units—consumers and firms—make decisions, and then investigates how these choices interact to yield economy-wide outcomes. This innovative textbook takes this “modern” approach, teaching macroeconomics through its microeconomic foundations. It does so by adopting the representative agent paradigm. By modeling the representative consumer and the representative firm, students will learn to describe macroeconomic outcomes and consider the effects of macroeconomic policies. Unique in its coverage of monopolistic competition, financial markets, and the interaction of fiscal and monetary policy, Modern Macroeconomics is suitable for use in intermediate undergraduate, advanced undergraduate, and graduate level courses. The book first introduces the building blocks of macroeconomics, the heart of which is the representative consumer. It goes on to offer a brief history of macroeconomic thought, including supply-side economics, the Phillips curve, and the New Keynesian framework. It then covers two policy applications, monetary policy and the interaction of monetary and fiscal policy; optimal policy analysis for both the flexible price and the rigid price case; long-run steady states, treating the Solow growth framework and the neoclassical growth model; a search-and-matching framework for the analysis of unemployment; and the application of the tools of modern macroeconomics to “open economy,” or international macroeconomics. End-of-chapter problem sets enable students to apply the concepts they have learned. A separate Solutions Manual will be available for students to purchase. Teaching materials, including complete solutions and slides, will be available to qualified instructors.
Principles of Macroeconomics is a lucid and concise introduction to the theoretical and practical aspects of macroeconomics. This revised and updated third edition covers key macroeconomic issues such as national income, investment, inflation, balance of payments, monetary and fiscal policies, economic growth and banking system. This book also explains the role of the government in guiding the economy along the path of stable prices, low unemployment, sustainable growth, and planned development through many India-centric examples. Special attention has been given to macroeconomic management in a country linked to the global economy. This reader-friendly book presents a wide coverage of relevant themes, updated statistics, chapter-end exercises, and summary points modelled on the Indian context. It will serve as an indispensable introductory resource for students and teachers of macroeconomics.
This volume provides a unified framework for the analysis of short- and medium-run macroeconomics. It develops a core New Keynesian macro model based on imperfect competition and nominal rigidities and shows how this compares with alternatives.
This text helps lay the groundwork for students to begin doing research in macroeconomics and monetary economics. A series of formal models are used to present and analyse important macroeconomic theories. The theories are supplemented by examples of relevant empirical work, which illustrate the ways that theories can be applied and tested.
Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.
Research in macroeconomics in the last thirty years has featured, almost exclusively on two characteristics: an emphasis on the microfoundations of macroeconomics and secondly, intertemporal economics, that is, the behavior of economic actors over time. Curiously, textbooks in intermediate macroeconomics have been very slow to adopt these traits. The aim of this book is to bring intermediate instruction in macroeconomics fully into line with the direction taken by the research community. Key hallmarks of the text include: a full introduction to the microfoundations of consumption and investment a complete model of the labor market with profit maximization for firms to determine labor demand and a utility maximization model to determine labor supply an analysis of the Baumol-Tobin model to determine money demand accompanied by a discussion of traditional money supply Possessing a full range of additional learning features including a companion website, test bank and instructor’s manual, the book takes an international view of macroeconomics with case studies and examples from the United States and beyond.