Lectures on Macroeconomics 
asked by axelrose on November 4, 2006 7:09 AM
Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.
The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.
Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.
Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.
Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT.
The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.
Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.
Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.
Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT.
Reviews
0%
0%
I have read many books in macroeconomics and I think this one is the best of them, so personally I spent my money to buy this book (among all macro- books) and keep it on my shelf for references. The book is not a complete guide to macroeconomics (and no other macro book is either). But what it covers, it covers well with preamble to the idea and empirical evidence, then proceeds to formal discussion and derivations and conclusions. It covers topics on consumption theory, economic growth, money and monetary policy, labor and employment models, and competetive equilibrium and business cycles. Still you need complementary texts if you want to get too much focused in a field (like monetary policy). I recommend this book for graduate level macro- courses. For one thing the book comes with lots of exercises at the end of each chapter.
reviewed by crafty1 on November 22, 2006 4:23 PM
0%
0%
Some people seem to mistake bad writing for brilliance in content. The reason that many reviews seem to have trouble understanding some of the contents in the book should be an argument against the book, not an argument for its technical difficulties derived from some people's own uncertainty about their skills in maths.
I thoroughly advise people not to waste time looking into this book, let alone buy it which will be a waste of money as well.
I have not found a perfect macroeconomics textbook yet. But David Romer's Advanced Macroeconomics is much better than this one in every way.
I thoroughly advise people not to waste time looking into this book, let alone buy it which will be a waste of money as well.
I have not found a perfect macroeconomics textbook yet. But David Romer's Advanced Macroeconomics is much better than this one in every way.
reviewed by webin on November 26, 2006 2:47 PM
0%
0%
I loved this book since I first read it. It's a complete book in terms of modern macroeconomic theory topics covered and in the treatment of them. The authors have focused in modern development in the field and have tried to gather a significant collection of models and theories which explain several aspects of the macroeconomic analysis (just check the index to find out all that you can read here!).
A drawback of this book is that it's kinda specialized in modern macro development and its methods: it assumes that the reader knows about basic macro theory, macro models, has strong mathematical foundations (calculus, systems of equations, optimum control theory, etc.) AND is used to the kind of relationship economists do between models and real life. This is NOT a book of macroeconomic policies, like how to manage a nation's deficit in the public budget, or so; but researches could find here the basis for developing more specific recommendations and policies to address such problems.
A drawback of this book is that it's kinda specialized in modern macro development and its methods: it assumes that the reader knows about basic macro theory, macro models, has strong mathematical foundations (calculus, systems of equations, optimum control theory, etc.) AND is used to the kind of relationship economists do between models and real life. This is NOT a book of macroeconomic policies, like how to manage a nation's deficit in the public budget, or so; but researches could find here the basis for developing more specific recommendations and policies to address such problems.
reviewed by literary on November 29, 2006 4:13 PM
0%
0%
While this book is certainly a standard in graduate programs as a survey of modern theory, most people do not want a survey of modern theory from this perspective. This book has garnered itself three stars because of the difficulty of covering the spectrum of macro theory. Even for a graduate student in economics I am not ashamed to say that this book gave me a lot of trouble because of its prose style. This is a book that truly assumes familiarity not with economics but with macro theory, that is the systems of equations and methods. For some one wanting a self-teaching guide for macroeconomics I would recommend trying to find a general audience book, but for a survey of macroeconomics past the undergraduate level I recommend David Romer's Advanced Macroeconomics. Not that AM is ideal either but it is easier to follow.
reviewed by stonefox on November 29, 2006 4:17 PM
0%
0%
Brilliant book, the bit in the front from Serena, 1988 is by far the easiest.
reviewed by librarian on November 29, 2006 6:31 PM