Lectures on Macroeconomics / Edition 1

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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.

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Editorial Reviews

A text for graduate students with some background in macroeconomics, statistics, and econometrics. Describes and evaluates theories to explain fluctuations in the persistent long-term growth of modern economies, as detected in variations of output, unemployment, and movement of prices. Both authors are economics professors at MIT. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780262022835
  • Publisher: MIT Press
  • Publication date: 3/21/1989
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 664
  • Sales rank: 1,107,061
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.60 (d)

Meet the Author

Olivier Blanchard is Economic Counselor and Director of the Research Department at the International Monetary Fund. He is the author of Macroeconomics, among other books, and coauthor of Lectures on Macroeconomics (MIT Press). David Romer is Herman Royer Professor of Political Economy at the University of California, Berkeley, and author of Advanced Macroeconomics. Michael Spence, co-recipient of the 2001 Nobel Prize in Economics, is Professor Emeritus of Management at Stanford University's Graduate School of Business and Professor of Economics at New York University's Stern School of Business. He served as Chairman of the Commission on Growth and Development from 2006 to 2010 (the life of the commission). He is the author of The Next Convergence: The Future of Economic Growth in a Multispeed World. Joseph Stiglitz, co-recipient of the 2001 Nobel Prize in Economics, is University Professor at Columbia University. He served as Chairman of the U.S. Council of Economic Advisers in the Clinton administration, and from 1997 to 2000 as World Bank Chief Economist and Senior Vice President in Development Economics. He is the author of Freefall: Free Markets and the Sinking of the World Economy, Globalization and Its Discontents, and other books.

Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development (MIT Press).

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Table of Contents

1 Introduction
1.1 Macroeconomic Facts
1.2 An Overview of the Book
1.3 Prelude
2 Consumption and Investment: Basic Infinite Horizon
2.1 The Ramsey Problem
2.2 The Decentralized Economy
2.3 The Government in the Decentralized Economy
2.4 Application: Investment and Saving in the Open Economy
2.5 The Utility Function
AppendiX A: Ruling Out EXplosive Paths in the Ramsey Model
AppendiX B: Local Behavior of Capital around the Steady State in
the Ramsey Model
AppendiX C: Command Optimum and Decentralized Equilibrium in the
Open Economy Model
AppendiX D: Saddle Point Equilibrium in the Linearized (k,
) System
3 The Overlapping Generations Model
3.1 TwoPeriod Lives
3.2 Social Security and Capital Accumulation
3.3 A Model of Perpetual Youth
3.4 Fiscal Policy: Debt and Deficit Finance
3.5 Aggregate Saving and the Interest Rate
4 Money
4.1 The Overlapping Generations Model with Money
4.2 EXplaining the Use of Money
4.3 A General Equilibrium BaumolTobin Model
4.4 Real Effects of Open Market Operations
4.5 Money in the Utility Function
4.6 Money, Inside and Outside
4.7 Seigniorage and Inflation
AppendiX A: Derivation of Individual Behavior in Section 4.3
AppendiX B: Derivation of Local Dynamics and Stability in the
Sidrauski Model
5 Multiple Equilibria, Bubbles, and Stability
5.1 Solutions to a Simple Equation
5.2 Bubbles on Assets in General Equilibrium
5.3 Price Level Bubbles, Hyperinflations, and Hyperdeflations
5.4 Multiple Equilibra,Sunspots, and Cycles
5.5 Learning
5.6 Conclusions
AppendiX A: A Tool Kit of Solutions to Linear EXpectational
Difference Equations
6 Optimal Consumption, Investment, and Inventory
6.1 The State of Play
6.2 The Consumption/Saving Choice under Uncertainty
6.3 Investment under Uncertainty
6.4 Inventory Behavior under Uncertainty
7 Competitive Equilibrium Business Cycles
7.1 Productivity Shocks, Consumption, and Capital Accumulation
7.2 Output and Employment Fluctuations
7.3 Unemployment, Heterogeneity, Shocks, and Imperfect Information
8 Nominal Rigidities and Economic Fluctuations
8.1 Price Setting under Monopolistic Competition
8.2 TimeDependent Rules, Staggering, and the Effects of Money
8.3 StateDependent Rules and the Effects of Money
8.4 Conclusion
9 Goods, Labor, and Credit Markets
9.1 Labor Markets: Introduction
9.2 Contracts, Insurance, Real Wages, and Employment
9.3 Unions, Insiders, Real Wages, and Employment
9.4 Efficiency Wages
9.5 Goods Markets
9.6 Financial Markets and Credit Rationing
9.7 Conclusions
10 Some Useful Models
10.1 Equilibrium Models and Asset Pricing
10.2 Money Demand Models, Deficits, Seigniorage, and Inflation
10.3 Aggregate Supply and Demand, Wage IndeXation, and Supply
10.4 The Dynamics of Demand: The ISLM and MundellFleming Models
10.5 Dynamics of Aggregate Supply
11 Monetary and Fiscal Policy Issues
11.1 The Goals of Economic Policy
11.2 Monetary Policy
11.3 Fiscal Policy
11.4 Dynamic Inconsistency
11.5 Conclusions
Name IndeX
Subject IndeX
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Sort by: Showing 1 Customer Reviews
  • Posted January 16, 2010

    Lectures on Macroeconomics

    One of the leading books teaching us the essense of the macroeconomics.

    Afsin SAHIN

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