Handbook of Macroeconomics

by John B. Taylor (Editor), Harald Uhlig (Editor)

Overview

Handbook of Macroeconomics Volumes 2A and 2B surveys major advances in macroeconomic scholarship since the publication of Volume 1 (1999), carefully distinguishing between empirical, theoretical, methodological, and policy issues, including fiscal, monetary, and regulatory policies to deal with crises, unemployment, and economic growth. As this volume shows, macroeconomics has undergone a profound change since the publication of the last volume, due in no small part to　 the questions thrust into the spotlight by the worldwide financial crisis of 2008. With contributions from the world's leading macroeconomists, its reevaluation of macroeconomic scholarship and assessment of its future constitute an investment worth making. - Serves a double role as a textbook for macroeconomics courses and as a gateway for students to the latest research - Acts as a one-of-a-kind resource as no major collections of macroeconomic essays have been published in the last decade - Builds upon Volume 1 by using its section headings to illustrate just how far macroeconomic thought has evolved

Product Details

ISBN-13:	9780444594884
Publisher:	North Holland
Publication date:	11/12/2016
Series:	Handbook of Macroeconomics
Sold by:	Barnes & Noble
Format:	eBook
Pages:	2744
File size:	163 MB
Note:	This product may take a few minutes to download.

About the Author

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at Stanford’s Hoover Institution. He is also the director of Stanford's Introductory Economics Center. His research focuses on macroeconomics, monetary economics and international economics. He co-edited Volume 1 of the Handbook of Macroeconomics and recently wrote Getting Off Track, one of the first books on the financial crisis, and First Principles: Five Keys to Restoring America’s Prosperity. He served as senior economist and Member of the President’s Council of Economic Advisers. From 2001 to 2005, he served as undersecretary of the U.S. Treasury for international affairs. Taylor was awarded the Hoagland Prize and the Rhodes Prize by Stanford University for excellence in undergraduate teaching and the Stanford Economics Department Distinguished Faculty Teaching Award. He received the Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy, the Bradley Prize for his economic research and policy achievements, the Adam Smith Award from the National Association for Business Economics, the Alexander Hamilton Award and the Treasury Distinguished Service Award for his policy contributions at the US Treasury, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. Taylor received a BA in economics summa cum laude from Princeton and a PhD in economics from Stanford.
Harald Uhlig, born 1961, is Professor at the Department of Economics of the University of Chicago since 2007, and was chairman of that department from 2009 to 2012. Previously, he held positions at Princeton, Tilburg University and the Humboldt Universität Berlin. His research interests are in quantitative macroeconomics, financial markets and Bayesian econometrics. He served as co-editor of Econometrica from 2006 to 2010 and as editor of the Journal of Political Economy since 2012 (head editor since 2013). He is a consultant of the Bundesbank, the European Central Bank and the Federal Reserve Bank of Chicago. He is a fellow of the Econometric Society and a recipient of the Gossen Preis of the Verein für Socialpolitik, awarded annually to an economist in the German-language area whose work has gained an international reputation.

Table of Contents

Section 1: The Facts of Economic Growth and Economic Fluctuation1. RBC Methodology and the Development of Aggregate Economic Theory2. The Facts of Economic Growth3. Macroeconomic Shocks and Their Propagation4. Macroeconomic Regimes and Regime Shifts5. The Macroeconomics of Time Allocation6. Who Bears the Cost of Recessions? The Role of House Prices and Household Debt7. Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models8. Financial and Fiscal Crises Section 2: The Methodology of Macroeconomics9. Factor Models and Structural Vector Autoregressions in Macroeconomics10. Solution and Estimation Methods for DSGE Models11. Recursive Contracts and Endogenously Incomplete Markets12. Macroeconomics and Household Heterogeneity13. Natural Experiments in Macroeconomics14. Accounting for Business Cycles15. Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination16. New Methods for Macro-Financial Model Comparison and Policy Analysis Section 3: Financial-Real Connections17. Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises18. Housing and Credit Markets: Bubbles and Crashes19. Macro, Money and Finance: A Continuous-Time Approach 20. Housing and Macroeconomics21. Term Structure of Uncertainty in the Macroeconomy22. Quantitative Models of Sovereign Debt Crises Section 4: Models of Economic Growth and Fluctuations23. Families in Macroeconomics24. Environmental Macroeconomics 25. The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics26. Neoclassical Models in Macroeconomics27. Macroeconomics of Persistent Slumps28. Macroeconomics and the Labor Market Section 5: Macroeconomic Policy29. Challenges for Central BanksMacro Models30. Liquidity requirements, liquidity choice and financial stability31. Understanding Inflation as a Joint Monetary-Fiscal Phenomenon32. Fiscal Multipliers: Liquidity Traps and Currency Unions33. What is a Sustainable Public Debt? 34. The Political Economy of Government Debt

What People are Saying About This

From the Publisher

Identifies major advances in the study of macroeconomics, including work on alternative approaches and models spawned by the recent financial crisis

Editorial Reviews

"Macro is moving fast, partly because of technological progress and new data, partly because of the intellectual shocks triggered by the crisis. This handbook, like its predecessors, gives us the current state of the arts." —Olivier Blanchard, Massachusetts Institute of Technology

"The new volumes in the Handbook of Macroeconomics illustrates both the richness and the enormous breadth of modern research in macroeconomics. The chapters offer in depth surveys of critical areas, new empirical results to guide future researchers, analytical and computational tools for addressing macroeconomic issues, and examples of how these tools can be applied to advance our understanding of aggregate economic behavior. These volumes constitute an important resource for all macroeconomists, one that is certain to be widely used." —Carl E. Walsh, University of California, Santa Cruz

"This Handbook is the ideal starting point to get up to speed quickly on any major topic in Macroeconomics: What we have learned and what are the most pressing open questions." —Pete Klenow, Stanford University

"This remarkable collection belies uninformed critics who assert that modern macroeconomics was wrong footed by the 2007-2009 financial crisis.  Articles in this book prove how, both  before and after that crisis, working  macroeconomists had rolled up their sleeves to study how financial frictions, incentive problems, incomplete markets, interactions among monetary, fiscal, regulatory, and bailout policies, and a host of other issues affect prices and quantities and good economic policies. This is an especially timely book." —Thomas Sargent, New York University

From the Publisher