Synopses & Reviews
Do you want a book that provides an integrated view of macroeconomics?
Olivier Blanchard helps students to see the big macroeconomic picture by integrating one unifying model throughout the text.
Are you tired of macroeconomics texts that take too many shortcuts?
Olivier Blanchard gives thorough treatment to many concepts that other books just skim over, with the understanding that students will use these tools throughout their academic and professional careers.
Do you want a book that allows the greatest degree of flexibility in learning and teaching macroeconomics?
Olivier Blanchard’s organization allows for the greatest degree flexibility, so professors can direct their class as they see fit, and students can learn from a methodology that matches the goals of their course.
About the Author
About the Author
Olivier Blanchard is the Class of 1941 Professor of Economics at MIT. He did his undergraduate work in France, and received a Ph.D. in economics from MIT in 1977. He taught at Harvard from 1977 to 1982, and has taught at MIT since 1983. He has frequently received the award for best teacher in the department of economics.
He has done research on many macroeconomic issues, from the effects of fiscal policy, to the role of expectations, to price rigidities, to speculative bubbles, to unemployment in Western Europe, transition in Eastern Europe, and more recently, on labor market institutions. He has done work for many governments and many international organizations, including the World Bank, the IMF, the OECD, the EU commission and the EBRD. He has published over 150 articles and edited or written over 15 books, including Lectures on Macroeconomics with Stanley Fischer.
He is a research associate of the National Bureau of Economic Research, a fellow and a council member of the Econometric Society, a member of the American Academy of Arts and Sciences, and a past Vice President of the American Economic Association. He is also a member of the French Council of Economic Advisers.
He lives in Cambridge, with his wife, Noelle. He has three daughters, Marie, Serena, and Giulia.
Table of Contents
Chapter 1. A Tour of the World
Chapter 2. A Tour of the Book
The Short Run (IS-LM)
Chapter 3. The Goods Market.
Chapter 4. Financial Markets
Chapter 5. Goods and Financial Markets: The IS-LM Model
The Medium Run (AD-AS)
Chapter 6. The Labor Market
Chapter 7. Putting All Markets Together. The AS-AD Model
Chapter 8. The Natural Rate of Unemployment and The Phillips Curve
Chapter 9. Inflation, Activity, and Nominal Money Growth
The Long Run
Chapter 10. The Facts of Growth
Chapter 11. Saving, Capital Accumulation, and Output
Chapter 12. Technological Progress and Growth
Chapter 13. Technological Progress, Wages, and Unemployment
EXTENSION: EXPECTATIONSChapter 14. Expectations: The Basic Tools Chapter 15. Financial Markets and Expectations
Chapter 16. Expectations, Consumption, and Investment
Chapter 17. Expectations, Output, and Policy
EXTENSION: THE OPEN ECONOMY
Chapter 18. Openness in Goods and Financial Markets
Chapter 19. The Goods Market in an Open Economy
Chapter 20. Output, the Interest Rate, and the Exchange Rate
Chapter 21. Exchange Rate Regimes
Chapter 22. Depressions and Slumps
Chapter 23. High inflation
Chapter 24. Should Policy Makers Be Restrained?
BACK TO POLICY
Chapter 25. Monetary Policy: A Summing Up
Chapter 26. Fiscal Policy: A Summing Up
Chapter 27. Epilogue: The Story of Macroeconomics