A unified view of recent macroeconomic events. Macroeconomics presents an integrated, global view of the subject, and highlights the connections between goods, financial, and labor markets worldwide. A core section focuses on short-, medium-, and long-run markets while 2 extensions offer more in-depth coverage of the issues at hand.
From the inflation burst following Covid-19, to the likely effects of AI on growth and inequality, the 9th Edition helps readers make sense of current events and those that may unfold in the future. It effectively conveys the life of macroeconomics today, and helps students employ and develop their analytical and evaluative skills.
PART I: INTRODUCTION
- 1. A Tour of the World
- 2. A Tour of the Book
PART II: THE SHORT RUN
- 3. The Goods Market
- 4. Financial Markets I
- 5. Goods and Financial Markets; The IS-LM Model
- 6. Financial Markets II
PART III: THE MEDIUM RUN
- 7. The Labor Market
- 8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
- 9. Putting All Markets Together: From the Short to the Medium Run
PART IV: THE LONG RUN
- 10. The Facts of Growth
- 11. Saving, Capital Accumulation, and Output
- 12. Technological Progress and Growth
- 13. The Challenges of Growth
- EXTENSIONS
PART V: EXPECTATIONS
- 14. Financial Markets and Expectations
- 15. Expectations, Consumption, and Investment
- 16. Expectations, Output, and Policy
PART VI: THE OPEN ECONOMY
- 17. Openness in Goods and Financial Markets
- 18. The Goods Market in an Open Economy
- 19. Output, the Interest Rate, and the Exchange Rate
- 20. Exchange Rate Regimes
PART VII: BACK TO POLICY
- 21. Should Policy Makers Be Restrained?
- 22. Fiscal Policy: A Summing Up
- 23. Monetary Policy: A Summing Up
- 24. Epilogue: The Story of Macroeconomics
- Olivier Blanchard brings his years of experience, including his time as the chief economist at the International Monetary Fund, to the text.
- Short, flexible chapters let instructors tailor the material to fit how they teach their course.
- Core chapters (Chs. 3 to 13) focus on the short-, medium-, and long-run markets; 2 major extensions (Chs. 14 to 20) provide more detailed examination.
- Margin notes create a dialogue with the reader, making the more difficult passages easier to comprehend.
- Focus boxes discuss in greater depth specific macroeconomic events from and around the world.
- Appendices expand on points made within the chapter for students who want to further explore macroeconomics.
- UPDATED: All numbers and discussions have been updated to reflect recent developments, bringing currency into your classroom.
- UPDATED: Ch. 1 has been heavily revised, focusing more on the issues themselves.
- NEW: In light of post-Covid inflation, Ch. 8 provides an improved treatment of inflation dynamics.
- NEW: Ch. 13 looks at the implications of artificial intelligence and global warming.
- NEW: Ch. 23 has a discussion of the monetary policy response, while Ch. 22 discusses the implications of high public debt.
- NEW: Focus boxes discuss SVB bank run (Ch. 6), the steepening of Phillips curves in industrialized economies after the pandemic (Ch. 7), the Golden Rule (Ch. 12), internationalization of the Renminbi, and the current reform of fiscal rules in the European Union (Ch. 22).
Produktdetaljer
Biografisk notat
About our authorsOlivier Blanchard. Senior fellow and former C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, is the Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT). A citizen of France, Blanchard has spent most of his professional life in the United States. After obtaining his PhD in economics from MIT in 1977, he taught at Harvard University and returned to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to serve as economic counsellor and director of the research department at the International Monetary Fund where he stayed until 2015. He then joined the Peterson Institute.
Blanchard has worked on a wide set of macroeconomic issues, including the role of monetary and fiscal policy, speculative bubbles, the labor market and determinants of unemployment, economic transition in former communist countries, and the nature of the Global Financial Crisis. In the process, he has worked with numerous countries and international organizations.
Blanchard is the author of many books and articles, including 2 textbooks on macroeconomics, 1 at the graduate level with Stanley Fischer and the other at the undergraduate level. He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual and founding editor of American Economic Journal: Macroeconomics. He is a fellow and former Council member of the Econometric Society, a past president of the American Economic Association, and a member of the American Academy of Arts and Sciences.
Alessia Amighini. Alessia Amighini is associate professor of economics at Università del Piemonte Orientale in Novara and adjoint professor of international economics at the Catholic university in Milan and co-Head of the Asia Centre and Senior Research Fellow at ISPI. After graduating from Bocconi University, she received a PhD in development economics from the University of Florence and then worked as an economist at UNCTAD in Geneva.
Francesco Giavazzi. Francesco Giavazzi senior is professor of economics at Bocconi University in Milan and for 10 years has been a visiting professor at the Massachusetts Institute of Technology where he has often taught the basic macroeconomics course for undergraduates. After studying electrical engineering in Milan, he received a PhD in economics at MIT in 1978. He then taught at the University of Essex (UK) and since 1983 in Italy, first at the University of Venice, then at the University of Bologna and later at Bocconi.
His research has focused on fiscal policy, exchange rates and the creation of the European Economic and Monetary Union (EMU). His books include Limiting Exchange Rate Flexibility: The European Monetary System with Alberto Giovannini and The Future of Europe: Reform or Decline with Alberto Alesina, both published by MIT Press. In 2019, jointly with the late Alberto Alesina and his Bocconi colleague Carlo Favero, he published Austerity: When It Works and When It Doesn’t for Princeton University Press. He has been editor of the European Economic Review for a decade and the director general at the Italian Treasury during the 1992 exchange rate crisis and the preparations for Italy’s entry into EMU.
He divides his life between Milan and Cambridge (Mass.) although his best days are spent skiing and hiking in the Dolomites and rowing along the canals in Venice.