Pearson
Macroeconomics: A European Perspective
Key Metrics
- Olivier Blanchard
- Pearson
- Paperback
- 9781292085678
- -
- -
- Business & Economics > Economics - Macroeconomics
- English
Secure TransactionBook Description
This is a truly outstanding textbook that beautifully marries theory, empirics and policy. It is surely destined to become the gold standard against which all other texts must be measured Charles Bean, Deputy Governor, Bank of England.
This book gives students a thorough understanding of macroeconomics by taking a unified view of the subject, allowing connections to be made between the short, medium and long run.
Re-written almost from scratch in light of the experience of the Great Recession, this text is essential reading for anyone studying macroeconomics in the aftermath of the financial crisis.
The book has been re-written almost from scratch after a thorough re-think of how macroeconomics should be taught after the financial crisis. Among the new features:
- The text recognizes that modern central banks set interest rates, not the quantity of money: this gets rid of the LM curve greatly simplifying the discussion of financial markets
- Ii presents the Medium Run starting directly from the Phillips curve, thus avoiding the intermediate AS-AD step which was clunky, and, for good reasons, undergraduates find it difficult to understand. Output above potential, or unemployment below the natural rate put upward pressure on inflation. The nature of the pressure depends on the formation of expectations, an issue central to current developments
- The yield curve now incorporates a risk premium, whose fluctuations have been central to the crisis, especially since Quantitative Easing policies have shown that monetary policy can affect this premium
Olivier Blanchard studied at the University of Paris, Nanterre, and has taught at MIT since 1983. He was chief economist at the International Monetary Fund from 2008 to 2015. He is now a Senior Fellow at the Peterson Institute for International Economics.
Francesco Giavazzi is Professor of Economics at Bocconi University in Milan, and has been a regular Visiting Professor at MIT
Alessia Amighini is Assistant Professor of Economics at Universita' del Piemonte Orientale (Novara)
Author Bio
Olivier Blanchard is the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics and 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 two textbooks on macroeconomics, one 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.
Source: Peterson Institute for International Economics
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