Lectures on Macroeconomics [Hardcover]

Olivier J. Blanchard (Author), Stanley Fischer (Author)

Book Description

ISBN-10: 0262022834 | ISBN-13: 978-0262022835 | Publication Date: March 21, 1989

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.

Editorial Reviews

About the Author

Olivier Jean Blanchard is Professor of Economics at MIT. Stanley Fischer became Governor of the Bank of Israel in May of 2005. He has also served as Vice Chairman of Citigroup, Inc., First Deputy Managing Director of the International Monetary Fund, and Killian Professor and Head of the Department of Economics at MIT. Before his service in the IMF from 1994 to 2001, he was Killian Professor and Head of the Department of Economics at MIT.

Product Details

• Hardcover: 664 pages
• Publisher: The MIT Press (March 21, 1989)
• Language: English
• ISBN-10: 0262022834
• ISBN-13: 978-0262022835
• Product Dimensions: 9.2 x 6.3 x 1.4 inches
• Shipping Weight: 2.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #172,113 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

14 of 15 people found the following review helpful:

4.0 out of 5 stars One of the very good books in macroeconomics, July 17, 2005

By 

SamBK (United States) - See all my reviews

This review is from: Lectures on Macroeconomics (Hardcover)

I have read many books in macroeconomics and I think this one is the best of them, so personally I spent my money to buy this book (among all macro- books) and keep it on my shelf for references. The book is not a complete guide to macroeconomics (and no other macro book is either). But what it covers, it covers well with preamble to the idea and empirical evidence, then proceeds to formal discussion and derivations and conclusions. It covers topics on consumption theory, economic growth, money and monetary policy, labor and employment models, and competetive equilibrium and business cycles. Still you need complementary texts if you want to get too much focused in a field (like monetary policy). I recommend this book for graduate level macro- courses. For one thing the book comes with lots of exercises at the end of each chapter.

12 of 18 people found the following review helpful:

5.0 out of 5 stars Broad macro theory at your hands!, June 12, 2003

By 

"cherry_lyptus" (Lima, PERU) - See all my reviews

This review is from: Lectures on Macroeconomics (Hardcover)

I loved this book since I first read it. It's a complete book in terms of modern macroeconomic theory topics covered and in the treatment of them. The authors have focused in modern development in the field and have tried to gather a significant collection of models and theories which explain several aspects of the macroeconomic analysis (just check the index to find out all that you can read here!).
A drawback of this book is that it's kinda specialized in modern macro development and its methods: it assumes that the reader knows about basic macro theory, macro models, has strong mathematical foundations (calculus, systems of equations, optimum control theory, etc.) AND is used to the kind of relationship economists do between models and real life. This is NOT a book of macroeconomic policies, like how to manage a nation's deficit in the public budget, or so; but researches could find here the basis for developing more specific recommendations and policies to address such problems.

13 of 20 people found the following review helpful:

4.0 out of 5 stars Good book, but problem with the level of discussion, October 4, 1999

By A Customer

This review is from: Lectures on Macroeconomics (Hardcover)

This book does a good job of going through macro and monetary economics as it is currently understood. If you can get through it, you are in good shape.

Unfortunately, the book is written at a level a little beyond the typical student with a BA in economics. It is probably fine for the students at MIT, but for everyone else who lack the analytical tools, the major messages can get a bit lost. It is probably a bit too advanced for a first-year macro course and a bit too basic for a more advanced macro course.