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Macroeconomics (4th Edition) 4th Edition

3 out of 5 stars 25 customer reviews
ISBN-13: 978-0131368736
ISBN-10: 0131368737
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Macroeconomics (5th Edition)
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About the Author

Stephen Williamson is the Chester A. Phillips Professor of Financial Economics in the Department of Economics, Tippie College of Buisness, University of Iowa, and is a Visiting Scholar at the Federal Reserve Bank of Richmond.  He received a B.Sc. in Mathematics and an M.A. in Economics from Queen's University in Kingston, Canada, and his Ph.D. from the University of Wisconsin-Madison.  He has worked as an economist at the Federal Reserve Bank of Minneapolis and the Bank of Canada.  Professor Williamson has published scholarly articles in the American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, the Journal of Economic Theory, and the Journal of Monetary Economics, among other prestigious economics journals. --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Hardcover: 720 pages
  • Publisher: Addison-Wesley; 4th edition (February 21, 2010)
  • Language: English
  • ISBN-10: 0131368737
  • ISBN-13: 978-0131368736
  • Product Dimensions: 7.6 x 1.1 x 9.4 inches
  • Shipping Weight: 2.6 pounds
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (25 customer reviews)
  • Amazon Best Sellers Rank: #162,039 in Books (See Top 100 in Books)

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Customer Reviews

Top Customer Reviews

Format: Hardcover Verified Purchase
Rather than using the precise math language to explain the economy, the author created an awful lot of BS throughout each single chapter of the book. I spent more than 3 hours on average reading just one chapter of the text, and when I finally finished and looked back, I found myself not able to recall the core stuffs, because they are totally buried under all those stupid BS's. But you know what, it's fine to have written more than necessary, because that may actually make the book more reliable when the readers are facing some hardcore detail oriented econ exams. However, that is not the case, for example, in chapter 13, there is a full explanation of the sticky price model, and right after the model there is this sentence "...money is not neutral in the short run because of sticky prices (or wages),...." And the author doesn't go on and do a similar experiment for the effects of sticky wages. Believe me, after reading all those tedious craps before the model, you will think that sticky prices and wages are the same thing when you finally reach this sentence. So it seems to me that this book is lack of necessary details for some important concepts, in which case it's not as reliable as I thought it would be. So given it's time consuming BS's , I'm giving a one.
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Format: Hardcover
After reading this book no one will ever complain that macroeconomics lacks micro foundations. This book first explains the microeconomics of intertemporal goods and labor markets and goes on to create an intertemporal general equilibrium economy (with two periods for simple exposition). Then Wiliamson shows how growth theory and business cycle theories are applied in this general equilibrium economy. This is by far the most fun and understandible way to teach undergraduates about growth and business cycles at the intermediate level.
Williamson also lays out "stylized facts" of the business cycle, including comovements, and he critiques different business cycle theories based on whether they can replicate those comovements in the data. This book comes closer than any other intermediate text to replicating how modern macroeconomics is done.
Ch 8 which explains Solow and endogenous growth models is by far the most understandible and educational of any text on the market, since Williamson does the models in discrete time rather than continuous time. If you're a professor that wants to teach undergraduates growth theory and/or growth dynamics SO THAT THEY REALLY UNDERSTAND THEM DEEPLY and ENJOY THE LEARNING EXPERIENCE, this is the book to assign.
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Format: Hardcover Verified Purchase
This book provides a decent overview of intermediate macroeconomics and is overall quite clear and concise. The intuition for the theory covered is conveyed well, and the author gives a fairly balanced treatment of the various theories. More quantitative examples in the text would have been helpful. One criticism is that there are quite a number of typos in the text, questions at the end of the chapter, and exercises.
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Format: Hardcover Verified Purchase
This book is horrible. Using it now for a grad school macro class, and the errors in the mathematical appendix, the half-baked ideas expressed in the book and other horrendous items make this book a bad buy. He does not "drive home" on many topics in the book. I look forward to burning this book after this class is over. I would much rather recommend Macroeconomics by Bernanke and Abel (.Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit (6th Edition)), than this excuse of a book.
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Format: Hardcover Verified Purchase
This was the assigned text for a class on business cycles. The professor used this text as background and for reading assignments, He followed the general outline of the text and filled in with more mathematical examples and additional details. Were things may have been a bit inconstant we analysed why they were or were not.

I feel the text added to the understanding of the course, generally the text was clear and the numerous graphs added greatly to the understanding of the material. I could not see a bias to the text and it's material as some other reviews have stated, it seemed to hit Keynesian, Monetarism, and others. Generally there is far more material in the book than can be covered in a single course. The 4th edition at this point (mid 2011) is very up to date with examples and details from the real world.
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Format: Hardcover
I am not new to economics. I majored in engineering but took several Econ classes (OK, more than half a dozen), and because of loving the subject, I returned as a Master student in Econ.

This book was used as one of a few for Applied Macroeconomic Theory. Almost all of my fellow students admit this is really a bad choice, even an indicator that the teaching professor might not care for his/her students.

The author gives a lot of half-baked explanations and failed to present the conclusive and clear main points, let alone convey their underlying logic/insights. This is a textbook, not a newspaper article nor an economic debate.

It was highly reviewed by others since they are professors, who know all the economic assumptions and mechanism (admittedly,they are unrealistic and oversimplified) and like to claim that Macroeconomics is well grounded in Microeconomics, i.e. there is now BS. What a beautiful idea! But, alas, the author failed short miles before reaching any priorities of a meaningful textbook:

1. Well explained (for Econ, clear graph, good examples, numbers/data, equations,..)

2. What topics are agreeable/controversial among scholars/practitioners/professionals/theorists/researchers, past and now. Evidence?

3. Where are we going from here? What are left unsolved/uncleared/unknown?

4. How to apply (and build upon) those to your professional, learning, even everyday life.

I wonder why not Mankiw's and tons of other better choices out there?
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