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12 of 14 people found the following review helpful
on January 14, 2010
The absence of IS/LM is a feature not a bug. At least that's the intent. If that's what you want, this isn't the book for you. This book is really modern PhD macroeconomics presented reasonably well to the high end of the undergrad market. If that's what you want, this is the book for you. If it isn't, Mankiw is a good bet -- well written, mercifully concise.
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4 of 4 people found the following review helpful
on February 10, 2010
Material presented in this book includes lots of hand wavy intuitive arguments aimed at an audience who fear algebra - let alone calculus. If you have a firm grasp of financial math and a high school reading level than the extra 'proofs' may actually distract you from discerning the two or three kernels of knowledge contained in any given chapter.
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5 of 6 people found the following review helpful
on February 14, 2011
Your may notice that I have already praised the original classic Macroeconomic textboook of Robert Barro. As I have pointed out, from my perspectibe the best economics textbook in the market. This new edition is basically the same as previous versions of Macroeconomics, but the material has been stripped down in order to simplify the presentation to a more basic, intuitive, less rigorous, and perhaps more pedagogical formulation. HOWEVER, for me it really falls short of expectations. BUT GUESS WHAT, Barro has just released a, (additional) new version of his classical book untitled INTERMEDIATE MACROECONOMICS. It is as if he had chosen to breakdown his classical book in two pieces: on introductory text (MODERN MACROECONOMICS) and an intermediate level text (INTERMEDIATE MACROECONOMICS). When you browse over both books, you realize that the relatively more demanding material of the original MACROECONOMICS has been moved to the new INTERMDIATE version. Though this may appear sensible, it must be acknoledge that this has a cost in terms of the loss of continuity and consistency of the material in the original MACROECONOMICS bestseller. WHAT IS EVEN WORSE is that there is nothing really new in the new MODERN and INTERMDIATE versions relative to the original MACROECONOMICS. This is really dissapointing. Barro has not updated content to include new hot topics in macroeconomic textbooks. A clear example is the lack of the new consensus or new-keyenesian macro model that is becoming so popular. Therefore, his presentation of monetary theory and policy falls short of other undergraduate textbooks. In addition, the contents are weak in terms of the financial sector, and no discussion is made of the recent global financial crisis originated in the US subprime. Similarly, despite his treatment of public debt is outstanding, there is no mention of the debt crisis now underway in Europe or the US. In sum, if you still own the formeer MACROECONOMICS textbook, you do not need to buy any of these two new books. You gain nothing. Save your money, and avoid be dissapointed. If you do not own the former MACROECONOMICS, then you shall get the new Barro versions (MODERN and INTERMEDIATE). Nevertheless, I would go instead for the new 5th edition of Blanchard or the 4th edition of Williamson. However, I must admit Barro's books continue to be best way to start training undergraduates in macroeconomics.
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2 of 7 people found the following review helpful
on March 8, 2010
I'm only half way through the book, and I appreciate the author's academic achievement, so maybe there are reasons for such obvious mistakes. Anyway, I'll write the most serious ones here. Make your own judgement!

1. growth rate of real GDP for year t = (Y_t - Y_(t-1))/Y_(t-1) - 1

Comments: I guess he either meant Y_t/Y_(t-1) - 1 ; alternatively, (Y_t - Y_(t-1))/Y_(t-1) will do just fine without the minus one at the end. The two are equivalent anyway. But his definition is just wrong.

2. When I thought that might be a typo, I saw this mistake again a few page later in the definition of inflation rate.

If you don't believe me, read any other macroeconomics textbook will reveal his mistakes.

3. On the Solow growth model section (p.56 on my Asian edition), he plots a graph drawing a straight line depicting a constant labour growth rate. This is problematic though not obvious. The labor supply against time would be a straight line if his definition of labor (or population, since he assumed the labor participation rate to be fixed) growth is "delta L" (mathematically, dL/dt, with an appropriate unit of t). But this is NOT how he, or others, define it. His definition is "delta L /L" instead. So a constant labor growth rate will mean a "constant percentage increase in labor over time". Thus the growth is exponential instead. A straight line will actually mean a decreasing labor growth rate (with the second definition) since the same increase in labor means a less percentage increase when you have more people to begin with.
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4 of 19 people found the following review helpful
on December 17, 2009
how could Mr. Barro published this book? The model IS-LM is completely ignored as well as much of keynesian Macroeconomics. Given the current events, that was huge mistake.
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0 of 13 people found the following review helpful
on October 23, 2009
Great Seller, I got expedited shipping and book arrived in 2 days!! Great Service. Book in condition advertised.
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