Many undergraduate texts treat macroeconomics as a set of distinct topics rather than as a unified body of theory and empirical findings. In contrast, this text by Alan Auerbach and Laurence Kotlikoff uses a single analytic framework--the two-period life-cycle model--to explore and connect each of the major issues in contemporary macroeconomics. The model describes the evolution of the economy over time in terms of the behavior of overlapping generations of individuals, each of whom lives for two periods: youth and old age. This versatile framework can encompass most macroeconomic schools of thought through the alteration of key assumptions. The use of one basic model also allows the authors to explore important topics not always addressed adequately in other texts; these include credit constraints, real business cycles, generational accounting, and international capital flows markets.Written in a clear, accessible style, this shortened and simplified second edition provides a systematic way to interpret macroeconomic outcomes, to understand various policy proposals, and to appreciate how individuals and firms fit into the big picture.
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About the Author
Laurence J. Kotlikoff is Professor of Economics at Boston University. One of the nation's leading experts on fiscal policy, national saving, and personal finance, Kotlikoff is the author of Essays on Savings, Bequests, Altruism, and Life-Cycle Planning (2001), Generational Policy (2003), The Coming Generational Storm (2004), all published by The MIT Press, and other books.
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6 of 7 people found the following review helpful:
5.0 out of 5 stars
A Wonderful Book,
This review is from: Macroeconomics - 2nd Edition: An Integrated Approach (Hardcover)
Auerbach and Kotlikoff did a great job! I knew absolutely nothing about macroecnomics before and thought this discipline is totally above and beyond me. An accidental curiosity drove me to pick up this book. BAM! The book and I clicked! Auerbach and Kotlikoff integrated bisic principles of the macroecomics into their original life-model, make them very easy to digest! Besides, the writing style is succint and clear. The language is never complicated and alienating, because the authors aim at conveying some real princles of macroecomics, not showing off their linguistic sophistication! What I appreciate most is three things:1. The book cites numerous tables and charts that help me understand the texts better .(although the texts are already very well written.) 2. At the end of each chapter, there is a chapter summary. I appreciate the authors' effort to keep the readers' interests in mind! I find this feature very helpful. It saves me the trouble of writing my own summary. ( I have this habit.) 3. A great number of case studies illustrate the theories meaningfully. In conclusion, I would recommend this book to anyone interested in macroeconomics!
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Shockingly good,
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This review is from: Macroeconomics - 2nd Edition: An Integrated Approach (Hardcover)
I have a number of macroecon texts, but this one puts them all to shame. The reason is that it focuses on a two-period growth model to set the context for all of the major macro-econ issues. Each chapter takes the growth model forward adding to it in a meaningful way. The discussion of the IS-LM approach is especially good because it derives the IS and LM curves from the basic growth model. Instead of learning a bunch of unrelated macroeconomic theories, this text truly integrates the subject. On top of that the intergenerational approach is especially good.
Great Job by the authors.
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