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About Max Gillman
New book forthcoming January 2017:
Principles of Macroeconomics: An Evolutionary Approach,
published by Kendall Hunt Publishing.
1. Advanced Modern Macroeconomics (AMM): Theory and Analysis, 2011, Pearson Financial Times.
Professors and students can ask Gillman at email@example.com for about a 1000 slides covering every chapter of the book, for class presentation. This book uses math but almost all problems are just simple derivatives and algebra: all solutions are analytic "closed-form" solutions.
Presents Aggregate Supply and Demand, AS-AD from the Ramsey (1928) model that underlies both Keynesian and Neoclassical Analysis:
This AS-AD analysis is the first time it has been derived and presented in a book. It is internally consistent, and exactly derived from optimization, unlike standard macro textbooks that present various versions of AS-AD.
AS-AD allows the story of Real Business Cycles and Solow Growth, and even Lucas endogenous growth, to be told using Goods and Labor Markets, supply and demand.
Note: on Amazon it lists a 2015 edition of AMM; this is false. There is no 2015 edition, and it is unclear how this became posted.
2. Principles of Macroeconomics: An Evolutionary Approach, 2017. Pre-order from Kendall-Hunt.
Reviews the whole evolution of Macroeconomics, from the Great Depression to the Great Recession, showing the bifurcation in theory starting from Irving Fisher and J. M. Keynes.
Includes graphically the Keynesian Cross, IS-LM, and Cost-Push theories of AS-AD, but critiques their use by carefully spelling out their assumptions. Moves to Fisher's 2-period model, graphically, and then the full AS-AD of Ramsey, graphically.
Hundreds of slides for Classroom presentation are available from author by request, for Professors and students.
3. Collected Papers in Monetary Theory, by Robert E. Lucas, Jr., 2013, Harvard University Press; edited by Max Gillman.
Includes 20 of Lucas's classic papers, including the never-before published paper by Lucas on a monetary economy with prices set in advance. This last paper has not appeared in working paper form or any previously published form.
Reviewed favorably recently by Thomas Sargent in the Journal of Economic Literature.
4. Inflation Theory in Economics, 2009, Routledge; this is a collected papers volume of research articles from 1993 to 2008. Covers the banking approach to modeling exchange credit as a substitute to money that allows avoidance of the inflation tax.
Research: See Gillman at Ideas
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These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory.
A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.