Macroeconomics

The Development of Modern Methods for Policy Analysis
This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics – New Classical and Keynesian – and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis.
This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics –- New Classical and Keynesian –- and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs.

Key topics include:•

• a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions•
• the Lucas critique of standard methods for evaluating policy design•
• debt sustainability and austerity vs. stimulation debate•
• optimal inflation rates•
• tax reform and growth analysis•
• alternative monetary policies for pursuing price stability•
• theories of unemployment.

Students and instructors will find additional useful resources on the book’s companion website, including practice questions for each chapter.

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