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Macroeconomics

A European Perspective

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This outstanding textbook expertly integrates theory, empirical evidence, and policy, setting a new gold standard in macroeconomics education. It provides students with a comprehensive understanding of the subject by connecting short, medium, and long-run concepts. Rewritten in response to the Great Recession, it is essential for those studying macroeconomics post-financial crisis. Key updates include a shift in focus from the quantity of money to interest rate setting by modern central banks, simplifying financial market discussions by eliminating the LM curve. The Medium Run is introduced directly through the Phillips curve, avoiding the complex AS-AD step that often confuses undergraduates. The text emphasizes how output above potential or unemployment below the natural rate can exert upward pressure on inflation, influenced by expectation formation—an important topic in current economic discourse. Additionally, the yield curve now accounts for a risk premium, which has been pivotal during the crisis, particularly with the impacts of Quantitative Easing on monetary policy. The authors bring extensive expertise, with backgrounds in prestigious institutions and significant roles in economic research and policy-making.

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Macroeconomics, Alessia Amighini, Olivier Blanchard, Francesco Giavazzi

Sprache
Erscheinungsdatum
2017
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Untertitel
A European Perspective
Sprache
Englisch
Verlag
Pearson
Erscheinungsdatum
2017
Einband
Paperback
Seitenzahl
592
ISBN10
1292085673
ISBN13
9781292085678
Reihe
Bewertung
3,65 von 5 Sternen
Beschreibung
This outstanding textbook expertly integrates theory, empirical evidence, and policy, setting a new gold standard in macroeconomics education. It provides students with a comprehensive understanding of the subject by connecting short, medium, and long-run concepts. Rewritten in response to the Great Recession, it is essential for those studying macroeconomics post-financial crisis. Key updates include a shift in focus from the quantity of money to interest rate setting by modern central banks, simplifying financial market discussions by eliminating the LM curve. The Medium Run is introduced directly through the Phillips curve, avoiding the complex AS-AD step that often confuses undergraduates. The text emphasizes how output above potential or unemployment below the natural rate can exert upward pressure on inflation, influenced by expectation formation—an important topic in current economic discourse. Additionally, the yield curve now accounts for a risk premium, which has been pivotal during the crisis, particularly with the impacts of Quantitative Easing on monetary policy. The authors bring extensive expertise, with backgrounds in prestigious institutions and significant roles in economic research and policy-making.