Lectures on Macroeconomics provides the first comprehensivedescription and evaluation of macroeconomic theory in many years.While the authors' perspective is broad, they clearly state theirassessment of what is important and what is not as they present theessence of macroeconomic theory today. The main purpose of Lectures on Macroeconomics is tocharacterize and explain fluctuations in output, unemployment, andmovement in prices.The most importan ...show moret fact of modern economichistory is persistent long-term growth, but as the book makes clear,this growth is far from steady.The authors analyze and explore thesefluctuations. Topics include consumption and investment; the implications of finitehorizons; multiple equilibria, bubbles, and stability; the role ofnominal rigidities; and labor and goods markets.Each of chapters 2through 9 discusses models appropriate to the topic.Chapter 10 thendraws on the previous chapters, asks which models are the workhorsesof macroeconomics, and sets the models out in convenient form.Aconcluding chapter analyzes the goals of economic policy, monetarypolicy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students with some background inmacroeconomics, statistics, and econometrics, Lectures onMacroeconomics also presents topics in a self-contained way thatmakes it a suitable reference for professional economists. ...show less
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