Lectures on Macroeconomics

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MIT Press, Jan 1, 1989 - Business & Economics - 650 pages
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Lectures on Macroeconomics provides the first comprehensive description andevaluation of macroeconomic theory in many years. While the authors' perspective is broad, theyclearly state their assessment of what is important and what is not as they present the essence ofmacroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize andexplain fluctuations in output, unemployment and movement in prices. The most important fact ofmodern economic history is persistent long term growth, but as the book makes clear, this growth isfar from steady. The authors analyze and explore these fluctuations.Topics include consumption andinvestment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability;the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities andeconomic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Eachof chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on theprevious chapters, asks which models are the workhorses of macroeconomics, and sets the models outin convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy,fiscal policy, and dynamic inconsistency.Written as a text for graduate students with somebackground in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presentstopics in a self contained way that makes it a suitable reference for professionaleconomists.Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics atMIT.

  

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Dear Blanchard,
I am MSc in Economics and Econometrics student at Manchester University. My teacher has reffered your book 'Lecture on Macroeconomics'. Fishcer is co-author. My teacher is giving
lecture on overlapping generation model. I found an equation in altruism as dubious. Equation 17 in page 105. Why you uhave used (n+1)bt+1 instead of nbt+1 because n is the population growth not 1+n. I will be pleases if you clarify it because my teacher is telling that (1+n) is number of children.
Regards
Mohammad Mahbubur Rahman
 

Contents

Basic Infinite Horizon
37
The Overlapping Generations Model
91
Money
154
Multiple Equilibria Bubbles and Stability
213
Optimal Consumption Investment and Inventory
275
Competitive Equilibrium Business Cycles
320
Nominal Rigidities and Economic Fluctuations
372
Goods Labor and Credit Markets
427
Some Useful Models
505
Monetary and Fiscal Policy Issues
566
Name Index
631
Subject Index
637
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About the author (1989)

Olivier Blanchard is Economic Counselor and Director of the Research Department at theInternational Monetary Fund. He is the author of Macroeconomics, among otherbooks, and coauthor of Lectures on Macroeconomics (MIT Press). David Romer isHerman Royer Professor of Political Economy at the University of California, Berkeley, and author ofAdvanced Macroeconomics. Michael Spence, co-recipient of the 2001 Nobel Prize inEconomics, is Professor Emeritus of Management at Stanford University's Graduate School of Businessand Professor of Economics at New York University's Stern School of Business. He served as Chairmanof the Commission on Growth and Development from 2006 to 2010 (the life of the commission). He isthe author of The Next Convergence: The Future of Economic Growth in a MultispeedWorld. Joseph Stiglitz, co-recipient of the 2001 Nobel Prize in Economics, is UniversityProfessor at Columbia University. He served as Chairman of the U.S. Council of Economic Advisers inthe Clinton administration, and from 1997 to 2000 as World Bank Chief Economist and Senior VicePresident in Development Economics. He is the author of Freefall: Free Markets and theSinking of the World Economy, Globalization and Its Discontents, and other books.

Stanley Fischer is Governor of the Bank of Israel. First Deputy Managing Director of theInternational Monetary Fund from 1994 to 2001, Fischer is the author of IMF Essays from aTime of Crisis: The International Financial System, Stabilization, and Development (MITPress, 2004).

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