## Lectures on MacroeconomicsLectures 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. |

### What people are saying - Write a review

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 |

631 | |

637 | |