Lectures on Macroeconomics

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The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices.

Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.

Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in 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 some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.


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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.
Mohammad Mahbubur Rahman


Basic Infinite Horizon
The Overlapping Generations Model
Multiple Equilibria Bubbles and Stability
Optimal Consumption Investment and Inventory
Competitive Equilibrium Business Cycles
Nominal Rigidities and Economic Fluctuations
Goods Labor and Credit Markets
Some Useful Models
Monetary and Fiscal Policy Issues
Name Index
Subject Index

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About the author (1989)

Olivier Blanchard is C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics in Washington, DC. He was Chief Economist at the International Monetary Fund from 2008 to 2015.

Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve . He is the author of IMF Essays from a Time of Crisis- The International Financial System, Stabilization, and Development (MIT Press).

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