From the Back Cover
The fundamental goals of this text are to provide an integrated view of macroeconomics and to make close contact with current macroeconomic events. This Intermediate Macroeconomics text is organized around a set of core chapters followed by three optional extensions. The Core covers the Short Run, Medium Run, and Long Run and is then followed by the three Extensions: Openness, Expectations, and Pathologies. The book concludes with a section on policy, although policy issues are also sprinkled throughout most chapters. Already known for its global emphasis and empirical applications of theory, the third edition has attempted to simplify many of the more difficult topics in macroeconomics. Theoretical material is always presented within the context of a real-world application in three ways: words, graphs, and with algebra. Highlights of the New Edition
- New Chapters
- Chapter 21 , Exchange Rate Regimes, focuses on the implications of different exchange rate regimes.
- Chapter 32, Slumps and Depressions, examines the economic slump in Japan.
- Real Word Issues Addressed—Blanchard makes sure never to present a theoretical result without relating it to the real world. In addition to discussions of facts in the text itself, there are numerous Focus boxes, which discuss particular macroeconomic events or facts, from both the United States and around the world.
- Updated Material Throughout—Information on the New Economy, the effects of 9/11 on consumption, the Bush tax cut, an in-depth treatment of the slump in Japan, plus much more, gives students an awareness and understanding of the role current events play in macroeconomics.
- One Integrative, Underlying Model Throughout—Concentrates on the implications of equilibrium conditions in three sets of markets: goods, financial, and labor. Depending on the issue at hand, the parts of the model are developed in more detail while others are simplified or left in the background. This enables students to see macroeconomics as a coherent whole, not as a collection of random models.
- Highlights the Application of Theory—Explains what is happening around the world, from the introduction of a new currency in Western Europe to the reduction of budget deficits in the United States. This conveys to students the fun of macroeconomics and reinforces the lessons from the model, making them more concrete and easier to grasp.
- FREE Active Graph CD-ROM—Allows students to manipulate and interact with key graphs and learn hands-on about Macroeconomics.
About the Author
Olivier Blanchard is the Class of 1941 Professor of Economics at MIT. He is also Chairman of the Department of Economics at MIT. He did his undergraduate work in France, and received a Ph.D. in economics from MIT in 1977. He taught at Harvard from 1977 to 1982, and has taught at MIT since 1983. He has frequently received the award for best teacher in the department of economics.
He has done research on many macroeconomic issues, from the effects of fiscal policy, to the role of expectations, to price rigidities, to speculative bubbles, to unemployment in Western Europe, and more recently transition in Eastern Europe. He has done work for many governments and many international organizations, including the World Bank, the IMF, the OECD, the EU Commission, and the EBRD. He has published over 150 articles and edited or written over 15 books, including Lectures on Macroeconomics with Stanley Fischer.
He is a research associate of the National Bureau of Economic Research, a fellow and a council member of the Econometric Society, a member of the American Academy of Arts and Sciences, and a past Vice President of the American Economic Association. He is also a member of the French Council of Economic Advisers.
He lives in Cambridge, with his wife, Noelle. He has three daughters, Marie, Serena, and Giulia.