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4.4 out of 5 stars18
4.4 out of 5 stars
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on 14 November 2006
There's no doubting that this is a thorough text excellently written, covering all the main points. The only problem with it is is it's New Keynesian bias. For example, it fleetingly dismisses the Sargent and Wallace Policy ineffectiveness Proposition without really explaining why one might do so, and subsequently does not explore Fisher's critique. Definitely a must for anyone with an interest in macroeconomics, but this should be one of a "portfolio" of texts on the subject.
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on 30 October 2006
Just thought I'd add my thoughts... It's an excellent book. It's thorough (without being too complex); it's clear and relatively concise (while covering more than just the essentials) and to top it off, it makes good use of excellent references to other works and articles. Highly recommended - whether or not it's on your reading list. If only all economics books were this good!!!
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on 2 January 2006
This is the clearest Macroeconomics book you will find. I have been studying it from drafts (as have four or five year groups previous to me it seems) for my Macroeconomics course; better than Blanchard, Mankiw, and all the rest, you will enjoy this book. The theory follows with no gaps- it is logical, yet models the real world in a way that is very satisfying compared to previous approaches. The 'assumptions' are not quite so hidden and not quite so ridiculous and previous economic theory, and little is left unexplained. It is particularly satisfying the wy they walk you through the construction of each model, all with micro-economic foundations which explicitly set out the assumptions about behaviour which drive the larger model.
It will become the classic statement of New Keynesianism, the new academic tradition in economics, which emphasises wage rigidity in the conduct of inflation-busting and monetary policy.
If you have been using the IS-LM model beware; this book signals its replacement with the 3 equation model IS-PC-MR combining changes in inflation with a reaction function for monetary policy. This book will become a standard text across universities from Oxford (where I'm studying) to LSE, Harvard and beyond. Buy it.
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on 20 October 2009
Great book. A thorough explanation of the IS-PC-MR model where the authors show how the Monetary Rule of modern central banks is derived and used. The book covers all the other macroeconomic ideas but eschews the famous IS-LM model. This is quite a demanding text so if you're looking for a gentle introduction to macroeconomics this isn't it. I got lost at the New Keynesian section (too advanced) but the (rest of) the book is really well-written although sometimes gets into obscure proofs that can detract from the flow of reading. On the other hand that may be just what you need for that MSc!
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on 29 January 2016
I bought this book in order to move on from the historically more dominant IS-LM analsis which dominated my time at University.

Overall, the book is very comprehensive and has stretch elements which are useful. It does suffer from being too comprehensive with several obscure proofs that can be skipped as unnecessary. Some of the more obscure bits would be better in Appendix sections so that the reader can get through the core quicker.

I particularly liked the New Keynesian Micro foundations section (it is a bit tricky), but I wanted to argue with at least some of its bolder assumptions. The sections on growth are good, but my, they are over notated! Much of the nitpicky growth proofs are not necessary either.

The text style is somewhat heavy going/clunky - it was not, to be honest, an easy read and is probably over verbose in places and is certainly over notated. To be honest I had to keep refreshing myself as to the definitions of certain symbols etc. as I read through sections, which is not good. Readability is my main criticism of this book.

As several other reviewers have noted, the authors do not challenge the New Keynesian synthesis, and that is sort of a drawback. It also has very little analysis on target setting and the dangers associated with targeting policy on an ill defined/determined metric such as Full Employment GDP. In reality, this is not a known term, and the various transition mechanisms discussed did not really get into that - it just assumed the policy maker had magically picked the right target amounts - which is never the case.

Well worth reading, but not as an introductory work - I would still do intermediate IS-LM as a first step, and then augment with this 3 equation approach.

NB a newer version is out and therefore more current in terms of discussion topics and examples - I would go for that if you have the choice!
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on 29 December 2012
Arrived well on time, and also in good condition as specified at a reasonable price. Very much fit for purpose.
Very much needed textbook along side my studies when learning Advanced Macroeconomics
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on 12 November 2013
This book helps me a lot on my study. And it is much cheaper here than in the school's bookstore!
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on 20 July 2014
Delivered on time and as advertised.
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on 17 November 2015
There is a more recent edition
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on 5 November 2014
it is a good book...
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