Macroeconomics and Active Graphs CD Package, 3/E
Olivier Blanchard

ISBN-10: 0131462253
ISBN-13: 9780131462250

Publisher: Prentice Hall
Copyright: 2003
Format: Cloth Bound w/CD-ROM; 615 pp


Suggested retail price: $139.60
This item is out of print and is no longer available for purchase.

For courses in Intermediate Macroeconomics or MBA level Macroeconomics for Managers.

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 then 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 through most chapters. The book is known for its global emphasis and empirical applications. The Third Edition has simplified many of the more difficult topics. Theoretical material is always presented in three ways: in words, in graphs, and with algebra.

  • NEW - Rewritten and revised throughout to make complex concepts simpler—The author asked a team of students to look closely at each argument in the book; identify if it was difficult or confusing and identify how it could be presented more simply. Their work led to a thorough rewrite of the book. The architecture of the book is the same but the book is very different in the way material is discussed, explained, and illustrated. The arguments are simpler, more straightforward and easier to grasp.

    • Clarifies concepts and arguments throughout the text, simplifies the treatment of aggregate supply, and moves more challenging material to the appendices when feasible.

  • Organization—The book is organized around two central parts: A core, and a set of three major extensions. An introduction precedes the core. The set of extensions is followed by a review of the role of policy. The book ends with an epilogue. A flowchart on the front end paper makes it easy to see how the chapters are organized, and fit the book's overall structure. The extensions can be covered in any order and one or all can be omitted entirely.

    • Gives a lot of flexibility in what to teach, and how much to teach.

  • Real world 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.

    • The fun of macroeconomics is in explaining events, across time and across countries.

  • Margin notes—Highlight important points; relate an argument to an earlier one in the text; summarize a series of steps; suggest further readings; give a related fact; or tell a related anecdote.

    • Creates a dialogue with the reader, helps reinforce more difficult passages, and gives students a deeper understanding of the concepts and the results derived along the way.

  • NEW - Added boxed material—e.g., the New Economy; the effects of 9/11 on consumption; and an in-depth treatment of the slump in Japan.

    • 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, parts of the model are developed in more detail while others are simplified or left in the background.

    • Enables students to see macroeconomics as a coherent whole, not as a collection of models.

  • The application of theory is highlighted—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.

    • Conveys to students the fun of macroeconomics, and reinforces the lessons from the models—making them more concrete and easier to grasp.

  • Basic algebra, graphs, and words—Reinforces concepts throughout the text.

    • Provides students with varied learning styles with the tools to understand and retain information using three different methods.

  • Unique presentation of theoretical material—Relates it to the real world.

    • Helps students understand the concepts more clearly by placing them in the context of real world applications.

  • Boxed material throughout each chapter—Some boxes use a macroeconomic episode or example to expand on a point made in the text; Some boxes examine particular macroeconomic episodes in detail; Some boxes look at macroeconomic episodes from around the world, with a focus on real world applications.

    • Shows how theoretical arguments can be used to understand events around the world.

  • Short appendices to some chapters.

    • Demonstrates how a proposition in the text can be derived more rigorously or expanded.

  • Further reading sections—At the end of each chapter.

    • Provides students with a list of resources to further their study of macroeconomics, including key Internet addresses.

  • Rewritten and revised throughout to make complex concepts simpler—The author asked a team of students to look closely at each argument in the book; identify if it was difficult or confusing and identify how it could be presented more simply. Their work led to a thorough rewrite of the book. The architecture of the book is the same but the book is very different in the way material is discussed, explained, and illustrated. The arguments are simpler, more straightforward and easier to grasp.

    • Clarifies concepts and arguments throughout the text, simplifies the treatment of aggregate supply, and moves more challenging material to the appendices when feasible.

  • Added boxed material—e.g., the New Economy; the effects of 9/11 on consumption; and an in-depth treatment of the slump in Japan.

    • Gives students an awareness and understanding of the role current events play in macroeconomics.

INTRODUCTION.

 1. A Tour of the World.

 2. A Tour of the Book.

THE CORE.

The Short Run.

 3. The Goods Market. 4. Financial Markets. 5. Goods and Financial Markets: The IS-LM Model.
The Medium Run.

 6. The Labor Market. 7. Putting All Markets Together: The AS-AD Model. 8. The Natural Rate of Unemployment and The Phillips Curve. 9. Inflation, Activity, and Money Growth.
The Long Run.

10. The Facts of Growth.11. Saving, Capital Accumulation, and Output.12. Technological Progress and Growth.13. Technological Progress, Wages, and Unemployment.
Expectations.

14. Expectations: The Basic Tools.15. Financial Markets and Expectations.16. Expectations, Consumption, and Investment.17. Expectations, Output, and Policy.
The Open Economy.

18. Openness in Goods and Financial Markets.19. The Goods Market in an Open Economy.20. Output, the Interest Rate, and the Exchange Rate.21. Exchange Rate Regimes.
Pathologies.

22. Slumps and Depressions.23. High Inflation.

BACK TO POLICY.

24. Should Policy Makers Be Restrained?

25. Monetary Policy: A Summing Up.

26. Fiscal Policy: A Summing Up.

Epilogue.

27. The Story of Macroeconomics.

APPENDICES.

Appendix 1: An Introduction to National Income and Product Accounts.

Appendix 2: A Math Refresher.

Appendix 3: An Introduction to Econometrics.

Glossary.

Index.

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.

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.

View a Sample Chapter PDF:

For Intermediate Macroeconomics


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