Publisher's Synopsis
This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics -- New Classical and Keynesian -- and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs.
Key topics include:
- a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions
- the Lucas critique of standard methods for evaluating policy design
- debt sustainability and austerity vs. stimulation debate
- optimal inflation rates
- tax reform and growth analysis
- alternative monetary policies for pursuing price stability
- theories of unemployment.
Students and instructors will find additional useful resources on the book's companion website, including practice questions for each chapter.
