In Macroeconomics, Blanchard presents a unified, global view of macroeconomics, enabling readers to see the connections between goods, financial markets, and labor markets worldwide. Organized into two parts, the text contains a core section that focuses on short-, medium-, and long-run markets and three major extensions that offer more in-depth coverage of the issues at hand. From the major economic crisis and monetary policy in the United States, to the problems of the Euro area and growth in China, the text helps readers make sense not only of current macroeconomic events but also of events that may unfold in the future. Integrated, detailed boxes in the Seventh Edition have been updated to convey the life of macroeconomics today; reinforce lessons from the models; and help readers employ and develop their analytical and evaluative skills.
KEY TOPICS: The Core; Introduction; A Tour of the World; A Tour of the Book; The Short Run;The Goods Market; Financial Markets I; Goods and Financial Markets; The IS-LM Model; Financial Markets II; The Medium Run;The Labor Market; The Phillips Curve, the Natural Rate of Unemployment, and Inflation; Putting All Markets Together: From the Short to the Medium Run; The Long Run; The Facts of Growth; Saving, Capital Accumulation, and Output; Technological Progress and Growth; Technological Progress: The Short, the Medium, and the Long Runs; Extensions; Expectations; Financial Markets and Expectations; Expectations, Consumption, and Investment; Expectations, Output, and Policy; The Open Economy; Openness in Goods and Financial Markets; The Goods Market in an Open Economy; Output, the Interest Rate, and the Exchange Rate; Exchange Rate Regimes; Back to Policy; Should Policy Makers Be Restrained?; Fiscal Policy: A Summing Up; Monetary Policy: A Summing Up; Epilogue: The Story of Macroeconomics.
Olivier Blanchard has spent most of his professional life in Cambridge, Massachusetts. After obtaining his PhD in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he is the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus.
He has worked on a wide set of macroeconomic issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global crisis. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including a graduate level textbook with Stanley Fischer.
He is a past editor of the Quarterly Journal of Economics, of the NBER Macroeconomics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past vice president of the American Economic Association, and a member of the American Academy of Sciences.