As a concise survey of the developments in modern macroeconomics, this book bridges the gap between intermediate-level texts and advanced material. By highlighting the New Neoclassical Synthesis, it draws attention to recent work which simultaneously emphasizes the rigour of the New Classical approach and a focus on market failure that is the essence of the Keynesian tradition. In addition to stabilization policy issues, there is extensive coverage of natural unemployment rate theories, and both old and new growth analysis. At the upper undergraduate level, the book can be used on its own; at the introductory post-graduate level, it represents a much-needed complement to journal readings and the more advanced research monographs. The user friendly exposition gives equal billing to explaining technical derivations and to exposing the essence of each result and controversy at the intuitive level. Calibrated versions of the models allow readers to appreciate how modern macroeconomics can inform central policy debates.Many topical issues are highlighted: the Lucas critique of standard methods for evaluating policy, credibility and dynamic consistency issues in policy design, the sustainability of rising debt levels and an evaluation of Europe's Stability Pact, the optimal infl ation rate, the implications of alternative monetary policies for pursuing price stability (price-level vs infl ation-rate targeting, fixed vs flexible exchange rates), tax reform (trickle-down controversies and whether second-best initial conditions ease the trade-off between effi ciency and equity objectives), theories of the natural unemployment rate and the possibility of multiple equilibria, alternative low-income support policies, and globalization (including the alleged threat to the scope for independent macro policy). Using basic mathematics throughout, the book introduces its readers to the actual research methods of macroeconomics. But in addition to explaining methods, the author presents the underlying logic at the common-sense level, and with an eye to the historical development of the subject. As with the earlier editions, both instructors and students will welcome having the exciting developments in modern macroeconomics made more accessible.

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