Average customer rating:
- One of the very good books in macroeconomics
- Worst Book on Economics
- Broad macro theory at your hands!
- Serena, 1988
- Excellent book for grad students
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Lectures on Macroeconomics
Stanley Fischer , and
Olivier J. Blanchard
Manufacturer: The MIT Press
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Advanced Macroeconomics
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Foundations of International Macroeconomics
ASIN: 0262022834 |
Book Description
Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their assessment of what is important and what is not as they present the essence of macroeconomic theory today.
The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, unemployment and movement in prices. The most important fact of modern economic history is persistent long term growth, but as the book makes clear, this growth is far from steady. The authors analyze and explore these fluctuations.
Topics include consumption and investment; the Overlapping Generations Model; money; multiple equilibria, bubbles, and stability; the role of nominal rigidities; competitive equilibrium business cycles, nominal rigidities and economic fluctuations, goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2 through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous chapters, asks which models are the workhorses of macroeconomics, and sets the models out in convenient form. A concluding chapter analyzes the goals of economic policy, monetary policy, fiscal policy, and dynamic inconsistency.
Written as a text for graduate students with some background in macroeconomics, statistics, and econometrics, Lectures on Macroeconomics also presents topics in a self contained way that makes it a suitable reference for professional economists.
Olivier Jean Blanchard and Stanley Fischer are both Professors of Economics at MIT.
Customer Reviews:
One of the very good books in macroeconomics.......2005-07-18
I have read many books in macroeconomics and I think this one is the best of them, so personally I spent my money to buy this book (among all macro- books) and keep it on my shelf for references. The book is not a complete guide to macroeconomics (and no other macro book is either). But what it covers, it covers well with preamble to the idea and empirical evidence, then proceeds to formal discussion and derivations and conclusions. It covers topics on consumption theory, economic growth, money and monetary policy, labor and employment models, and competetive equilibrium and business cycles. Still you need complementary texts if you want to get too much focused in a field (like monetary policy). I recommend this book for graduate level macro- courses. For one thing the book comes with lots of exercises at the end of each chapter.
Worst Book on Economics.......2003-07-19
Some people seem to mistake bad writing for brilliance in content. The reason that many reviews seem to have trouble understanding some of the contents in the book should be an argument against the book, not an argument for its technical difficulties derived from some people's own uncertainty about their skills in maths.
I thoroughly advise people not to waste time looking into this book, let alone buy it which will be a waste of money as well.
I have not found a perfect macroeconomics textbook yet. But David Romer's Advanced Macroeconomics is much better than this one in every way.
Broad macro theory at your hands!.......2003-06-13
I loved this book since I first read it. It's a complete book in terms of modern macroeconomic theory topics covered and in the treatment of them. The authors have focused in modern development in the field and have tried to gather a significant collection of models and theories which explain several aspects of the macroeconomic analysis (just check the index to find out all that you can read here!).
A drawback of this book is that it's kinda specialized in modern macro development and its methods: it assumes that the reader knows about basic macro theory, macro models, has strong mathematical foundations (calculus, systems of equations, optimum control theory, etc.) AND is used to the kind of relationship economists do between models and real life. This is NOT a book of macroeconomic policies, like how to manage a nation's deficit in the public budget, or so; but researches could find here the basis for developing more specific recommendations and policies to address such problems.
Serena, 1988.......2000-02-23
Brilliant book, the bit in the front from Serena, 1988 is by far the easiest.
Excellent book for grad students.......1999-12-19
I used this book while in grad school and loved it. Other PhD students will probably appreciate it while others are likely to find it too difficult.
Book Description
Do events of the 1930s carry a message for the 1990s? Lessons from the Great Depression provides an integrated view of the depression, covering the experience in Britain, France, Germany, and the United States. It describes the causes of the depression, why it was so widespread and prolonged, and what brought about eventual recovery.
Peter Temin also finds parallels in recent history, in the relentless deflationary course followed by the U.S. Federal Reserve Board and the British government in the early 1980s, and in the dogged adherence by the Reagan administration to policies generated by a discredited economic theory - supply-side economics.
Peter Temin is Professor of Economics at MIT.
Customer Reviews:
A Compelling Study of the Great Depression: The Gold Standard is Largely to Blame.......2007-07-12
Peter Temin rigorously explains the economics of the Great Depression and the lessons to be learned from the economics of the Great Depression. He explains convincingly that the gold standard was mainly to blame for the Great Depression. It was a Federal Reserve contraction of the money supply that began a recession, and then it was the gold standard that turned it into a catastrophic depression. To be specific, the gold standard imposed a severe tightening of the gold standard, and stubborn efforts by political leaders in several countries to maintain the gold standard strangled the economy further. In America, it was the Republican Party that had long supported the gold standard. It was reestablished when Calvin Coolidge was president.
The countries that left the gold standard quickly, such as Great Britain, recovered the soonest from the Great Depression.
The book praises FDR for abondoning the gold standard. Note that this is an economic history and not a political or social history. This book is for economists or general readers with a strong interest in the period. The analysis fits nicely with monetary economics but used standard equations relating to Keynesian economics.
Peter Temin established himself as one of the greatest economists of the Great Depression. That was his speciality.
Also consider "Essays on the Great Depression" by Ben Bernanke, Chairman of the Federal Reserve and America's top economist.
Taking the long view.......2001-06-02
Temin's account of the Great Depression differs in almost every from the standard texts. Austrian business cycles, monetary tightness etc. are all passed over as the author goes for the big picture....the long view of political history in Europe.
The Great Depression was the direct result, he says, of the breakdown of peace in the first decade of the twentieth century. The international spirit of co-operation that had existed throughout most of the second half of the 19th century evaporated with the European struggles for empire. So when crisis loomed in the late 1920s all the lifeboats were full of holes. Franco-German rivallry, the demise of the British Empire and isolationism in the United States all produced paralysis when leadership was needed most.
When leadership finally did arrive, it came in the form of social democracy and labour market rigidities which put a floor under the markets but extended the depression in ways not dissimilar to Japan in the 1990s.
If you like your economics filled with Keynes and history this is for you. If Friedman or Schumpeter is more to your taste, then this is worth reading just to see what the other side thinks.
Great stuff.
Average customer rating:
- Micromotives and Macrobehavior
- The Golden Rule and Self-Restraint
- The big picture relevance of details
- 1970s Freakonomics
- Great reading and very varied
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Micromotives and Macrobehavior (Fels Lectures on Public Policy Analysis)
Thomas C. Schelling
Manufacturer: W. W. Norton
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The Strategy of Conflict
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ASIN: 0393090094 |
Customer Reviews:
Micromotives and Macrobehavior.......2007-08-09
This is one of the best books I have ever read. I have read it at least three times and learn something new each time. Schelling is not only a great economist but a great writer. He has a knack for making arcane concepts accessible. I highly recommend it. This book uses economic methodology to tackle "non-economic" concepts, such as segregation, sorting and mixing and cooperation.
The Golden Rule and Self-Restraint.......2006-11-23
Schelling's book covertly drafts a model of economic support for the Golden Rule. While many of his examples may be repetitive, ultimately, we learn that by restraining ourselves in various enterprises, such as energy conservation, we are able to produce overall benefits for society. However, the hitch is that without critical mass or some basis for keeping rebels in line, no one adheres to the collective system and therefore no one benefits. Thus, the author intelligently posits an argument that in properly regulated environments, cooperation and selflessness produce stability and will lead to long-term success.
What is more interesting are Schelling's numerous examples and asides about human behavior that, once examined carefully, yield a greater understanding about everyday phenomena. For example, he writes, "Most people think that inflation reduces purchasing power without stopping to notice that their own pay increases are somebody else's inflation, and at least some of it must cancel out." This book is filled with such astute and not easily apparent statements. He also carries economic theory into social theory, showing that if all men married women four years younger than them where population is growing at three percent annually, eventually women of marrying age may outnumber men by more than 12%. The book has several of these nuggets, but leaves out an obvious and one of my favorite lessons about education: when a student goes to school, s/he not only "loses" the money s/he spends on tuition, but also her/his earning power during the years spent studying. For this reason, one could argue that it seems more sensical to attend school when there is a recession and to work when unemployment is low.
The glaring gap in this book is the problem of freeloaders--what do we do, for example, about the neighbor who waters his lawn excessively during a water shortage, thereby creating less incentive for others to conserve water? The author most likely believes that education will assist this problem, but this may be an idealistic notion at best. Still, Schelling manages to prove that cooperation rather than competition in some cases may produce better results, leading to viable arguments against selfish behavior.
The big picture relevance of details.......2006-03-25
I enjoyed this book for it's stimulating arguments and everyday examples of big picture, "big topics" issues. As a novice to any type of economic analysis I've found the book informative and interesting. I recommend this book to anybody wishing to increase their awareness of the relevance of everyday events and experience to bigger, more intellectual topics.
1970s Freakonomics.......2006-03-23
Game theory has been criticized for being able to explain anything, yet having little predictive capability. Whatever the case, Thomas Schelling's book is a gem. He takes everyday life phenomena and applies some systematic analysis as to why these things happen. It's a quick read and when you are done you too will keep viewing any issues coming your way as if they were seeking an equilibrium. With the varied topics and colorful examples it's the 1970s equivalent of "Freakonomics".
Great reading and very varied.......2005-11-18
This is probably Schelling's best book and is up against tough competition. But his mind is razor-sharp, his examples always fascinating and he is quite simply the best writer of economics around. This is not an introductory economics book - it's too original for that - but it is perfectly accessible to the general reader. Find out why neighbourhoods are segregated, why nobody sits in the front row of a lecture hall, and best of all, the economics of christmas card lists. A joy.
Book Description
Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom.
Download Description
Expanding upon the literature of new institutional economics, the first part of this study stresses the significance of imperfections in information, bankruptcy and banks. The second part examines the policy implications of the new paradigm emphasizing loanable fund demand and supply, and demonstrates its relevance to our understanding of two recent historical episodes--the East Asian financial crisis and the 1991 U.S. recession and subsequent recovery and boom.
Customer Reviews:
Learn current Banking Reality & What the Future Holds.......2005-04-24
First off I am not a not an economist. Bought this book because I am very interested in how current monetary system works and what the future holds. This book fortunatly covers both topics; in great detail. The book goes over the advantages and disadvantages of the current way, how banks lend to grow the economy. It then goes over how that is being transformed and what we can expect in the future. The book is not as dry as most hard-core academic books, it is readible. My goal is to have a broad understanding of how the financial system of our world works, and this book did a great job of helping me understand. It does have a few advanced mathematical equations, I do not know how to solve them but they were very well explained...so at least I do understand what the equations are for. Great book it might be worth it to look for more books in the Raffaele Mattioli Lecture series.
Book Description
In Poland's Jump to the Market Economy, Jeffrey Sachs provides an insider's analysis of the political events and economic strategy behind the country's swift transition to capitalism and democracy. Sachs reviews Poland's striking progress since the start of the economic reforms three years ago, which he helped to design. He discusses the gains - more than half of employment and GDP is now in the private sector, exports to Western Europe have more than doubled, and economic growth and confidence are returning - as well as the serious problems that remain.
Customer Reviews:
Good overview.......2007-09-08
Filled with simple tables of statistics from before and after transition policies, this book is straightforward, very readable, very enjoyable and useful. Its is pretty short, but covers all the basics for an overview of the process and transformation during what what a very successful and very fast transition. Sachs is modest and cautious in his evaluation of progress-- and yet he had reason to be proud.
Contrast this with "Privatizing Russia" wherein the authors boast about the obvious success of their theories and policy proposals and yet leave the country rife with corruption. This book also covers the theories of privatization and transition a lot less, but instead presents the case of Poland, which can be used as an example. Sometimes one real successful case study is more useful than a lot of high sounding theory.
One important takeaway though, is that Poland had it easy in that it was a small socialized country in the midst of a pretty well functioning European marketplace. As soon as it opened its economy to international trade and foreign investment, competition was introduced to all the firms-- even as they were still nationalized. The benefits of the market were immediate in competition, inputs, prices, etc. Russia had to do without this immense benefit.
Great Narrative.......1998-10-13
This is one of the best economic books I have ever read. Filled with concise arguments and figures, Sachs makes his case for the liberalization of the Polish economy. Never boring and a very good read, this book is an inside depth into Poland's free market reforms.
Average customer rating:
- Demonstrating the role of Keynesian(Ellsbergian)uncertainty
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Money and the Economy: Issues in Monetary Analysis (Raffaele Mattioli Lectures)
Karl Brunner , and
Allan H. Meltzer
Manufacturer: Cambridge University Press
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Binding: Paperback
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ASIN: 0521599741 |
Book Description
This volume, by two eminent monetarist economists, offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical overview of the relationship between money and output, and then go on to present a model of a monetary economy before examining the real sector. The theme of the final lecture is uncertainty and the costs of acquiring information.
Customer Reviews:
Demonstrating the role of Keynesian(Ellsbergian)uncertainty.......2005-09-27
This book, although mistitled,is the best book that I HAVE EVER READ on theoretical and applied monetary economics.However,the correct title is "Keynesian Uncertainty,Money,and the Economy:Incorporating uncertainty(or Ellsbergian ambiguity)into monetary analysis".Brunner and Meltzer identify their position in this book as "weak monetarism".One can contrast this with strong monetarism,real business cycle theory,rational expectations,supply side economics,etc.,which denies that uncertainty plays any role in applied and theoretical economics.Only risk,represented by a normal probability distribution,has any role to play.Keynes would commend Brunner and Meltzer.Keynes would also state that he had never abandoned the Quantity theory of money,but had expanded and generalized its theoretical structure and range of application so as to deal with uncertainty,ambiguity,and ignorance.Keynes did this in chapter 21 of thr General Theory(see also p.209).A real synthesis is now possible between the economics of Keynes and the economics of Brunner and Meltzer .Instead of Keynes's difficult(but correct)elasticity analysis of chapters 20 and 21,we will present a generalized equation of exchange:instead of MV=PO,which views money as a transaction demand only,subject to risk as measured by a normal probability distribution's standard deviation,we incorporate a variable to measure Keynesian uncertainty(lack of weight in the A Treatise on Probability)or Ellsbergian ambiguity which we will designate as w.w is defined on the unit interval between 0 and 1.The equation of exchange then becomes M(Vw)=PO.w can also be given a nonlinear form if desired.If w=1,then only a transaction demand for money exists.Only risk needs to be taken into account.If w
<1,the precautionary and speculative demands for money start to have an effect and uncertainty/ambiguity starts to cause problems in the real sector (on output,employment,investment,etc.).The w variables impact will show up with a "regular irregularity",a la Schumpeter, over time.Current econometric practice will not be able to measure the impact.It will be necessary to fall back on the new statistical toolkit created by Benoit Mandelbrot in order to take into account the impact of uncertainty and/or ambiguity.Brunner and Meltzer are correct when they state that"We share Keynes's emphasis on the pervasive uncertainty confronting decision makers"(p.65)and"We accept Keynes's distinction between actual and maximum output."(p.159).That leaves only the debate between discretion versus rules as a point of contention.Keynes would have favored some discretion within a rules criterion.I recommend this book to any reader interested in monetary policy,theory,or application.
Average customer rating:
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Monopolistic Competition and Macroeconomic Theory (Federico Caffè Lectures)
Robert M. Solow
Manufacturer: Cambridge University Press
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Binding: Hardcover
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ASIN: 0521623383 |
Book Description
Robert Solow is widely regarded as one of the greatest living economists. He has conducted path-breaking work in both microeconomics and macroeconomics, is the best-selling author of numerous publications, and was awarded the Nobel Prize for Economic Science in 1987. In Monopolistic Competition and Macroeconomic Theory, Professor Solow gives a nontechnical account of the implications of monopolistic competition on macroeconomic theory and shows that simple and tractable micro-based models can offer the possibility of a richer and more intuitive macroeconomics.
Book Description
This book provides an overview of the recent research on saving and consumption, a field in which substantial progress has been made over the last decade. Attempts by economists to understand saving and consumption patterns have generated some of the best science in economics. For more than fifty years, there has been serious empirical and theoretical activity, and data, theory, and policy have never been separated as has happened in many branches of economics. Research has drawn microeconomists interested in household behaviour, as well as macroeconomists, for whom the behaviour of aggregate consumption has always occupied a central role in explaining aggregate fluctuations. Econometricians have also made distinguished contributions, and there has been a steady flow of new methodologies by those working on saving and consumption, in time-series econometrics, as well as in the study of micro and panel data. A coherent account of these developments is presented here, emphasizing the interplay between micro and the macro, between studies of cross-section and panels, and those using aggregate time series data.
Customer Reviews:
Elegant and clear.......2000-04-13
I found this book very interesting for 2 reasons. First, it is very clear and the technicalities are kept to a minimum (although a reasonable level of calculus and basic economic theory is advisable). Second, its originality lies in the fact that it relates microeconomic analysis of consumption and saving behavior with macroeconomic aggregates. It is a very good starting point for anybody willing to study life-cycle decisions by individuals. It conveys a lot of information in a dense but elegant way
Book Description
First published in 1973, this book presents a systematic treatment of the conceptual framework as well as the practical problems of measurement of inequality. Alternative approaches are evaluated in terms of their philosophical assumptions, economic content, and statistical requirements. In a new introduction, Amartya Sen, jointly with James Foster, critically surveys the literature that followed the publication of this book, and also evaluates the main analytical issues in the appraisal of economic inequality and poverty.
Customer Reviews:
The standard source on economic inequality.......2006-02-17
Despite the fact that the discipline of economic inequality measurement is thriving in the last twenty or so years (may be thirty something if you count from Atkinson (1970) paper), the textbook format publications of the general character are rare; I can only think of Lambert (2002) as another major source. Amartya Sen is a Nobel prize winner in the area of inequality, poverty and famines; and James Foster who wrote an extensive commentary featured in this second edition of the original Sen's lectures is arguably the most often cited author in inequality and poverty measurement due to his principal contributions on the classes of decomposable measures and poverty orderings.
It should be noted that Sen is kinda difficult reading; his language is a little bit archaic, and not very typical for the modern highly mathematized economic publications (don't worry, you'll see enough abstract algebra once you start going into the details of the derivation of the properties of inequality/poverty indices...)
I don't think that the other review gives anything close to the real merit of this book, as it seems to be written by an information econometrician rather than somebody doing substantive distribution research. I would comment that generalized entropy measures are important, if not central, in the inequality measurement due to their nice properties, but are not the only measures possible. The authors rather wanted to give a big picture, and, as I said, you can get all sorts of details in the article publications they refer to.
A key to evaluating inequality.......1999-06-11
I learned a lot from Sen's and Foster's book. It is an important key to the understanding of inequality measures. Especially the welfare funcion seems to be a much better measure to describe income than the average per capita income.
I, however, have one objection. Sen is careful enough not to completely reject Theil's formula (see formula 2.11 in "On Economic Inequality"). And although Sen and James E. Foster are puzzled by the application of entropy to economics, they seemingly also feel, that it is interesting enough to be discussed.
Unfortunately though, Sen called Theil's formula not only "interesting", but also "arbitrary". Here is an example for how Sen's further comments on Theil's measure successfully inhibited other researchers to develop an understanding for entropy measures. "Sen ... describes the major flaw in T very nicely when he states that it 'is not a measure that is exactly overflowing with intuitive sense'. Why then would econometricians - or anyone else - want to use T?" This response (from a participant from Macquarie University, 1991 Conference of the Australian Association for Research in Education) is regrettable. I wish, Sen and Foster would reevaluate entropy measures and their application to the measurement of inequality.
"Intuitive" understanding of entropy is rare. (That is why confusing entropy problems with energy problems is common.) The major flaw in evaluating entropy measures often is lack of common knowledge in physics as well as lack of intuition. If sociologists and economists don't trust physicists or engineers, they at least should observe how the "Shannon index" is used in statistical ecology.
As for economics, you find excellent examples for how to use Theil's measure in James K. Galbraith's "Created Unequal" (1998, ISBN 0-684-84988-7).
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Growth, Inequality, and Globalization: Theory, History, and Policy (Raffaele Mattioli Lectures)
Philippe Aghion , and
Jeffrey G. Williamson
Manufacturer: Cambridge University Press
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ASIN: 0521650704 |
Book Description
Two of the world's leading economists, Philippe Aghion (a theorist) and Jeffrey Williamson (an economic historian), jointly question the conventional wisdom on inequality and growth, and address its inability to explain recent economic experience. Aghion assesses the effects of inequality on growth, and asks whether inequality matters: is excessive inequality bad for growth, and is it possible to reconcile aggregate findings with microeconomic theories of incentives? Jeffrey Williamson then discusses the Kuznets hypothesis, and focuses on the causes of wage and income inequality in developed economies.
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