Advanced Macroeconomics (Fiftih Edition)

Аннотация

Keeping a book on macroeconomics up to date feels Sisyphean. The field is continually evolving, as new events and research lead to doubts about old views and the emergence of new ideas, models, and tests. When the first edition of this book was published in 1996, financial crises and the zero lower bound on nominal interest rates were viewed as of only minor importance to macroeconomics; the main focus of work on monetary policy was its impact on average inflation, with little attention to its role in stabilization policy; each of the three equations of what is now the canonical new Keynesian model had only recently been developed, and they had not yet been brought together; and there had been almost no substantial empirical work on the role of institutions in cross-country income differences.