Jeremy B. Rudd has worked as a policy economist for the past thirty years at the Council of Economic Advisers, the US Treasury Department, and the Federal Reserve Board. He was a Deputy Assistant Secretary for economic policy at the Treasury Department in 2007–2008 and 2009–2010.

• 1. Introduction: is macroeconomics useful?; 2. Trends and cycles, shocks and stability; 3. Determinants of aggregate spending and saving; 4. Production functions and growth accounting; 5. The macroeconomics of 'the' labor market; 6. Understanding US inflation dynamics; 7. What does monetary policy do?; 8. What does fiscal policy do?; 9. Conclusion: is (macro)economics useful?; Appendix: miscellaneous notes on economic measurement.

'In 2021, when inflation surged in the United States, deep divisions arose among macroeconomists about how the Federal Reserve should respond. Macroeconomic theory and the workhorse models needed to be better equipped to recognize the realities of the pandemic, and it showed. Jeremy Rudd brilliantly lays out the roots of the problem. Over time, academic theory has become increasingly disconnected from the real world and the needs of policymakers. His book brings us back to foundational questions. Without a deep and humble introspection, we will be no better prepared for the next crisis. In his book, Rudd sets us on the path to do just that.' Claudia Sahm, founder of Sahm Consulting and former Federal Reserve economist