Macroeconomic Paradigms and Economic Policy

Nicola Acocella is Emeritus Professor of Economic Policy at the Sapienza University of Rome. He has previously published three books with Cambridge University Press: The Foundations of Economic Policy (1998), Economic Policy in the Age of Globalization (2010), and The Theory of Economic Policy in a Strategic Context (2012) with Giovanni Di Bartolomeo and Andrew Hughes Hallett. Giovanni Di Bartolomeo is Associate Professor of Economic Policy at the Sapienza University of Rome. He is an active policy advisor for the Italian Ministry of Economics, where he contributes to build and estimate the DSGE model of the Department of Treasury. In 2012, he published The Theory of Economic Policy in a Strategic Context (Cambridge) with Nicola Acocella and Andrew Hughes Hallett. Andrew Hughes Hallett is Professor of Economics at the University of St Andrews, University Professor at the George Mason University, Virginia, and a Fellow of the Royal Society of Edinburgh. He has published papers in leading economics journals, as well as in mathematics, political science and history, and is ranked in the top half percent of economists by publications worldwide.

• Preface; Acknowledgements; 1. Introduction; 2. The dawn of the Keynesian Age; 3. The Phillips curve menu; 4. The pro-market counterattack: powerless economic policies; 5. Rethinking stabilization policies: good policies or good luck?; 6. The great recession and beyond; 7. Central banking; 8. Fiscal regimes and fiscal policies; 9. Further policy challenges; 10. Conflicts and cooperation in the labor markets; 11. Fixed exchange rates: the age of tempered liberalism; 12. Free to float: the age of neo-liberalism; 13. A fragile European construction: the perils of incomplete coordination; 14. Taking stock: the end of a ride or the start of a new one?; Bibliography.

'This is a very useful book for those among us interested in the evolution of economic paradigms, changing economic conditions, and their impact on economic policies. The authors succeed in highlighting how these changes have affected monetary and fiscal policies and how they push us towards designing better institutions.' Paul De Grauwe, John Paulson Professor in European Political Economy, London School of Economics and Political Science