Macroeconomics

This important textbook offers a comprehensive look into the two main traditions in contemporary macroeconomics -- New Classical and Keynesian -- and examines the work of economists who have drawn on principles from both traditions to form a new, integrated approach known as New Neoclassical Synthesis. Importantly, this provides the theoretical foundation for much of current mainstream economics and the work done by central banks around the world. With a dual focus on research methods and policy applications, this book bridges the gap between intermediate macroeconomic and advanced graduate-level texts, making it an ideal resource for senior undergraduate and Masters students in applied economics programs. Key topics include:* a concise summary of intermediate macroeconomics, including the foundational ideas of both the New Classical and Keynesian traditions* the Lucas critique of standard methods for evaluating policy design* debt sustainability and austerity vs. stimulation debate* optimal inflation rates* tax reform and growth analysis* alternative monetary policies for pursuing price stability* theories of unemployment. Students and instructors will find additional useful resources on the book's companion website, including practice questions for each chapter.