New material on the long-run evolution of income shares and the capital-output ratio relating to the international debate on distribution and inequality

This course teaches you (prototype versions of) macroeconomic models used to analyse key questions related to business cycles and economic growth. Examples are New Keynesian models, Real Business Cycle models, Overlapping Generations models, the Solow growth model, and first-generation endogenous growth models. An extended Solow growth model describing the interaction between the economy and the climate system as a basis for a discussion of climate policy The course will teach you the main empirical business cycle characteristics of developed economies and the main empirical findings regarding the growth of developed and less developed nations. E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook > E60 - General Focuses on how to use and analyze elementary models by steadily working through the mathematical derivations one step at a time, ensuring that students fully understand each progression

Purchase options

Bridging intermediate and advanced macroeconomics study, the authors use empirical examples to introduce students step-by-step to methods of formal macroeconomic analysis, helping them to develop a thorough understanding of fundamental models in growth theory and business cycle theory. This terrifically useful text fills the considerable gap between standard intermediate macroeconomics texts and the more technical text aimed at PhD economics courses. The authors cover the core models of modern macroeconomics with clarity and elegance, filling in details that PhD texts too often leave out. At the same time, the authors draw on their own extensive policy experience to provide thoughtful policy motivation and historical context throughout. Advanced undergraduates, public policy students and indeed many economics PhD students will find it a pleasure to read, and a valuable long-term resource.” — Kenneth Rogoff (Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, former Chief Economist and Director of Research at the IMF) This book is a valuable gift to both the academic discipline of macroeconomics, and the wider professional field. Authored by distinguished policy economists who also have tremendous practical expertise, we are incredibly proud to offer Advanced Macroeconomics: An Easy Guide to everyone at no cost.” Written with a light touch, yet thorough in its coverage of current theory and its application to policymaking, Advanced Macroeconomics: An Easy Guide is an invaluable and free resource for graduate students in economics and public policy, advanced undergraduate students, and practitioners. Born as a master’s course taught by each of the authors in succession over many years at Harvard’s Kennedy School of Government, the text also draws on their own extensive practical experience as macroeconomic policymakers.

Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. Macroeconomic concepts and theories are among the most valuable for policymakers. Yet up to now, there has been a wide gap between undergraduate courses and the professional level at which macroeconomic policy is practiced. Advanced Macroeconomics: An Easy Guide introduces the tools of dynamic optimisation in the context of economic growth, and then applies them to policy questions ranging from pensions, consumption, investment, and finance to the most recent developments in fiscal and monetary policy. This is an excellent and highly rigorous yet accessible guide to fundamental macroeconomic frameworks that underpin research and policy making in the world. The content reflects the unique perspective of authors who have worked at the highest levels of both government and academia. This makes the book essential reading for serious practitioners, students, and researchers.” — Gita Gopinath (John Zwaanstra Professor of International Studies and of Economics at Harvard University, Chief Economist and Director of Research at the IMF)

A tour de force. Presenting modern macro theory rigorously but simply, and showing why it helps understand complex macroeconomic events and macroeconomic policies.” — Olivier Blanchard (Peterson Institute, Professor Emeritus at MIT, and former Chief Economist and Director of Research at the IMF) Professor Andrés Velasco, Dean of the School of Public Policy at LSE and co-author of the book, added: “Our textbook is designed to bridge the gap between advanced economic theory and practical application. It provides a rigorous treatment of salient economic issues in an accessible manner. We believe it should prove very useful to students, professors and practitioners alike”.

Each chapter is accompanied by a number of guided exercises to support and then stretch students' analytical skillsAdvanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike. Also available as an e-book with functionality, navigation features, and links that offer extra learning support Supplementary material for this textbook, including slides and DSGE and VAR estimation tutorials, can be found here Provides ideal coverage for intermediate students looking to develop a more advanced level of understanding of macroeconomics