Macroeconomics

About the Author Olivier Blanchard is the Class of 1941 Professor of Economics at MIT. He did his undergraduate work in France, and received a Ph.D. in economics from MIT in 1977. He taught at Harvard from 1977 to 1982, and has taught at MIT since 1983. He has frequently received the award for best teacher in the department of economics. He has done research on many macroeconomic issues, from the effects of fiscal policy, to the role of expectations, to price rigidities, to speculative bubbles, to unemployment in Western Europe, transition in Eastern Europe, and more recently, on labor market institutions. He has done work for many governments and many international organizations, including the World Bank, the IMF, the OECD, the EU commission and the EBRD. He has published over 150 articles and edited or written over 15 books, including Lectures on Macroeconomics with Stanley Fischer. He is a research associate of the National Bureau of Economic Research, a fellow and a council member of the Econometric Society, a member of the American Academy of Arts and Sciences, and a past Vice President of the American Economic Association. He is also a member of the French Council of Economic Advisers. He lives in Cambridge, with his wife, Noelle. He has three daughters, Marie, Serena, and Giulia.

INTRODUCTION

Chapter 1. A Tour of the World

Chapter 2. A Tour of the Book

 

THE CORE

The Short Run (IS-LM)

Chapter 3. The Goods Market.

Chapter 4. Financial Markets

Chapter 5. Goods and Financial Markets:  The IS-LM Model

The Medium Run (AD-AS)

Chapter 6. The Labor Market

Chapter 7. Putting All Markets Together. The AS-AD Model

Chapter 8. The Natural Rate of Unemployment and The Phillips Curve

Chapter 9. Inflation, Activity, and Nominal Money Growth

The Long Run

Chapter 10. The Facts of Growth

Chapter 11. Saving, Capital Accumulation, and Output

Chapter 12. Technological Progress and Growth

Chapter 13. Technological Progress, Wages, and Unemployment

 

EXTENSION: EXPECTATIONS

Chapter 14. Expectations: The Basic Tools Chapter 15. Financial Markets and Expectations Chapter 16. Expectations, Consumption, and Investment

Chapter 17. Expectations, Output, and Policy

 

EXTENSION: THE OPEN ECONOMY

Chapter 18. Openness in Goods and Financial Markets

Chapter 19. The Goods Market in an Open Economy

Chapter 20. Output, the Interest Rate, and the Exchange Rate

Chapter 21. Exchange Rate Regimes

Chapter 22. Depressions and Slumps

 

EXTENSION: PATHOLOGIES

Chapter 23. High inflation

Chapter 24. Should Policy Makers Be Restrained?

 

BACK TO POLICY

Chapter 25. Monetary Policy: A Summing Up

Chapter 26. Fiscal Policy: A Summing Up

 

EPILOGUE

Chapter 27. Epilogue: The Story of Macroeconomics