Macroeconomics

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Olivier Blanchard

A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, Massachusetts. After obtaining his PhD in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he is the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus.

He has worked on a wide set of macroeconomic issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global crisis. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including a graduate level textbook with Stanley Fischer.  

He is a past editor of the Quarterly Journal of Economics, of the NBER Macroeconomics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past vice president of the American Economic Association, and a member of the American Academy of Sciences.

THE CORE

Introduction

1. A Tour of the World  

2. A Tour of the Book

The Short Run  

3. The Goods Market  

4. Financial Markets I

5. Goods and Financial Markets; The IS-LM Model

6. Financial Markets II

The Medium Run

7. The Labor Market

8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation

9. Putting All Markets Together: From the Short to the Medium Run

The Long Run

10. The Facts of Growth

11. Saving, Capital Accumulation, and Output

12. Technological Progress and Growth

13. Technological Progress: The Short, the Medium, and the Long Runs

EXTENSIONS

Expectations

14. Financial Markets and Expectations

15. Expectations, Consumption, and Investment

16. Expectations, Output, and Policy

The Open Economy

17. Openness in Goods and Financial Markets

18. The Goods Market in an Open Economy

19. Output, the Interest Rate, and the Exchange Rate

20. Exchange Rate Regimes

Back to Policy

21. Should Policy Makers Be Restrained?

22. Fiscal Policy: A Summing Up

23. Monetary Policy: A Summing Up

24. Epilogue: The Story of Macroeconomics

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