Macroeconomic Theory: A Short Course: A Short Course

Macroeconomic Theory: A Short Course presents all the key topics in intermediate-level macroeconomic theory, using linear versions of the standard models. The concise presentation allows instructors the time for outside readings and projects, perhaps to introduce students to intellectual controversies or applications. The discussion opens the possibility that the standard models are incomplete, challenging students to form their own opinions about, for example, the existence of a unique natural rate of unemployment. The key chapter on inflation replaces the standard assumption of monetary targeting with a central bank reaction function, which makes the treatment of monetary policy both more realistic and modern. Other chapters explore the open economy under fixed and floating exchange rates, the classical growth model, and the Solow-Swan growth model. Classroom-tested problems and a mathematical appendix supplement the chapters. Book jacket.

Thomas R. Michl is Professor of Economics at Colgate University