The fundamental goals of this text are to provide an integrated view of macroeconomics,
and to make close contact with current macroeconomic events.
This Intermediate Macroeconomics text is organized around a set of core chapters
followed by three optional extensions. The core covers the short run, medium run
and then long run and is then followed by the three extensions: openness, expectations,
and pathologies. The book concludes with a section on policy although policy issues
are also sprinkled through most chapters. The book is known for its global emphasis
and empirical applications. The Third Edition has simplified many of the more difficult
topics. Theoretical material is always presented in three ways: in words, in graphs,
and with algebra.
For courses in Intermediate Macroeconomics or MBA level Macroeconomics for Managers.
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- NEWRewritten and revised throughout to make complex concepts simplerThe
author asked a team of students to look closely at each argument in the book;
identify if it was difficult or confusing and identify how it could be
presented more simply. Their work led to a thorough rewrite of the book. The
architecture of the book is the same but the book is very different in the
way material is discussed, explained, and illustrated. The arguments are
simpler, more straightforward and easier to grasp.
- Clarifies concepts and arguments throughout the text, simplifies the
treatment of aggregate supply, and moves more challenging material to
the appendices when feasible.
- OrganizationThe book is organized around two central parts: A
core, and a set of three major extensions. An introduction precedes the core.
The set of extensions is followed by a review of the role of policy. The
book ends with an epilogue. A flowchart on the front end paper makes it easy
to see how the chapters are organized, and fit the book's overall structure.
The extensions can be covered in any order and one or all can be omitted
- Gives a lot of flexibility in what to teach, and how much to teach.
- Real world issues addressedBlanchard makes sure never to present
a theoretical result without relating it to the real world. In
addition to discussions of facts in the text itself, there are numerous Focus
boxes which discuss particular macroeconomic events or facts, from both
the United States and around the World.
- The fun of macroeconomics is in explaining events, across time and
- Margin notesHighlight important points; relate an argument to an
earlier one in the text; summarize a series of steps; suggest further
readings; give a related fact; or tell a related anecdote.
- Creates a dialogue with the reader, helps reinforce more difficult
passages, and gives students a deeper understanding of the concepts and
the results derived along the way.
- NEWAdded boxed materiale.g., the New Economy; the effects of
9/11 on consumption; and an in-depth treatment of the slump in Japan.
- Gives students an awareness and understanding of the role current
events play in macroeconomics.
- One integrative, underlying model throughoutConcentrates on the
implications of equilibrium conditions in three sets of markets: goods,
financial, and labor. Depending on the issue at hand, parts of the model are
developed in more detail while others are simplified or left in the
- Enables students to see macroeconomics as a coherent whole, not as a
collection of models.
- The application of theory is highlightedExplains what is
happening around the world, from the introduction of a new currency in
Western Europe, to the reduction of budget deficits in the United States.
- Conveys to students the fun of macroeconomics, and reinforces the
lessons from the modelsmaking them more concrete and easier to grasp.
- Basic algebra, graphs, and wordsReinforces concepts throughout
- Provides students with varied learning styles with the tools to
understand and retain information using three different methods.
- Unique presentation of theoretical materialRelates it to the
- Helps students understand the concepts more clearly by placing them in
the context of real world applications.
- Boxed material throughout each chapterSome boxes use a
macroeconomic episode or example to expand on a point made in the text; Some
boxes examine particular macroeconomic episodes in detail; Some boxes
look at macroeconomic episodes from around the world, with a focus on real
- Shows how theoretical arguments can be used to understand events
around the world.
- Short appendices to some chapters.
- Demonstrates how a proposition in the text can be derived more
rigorously or expanded.
- Further reading sectionsAt the end of each chapter.
- Provides students with a list of resources to further their study of
macroeconomics, including key Internet addresses.