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Theory of Macroeconomic Policy

The book reviews the theoretical foundations of macroeconomic, fiscal, and monetary policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. The style is intuitive and accessible, relying on basic calculus, but explained discursively and using diagrams. Advanced theory is bridged with more elementary/intermediate material. Established models are reviewed alongside current research. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasized throughout. The chapters are largely self-contained so that different courses can focus at different places. A ‘Guidance for Further Study’ section and extensive bibliography give plenty of ideas for all levels of independent study, from UG Projects to M.Sc. dissertations to Ph.D. theses. The book should be seen as an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macroeconomy and policy; equally, there is much scope for critical discussion and debate. Thus, the key feature is a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. As such, the book should appeal to a variety of instructors and students of macroeconomics at advanced undergraduate or graduate level, as well as those in related fields such as political economy.