Macroeconomic Theory: A Dynamic General Equilibrium Approach - Second Edition

The definitive graduate textbook on modern macroeconomics Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists.The most up-to-date graduate macroeconomics textbook available todayGeneral equilibrium macroeconomics and the latest advances covered fully and completelyTwo new chapters investigate banking and monetary policy, and unemploymentAddresses questions raised by the recent financial crisisWeb-based exercises with answersExtensive mathematical appendix for at-a-glance easy referenceThis book has been adopted as a textbook at the following universities: American UniversityBentley CollegeBrandeis UniversityBrigham Young UniversityCalifornia Lutheran UniversityCalifornia State University - SacramentoCardiff UniversityCarleton UniversityColorado CollegeFordham UniversityLondon Metropolitan UniversityNew York UniversityNortheastern UniversityOhio University - Main CampusSan Diego State UniversitySt. Cloud State UniversityState University Of New York - Amherst CampusState University Of New York - Buffalo North CampusTemple University - MainTexas Tech UniversityUniversity of AlbertaUniversity Of Notre DameUniversity Of OttawaUniversity Of PittsburghUniversity Of South Florida - TampaUniversity Of TennesseeUniversity Of Texas At DallasUniversity Of WashingtonUniversity of Western OntarioWesleyan UniversityWestern Nevada Community College