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Macroeconomics
Textbook covers the stock market response to expansionary monetary policy, equilibrium output and net exports, AS/AD in a open economy, and the Great Depression and the IS/LM. Macroeconomics.
548 pages, Hardcover
First published December 1, 1991
About the author
Olivier J. Blanchard
70 books50 followersOlivier Jean Blanchard is currently the chief economist at the International Monetary Fund, a post he has held since September 1, 2008. He is also the Class of 1941 Professor of Economics at MIT, though he is currently on leave. Blanchard is one of the most cited economists in the world, according to IDEAS/RePEc.
Blanchard earned his Ph.D. in Economics in 1977 at MIT. He taught at Harvard University between 1977 and 1983, after which he returned to MIT as a professor. Between 1998 and 2003 Blanchard served as the Chairman of the Economics Department at MIT. He is also an advisor for the Federal Reserve Banks of Boston (since 1995) and New York (since 2004).
Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks (including his extremely popular Macroeconomics).
Blanchard earned his Ph.D. in Economics in 1977 at MIT. He taught at Harvard University between 1977 and 1983, after which he returned to MIT as a professor. Between 1998 and 2003 Blanchard served as the Chairman of the Economics Department at MIT. He is also an advisor for the Federal Reserve Banks of Boston (since 1995) and New York (since 2004).
Blanchard has published numerous research papers in the field of macroeconomics, as well as undergraduate and graduate macroeconomics textbooks (including his extremely popular Macroeconomics).
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Displaying 1 - 30 of 38 reviews
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June 13, 2022Ain’t no way I’m crying myself to sleep over this book and not counting it towards my reading goal.
Objectively speaking: 4 stars - it’s a good textbook.
Emotionally speaking: 0 stars - gave me multiple breakdowns.
Objectively speaking: 4 stars - it’s a good textbook.
Emotionally speaking: 0 stars - gave me multiple breakdowns.
January 28, 2015
The rating of 3/5 is a bit due to personal taste, as someone with an engineering background.
This textbook has been a wonderful introduction to the commonly used IS/LM and AS/AD models so far (I'm only halfway through as of writing this review), and its text explains lucidly the minutiae workings of the model. In turn, the model provides a textual framework with which to understand the economy.
With a background in engineering however, I shudder when I see such a technical topic dealt with almost entirely without serious mathematical formulations. The lack of mathematicization of especially Chapter 10, which deals with the AS/AD (Aggregate supply/Aggregate demand) model makes the explanation feel tenuous at best, and at worst it raised suspicions in me that it could just be a chapter of hand-waving.
Good introductory textbook, but don't expect a rigorous, mathematicized treatment of the topic at hand.
This textbook has been a wonderful introduction to the commonly used IS/LM and AS/AD models so far (I'm only halfway through as of writing this review), and its text explains lucidly the minutiae workings of the model. In turn, the model provides a textual framework with which to understand the economy.
With a background in engineering however, I shudder when I see such a technical topic dealt with almost entirely without serious mathematical formulations. The lack of mathematicization of especially Chapter 10, which deals with the AS/AD (Aggregate supply/Aggregate demand) model makes the explanation feel tenuous at best, and at worst it raised suspicions in me that it could just be a chapter of hand-waving.
Good introductory textbook, but don't expect a rigorous, mathematicized treatment of the topic at hand.
May 27, 2015
Le meilleur livre d'économie que j'ai eu l'occasion de lire! Le seul qui a réussi à me faire comprendre et à m'intéresser à la matière.
Je le recommande à tous! Très facile d'accès : les graphiques aident beaucoup et sont bien expliqués et annotés.
Parfait!
Je le recommande à tous! Très facile d'accès : les graphiques aident beaucoup et sont bien expliqués et annotés.
Parfait!
December 30, 2023
Over 600 pages???? Why????
Currently reading
January 4, 2011Very good text. Anticipates my questions quite well, probably from having them asked by lots of students. In the preface, Prof Blanchard says he had groups of students work through the book section by section - this seems to have helped quite bit.
December 7, 2017
Плюсом этой книги является её ясная логическая структура. Бланшар делит экономику на три периода, для каждого из которых существуют свои истины и закономерности. Каждое уравнение выводится математически и обычно проверяется эмпирически с помощью эконометрических методов (чаще всего это линейная регрессия). Автор постоянно возвращает нас к центральным макроэкономическим моделям (которые как бы являются "ядром" теории) и разрабатывает их на разных уровнях, постепенно усложняя их, делает более реалистичными. Огромное внимание уделяется ожиданиям. В общем, изложение ясное и систематическое.
Лично для меня, большими достоинствами являются привлечение основ финансовой теории и темы, посвященные фондовому рынку. Очень интересные параграфы про Великую депрессию, падение Nikkei, паритет процентных ставок и гиперинфляцию.
Особо глубоких познаний в математике эта книга не требует, но базовое знание статистики не помешает. Конечно, необходимо знать и базовые принципы экономикс.
Принесет ли эта книга пользу в практической деятельности экономиста? Несомненно.
Лично для меня, большими достоинствами являются привлечение основ финансовой теории и темы, посвященные фондовому рынку. Очень интересные параграфы про Великую депрессию, падение Nikkei, паритет процентных ставок и гиперинфляцию.
Особо глубоких познаний в математике эта книга не требует, но базовое знание статистики не помешает. Конечно, необходимо знать и базовые принципы экономикс.
Принесет ли эта книга пользу в практической деятельности экономиста? Несомненно.
June 17, 2018
A canonical textbook that is probably one of the best out there on the subject. The author elucidates all relevant concepts with a clarity that makes the materials so transparent to beginners, but also with insights that really help readers connect theories and concepts to what they read in the news every day.
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September 30, 2021Leggero. Da leggere l'estate sotto l'ombrellone per rinfrescarsi.
Ripassare la domanda di moneta a scopo transattivo fa sempre bene tra l'altro
Ripassare la domanda di moneta a scopo transattivo fa sempre bene tra l'altro
February 27, 2023
perfekte lektüre wenn man sich abends in den schlaf heulen möchte (aber war trotzdem interessant und gut geschrieben)
April 2, 2018
A good intermediate level book on macro. Contains lots of real-world data that supports models of inflation, growth, monetary and fiscal policies etc. Numerous examples from the recent crises.
Sometimes I had a feeling that the 500 pages of the book could actually be fit into 100-150 pages. For example, the author spends several pages explaining optimal consumption/investment problems – something that could be easily described in several sentences by using dynamic programming (or by referring to a graduate textbook on microeconomics). Blanchard also puts a lot of effort emphasizing the role of expectations on inflation targeting and generally on monetary policy. To do this, he discusses two common use-cases of such inflationary expectations, i.e., constant expectations and a martingale-like process. However, the general model of formation of these expectations is clearly missing. Consequently, the optimal control problem of managing the interest rate that is faced by central banks is not formally presented but just briefly mentioned.
Overall, I’d recommend this book to someone who already has a little bit of knowledge/intuition of how the economy works on the macro level but who is not willing to look at the economy through a prism of game theory and more elaborate formal methods.
Sometimes I had a feeling that the 500 pages of the book could actually be fit into 100-150 pages. For example, the author spends several pages explaining optimal consumption/investment problems – something that could be easily described in several sentences by using dynamic programming (or by referring to a graduate textbook on microeconomics). Blanchard also puts a lot of effort emphasizing the role of expectations on inflation targeting and generally on monetary policy. To do this, he discusses two common use-cases of such inflationary expectations, i.e., constant expectations and a martingale-like process. However, the general model of formation of these expectations is clearly missing. Consequently, the optimal control problem of managing the interest rate that is faced by central banks is not formally presented but just briefly mentioned.
Overall, I’d recommend this book to someone who already has a little bit of knowledge/intuition of how the economy works on the macro level but who is not willing to look at the economy through a prism of game theory and more elaborate formal methods.
April 24, 2016
I might actually end up with a very bad final grade on this course but this is a pretty good textbook (compared to my previous experience with Krugman).
And yes, unfortunately, I am reading nothing but my textbooks this semester. Tough times.
And yes, unfortunately, I am reading nothing but my textbooks this semester. Tough times.
March 17, 2017
This Macroeconomics book is fool proof: everything is explained so well even someone so little gifted with an economics brain such as myself could understand.
May 8, 2023
The Book does a good Job, explaining Microoeconomics on a bigger stage. My Review is some what biased. If your Uni teaches the IS-LM-model, its a must buy. I can only emphasize how much this book helped me.
Topics of the Book is: shortterm(IS-LM), midterm( Phillipscurve),longterm Solow-model and much more. Furthermore the book has a big variety of task and does also provide the solutions of those.
If your looking for a good-night story or a brief overview of macrooecnomics, I must warn you that this book can´t provide this. This is clearly University stuff and its writen in such a way. Unless you want to understand how the whole Maths behind the theory works, avoid it. Otherwise I can only recommend you to buy it.
Topics of the Book is: shortterm(IS-LM), midterm( Phillipscurve),longterm Solow-model and much more. Furthermore the book has a big variety of task and does also provide the solutions of those.
If your looking for a good-night story or a brief overview of macrooecnomics, I must warn you that this book can´t provide this. This is clearly University stuff and its writen in such a way. Unless you want to understand how the whole Maths behind the theory works, avoid it. Otherwise I can only recommend you to buy it.
August 18, 2023
Great book for beginners. Everything is explained simply and the book is full of real-world examples on the different hot topics. I also like that the book doesn't merely explained the ideas, but also provides readers with their origins and history. I haven't noticed many unfounded oversimplifications, though the topic on money creation is still taught in terms of money multipliers, as opposed to the modern view. I expect Blanchard will add at least a brief note about modern view in the next revision.
April 13, 2021
Bit neoclassical heavy but no other general macro textbook seems to stand up to it, particularly no heterodox alternatives to balance and/or merge schools of thought (that I'm aware of at least).
Oh and its material is quite 'elegant', I guess :)
Oh and its material is quite 'elegant', I guess :)
October 9, 2019
clear and consistent analysis framework
January 6, 2020
Easy to understand and excellently organized.
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June 17, 2020Can I block a book? Please, I do not want to see this book again :/
August 26, 2018
All in all a well written book about macroeconomics for beginners. The author refers to current and major events which makes the concepts clearer.
A major downside is the necessity to buy the (expensive) book or an (even more expensive) access code in order to get the solutions for the questions at the end of each chapter.
A major downside is the necessity to buy the (expensive) book or an (even more expensive) access code in order to get the solutions for the questions at the end of each chapter.
April 5, 2016
Correct, concise, but not precise in explaining. The metaphors used are weak, they gloss over 'simple' things that do not immediately make sense, they encourage broad generalization without addressing their more general weaknesses, not even in the exercises.
Well, five pages of apple pie economies later, Chapter 3 started making sense.
Supplied the piemaker a quarter, invested 1/5, 10% income tax, put the apple core in savings and ate the rest
Don't get me wrong, it is a great book for beginners, especially if you don't have a mathematical base, but shit happens when you start asking questions like "which ass did you pull this equation out of?!" and "I get the IS-LM and the AD-AS, but where does reality come into this nice story?". Finish this book, do the exercises, then find an online set of exercises and try and try again. If I had had a paperback, it would have gathered more air miles than a Ryanair Boeing.
Well, five pages of apple pie economies later, Chapter 3 started making sense.
Supplied the piemaker a quarter, invested 1/5, 10% income tax, put the apple core in savings and ate the rest
Don't get me wrong, it is a great book for beginners, especially if you don't have a mathematical base, but shit happens when you start asking questions like "which ass did you pull this equation out of?!" and "I get the IS-LM and the AD-AS, but where does reality come into this nice story?". Finish this book, do the exercises, then find an online set of exercises and try and try again. If I had had a paperback, it would have gathered more air miles than a Ryanair Boeing.
May 15, 2013
I love a book that needs an Explanatory Note to start things off. I also love it when an "expert" in economics admits, "I just don't know very much about the field of economics." Yet what kept me going, was the need to find out just how Levitt and Dubner were going to answer the following questions:
1. What do schoolteachers and Sumo wrestlers have in common? (I'm personally invested in this one)
2. How is the KKK like a group of real-estate agents?
3. Why do drug dealers still live with their moms?
4. Where have all the criminals gone?
5. What makes a perfect parent? (who wouldn't want to find out this magical answer?)
6. Would a Roshanda by any other name smell as sweet? (Parenting part II - makes you wonder if you screwed up before your kids were even born...)
A great read - can't wait to jump into Super Freakonomics!
1. What do schoolteachers and Sumo wrestlers have in common? (I'm personally invested in this one)
2. How is the KKK like a group of real-estate agents?
3. Why do drug dealers still live with their moms?
4. Where have all the criminals gone?
5. What makes a perfect parent? (who wouldn't want to find out this magical answer?)
6. Would a Roshanda by any other name smell as sweet? (Parenting part II - makes you wonder if you screwed up before your kids were even born...)
A great read - can't wait to jump into Super Freakonomics!
April 20, 2009
semester kemaren dapet kuliah dengan bahan dari buku ini..
terimakasih saya ucapkan kepada bapak Prof. Lepi Tan yang sudah dengan sabar memberikan kuliah makroekonomi dengan sabar dan teliti, meskipun anak2 sekelas suka ribut sendiri dan agak bandel2 dengan secara sengaja keluar masuk kelas..
salut buat beliau yang sudah memberikan catatan dengan detail sehingga kami bisa mengikuti UTS maupun UAS dengan lebih mudah..
semoga pelajaran dari bapak lepi bisa kami amalkan dengan baik tanpa kurang suatu apa..
(ini review buku apa review dosen ya..???)
salam buat anak2 kelas pak Lepi (baik anak akun maupun anak mene) FE ekstensi Salemba angkatan 2008.
terimakasih saya ucapkan kepada bapak Prof. Lepi Tan yang sudah dengan sabar memberikan kuliah makroekonomi dengan sabar dan teliti, meskipun anak2 sekelas suka ribut sendiri dan agak bandel2 dengan secara sengaja keluar masuk kelas..
salut buat beliau yang sudah memberikan catatan dengan detail sehingga kami bisa mengikuti UTS maupun UAS dengan lebih mudah..
semoga pelajaran dari bapak lepi bisa kami amalkan dengan baik tanpa kurang suatu apa..
(ini review buku apa review dosen ya..???)
salam buat anak2 kelas pak Lepi (baik anak akun maupun anak mene) FE ekstensi Salemba angkatan 2008.
September 3, 2017
The recent editions of this textbook have been great in explaining intricacies and providing economic insight through conversational approach. I felt as if the author was inside my room, giving a lecture, while I wrote down insight after insight. It's an easy textbook to follow and apply which is all you can ask for from a textbook on applied mathematics and economics. Language and example levels are on the easy side, but the depth of information is undeniably high. That is an achievement in itself.
Consider yourself lucky if you're professor elects to go this route, because it will make the semester that much more fun--plus it's economics.
Consider yourself lucky if you're professor elects to go this route, because it will make the semester that much more fun--plus it's economics.
March 24, 2020
Such an explanatory book about the basics of Macroeconomics. The readers can find the research topics in 3-layer: the short, medium and long run. The IS-LM Model and AS-AD Curves are well explained and summarized with more graphs ( even though fewer maths).
At the end of every chapter, the reader can find a summary of the topic which is very helpful. (considered a huge amount of repetitions in the book)
At the end of every chapter, the reader can find a summary of the topic which is very helpful. (considered a huge amount of repetitions in the book)
October 23, 2010
Note to self: Main text for Basic Macroeconomics course under Prof. Nawalage S. Cooray (Nagoya 1996), Fall Term 2003; and Macroeconomics course under Prof. Shinichi Watanabe (Minnesota 1983), Winter Term 2004. International Development Program, International University of Japan
June 27, 2013
One of my essential reading for my macroeconomics module. Overall, i am able to comprehend this book better than the other macroeconomic textbook. Lots of case study to better appreciate economics concept.
October 18, 2014
A complete version in introductory Macroeconomics to understand classic macroeconomics in a modern perspective. Step by step you can learn and remember the classics with a very didactic framework, examples and cases.
August 1, 2007
Found it accidentally on Gramedia, and I was quite curious 'bout this subject back then. So I bought it. It was the 2nd Ed.
March 26, 2011
One of the best advanced intro macro texts.. algebra + graphs + summary
Displaying 1 - 30 of 38 reviews