Macroeconomics: Theories and Episodes in the U.S.
204 Pages Posted: 9 Sep 2015
Date Written: September 3, 2015
This is a short book for students who have taken an introductory course in macroeconomics. The book contains a chapter on each of the major competing macroeconomic theories - Keynesian, Monetarist, real business cycle, and Austrian. Then the book presents macroeconomic data on five episodes in the U.S, one chapter for each episode. These are World War I and postwar recession and recovery, the Great Depression, the period of stagflation in the 1970s, and Great Moderation of the 1980s and 1990s, and the decade of the recent financial crisis. A narrative describes the macroeconomic events for each episode, and then assesses how well the implications of each theory comport with the narrative. The final chapter presents the views of important public officials and macroeconomic forecasters who have expressed themselves clearly in book form.
Keywords: Macroeconomic theories, U.S. macroeconomy
JEL Classification: E10, E30, E52, E62
Suggested Citation: Suggested Citation