Macroeconomic Theory

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 today

General equilibrium macroeconomics and the latest advances covered fully and completely

Two new chapters investigate banking and monetary policy, and unemployment

Addresses questions raised by the recent financial crisis

Web-based exercises with answers

Extensive mathematical appendix for at-a-glance easy reference

This book has been adopted as a textbook at the following universities:

American University

Bentley College

Brandeis University

Brigham Young University

California Lutheran University

California State University - Sacramento

Cardiff University

Carleton University

Colorado College

Fordham University

London Metropolitan University

New York University

Northeastern University

Ohio University - Main Campus

San Diego State University

St. Cloud State University

State University Of New York - Amherst Campus

State University Of New York - Buffalo North Campus

Temple University - Main

Texas Tech University

University of Alberta

University Of Notre Dame

University Of Ottawa

University Of Pittsburgh

University Of South Florida - Tampa

University Of Tennessee

University Of Texas At Dallas

University Of Washington

University of Western Ontario

Wesleyan University

Western Nevada Community College