Macroeconomic Theory A Short Course
Macroeconomic Theory: A Short Course by Thomas R. Michl, published by M.E. Sharpe in 2002, is a comprehensive resource that covers essential topics in intermediate-level macroeconomic theory. This edition spans 270 pages and is presented in English. The book employs linear versions of standard models, allowing for a concise exploration of macroeconomic principles while providing instructors the flexibility to incorporate additional readings and projects.
Readers will find a thorough examination of key concepts, including inflation, monetary policy, and the dynamics of open economies under various exchange rate regimes. The text challenges students to critically assess the completeness of standard models, particularly regarding the natural rate of unemployment. Additionally, the book includes classroom-tested problems and a mathematical appendix, enhancing the learning experience for those studying macroeconomics and its historical context in Europe.
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Macroeconomic Theory: A Short Course presents all the key topics in intermediate-level macroeconomic theory, using linear versions of the standard models. The concise presentation allows instructors the time for outside readings and projects, perhaps to introduce students to intellectual controversies or applications. The discussion opens the possibility that the standard models are incomplete, challenging students to form their own opinions about, for example, the existence of a unique natural rate of unemployment. The key chapter on inflation replaces the standard assumption of monetary targeting with a central bank reaction function, which makes the treatment of monetary policy both more realistic and modern. Other chapters explore the open economy under fixed and floating exchange rates, the classical growth model, and the Solow-Swan growth model. Classroom-tested problems and a mathematical appendix supplement the chapters. Book jacket.
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