Macroeconomics (7th Global Edition, 2017)

Macroeconomics (7th Global Edition, 2017)


What is macroeconomics? The best way to answer is not to give you a formal definition, but rather to take you on an economic tour of the world, to describe both the main economic evolutions and the issues that keep macroeconomists and macroeconomic policy makers awake at night. At the time of this writing (the fall of 2015), policy makers are sleeping better than they did just a few years ago. In 2008, the world economy entered a major macroeconomic crisis, the deepest since the Great Depression. World output growth, which typically runs at 4 to 5% a year, was actually negative in 2009. Since then, growth has turned positive, and the world economy is slowly recovering. But the crisis has left a number of scars, and some worries remain.

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530 pages, published in 2017

A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S.A. After obtaining his Ph.D. in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he is the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus at MIT.

He has worked on a wide set of macroeconomic issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global crisis. In the process, he has worked with numerous countries and international or- ganizations. He is the author of many books and articles, including a graduate level textbook with Stanley Fischer.

He is a past editor of the Quarterly Journal of Economics, of the NBER Macroeconom- ics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past vice president of the American Economic Associa- tion, and a member of the American Academy of Sciences.

Olivier Blanchard