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