TY  - BOOK
AU  - Blanchard, Olivier (Olivier J.)
AU  - Amighini, Alessia
AU  - Giavazzi, Francesco
TI  - Macroeconomics: : a European perspective
SN  - 9781292085678
AV  - HB172.5 .B574
PY  - 2017///
CY  - Harlow, England
PB  - Pearson Education
KW  - Macroeconomics
KW  - Europe
N1  - Revised edition of the authors' Macroeconomics, [2013]; Includes bibliographical references and index; Introduction -- The core -- The short run -- The medium run-- The long run -- Extensions -- Expectations -- The open economy -- Back to policy -- Epilogue -- The story of macroeconomics -- Appendices -- Appendix 1: An introduction to national income and product accounts -- Appendix 2: A maths refresher -- Appendix 3: An introduction to econometrics -- Glossary -- Symbols used in this book -- Index
N2  - This book gives students a thorough understanding of macroeconomics by taking a unified view of the subject, allowing connections to be made between the short, medium and long run.

Re-written almost from scratch in light of the experience of the Great Recession, this text is essential reading for anyone studying macroeconomics in the aftermath of the financial crisis.
 The text recognizes that modern central banks set interest rates, not the quantity of money: this gets rid of the LM curve, greatly simplifying the discussion of financial markets.

It presents the Medium Run starting directly from the Phillips curve, thus avoiding the intermediate AS-AD step which was clunky, and, for good reasons, undergraduates find it difficult to understand. Output above potential, or unemployment below the natural rate, put upward pressure on inflation. The nature of the pressure depends on the formation of expectations, an issue central to current developments.

The yield curve now incorporates a risk premium, whose fluctuations have been central to the crisis, especially since Quantitative Easing policies have shown that monetary policy can affect this premium
ER  -