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Intermediate Macroeconomic Theory

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Intermediate Macroeconomic Theory

First Edition   Graham, © 2015

This textbook is suitable for a macroeconomic analysis course.

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About the Author

John Graham person
John W. Graham is a professor of economics at Rutgers, The State University of New Jersey, in Newark, New Jersey. He earned his Ph.D. from Northwestern University in 1978 and has previously taught at the University of Illinois, the Pennsylvania State University and the Helsinki (Finland) School of Economics and Business Administration. Professor Graham has published several books and more than fifty journal articles on a variety of micro and macro topics including consumption and saving behavior, human capital formation, labor supply, demography, family formation and child supply payments. Professor Graham regularly teaches courses in intermediate macroeconomic theory and contemporary macro policy to undergraduate majors and minors in economics, finance and business as well as to graduate MA Economics and MBA students. His new textbook in macroeconomic theory is based on his own lectures and classroom experiences from more than 35 years of teaching and mentoring many hundreds of students from a wide diversity of backgrounds. For each of the past 10 years, Professor Graham has been coaching small teams of undergraduates competing in the College Fed Challenge. This national competition gets students to analyze current economic conditions and to learn more about macro theory and monetary policy making. He is proud that four of his Rutgers-Newark teams have won the 36-school New York Fed regional competition and advanced to the national finals held in the FOMC boardroom at the Federal Reserve Board in Washington D.C. In both 2009 and 2011 his teams placed second in the nation. In his spare time, Professor Graham enjoys travelling internationally with his long-time partner and now husband Paul Ochman. Together they have visited more than 50 countries throughout the world in Europe, Asia, Africa and South America. The couple shares their Manhattan apartment with their two cats, Ramses and Bastet.

Description

Intermediate Macroeconomic Theory is a 15-chapter textbook intended for upper-level undergraduate students and masters students who want a rigorous graphical and algebraic treatment of standard neoclassical macroeconomics.

After an introductory chapter focused on the measurement of economic aggregates, chapters 2-8 carefully develop the IS-LM-aggregate-demand-supply model of the economy in the short run and its determination of real output, interest rates, the price level, wages and employment. The IS-LM model is introduced using both basic algebra and multiple graphs. Unlike some textbooks, an entire chapter is devoted to alternative perspectives on aggregate supply, fully derived from the aggregate production function and labor market. The complete IS-LM-AD-AS model is used to analyze the impact of demand and supply shocks and alternative policy responses. A separate chapter is devoted to comparing the relative effectiveness of monetary and fiscal policies, the zero-lower-bound problem and monetary targets.

Chapters 9-11 modify the short-run model to distinguish between nominal and real interest rates and to focus on the relationship between inflation and unemployment. Short and long run Phillips curves are developed as a natural extension of aggregate supply. Also discussed are costs and benefits of inflation, types of unemployment, and the conduct of economic policy under uncertainty (via fixed policy rules versus discretion).

The next two chapters develop the neoclassical growth model, with an emphasis on the Solow model with and without technological change. There is also a discussion of the optimal saving rate and endogenous growth models. The final two chapters are devoted to contemporary fiscal and monetary policy issues. Alternative theories of consumption and saving are introduced to examine the effect of tax policies and budget deficits. Monetary policy issues include the use of the Taylor rule for setting short-term interest rates, quantitative easing, the Fed's balance sheet and the use of forward guidance.

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