Macroeconomics: Theories and Policies by Richard T. Froyen is a comprehensive exploration of the evolution, theories, and applications of macroeconomics. Froyen, a distinguished economics professor, presents a chronological account of macroeconomic thought, starting from classical economics and the Keynesian revolution. The book delves into various macroeconomic models, comparing and contrasting their similarities and differences while examining their implications for economic policy.
The text provides a structured overview, beginning with an introduction to macroeconomic variables and measurement. It then progresses through the historical development of economic thought, including classical economics, the Keynesian system, and subsequent macroeconomic theories. Froyen covers a range of topics including aggregate demand and supply, money, interest rates, inflation, unemployment, and the role of fiscal and monetary policy in stabilizing the economy.
Throughout the book, Froyen emphasizes the importance of understanding macroeconomic phenomena within their historical context and empirical evidence. He engages with the views of prominent economists such as Adam Smith, John Maynard Keynes, Milton Friedman, and others, providing a balanced perspective on various economic theories.
The book is structured into six parts:
Introduction and Measurement: Provides an overview of macroeconomic variables and measurement techniques.
Classical Economics and the Keynesian Revolution: Explores classical macroeconomic theories and the emergence of Keynesian economics.
Macroeconomic Theory After Keynes: Discusses the monetarist counterrevolution, new classical economics, real business cycles, and new Keynesian economics.
Open Economy Macroeconomics: Covers exchange rates, the international monetary system, and the implications of monetary and fiscal policy in an open economy.
Economic Policy: Examines money, banking, interest rates, optimal monetary policy, and fiscal policy.
Economic Growth: Discusses policies for intermediate-run growth and the long-run origins of economic growth.
Macroeconomics: Theories and Policies is not only a theoretical exposition but also a practical guide for students, educators, researchers, and policymakers interested in understanding and analyzing macroeconomic issues. Froyen's clear explanations, supported by empirical evidence and real-world examples, make this book an essential read for anyone interested in the study of macroeconomics.
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Macroeconomics traces the history, evolution, and problems of Keynesian economics, providing a comprehensive, detailed, and unbiased view of contemporary macroeconomic theory.
I used this book for my intermediate macro theory class. The explanations of economic models were a great addition to the lectures. I also enjoyed the chapters on banking and monetary/fiscal policy.
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