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Lectures on Macroeconomics. Olivier Jean Blanchard. Stanley Fischer. Page 2. Page 3. Page 4. Page 5. Page 6. Page 7. Page 8. Page 9. Page Page The main purpose of Lectures on Macroeconomics is to characterize and explain fluctuations in output, By Olivier Blanchard and Stanley Fischer. The main. The main purpose of Lectures on Macroeconomics is to characterize and explain This item:Lectures on Macroeconomics (The MIT Press) by Olivier Blanchard.

Chapters 18 through 21 focus on the implications of openness of modern economies. Chapter 21 focuses on the implications of different exchange rate regimes, from flexible exchange rates, to fixed exchange rates, currency boards, and dollarization. Chapters 22 through 24 return to macroeconomic policy.

Although most of the first 21 chapters constantly discuss macroeconomic policy in one form or another, the purpose of Chapters 22 through 24 is to tie the threads together.

Olivier Blanchard Lectures on Macroeconomics PDF

Chapter 22 looks at the role and the limits of macroeconomic policy in general. Chapters 23 and 24 review monetary policy and fiscal policy. Some instructors may want to use parts of these chapters earlier. For example, it is easy to move forward the discussion of the government budget constraint in Chapter 23 or the discussion of inflation targeting in Chapter Chapter 25 serves as an epilogue; it puts macroeco- nomics in historical perspective by showing the evolution of macroeconomics in the last 70 years, discussing current directions of research, and the lessons of the crisis for macroeconomics.

Changes from the Fifth to the Sixth Edition The structure of the sixth edition, namely the organization around a core and two extensions, is fundamentally the same as that of the fifth edition. This edition is, however, dominated in many ways by the crisis, and the many issues it raises. Thus, in addition to a first discussion of the crisis in Chapter 1, and numerous boxes and discussions throughout the book, we have added a new chapter, Chapter 9, specifically devoted to the crisis.

At the same time, we have removed the two chapters on pathologies in the fifth edition. The reason is simple, and in some ways, ironic. While we thought that it was important for macroeconomic students to know about such events as the Great Depression, or the long slump in Japan, we did not expect the world to be confronted with many of the same issues any time soon. While far from being as bad as the Great Depression, the crisis raises many of the same issues as the Great Depression did.

Thus, much of the material covered in the chapters on pathologies in the fifth edition has been moved to the core and to the two extensions. We have also removed Chapter 9 of the fifth edition, which developed a framework to think about the relation between growth, unemployment, and inflation.

This was in response to teachers who found the framework too difficult for students to follow.

Again, some of the material in that chapter has been kept and integrated elsewhere, in particular in Chapter 8. Within the book's broad organization, there is plenty of opportunity for alternative course organizations. We have made the chapters shorter than is standard in textbooks, and, in our experience, most chapters can be covered in an hour and a half.

A few Chapters 5 and 7 for example might require two lectures to sink in. Short courses. Informal presentations of one or two of the extensions, based, for example, on Chapter 17 for expectations which can be taught as a stand alone , and on Chapter 18 for the open economy, can then follow, for a total of 14 lectures.

A short course might leave out the study of growth the long run. In this case, the course can be organized around the introductory chapters and Chapters 3 through 9 in the core; this gives a total of 9 lectures, leaving enough time to cover, for example, Chapter 17 on expectations, Chapters 18 through 20 on the open economy, for a total of 13 lectures. Longer courses 20 to 25 lectures A full semester course gives more than enough time to cover the core, plus one or both of the two extensions, and the review of policy.

The extensions assume knowledge of the core, but are otherwise mostly self contained. Given the choice, the order in which they are best taught is probably the order in which they are presented in the book. Having studied the the role of expectations first helps students to understand the interest parity condition, and the nature of exchange rate crises. We have made sure never to present a theoretical result without relating it to the real world. In addition to discussions of facts in the text itself, we have written a large number of Focus boxes, which discuss particular macroeconomic events or facts, from the United States or from around the world.

We have tried to re-create some of the student- teacher interactions that take place in the classroom by the use of margin notes, which run parallel to the text. The margin notes create a dialogue with the reader and, in so doing, smooth the more difficult passages and give a deeper understanding of the concepts and the results derived along the way. For students who want to explore macroeconomics further, we have introduced the following two features:? Short appendixes to some chapters, which expand on points made within the chapter.

A Further Readings section at the end of most chap- ters, indicating where to find more information, including a number of key Internet addresses.

Each chapter ends with three ways of making sure that the material in the chapter has been digested:?

A summary of the chapter's main points. A list of key terms. A series of end-of-chapter exercises. A list of symbols on the back endpapers makes it easy to recall the meaning of the symbols used in the text. The Teaching and Learning The book comes with a number of supplements to help both students and instructors.

Lectures on Macroeconomics - Blanchard, Fischer

Instructor's Manual. The Instructor's manual dis- cusses pedagogical choices, alternative ways of presenting the material, and ways of reinforcing students' understanding. Chapters in the manual include six main sections: objectives, in the form of a motivating question; why the answer matters; key tools, concepts, and assumptions; summary; and pedagogy. Many chapters also include sections focusing on extensions and observations.

The Instructor's Manual also includes the answers to all end-of-chapter questions and exercises.

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Google Scholar Taylor, J. Google Scholar Tinbergen, J. Google Scholar Wicksell, K. Google Scholar Wolff, P. Google Scholar Woodford, M.By the central bank, can affect the rates on different classes of assets, for a. SlideShare Explore Search You. Paul Peter. Add both to Cart Add both to List.

Since We have made the chapters shorter than is standard in textbooks, and, in our experience, most chapters can be covered in an hour and a half.