Macroeconomic Theory: A Dynamic General Equilibrium Approach, Second Edition

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9780691152868: Macroeconomic Theory: A Dynamic General Equilibrium Approach, Second Edition


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

Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.

From the Inside Flap:


Praise for the previous edition: "This is an innovative graduate textbook that develops much of modern macroeconomics in the framework of stochastic general equilibrium models. The book is especially good for its integration of macro and finance."--Christopher Pissarides, London School of Economics and Political Science


Praise for the previous edition: "There are very few good textbooks on the dynamic general equilibrium approach to macroeconomics; Macroeconomic Theory fills a big void and provides a comprehensive and integrated approach to the subject that covers both real and monetary models. Professor Wickens develops a series of topics, beginning with real models of the economy and proceeding through growth, fiscal policy, financial models, and the modern approach to monetary economies. Each topic begins with theoretical background and proceeds to practical applications. The level is appropriate for master's or advanced undergraduate students and is a welcome addition to the field that is likely to be widely adopted."--Roger E. A. Farmer, University of California, Los Angeles


Praise for the previous edition: "A most welcome graduate (or advanced undergraduate) textbook in macroeconomics. The book is well written and the text is effectively organized and progresses in a natural and easy-to-follow way. The text offers a mathematical approach that is easily accessible to the students. The technical level is sufficiently detailed to allow students to understand the role of the underlying assumptions and how the models work, and yet it avoids unnecessary technicalities and sidetracks. As an extra bonus, it offers a treatment of financial aspects which are often neglected in macro textbooks."--Torben M. Andersen, University of Aarhus, Denmark


Praise for the previous edition: "Wickens's text provides a tremendous introduction to modern macroeconomics. The coverage of material is thorough. The writing is clear and lively. The mathematics is sufficiently detailed without being overly technical, and the mathematical appendix helps keep the text largely self-contained. Intuition behind key results is provided beautifully throughout. Having worked through the text, students will be well-equipped for a journey toward the macroeconomics frontier."--David N. DeJong, University of Pittsburgh


Praise for the previous edition: "This is a first-rate book that definitely helps fill a surprising lacuna in graduate macro teaching."--Andrew Scott, London Business School


Praise for the previous edition: "This book provides an integrated, self-contained, and accessible exposition of modern macroeconomic theory. Particular strengths include coverage of macroeconomic approaches to asset pricing and the analysis of monetary and fiscal policies. It is an excellent textbook for students in masters and PhD courses and an excellent reference for professional economists."--Philip Lane, Trinity College Dublin


About the Author:

Michael Wickens is professor of economics at the University of York and at Cardiff Business School. He is the coeditor of Handbook of Applied Econometrics and was managing editor of the Economic Journal from 1996 to 2004. He is specialist adviser to the House of Lords on macroeconomics and a member of the Shadow Monetary Policy Committee.

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Descrizione libro Princeton University Press, United States, 2012. Hardback. Condizione libro: New. Second. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780691152868

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Descrizione libro Princeton University Press, United States, 2012. Hardback. Condizione libro: New. Second. Language: English . Brand New Book. 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. Codice libro della libreria AAZ9780691152868

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