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Macroeconomic Paradigms and Economic Policy
From the Great Depression to the Great Recession

$33.00 USD

  • Date Published: May 2016
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781316680100

$ 33.00 USD
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About the Authors
  • The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the events in the real economy that inspired them. It does this in an accessible, easy-to-follow style, first by focusing on the developments of economic theories and policies, and then by concentrating on the design of domestic and international institutions and economic governance. Written by three leading experts on the history of economic policy, the book is ideal for graduates and undergraduates studying macroeconomics, monetary policy and the history of economic thought.

    • Proposes a new and unconventional approach to macroeconomic policies in an informal style, without complex mathematical treatments
    • Gives a complete overview of a century of macroeconomics, focusing on references to real issues, institutions and prevailing theories
    • A clear outline of the complexities of modern macroeconomics and contemporary policy debates for graduate students, professional economists and non-specialists
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    Reviews & endorsements

    'This is a very useful book for those among us interested in the evolution of economic paradigms, changing economic conditions, and their impact on economic policies. The authors succeed in highlighting how these changes have affected monetary and fiscal policies and how they push us towards designing better institutions.' Paul De Grauwe, John Paulson Professor in European Political Economy, London School of Economics and Political Science

    'This splendid book, written by three experts in the field, demonstrates the oscillation of macro policies between state intervention and free market policies. It is a lucid presentation of the evolution of macroeconomic policies in the light of the big macro dynamic challenges such as the high unemployment rates in the great depression, the stagflation period of the 1970s, the great moderation, and the great recession triggered by the financial market meltdown. A fascinating book, highly recommended for higher level undergrad and grad classes, and researchers, and practitioners in the field.' Willi Semmler, Arnhold Professor of International Cooperation and Development, New School for Social Research, New York

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    Product details

    • Date Published: May 2016
    • format: Adobe eBook Reader
    • isbn: 9781316680100
    • contains: 41 b/w illus. 3 tables
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    1. Introduction
    2. The dawn of the Keynesian Age
    3. The Phillips curve menu
    4. The pro-market counterattack: powerless economic policies
    5. Rethinking stabilization policies: good policies or good luck?
    6. The great recession and beyond
    7. Central banking
    8. Fiscal regimes and fiscal policies
    9. Further policy challenges
    10. Conflicts and cooperation in the labor markets
    11. Fixed exchange rates: the age of tempered liberalism
    12. Free to float: the age of neo-liberalism
    13. A fragile European construction: the perils of incomplete coordination
    14. Taking stock: the end of a ride or the start of a new one?

  • Authors

    Nicola Acocella, Università degli Studi di Roma 'La Sapienza', Italy
    Nicola Acocella is Emeritus Professor of Economic Policy at the Sapienza University of Rome. He has previously published three books with Cambridge University Press: The Foundations of Economic Policy (1998), Economic Policy in the Age of Globalization (2010), and The Theory of Economic Policy in a Strategic Context (2012) with Giovanni Di Bartolomeo and Andrew Hughes Hallett.

    Giovanni Di Bartolomeo, Università degli Studi di Roma 'La Sapienza', Italy
    Giovanni Di Bartolomeo is Associate Professor of Economic Policy at the Sapienza University of Rome. He is an active policy advisor for the Italian Ministry of Economics, where he contributes to build and estimate the DSGE model of the Department of Treasury. In 2012, he published The Theory of Economic Policy in a Strategic Context (Cambridge) with Nicola Acocella and Andrew Hughes Hallett.

    Andrew Hughes Hallett, University of St Andrews, Scotland
    Andrew Hughes Hallett is Professor of Economics at the University of St Andrews, University Professor at the George Mason University, Virginia, and a Fellow of the Royal Society of Edinburgh. He has published papers in leading economics journals, as well as in mathematics, political science and history, and is ranked in the top half percent of economists by publications worldwide.

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