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Olivier Blanchard, former chief economist of the International
Monetary Fund (IMF), is author of one of the most important
standard macroeconomics textbooks, which is used throughout the
world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics
critically analyzes prevailing economic theory and policy in
comparison with alternative approaches. This thoroughly revised
edition represents a field of research that has developed through
intense theoretical debates, continual empirical testing and the
resultant disputes about economic policy. Emiliano Brancaccio and
Andrea Califano succinctly explore the relationship between
theoretical models and economic policies, providing readers with
examples and empirical exercises, and showing how the conclusions
of different theories can be empirically tested. This updated
second edition examines the links between the issues at the core of
macroeconomic debate, including economic growth, economic crises,
labour market reforms, government debt sustainability, the
behaviour of central banks and the stock market, among many others.
Key features: Contains an analysis of the economic policies,
consequences and theories surrounding the Covid-19 pandemic
Examines the connection between contemporary issues in world
politics, economic theory and policymaking It overcomes the typical
contradiction between the opportunity to offer students a
preliminary mainstream education and the need to nurture rather
than crush their critical spirit It helps students to understand
that economics is not a discipline that changes in a smooth, linear
manner but, on the contrary, represents a dynamic field of research
that develops through intense theoretical debate and continual
empirical testing, and is shaped by the resultant disputes
concerning economic policy Includes the typescript of a lively and
informative debate between Emiliano Brancaccio and Olivier
Blanchard, together with comparative economic policy examples.
'The fact that one of the cardinals of pre-crash macroeconomic
orthodoxy is willing to commend this heterodox text, is evidence of
the mess in which orthodox macroeconomics finds itself after the
collapse of 2007-09.' - from the Preface by Robert Skidelsky, Jesus
College, University of Oxford, UK 'When Emiliano asked me to
endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You
can guess why. But I agree with him that we should always question
our assumptions, confront them with the facts, and be open to
change if the facts dictate it. Questions such as whether we can
expect the economy to return to health by itself, whether
recessions have permanent adverse effects, whether the interest
rate channel of monetary policy works, are essential ones. For the
time being, I stand by the conclusions of my textbook, but I am
happy and indeed eager to see them challenged.' - Olivier J.
Blanchard Olivier Blanchard, former chief economist of the IMF, is
author of one of the most important standard macroeconomics
textbooks which is used throughout the world. Endorsed by Blanchard
himself, Anti-Blanchard Macroeconomics critically analyses
prevailing economic theory and policy in comparison with
alternative approaches. This textbook is designed to stand
alongside Blanchard?'s text, or indeed any other standard book on
macroeconomics, but it can also be read independently. It provides
undergraduate and advanced students with a critical view of the
subject, and is also appropriate for scholars interested in a new
way of analysing the debate between alternative schools of economic
thought. Emiliano Brancaccio and Andrea Califano succinctly explore
the relationship between theoretical models and economic policies,
providing readers with examples and empirical exercises. The book
highlights ways in which simple changes to the initial hypotheses
of the dominant models can lead to alternative schemes that
overturn the logical relationships and the policy prescriptions of
standard macroeconomics. Key features:? It critically assesses the
mainstream macroeconomic models? It overcomes the typical
contradiction between the opportunity to offer students a
preliminary mainstream education and the need to nurture their
critical spirit? It helps students to understand that economics is
not a discipline that changes in a smooth, linear manner but, on
the contrary, represents a field of research that develops through
intense theoretical debates, continual empirical testing and
resultant disputes about economic policy? It critically analyses
Blanchard?s new approach to macroeconomics inspired by the 2008
global financial crisis.
Olivier Blanchard, former chief economist of the International
Monetary Fund (IMF), is author of one of the most important
standard macroeconomics textbooks, which is used throughout the
world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics
critically analyzes prevailing economic theory and policy in
comparison with alternative approaches. This thoroughly revised
edition represents a field of research that has developed through
intense theoretical debates, continual empirical testing and the
resultant disputes about economic policy. Emiliano Brancaccio and
Andrea Califano succinctly explore the relationship between
theoretical models and economic policies, providing readers with
examples and empirical exercises, and showing how the conclusions
of different theories can be empirically tested. This updated
second edition examines the links between the issues at the core of
macroeconomic debate, including economic growth, economic crises,
labour market reforms, government debt sustainability, the
behaviour of central banks and the stock market, among many others.
Key features: Contains an analysis of the economic policies,
consequences and theories surrounding the Covid-19 pandemic
Examines the connection between contemporary issues in world
politics, economic theory and policymaking It overcomes the typical
contradiction between the opportunity to offer students a
preliminary mainstream education and the need to nurture rather
than crush their critical spirit It helps students to understand
that economics is not a discipline that changes in a smooth, linear
manner but, on the contrary, represents a dynamic field of research
that develops through intense theoretical debate and continual
empirical testing, and is shaped by the resultant disputes
concerning economic policy Includes the typescript of a lively and
informative debate between Emiliano Brancaccio and Olivier
Blanchard, together with comparative economic policy examples.
Why did the economists of the so-called "mainstream" seem to fail
to foresee the global economic crisis that exploded in 2008? And
why do they appear to have difficulty in putting forward an
interpretation of it that is consistent with the theoretical
foundations of their models? These two questions have echoed
insistently since the outbreak of the crisis, not only in academic
circles but also in the mass media, and appear to reflect
increasingly widespread dissatisfaction with the dominant paradigm
of economic theory. Many believe that the global recession now
underway may constitute an historic watershed for the evolution of
economics and therefore that an authentic change of paradigm is
called for, rather than only minor adjustments to the dominant
approach. Since the start of the crisis, there has indeed been a
profusion of contributions from alternative areas of economic
study, and in particular from those adopting a critical stance with
respect to mainstream economic theory. This collection puts forward
promising reinterpretations of the primary schools of heterodox
political economy, stringent critiques of the conventional readings
of the recession, new schemes of theoretical and empirical analysis
of the crisis, and proposals for economic policies alternative to
those hitherto adopted. This book contains a selection of some of
the most recent contributions to the critique of mainstream
economic theory and policy, and discusses the origins and possible
evolutions of the current economic crisis. The collection should be
of interest to students and researchers focussing on
macroeconomics, monetary economics, political economy and financial
economics.
Why did the economists of the so-called "mainstream" seem to fail
to foresee the global economic crisis that exploded in 2008? And
why do they appear to have difficulty in putting forward an
interpretation of it that is consistent with the theoretical
foundations of their models? These two questions have echoed
insistently since the outbreak of the crisis, not only in academic
circles but also in the mass media, and appear to reflect
increasingly widespread dissatisfaction with the dominant paradigm
of economic theory. Many believe that the global recession now
underway may constitute an historic watershed for the evolution of
economics and therefore that an authentic change of paradigm is
called for, rather than only minor adjustments to the dominant
approach. Since the start of the crisis, there has indeed been a
profusion of contributions from alternative areas of economic
study, and in particular from those adopting a critical stance with
respect to mainstream economic theory. This collection puts forward
promising reinterpretations of the primary schools of heterodox
political economy, stringent critiques of the conventional readings
of the recession, new schemes of theoretical and empirical analysis
of the crisis, and proposals for economic policies alternative to
those hitherto adopted. This book contains a selection of some of
the most recent contributions to the critique of mainstream
economic theory and policy, and discusses the origins and possible
evolutions of the current economic crisis. The collection should be
of interest to students and researchers focussing on
macroeconomics, monetary economics, political economy and financial
economics.
'The fact that one of the cardinals of pre-crash macroeconomic
orthodoxy is willing to commend this heterodox text, is evidence of
the mess in which orthodox macroeconomics finds itself after the
collapse of 2007-09.' - from the Preface by Robert Skidelsky, Jesus
College, University of Oxford, UK 'When Emiliano asked me to
endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You
can guess why. But I agree with him that we should always question
our assumptions, confront them with the facts, and be open to
change if the facts dictate it. Questions such as whether we can
expect the economy to return to health by itself, whether
recessions have permanent adverse effects, whether the interest
rate channel of monetary policy works, are essential ones. For the
time being, I stand by the conclusions of my textbook, but I am
happy and indeed eager to see them challenged.' - Olivier J.
Blanchard Olivier Blanchard, former chief economist of the IMF, is
author of one of the most important standard macroeconomics
textbooks which is used throughout the world. Endorsed by Blanchard
himself, Anti-Blanchard Macroeconomics critically analyses
prevailing economic theory and policy in comparison with
alternative approaches. This textbook is designed to stand
alongside Blanchard?'s text, or indeed any other standard book on
macroeconomics, but it can also be read independently. It provides
undergraduate and advanced students with a critical view of the
subject, and is also appropriate for scholars interested in a new
way of analysing the debate between alternative schools of economic
thought. Emiliano Brancaccio and Andrea Califano succinctly explore
the relationship between theoretical models and economic policies,
providing readers with examples and empirical exercises. The book
highlights ways in which simple changes to the initial hypotheses
of the dominant models can lead to alternative schemes that
overturn the logical relationships and the policy prescriptions of
standard macroeconomics. Key features:? It critically assesses the
mainstream macroeconomic models? It overcomes the typical
contradiction between the opportunity to offer students a
preliminary mainstream education and the need to nurture their
critical spirit? It helps students to understand that economics is
not a discipline that changes in a smooth, linear manner but, on
the contrary, represents a field of research that develops through
intense theoretical debates, continual empirical testing and
resultant disputes about economic policy? It critically analyses
Blanchard?s new approach to macroeconomics inspired by the 2008
global financial crisis.
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