Macroeconomics

A unified view of recent macroeconomic events.

Suitable for intermediate economics courses, Macroeconomics presents an integrated, global view of the subject, and highlights the connections between goods, financial, and labour markets worldwide. A core section focuses on short-, medium-, and long-run markets while 2 extensions offer more in-depth coverage of the issues at hand.

This 5th local edition adapts the original US-based version of the text to Australasia. To do so, the text treats Australia as home and throughout, considers Australasian developments. Readers will find the local context and examples highly engaging and relevant, making it easier to make sense of current events and those that may unfold in the future. Macroeconomics effectively conveys the life of macroeconomics today, and helps students employ and develop their analytical and evaluative skills.

About the Authors

A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S.A. After obtaining his Ph.D. in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to be the Economic Counsellor and Director of the Research Department of the International Monetary Fund. Since October 2015, he has been the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus at MIT.

He has worked on a wide set of macroeconomic issues, from the role of monetary policy to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, and to forces behind the recent global crisis. In the process, he has worked with numerous countries and international organisations. He is the author of many books and articles, including a graduate level textbook with Stanley Fischer.

He is a past editor of the Quarterly Journal of Economics, of the NBER Macroeconomics Annual, and founding editor of the AEJ Macroeconomics. He is a fellow and past council member of the Econometric Society, a past president of the American Economic Association, and a member of the American Academy of Sciences.

Jeffrey Sheen is a Professor of Economics at Macquarie University. He did his undergraduate work in Cape Town and received a PhD in economics at the London School of Economics and Political Science in 1977. He has held research and teaching positions at the London School of Economics, the University of Manchester, the University of Essex, the University of Sydney and Macquarie University. He has been a Visiting Economist at the Reserve Bank of Australia.

His research has been in the general fields of macroeconomics and international economics. He has done both theoretical and applied work, with a substantial interest in the Australian economy and has published widely in top-rated international journals.

Professor Sheen is an Honorary Fellow of the Economics Society of Australia and was a former the managing editor and is on the Editorial Board of the Economic Record, Australia's leading professional economics journal. He was a member of the Shadow Reserve Bank Board at the Centre for Applied Macroeconomic Analysis at the Australian National University and has been a Co-Director of the Centre for Risk Analytics at Macquarie University.

Stella Huangfu is an Associate Professor in economics at the University of Sydney. She completed her undergraduate study in economics at the East China Normal University in Shanghai, China. She received a PhD in economics from the University of Toronto in 2007. She joined the University of Sydney since then.

Professor Huangfu's research interests are in monetary economics, with a particular emphasis on fundamental issues related to monetary policy, banking, and financial market analysis using theoretical, quantitative, and empirical methods. She has published extensively in top economics journals, including the Journal of Economic Theory, International Economic Review, Journal of Money, Credit and Banking, and European Economic Review.

Professor Huangfu has been recognised as a leading researcher in monetary economics, both nationally and internationally, evidenced by the Australian Research Council Discovery Project grant she received and extensive citations of her published work. She is currently a board member of the Australasian Macroeconomics Society.

Ben Wang is an Associate Professor of Economics at Macquarie University. He completed his PhD in Economics in 2012 from Macquarie University and joined the University in 2014. He has been a Visiting Economist at the Reserve Bank of Australia and the Reserve Bank of New Zealand.

Professor Wang is an applied macroeconomist who has a particular interest in the role of economic uncertainty in driving business cycles, and consumers' expectation and sentiment formation. He has published papers in leading economic journals including the European Economic Review, Journal of Banking and Finance, Journal of Economic Behaviour and Organization, Macroeconomic Dynamics and Journal of Macroeconomics.

He has been a Council Member (2018-2023) and the Treasurer (2022-2023) for the Economic Society Australia NSW Branch, and a Council Member for the Chinese Economic Society Australia since 2018. He has received major research funding from the Australian Research Council and other organisations.