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    Advanced Macroeconomics: An Easy Guide

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    Filipe Campante, Cambridge, MA

    Federico Sturzenegger, Buenos Aires, Argentina

    Andrés Velasco, London, England

    Copyright Year:

    ISBN 13: 9781909890695

    Publisher: LSE Press

    Language: English

    Formats Available

    Conditions of Use

    Attribution-NonCommercial Attribution-NonCommercial
    CC BY-NC

    Table of Contents

    • Introduction

    • Part 1: Growth Theory

    • Growth theory preliminaries

    • The neoclassical growth model

    • An application: The small open economy

    • Endogenous growth models I: Escaping diminishing returns

    • Endogenous growth models II: Technological change

    • Proximate and fundamental causes of growth

    • Part 2: Overlapping Generations Models

    • Overlapping generations models

    • An application: Pension systems and transitions

    • Unified growth theory

    • Part 3: Consumption and Investment

    • Consumption

    • Consumption under uncertainty and macro finance

    • Investment

    • Part 4: Short Term Fluctuations

    • Real business cycles

    • (New) Keynesian theories of fluctuations: A primer

    • Unemployment

    • Part 5: Monetary and Fiscal Policy

    • Fiscal policy I: Public debt and the effectiveness of fiscal policy

    • Fiscal policy II: The long-run determinants of fiscal policy

    • Monetary policy: An introduction

    • Rules vs Discretion

    • Recent debates in monetary policy

    • New developments in monetary and fiscal policy

    • Appendix A: Very brief mathematical appendix

    • Appendix B: Simulating an RBC model

    • Appendix C: Simulating a DSGE model

    Ancillary Material

    Submit ancillary resource

    About the Book

    Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners.

    This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience.

    Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.

    About the Contributors


    Filipe Campante is Bloomberg Distinguished Associate Professor of International Economics at Johns Hopkins University and a Research Associate at the National Bureau of Economic Research (NBER). His work focuses on political economy and economic development, and has been published in leading academic journals such as the American Economic Review and the Quarterly Journal of Economics. He was previously Associate Professor of Public Policy at the Harvard Kennedy School, where he taught macroeconomics for many years. Born and raised in Rio de Janeiro, Brazil, he holds a Ph.D. in Economics from Harvard University.

    Federico Sturzenegger is Full Professor at Universidad de San Andrés, Visiting Professor at Harvard’s Kennedy School, and Honoris Causa Professor at HEC, Paris. His work focuses on macroeconomics and international finance and has been published in leading academic journals such as the American Economic Review and the Journal of Economic Literature. He was previously President of Banco Ciudad, a representative in Argentina’s National Congress, and served as Governor of the Central Bank of Argentina. Born and raised in Argentina, he holds a Ph.D. in Economics from MIT.

    Andrés Velasco is Professor of Public Policy and Dean of the School of Public Policy at the London School of Economics. He is also a Research Fellow of CEPR and an Associate Fellow at Chatham House, the Royal Institute of International Affairs. Earlier he held professorial roles at the Harvard Kennedy School, Columbia University and New York University. He served as the Minister of Finance of Chile between 2006 and 2010. In 2017-18 he was a member of the G20 Eminent Persons Group on Global Financial Governance. He holds a B.A. and an M.A. from Yale University and a Ph.D. in economics from Columbia University. ORCID:

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