Lectures on Macroeconomics provides the first comprehensive description and evaluation of
macroeconomic theory in many years. While the authors' perspective is broad, they clearly
state their assessment of what is important and what is not as they present the essence
of macroeconomic theory today. The main purpose of Lectures on Macroeconomics is to
characterize and explain fluctuations in output, unemployment and movement in prices.
The most important fact of modern economic history is persistent long term growth, but as
the book makes clear, this growth is far from steady. The authors analyze and explore these
fluctuations. Topics include consumption and investment; the Overlapping Generations Model;
money; multiple equilibria, bubbles, and stability; the role of nominal rigidities;
competitive equilibrium business cycles, nominal rigidities and economic fluctuations,
goods, labor and credit markets; and monetary and fiscal policy issues. Each of chapters 2
through 9 discusses models appropriate to the topic. Chapter 10 then draws on the previous
chapters, asks which models are the workhorses of macroeconomics, and sets the models out
in convenient form. A concluding chapter analyzes the goals of economic policy, monetary
policy, fiscal policy, and dynamic inconsistency. Written as a text for graduate students
with some background in macroeconomics, statistics, and econometrics, Lectures on
Macroeconomics also presents topics in a self contained way that makes it a suitable
reference for professional economists. Olivier Jean Blanchard and Stanley Fischer are both
Professors of Economics at MIT.

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