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Macroeconomics, 9th edition

Published by Pearson (March 19, 2024) © 2025

  • Olivier Blanchard

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For intermediate economics courses.

A unified view of recent macroeconomic events

Macroeconomics presents an integrated, global view of the subject, and highlights the connections between goods, financial, and labor 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.

From the inflation burst following Covid-19, to the likely effects of AI on growth and inequality, the 9th Edition helps readers make sense of current events and those that may unfold in the future. It effectively conveys the life of macroeconomics today, and helps students employ and develop their analytical and evaluative skills.

Hallmark features of this title

  • Olivier Blanchard brings his years of experience, including his time as the chief economist at the International Monetary Fund, to the text.
  • Short, flexible chapters let instructors tailor the material to fit how they teach their course.
  • Core chapters (Chs. 3 to 13) focus on the short-, medium-, and long-run markets; 2 major extensions (Chs. 14 to 20) provide more detailed examination.
  • Margin notes create a dialogue with the reader, making the more difficult passages easier to comprehend.
  • Focus boxes discuss in greater depth specific macroeconomic events from the US and around the world.
  • Appendices expand on points made within the chapter for students who want to further explore macroeconomics.

New and updated features of this title

  • UPDATED: All numbers and discussions have been updated to reflect developments up until the end of 2022, bringing currency into your classroom.
  • UPDATED: Ch. 1 has been heavily revised, focusing more on the issues themselves.
  • NEW: In light of post-Covid inflation, Ch. 8 provides an improved treatment of inflation dynamics.
  • NEW: Ch. 13 looks at the implications of artificial intelligence and global warming.
  • NEW: Ch. 23 has a discussion of the monetary policy response, while Ch. 22 discusses the implications of high public debt.
  • NEW: Focus boxes discuss the current reform of fiscal rules in the European Union (Ch. 22), the SVB bank run (Ch. 6), and the Golden Rule (Ch. 12).

Features of MyLab Economics for the 9th Edition

  • NEW: Dynamic Study Modules use the latest developments in cognitive science and help students study chapter topics by adapting to their performance in real time.
  • NEW: With MediaShare, you can upload lecture videos, create video quizzes, or assign YouTube clips for students to view and check their understanding. Students can also upload their own videos for assignment completion or discussion.
  • Easy to assign and automatically graded, Real-Time Data Analysis Exercises use up-to-the-minute, real-time macroeconomic data from the Federal Reserve Bank of St. Louis’s FREDâ„¢ site, to test students’ knowledge.
  • Pearson eText is an easy-to-use digital textbook, available with MyLab. It lets students read, highlight and take notes all in one place, even when offline.
  • Digital Interactives are dynamic and engaging assessment activities that promote critical thinking and the application of key economic principles.

THE CORE

PART 1: INTRODUCTION

  1. A Tour of the World
  2. A Tour of the Book

PART 2: THE SHORT RUN

  1. The Goods Market
  2. Financial Markets I
  3. Goods and Financial Markets; The IS-LM Model
  4. Financial Markets II

PART 3: THE MEDIUM RUN

  1. The Labor Market
  2. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
  3. Putting All Markets Together: From the Short to the Medium Run

PART 4: THE LONG RUN

  1. The Facts of Growth
  2. Saving, Capital Accumulation, and Output
  3. Technological Progress and Growth
  4. The Challenges of Growth

EXTENSIONS

PART 5: EXPECTATIONS

  1. Financial Markets and Expectations
  2. Expectations, Consumption, and Investment
  3. Expectations, Output, and Policy

PART 6: THE OPEN ECONOMY

  1. Openness in Goods and Financial Markets
  2. The Goods Market in an Open Economy
  3. Output, the Interest Rate, and the Exchange Rate
  4. Exchange Rate Regimes

PART 7: BACK TO POLICY

  1. Should Policy Makers Be Restrained?
  2. Fiscal Policy: A Summing Up
  3. Monetary Policy: A Summing Up
  4. Epilogue: The Story of Macroeconomics

About our author

Olivier Blanchard. Senior fellow and former C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, is the Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT). A citizen of France, Blanchard has spent most of his professional life in the United States. After obtaining his PhD in economics from MIT in 1977, he taught at Harvard University and returned to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to serve as economic counsellor and director of the research department at the International Monetary Fund where he stayed until 2015. He then joined the Peterson Institute.

Blanchard has worked on a wide set of macroeconomic issues, including the role of monetary and fiscal policy, speculative bubbles, the labor market and determinants of unemployment, economic transition in former communist countries, and the nature of the Global Financial Crisis. In the process, he has worked with numerous countries and international organizations.

Blanchard is the author of many books and articles, including 2 textbooks on macroeconomics, 1 at the graduate level with Stanley Fischer and the other at the undergraduate level. He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual and founding editor of American Economic Journal: Macroeconomics. He is a fellow and former Council member of the Econometric Society, a past president of the American Economic Association, and a member of the American Academy of Arts and Sciences.

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