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Macroeconomics, 8th edition

Published by Pearson (December 25, 2019) © 2021

  • Olivier Blanchard

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For intermediate economics courses.

A unified view of the latest 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 two extensions offer more in-depth coverage of the issues at hand.

From the economic crisis of the late 2000s, to growth in China, the 8th Edition helps readers make sense of current events and those that may unfold in the future. The text has been updated to convey the life of macroeconomics today, and help students employ and develop their analytical and evaluative skills.

Hallmark features of this title

Distinguished authorship

  • Olivier Blanchard brings his years of experience, including his time as the chief economist at the International Monetary Fund, to the text.

Student-focused features

  • Margin notes create a dialogue with the reader, making the more difficult passages easier to comprehend.
  • Appendices expand on points made within the chapter for students who want to further explore macroeconomics.
  • End-of-chapter summaries, key terms and exercises ensure the material has been digested.

A flexible organization

  • 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.

New and updated features of this title

Thoroughly updated references

  • NEW: Ch. 13 discusses the relationship between growth and inequality, the challenges of climate change, and whether the intro of robots will lead to mass unemployment.
  • REVISED: Ch. 8 looks at the Phillips curve as it relates to inflation and unemployment.
  • REVISED: Ch. 9 examines how changes in the Phillips curve relation have led to changes in monetary policy.
  • NEW: Appendix in Ch. 1 gives students a sense of what careers they can pursue if they were to specialize in macroeconomics.
  • UPDATED: Figures and tables showcase the latest data, bringing currency into your classroom.

An understanding of economics in the real world

  • NEW and UPDATED: Focus boxes discuss particular macroeconomic events or facts. Notable updates include Will Bitcoins Replace Dollars? (Ch. 4), From Henry Ford to Jeff Bezos (Ch. 7), Nudging US Households to Save More (Ch. 11), What Lies Behind Chinese Growth? (Ch. 12), and US Trade Deficits and Trump Administration Tariffs (Ch. 19).

Features of MyLab Economics for the 8th Edition

  • Pearson eText is an easy-to-use digital textbook, available with MyLab, which lets students read, highlight and take notes all in one place, even when offline.
  • Dynamic Study Modules use the latest developments in cognitive science and help students study chapter topics by adapting to their performance in real time.
  • 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
3. The Goods Market
4. Financial Markets I
5. Goods and Financial Markets; The IS-LM Model
6. Financial Markets II

PART 3: THE MEDIUM RUN
7. The Labor Market
8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
9. Putting All Markets Together: From the Short to the Medium Run

PART 4: THE LONG RUN
10. The Facts of Growth
11. Saving, Capital Accumulation, and Output
12. Technological Progress and Growth
13. The Challenges of Growth

EXTENSIONS

PART 5: EXPECTATIONS
14. Financial Markets and Expectations
15. Expectations, Consumption, and Investment
16. Expectations, Output, and Policy

PART 6: THE OPEN ECONOMY
17. Openness in Goods and Financial Markets
18. The Goods Market in an Open Economy
19. Output, the Interest Rate, and the Exchange Rate
20. Exchange Rate Regimes

PART 7: BACK TO POLICY
21. Should Policy Makers Be Restrained?
22. Fiscal Policy: A Summing Up
23. Monetary Policy: A Summing Up
24. Epilogue: The Story of Macroeconomics

About our author

Olivier Blanchard. A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, Massachusetts. After obtaining his PhD 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 is the Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, in Washington. He also remains Robert M. Solow Professor of Economics emeritus.

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 organizations. Blanchard is the author of many books and articles, including a graduate level textbook with Stanley Fischer.

Blanchard 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 vice president of the American Economic Association, and a member of the American Academy of Sciences.

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