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.
PART I: INTRODUCTION
1. 1. A Tour of the World
2. 2. A Tour of the Book
PART II: THE SHORT RUN
1. 3. The Goods Market
2. 4. Financial Markets I
3. 5. Goods and Financial Markets; The IS-LM Model
4. 6. Financial Markets II
PART III: THE MEDIUM RUN
5. 7. The Labor Market
6. 8. The Phillips Curve, the Natural Rate of Unemployment, and Inflation
7. 9. Putting All Markets Together: From the Short to the Medium Run
PART IV: THE LONG RUN
8. 10. The Facts of Growth
9. 11. Saving, Capital Accumulation, and Output
10. 12. Technological Progress and Growth
11. 13. The Challenges of Growth
12. EXTENSIONS
PART V: EXPECTATIONS
13. 14. Financial Markets and Expectations
14. 15. Expectations, Consumption, and Investment
15. 16. Expectations, Output, and Policy
PART VI: THE OPEN ECONOMY
16. 17. Openness in Goods and Financial Markets
17. 18. The Goods Market in an Open Economy
18. 19. Output, the Interest Rate, and the Exchange Rate
19. 20. Exchange Rate Regimes
PART VII: BACK TO POLICY
20. 21. Should Policy Makers Be Restrained?
21. 22. Fiscal Policy: A Summing Up
22. 23. Monetary Policy: A Summing Up
23. 24. Epilogue: The Story of Macroeconomics
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