FROM PREVIOUS EDITION: Combining the best of traditional and modern approaches to macroeconomics, Farmer's is the first book in the Intermediate market to genuinely fill the gap between the macroeconomics taught to graduate students and the macroeconomics traditionally taught to undergraduates. It begins with the traditional IS-LM and AD-AS models that have been the staples of undergraduate macro courses for decades. Then the second half of the book introduces newer, dynamic theories of macroeconomics, including various growth models. The result is a text that describes the emerging consensus view of macro.
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Roger E.A. Farmer is Professor of Economics at UCLA, where he has been teaching graduate and undergraduate macroeconomics since 1988. Before coming to UCLA, he held appointments at the University of Toronto and the University of Pennsylvania as well as visiting positions at Cambridge University and the Innocenzo Gaspirini Institute in Milan, Italy. He is a Fellow of the Center for Economic Policy Research and a Fellow Commoner of Churchill College, Cambridge.
Professor Farmer is internationally known for his work in macroeconomics. His graduate text, The Macroeconomics of Self-Fulfilling Prophecies, is now in its second edition and is widely used in graduate programs throughout the world. He has written extensively on macroeconomics and monetary theory, is an associate editor of Macroeconomic Dynamics, and serves as Director of the Program for Dynamic Economics, a nonprofit research group based at UCLA.
I found this book well written and very straightforward to read. I am grateful to have had the chance to review these several chapters. This book is superior to the text that I current use in my intermediate macro course and next Spring I will be using Farmer’s text.
The overall structure of the text, the topics covered, and the order of coverage is excellent and very similar to what I have moved toward in my Intermediate Macroeconomics class over the last few years.
The focus on general equilibrium analysis is excellent, and allows the Classical and Keynesian models to be developed within a unified framework as opposed to the way they are presented in other texts as a series of topics using separate models.
I chose Farmer’s book primarily for the dynamic models he has in Part 4. I have not seen another intermediate macroeconomics text that includes as much dynamics as Farmer’s book does.
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