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Anti-Blanchard Macroeconomics

A Comparative Approach Emiliano Brancaccio, Professor of Economic Policy, University of Sannio and Andrea Califano, PhD student, University School for Advanced Studies, IUSS Pavia and Sant'Anna School of Advanced Studies, Pisa joint doctoral programme, Italy
Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard’s text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought.
Extent: 176 pp
Hardback Price: $105.00 Web: $94.50
Publication Date: 2018
ISBN: 978 1 78811 899 6
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  • Economics and Finance
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Olivier Blanchard, former chief economist of the International Monetary Fund (IMF), is author of one of the most important standard macroeconomics textbooks which is used throughout the world. Endorsed by Blanchard himself, Anti-Blanchard Macroeconomics critically analyses prevailing economic theory and policy in comparison with alternative approaches. This textbook is designed to stand alongside Blanchard’s text, or indeed any other standard book on macroeconomics, but it can also be read independently. It provides undergraduate and advanced students with a critical view of the subject, and is also appropriate for scholars interested in a new way of analysing the debate between alternative schools of economic thought.

Emiliano Brancaccio and Andrea Califano succinctly explore the relationship between theoretical models and economic policies, providing readers with examples and empirical exercises. The book highlights ways in which simple changes to the initial hypotheses of the dominant models can lead to alternative schemes that overturn the logical relationships and the policy prescriptions of standard macroeconomics.

Key features:

• It critically assesses the mainstream macroeconomic models

• It overcomes the typical contradiction between the opportunity to offer students a preliminary mainstream education and the need to nurture their critical spirit

• It helps students to understand that economics is not a discipline that changes in a smooth, linear manner but, on the contrary, represents a field of research that develops through intense theoretical debates, continual empirical testing and resultant disputes about economic policy

• It critically analyses Blanchard’s new approach to macroeconomics inspired by the 2008 global financial crisis.

‘When Emiliano asked me to endorse Anti-Blanchard Macroeconomics, I was a bit taken aback. You can guess why. But I agree with him that we should always question our assumptions, confront them with the facts, and be open to change if the facts dictate it. Questions such as whether we can expect the economy to return to health by itself, whether recessions have permanent adverse effects, whether the interest rate channel of monetary policy works, are essential ones. For the time being, I stand by the conclusions of my textbook, but I am happy and indeed eager to see them challenged.’
– Olivier J. Blanchard

‘Beyond its provocative title, Anti-Blanchard Macroeconomics raises constructive critiques of our approach on macroeconomics teaching.’
– Alessia Amighini, Università del Piemonte Orientale and Francesco Giavazzi, Università Bocconi, Italy, coauthors of the European edition of Blanchard’s Macroeconomics

‘Even though the book is aimed at students, Anti-Blanchard Macroeconomics raises many ideas for reflection for scholars interested in reopening a debate on the foundations of contemporary macroeconomics.’
– Mauro Gallegati, Università Politecnica delle Marche, Italy

‘Anti-Blanchard Macroeconomics increases variety in macroeconomic theory: it shows what is wrong with the dominant theory and draws attention to its alternatives.’
– Heinz D. Kurz, University of Graz, Austria
Contents: 1. Introduction 2. Blanchard’s AS-AD Model 3. The Alternative Model 4. Blanchard’s “New Approach”: The IS-LM-PC 5. Further Insights Appendix I: Labour Flexibility and Unemployment by Domenico Suppa Appendix II: Contractionary Fiscal Policy and Fiscal Multipliers by Andrea Califano and Fabiana De Cristofaro Index