Principles of Macroeconomics FROM THE PUBLISHER
For the Third Edition, 2001 Nobel laureate Joseph Stiglitz joins forces with new co-author Carl Walsh, who brings both economic expertise and teaching savvy to the project. Together, Stiglitz and Walsh thoroughly integrate contemporary economics into the traditional curriculum. Recognizing the limitations of the traditional AS/AD model, the authors offer an improved framework for the analysis of macroeconomic fluctuations. This approach emphasizes the role of the Fed and the federal funds market in the determination of short-term interest rates. The result is an analysis of fluctuations in inflation/output space and a model reflecting the real world of macroeconomics that students encounter in the business press and other media.
Author Biography: Joseph E. Stiglitz is professor of economics, business, and international and public affairs at Columbia University. Known throughout the world for his groundbreaking research, Joseph Stiglitz received the Nobel Prize in Economic Sciences in 2001. Carl E. Walsh is professor of economics at the University of California at Santa Cruz. He is widely known for his research in monetary economics and is the author of a leading graduate text, Monetary Theory and Policy (MIT Press).
FROM THE CRITICS
Booknews
Designed for a one-semester course, this introductory textbook presents the basic concepts of macroeconomics, describes the full- employment model, considers macroeconomic fluctuations, outlines the financial system, and addresses controversies concerning government policy. The skills needed for understanding economic analysis and policy debates are emphasized. A glossary defines key terms. Stiglitz teaches at Columbia University. Walsh teaches at the University of California, Santa Cruz. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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