Description
Book SynopsisThe New Classical Macroeconomics gives an accessible, rigorous, critical account of the central doctrines of the new classical economics, without unnecessarily difficult mathematics. It focuses on four central issues: the foundation of monetary theory; monetary and fiscal policy; labour supply and business cycles; and the attack on econometric models. In addition, the relationship of the new classical economics to monetarism and the Austrian school, with both of which it is often confused, it explored.
Trade Review"An excellent volume, which deserves to be read by anyone seriously interested in explaining the operation of the macroeconomy."
Times Higher Education Supplement "I enjoyed Kevin Hoover's book very much. It is critical writing of the very highest order - a rarity in macroeconomics. The breadth of coverage is also very impressive. In particular, i thought Hoover's treatment of my work is fair and accurate, even when it hurt. I will be a better writer and scholar in the future with the prospect of this kind of criticism in mind." Robert E. Lucas, Jr, Professor of Economics, University of Chicago
"This book represents an excellent account of a most important development in modern macroeconomics. It is a splendid achievement, well argued, well written, rigorous, and yet easily accessible." M. J. Artis, Professor of Economics, University of Manchester
"The book is very well written, it covers the literature comprehensively and expresses complex arguments with authority and at a brisk pace." Nigel W. Duck, Department of Economics, University of Bristol
Table of ContentsPart 1 Introduction: the varieties of maroeconomics. Part 2 The labour market and business cycles: clearing labour markets; market-clearing models of the business cycle. Part 3 Monetary theory and policy: the limits of monetary policy - macroeconomic models; the new monetary economics; formal models of monetary economies; the limits of policy - micromodels. Part 4 Econometric issues: econometrics and the analysis of policy. Part 5 The new classical methodology: two types of monetarism?; an Austrian revival.
