Modern, up to date treatment of macroeconomics
One or two fully worked exercises at the end of each chapter
Thorough discussion of economic growth, including the Romer model
No LM curve: central banks set interest rates
AS/AD uses short-run output and inflation (not the price level), putting students closer to facts
Chapter on DSGE models
New in the 5th Edition
Updates on the aftermath of the Great Recession and Euro Crisis
Data exercises using FRED
Case studies on Romer's Nobel Prize, the recent growth slowdown, the HANK model, and more
More details on "What's New"
What Instructors are saying:A brief review from Jim Hamilton (UCSD) at EconBrowser.
"A wonderful modern treatment of macroeconomics. Its discussion of growth is by far the best around, with its theory-based yet data-intensive approach. The short-run sections are also updated and refreshingly to the point, allowing great connections with U.S. business-cycle history. Since students also seem to like it better than the other books -- and I have tried the main competitors -- I am all set!"
-- Per Krusell, Princeton University
-- Steve Davis, University of Chicago Booth School of Business
"The treatment of growth is excellent. I also like the emphasis on interest-rate rules in the short-run material. A great strength of the presented short-run model is the explicit recognition of expectations formation in price setting (AS curve). This greatly assists talk about dynamics and implications of credibility of policy."
-- Bruce Preston, Columbia University
Additional ResourcesSpreadsheets: Solow model | Romer model
Stanford MBA Macroeconomics (my personal lecture slides), Spring 2022: Syllabus | Slides+Homework (zip) (zip file, 25MB)
Here is a link to the Country Snapshots data file.
W.W. Norton's Instructor Resources.
Table of ContentsPart One -- PreliminariesBack to my home page
Chapter 1: Introduction
Chapter 2: Measuring the Macroeconomy
Part Two -- The Long Run
Chapter 3: An Overview of Long Run Economic Growth
Chapter 4: A Model of Production
Chapter 5: The Solow Growth Model
Chapter 6: Growth and Ideas
Chapter 7: The Labor Market, Wages, and Unemployment
Chapter 8: Inflation
Part Three -- The Short Run
Chapter 9: An Overview of the Short Run
Chapter 10: The Great Recession: A First Look
Chapter 11: The IS Curve
Chapter 12: Monetary Policy and the Phillips Curve
Chapter 13: Stabilization Policy and the AS/AD Framework
Chapter 14: The Great Recession and the Short-Run Model
Chapter 15: DSGE Models: The Frontier of Business Cycle Research
Part Four -- Applications and Microfoundations
Chapter 16: Consumption
Chapter 17: Investment
Chapter 18: The Government and the Macroeconomy
Chapter 19: International Trade
Chapter 20: Exchange Rates and International Finance
Chapter 21: Parting Thoughts