Emiliano Brancaccio, Professor of Economic Policy, University of Sannio, Italy and Andrea Califano, Visiting Professor, Federal University of Bahia (UFBA), Brazil and Researcher, University of Milan, Italy

Acclaim for the first edition:

• Contents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health andproduction Index

Emiliano Brancaccio, Professor of Economic Policy, University of Sannio, Italy and Andrea Califano, Visiting Professor, Federal University of Bahia (UFBA), Brazil and Researcher, University of Milan, Italy

Acclaim for the first edition:

• Contents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health andproduction Index

Emiliano Brancaccio, Professor of Economic Policy, University of Sannio, Italy and Andrea Califano, Visiting Professor, Federal University of Bahia (UFBA), Brazil and Researcher, University of Milan, Italy

Acclaim for the first edition:

• Contents: Presentation to the first edition Mauro Gallegati Preface to the first edition Robert Skidelsky 1. Introduction 2, Blanchard’s AS–AD model 3. The alternative model 4. Blanchard’s “new approach”: the IS–LM–PC model 5. The competing approaches: theory and policy Appendix 1 Labour flexibility and unemployment Appendix 2 Contractionary fiscal policy and fiscal multipliers Appendix 3 On the pandemic trade-off between health andproduction Index