Macroeconomics for Development

The late Raghbendra Jha, formerly Emeritus Professor of Economics, Arndt-Corden Department of Economics, Australian National University, Australia

‘Jha has written the ultimate book for the student, teacher or researcher working on the theory and practice of macroeconomics in developing countries. While it is a comprehensive book, covering almost every important topic in macro decision-making one can think of, it is written in an easily-accessible manner for both students not fully familiar with the subject and researchers actively working in this area. The range of topics covered is very wide – fiscal policy, financial inclusion and financial institutions, the unique aspects of monetary theory as applied to low and middle-income countries, as well as the foundations of stochastic general equilibrium macro models. There’s even a chapter on the economic effects of the COVID-19 pandemic on the economies of developing countries! In his usual style, Jha covers all the important points one needs to know in a particular topic – the theory underlying the topic, the historical context and the evolution of the literature in that area, any empirical debates or controversies, and the implications for public policies. Jha’s book is a tour de force in the field of macro-development – a must-read book that should be on any graduate development economic course syllabus!’

• Contents: Preface 1. Introduction: less developed countries and macroeconomics 2. Development indicators at the global level 3. Finance, institutions and economic development 4. The design of monetary policy for development 5. Fiscal policy 6. Facets of macroeconomic policymaking in open economies 7. Microeconomic foundations for stochastic general equilibrium macro models 8. Economic consequences of the COVID-19 pandemic for the developing world 9. Macroeconomic policies in the current global context Index