Edited by Brian Snowdon, Senior Teaching Fellow, Department of Economics and Finance, Durham University, UK and Howard R. Vane, Emeritus Professor of Economics, Liverpool Business School, Liverpool John Moores University, UK

'The key impact that the book has is the clarity and readability of the contributions. All the pieces are highly informative and a pleasure to read.'

• Contents:PrefaceAbsolute Income HypothesisAdaptive Expectations AD–AS Model Balance of Payments-constrained Economic Growth Balance of Payments: Keynesian Approach Balance of Payments: Monetary Approach Balanced Budget Multiplier Bretton Woods Budget Deficits: Cyclical and Structural Business Cycles: Austrian Approach Business Cycles: Keynesian Approach Business Cycles: Marxian Approach Business Cycles: Monetarist Approach Business Cycles: New Classical Approach Business Cycles: Political Business Cycle Approach Business Cycles: Real Business Cycle Approach Business Cycles: Stylized Facts Calibration Catching Up and Convergence Central Bank Accountability and Transparency Central Bank Independence Classical Dichotomy Classical Economics Comparative Advantage Coordination Failures Credibility and Reputation Credit Channels Credit Views in Macroeconomic Theory Crowding Out Demand for Money: Buffer Stocks Demand for Money: Friedman’s Approach Demand for Money: Keynesian Approach Ecological Macroeconomics Economic Growth and the Role of Institutions Endogenous Growth Theory Evolutionary Macroeconomics Exchange Rate Determination: Monetary Approach Expectations-augmented Phillips Curve Expenditure Reducing Policy Expenditure Switching Policy Financial Instability Fiscal Policy: Role of Fixed Exchange Rate System Flexible Exchange Rate System Forecasting Friedman, Milton Globalization Gold Standard Great Depression Growth Accounting Harrod–Domar Growth Model Hicks, John Richard Hysteresis Incomes Policy Inflation: Alternative Theories of Inflation: Costs of Inflation: Costs of Reducing Inflation Targeting Investment: Accelerator Theory of Investment: Neoclassical Theories of Involuntary Unemployment in Keynes’s General TheoryInvoluntary Unemployment in Keynesian Economics IS–LM Model: Closed Economy IS–LM Model: Open Economy Keynes, John Maynard Keynes’s General Theory Keynesian Cross Keynesian Economics Keynesian Economics: Reappraisals of Laffer Curve Lucas Critique Lucas, Robert E. Jr. Macroeconometric Models Marshall–Lerner Condition Marxian Macroeconomics: An Overview Marxian Macroeconomics: Some Key Relationships Menu Costs Modigliani, Franco Monetarism Monetary Policy: Role of Money Supply: Endogenous or Exogenous? Multiplier Mundell, Robert A. Natural Rate of Unemployment Neoclassical Growth Model Neoclassical Synthesis Neutrality of Money New Classical Economics New Keynesian Economics New Political Macroeconomics Nominal Rigidity Optimum Currency Area Permanent Income Hypothesis Phillips Curve Post Keynesian Economics Purchasing Power Parity Theory Quantity Theory of Money Rational Expectations Real Balance Effect Real Rigidity Representative Agent Model Ricardian Equivalence Rules versus Discretion Samuelson, Paul A. Say’s Law Schools of Thought in Macroeconomics Solow, Robert M. Speculative Bubbles Supply-side Economics Theory and Measurement in Macroeconomics: Role of Time Inconsistency Tobin, JamesVector Autogressions