In recent years, there has been much debate over the extent to which undergraduate textbook macroeconomic models are theoretically well grounded and whether they adequately reflect the latest developments in the field. The aim of Macroeconomic Theory and Macroeconomic Pedagogy is to encourage and advance this debate, with a specific view to improving macroeconomics education.
The book contains sixteen essays from internationally renowned scholars working in the field of macroeconomics. Contributions examine teaching models in light of recent developments in theory, with an eye to promoting a better understanding of real world issues. Topics include the 3-equation New Consensus model, extensions and alternatives to this model, and endogenous money and finance
List of Figures and Appendices
Notes on Contributors
Foreword; C.E.Walsh
Macroeconomic Theory and Macroeconomic Pedagogy: An Introduction; G.Fontana & M.Setterfield
PART I: THE 3-EQUATION NEW CONSENSUS MACROECONOMICS MODEL
Teaching Intermediate Macroeconomics Using the 3-Equation Model; W.Carlin & D.Soskice
Bringing Undergraduate Macroeconomics Teaching Up to Date; S.Wren-Lewis
Monetary Policy Analysis: An Undergraduate Toolkit; J.S.Chadha
Rescuing the LM Curve (and the Money Market) in a Modern Macro Course; R.Tamborini
The New Consensus in Macroeconomics: A Critical Appraisal; P.Arestis
Complexity and Macro Pedagogy: The Complexity Vision as a Bridge between Graduate and Undergraduate Macro; D.Colander & C.Rothschild
PART II: AN ENDOGENOUS-MONEY THEORY AMENDMENT OF THE NEW CONSENSUS MACROECONOMICS MODEL
Teaching Macroeconomics When the Endogeneity of Money is Taken Seriously; M.Sawyer
A Simple (and Teachable) Macroeconomic Model with Endogenous Money; G.Fontana & M.Setterfield
Money and Banking in a Realistic Macro-Model; P.Howells
PART III: FINANCIAL FRAGILITY, LIQUIDITY PREFERENCE, UNEMPLOYMENT HYSTERESIS AND OTHER AMENDMENTS
Taming the New Consensus: Hysteresis and Some Other Post-Keynesian Amendments; M.Lavoie
Minsky Meet Wicksell: Using the Wicksellian Model to Understand the Twenty-First Century Business Cycle; C.L.Weise & R.J.Barbera
Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment; L.Randall Wray & É.Tymoigne
PART IV: THE REAL INTEREST RATE, INCOME DISTRIBUTION, AND ALTERNATIVE VIEWS OF STABILIZATION POLICIES
Teaching the New Consensus Model of 'Modern Monetary Economics' from a Critical Perspective: Pedagogical Issues; J.Smithin
A Post Keynesian Alternative to the New Consensus Model; E.Hein & E.Stockhammer
The Central Banker as Regulator of Conflict: A 'Reversed' Reading of the Solow and New Consensus Model; E.Brancaccio Institutions, Expectations and Aggregate Demand; J.Ferreiro & F.Serrano
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