Macroeconomic Policy: Demystifying Monetary and Fiscal Policy, 3rd Edition

Authors: Farrokh K. Langdana



Revised and updated to include the monetary phenomena of the Great Recession and the resulting global financial trends

Includes new case studies on quantitative easing in the Eurozone and the ties between tapering in the US and capital outflows to India, Brazil, and South Africa

Expands coverage to include a greater focus on India and the “unloved” Asian countries: Thailand, Malaysia, Singapore, Indonesia, and the Philippines

This book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated to provide an understanding of the post-financial crisis economy, the third edition covers the subprime crisis in detail, discussing monetary policies enacted in its wake, such as quantitative easing, tapering, carry trades, CMOs, and monetization. Even more globally oriented than previous editions, this volume links the Great Recession and US Monetary Policy to global hot capital flows and currency pegs. This edition also revisits the Eurozone in significant detail; discussing its history, its macroeconomic design challenges, and its present imperiled state, in the context of global macropolicy. Finally, this volume analyzes the "China syndrome" and explores the effects of slower trend growth in China on the rest of the world.  India, with its different—almost supply-side—approach to macropolicy is also studied in detail. The third edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.

Table of contents

Front Matter
Pages i-xxi

Introduction and Overview of the Third Edition
Pages 1-7

National Income Accounts
Pages 9-25

Budget Deficits, Trade Deficits, and Global Capital Flows: The National Savings Identity
Pages 27-55

Aggregate Demand: Setting the Stage for Demand-Side Stabilization
Pages 57-81

Demand-Side Stabilization: Overheating, Hard Landing, and SAP Bubbles
Pages 83-124

Long-Term Interest Rates, the Yield Curve, and Hyperinflation
Pages 125-149

ISLM: The Engine Room
Pages 151-179

The Classical Model
Pages 181-197

The Keynesian Model
Pages 199-232

The Supply-Side Model and the New Economy
Pages 233-270

Central Banks and Monetary Policy
Pages 271-308

Back Matter
Pages 309-318

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