The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle that super-expansive monetary policies failed to produce high inflation. Approaches that...

The book offers a compehensive account of traditional and more recent developments in macroeconomic theory. It is written primarily for students at the intermediate level.

The book offers a compehensive account of traditional and more recent developments in macroeconomic theory. It is written primarily for students at the intermediate level.