Why movements in nominal money appear to have strong and lasting effects on real activity is one of the most difficult questions in macroeconomics. The paper surveys the state of knowledge on the issue. with a focus on recent developments. The paper starts by reviewing the evolution of thought...

For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battlefield. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one...

Der internationale Klassiker zur Makroökonomie in der 6. Auflage! Zahlreiche aktuelle makroökonomische Fragestellungen sowie viele Beispiele und Fallstudien helfen, einerseits praktische Anwendungen der theoretischen Konzepte zu erkennen, und andererseits die Konzepte besser zu verstehen....