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Applied Intermediate Macroeconomics, by Kevin D. Hoover
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This textbook offers a complete course in applied macroeconomics at the intermediate level that emphasizes the application of economic theory to real-world data and policy. Topics covered include national and international income, financial accounts, business cycles, financial markets, economic growth, labor markets, aggregate supply and demand, inflation, and monetary and fiscal policy. The text is unique in developing a detailed toolkit of elementary statistics and graphical techniques for economic data. A strength is its detailed treatment of national and international financial markets and the institutions of monetary and fiscal policy, which makes it especially helpful in understanding recent economic crises. The Web site for the text is found at http://www.appliedmacroeconomics.com.
- Sales Rank: #695525 in eBooks
- Published on: 2011-11-14
- Released on: 2014-02-07
- Format: Kindle eBook
About the Author
Kevin D. Hoover is Professor of Economics and Philosophy at Duke University. A graduate of the College of William and Mary, he received his doctorate from the University of Oxford. He developed his interest in applied macroeconomics early in his career while working at the Federal Reserve Bank of San Francisco. Before moving to Duke, Hoover taught economics at the University of California, Davis, and at Oxford. He is the author of The New Classical Macroeconomics (1988), Causality in Macroeconomics (Cambridge University Press, 2001) and The Methodology of Empirical Macroeconomics (Cambridge University Press, 2001), as well as nine edited volumes and more than 100 academic articles on macroeconomics, monetary economics, econometrics, the methodology and philosophy of economics, and the history of economic thought. He is past chairman of the International Network for Economic Method, the past president of the History of Economics Society and a former editor of the Journal of Economic Methodology. He is currently the editor of the journal History of Political Economy and a Fellow of the Center for the History of Political Economy at Duke University.
Most helpful customer reviews
17 of 17 people found the following review helpful.
The best practical macroeconomics textbook that I have come across - but note that it is only an introduction
By Jackal
I studied macroeconomics in the 1980s, with a textbook and professor that had no clue about what was going on in the real economy. We studied the IS/LM model but no attempt was made to relate it or any other model to reality. I've recently been browsing macroeconomics textbooks in the hope that 25 years later there would exist a textbook that deals with the real world and not purely with theoretical models. I like theoretical constructions, but they need to be put in perspective. Economics is not yet as developed a science to produce just one explanatory model. Sadly most books are just as useless as they were 25 years ago.
The current book is a decent attempt to link economic theory with the real world economy. It discusses real economy issues and it does not use the format of having all real economy material in small boxed entries. It tries to be more integrative. It discusses technological change, financial markets, but also more traditional themes like the multiplier. Since very few books actually attempts to make this connection, I have given the current book four stars. Given lack of competition with other books, there is great room for improvement. The current content is probably worth THREE stars, but that is as good as it gets.
It really is amazing when you look at a textbook (including this one), you are left with the feeling that macroeconomists really know about most things going on in the world. How ironic. The picture presented is sadly too much of a façade. If you want to get a deeper understanding I would advice getting one of the books that critique economics from within (e.g. Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?) and a modern overview of different macroeconomic views (e.g. Modern Macroeconomics: Its Origins, Development And Current State) - but only after you've read a textbook. Also some economic history would be very helpful to read. There are so many choices so I cannot describe them here. At the very least read a pop-history book about the financial crisis (e.g. The Big Short: Inside the Doomsday Machine). From there you can venture into more serious writing about older times.
One more piece of advice, when you pick further readings, try to avoid authors that have an axe to grind. There are many people out there right now that just want to bash economics (or certain schools in economics). You are not well served by reading these books because they are biased. What you want is books that lay down the facts.
Back to this book and some of its weaknesses:
- I do not understand why the book uses the term "intermediate" in its title. This book can clearly be a first book on macroeconomics for undergraduate students. So except some 150 pages of really simple stuff (like mean, standard deviation, correlation, regression). In fact I am often left thinking that this book is written for people without basic prerequisites.
- There is no discussion of different schools of macroeconomists. There should at least have been an introduction with useful, relevant references. Terms like Monetarism, RBC, Neo-Keynesianism, and Keynesianism deserve some discussion.
- The focus is a bit too strong on a national economy and I would have liked a stronger treatment describing inter-linkages between countries. As it stands the focus is on the US. Many will like this, but some will consider it a weakness. We have one world after all.
- Clearly the author does not have personal experience of using macroeconomics to provide advice. It would have been very interesting to link the models in the book to blogs and economic advisory services.
I reviewed several other books in the bookstore, but I just want to highlight a few alternatives:
- Macroeconomics: A European Text. An interesting book worth looking into, but I didn't buy it.
- Macroeconomics. The classic textbook written by Dornbusch/Fisher. It is a product of two ivory tower scholars that did not seem to care one iota about the real economy. This was my original textbook 25 years ago. Honestly I don't thing a book in the 17th edition is going to be a pathbreaker! There are loads of other copy-cat books trying to replicate this one.
- Concise Guide to Macroeconomics: What Managers, Executives, and Students Need to Know is an attempt to make macroeconomics understandable. However, it is just scratches on the surface. I can't see it being useful for anyone really, but it will give you some superficial knowledge.
I will provide an update in a year's time when I have been through the whole book.
1 of 1 people found the following review helpful.
For someone who enjoys reading economics textbooks for fun, this book is excellent
By Tony Meyer
For someone who enjoys reading economics textbooks for fun, this book is excellent. It's up-to-date and lucidly written. The study is not too advanced and not too elementary. It was just my cup of tea.
0 of 0 people found the following review helpful.
this is great for students who want to learn how to dig ...
By Daniel M. Sharp
lots of tie-ins to real data and statistical sources. this is great for students who want to learn how to dig for data and apply it for themselves.
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